To make the arbitrage program work, you have to get the credit card’s cash into your account. Usually when the credit card companies extend a 0% offer, they include “checks” that you can use to deposit the funds in your account.
Sometimes, however, they don’t. Instead, they ask you fill out a form with the account number of the credit card you want to transfer the balance from. Or sometimes the “check” they send doesn’t qualify for the 0% offer.
So how do you get around this obstacle?
First, you can call the company that offered the 0% transfer and ask if the will send those funds to your checking or savings account.
If that doesn't work, you can use another credit card.
If the card with the balance transfer offer is card 1, then you can use card 2 (if it has a $0 balance) for the transfer. With a credit limit of $30,000 on card 1, you can do the arbitrage program for $29,500.
Do a transfer from card 2 to card 1 for $29,500 by putting the account number for card 2 on the offer form from card 1. Once the balance transfer goes through, you will owe card 1 $29,500 (plus the balance transfer fee). Card 2 will now owe you $29,500.
Call up customer service on card 2 and ask them to so send you a check for your “overpayment.” Once they send you that check, deposit it into your savings account and proceed as normal.
There is more risk involved here. You may lose a month while card two process the large payment, and then processes your refund. And since there are more players involved, there are more opportunities for mistakes.