The Frugal Dad did a piece on using 0% credit card cash advances for profit. His analysis is spot on: It's not worth the risk, and it's certainly not worth the time and headaches.
Credit Card Arbitrage Not Worth the Risk | Frugal Dad
Here's a "pro" arbitrage article. It's really not worth the time, in my opinion, though when I was mired in debt, it sounded like a great way to "stick it" to the credit card companies. They often found a way to stick it to me...but maybe it was just me and my lazy way of doing things.
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I understand Frugal Dad's position, but for many people, the money is too tempting. When I got a $30K limit card and saw the offer of 0% along with a maximum $75 fee, I took the money, bought a 1 year CD, and spent 5 minutes setting up the 11 minimum payments from my online account, along with the final payment. This is when the rate was still 5% so I'm ahead $1425, nearly $1000 after taxes. This sum is over a week's pay compared to mean family income.
Joe