For the record, this one lasted from March 2006 to February 2007. After fees, and before taxes, the arbitrage netted me just under $652. The interest earned came from a combination of using my Emigrant Direct (review) and Treasury Direct (short-term bonds) accounts.
An interesting sidenote: Despite the detrimental effect on my credit score, I elected to use almost all of my available credit line (on one particular credit card) for this arbitrage play. A few months after I initiated the transfer, the credit card on which I borrowed this money raised my credit limit by some 48 percent.
So if I decide to use an offer from this card company again, I'll have significantly more borrowing power with which to work.
Labels: Credit Cards