Making money from the money you don't own

Can you?  Of course you can.  I did this before.  The very first attempt was successful.  The second one is still in the making, though I've used my own money to repay the interest free loan.  Now I see another opportunity to do so here.  I am going to try it out with safer and less risky investments, learning the lesson from the second attempt.

Let me first share with you some background.  I have a credit card here and with the current limit, I am eligible for SAR30k cash advance.  Below are the setups here that make this plan workable.

• E-wallet top up, although is utilising the cash advance allocation, is treated as online purchase.  Thus, if the top up is made from a bank account to an e-wallet belonging to the same parent company, there is no charge at all and because it is considered as online purchase, there is no requirement for immediate repayment to avoid charges.  
• The fixed deposit accounts here are still giving good return rates.  5% is still possible although they fluctuate and can change frequently.
• Even some savings accounts can still give you above 4% return rates.
• Loyalty points are directly convertible to cash.

The FD rate here, no kidding

Now, here are the strategies.

1. Reload my e-wallet with SAR30k using my credit card on the first of the month.  Because the billing cycle begins on every first of the month, it will only be charged in the next round of statement i.e. not due until 25th of the next month.  So, I will have a total of 55 days to invest.
2. Transfer the SAR30k from the e-wallet to another bank that can give higher return rates with the negligible transfer fee covered by the loyalty points I gained from other purchases.
3. Put the SAR30k in a fixed deposit account that gives around 4.73% return per annum, and that will give me around SAR116 for 30 days.
4. Keep the SAR30,117 in a savings account that gives 4.2% return per annum for the remaining 24 days and that will give me another SAR83.
5. Repay the SAR30k on the next day and I will get about SAR200 to keep from this small 55-day investment that is not even using my own money 😁

Let's go!