The Ramsey Show Highlights “I Think You Need a Hobby”
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Nov 6, 2025 Mark, a retired listener from England, shares his intriguing 10-year journey of juggling 0% credit cards for cashback and interest. Dave dives into the risks associated with this credit-card arbitrage strategy, highlighting its minimal financial gains. He cites a significant study revealing that most millionaires didn’t rely on such tactics to build wealth. Dave breaks down Mark's real annual earnings, cautioning about the behavioral traps of this risky approach. It's a captivating discussion on the true costs of chasing small profits!
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Caller’s Ten-Year Card Churning Story
- Mark in England described using 0% credit-card transfers and high-yield savings to earn cashback and interest.
- He reported $6,000 cash back plus $8,000 interest over ten years with no interest cost.
Quit The Credit-Card Obstacle Course
- Avoid running complex credit-card arbitrage for tiny returns when it consumes time and mental energy.
- Stop the obstacle-course of 0% transfers and use your own money for one year to compare savings.
Tiny Gains Don't Justify Big Risk
- Small annual gains often don't justify high risk and effort when scaled over years.
- The caller made about $1,400 per year after ten years, which Dave called not worth the risk.