‘Free’ Bitcoin with No Interest Credit Card?
https://ift.tt/E0ROpAS
Has anyone ever used something like the [Wells Fargo Reflect ](https://ift.tt/CYQuRPn) card to leverage the long-term no interest? Here’s how I envision it working.
You use an app that allows you to buy Bitcoin with credit card – pick your poison.
Let’s use 10,000 for an example.
I spend 10,000 to buy Bitcoin which ends up being around 9,710 after fees for credit card. Then for two years I make the minimum payment on my card. Wells Fargo minimum payment is 1% so as long as I can make a $100/month payment. I keep making those payments every month for 21 months at which point I will have paid $2100 in interest. Bitcoin needs to make a 20% move to the upside to cover my ‘interest’ payments. At the end of 21 months, I cash out, pay long-term capitol gains taxes & have gotten ‘free’ bitcoin because someone lent me money at 1% interest.
Am I missing anything?
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Cryptocurrency
