If you have certain credit cards (don’t we all?), then you are in luck.

You can get your credit company to pay you up to $1.99 each month. If you have multiple credit cards, you can get even more.

Why in the world would they do this?

Well, there comes a point where your credit card balance is just so low that it’s no longer worth the hassle/fees in charging you for it. So the bank will go ahead and erase the balance and reset your balance to $0.00.

Every bank sets their limit at a different threshold.

• American Express: $0.49
• Capital One: $0.99
• Chase: $0.99
• Discover: $1.99
• Bank of America: doesn’t work
• Citi Cards: doesn’t work

So how do you take advantage?

• Pay (on time) your monthly credit card balance such that a small amount remains (based on list above, i.e if Chase, leave $0.99)
• Wait for the next balance to see that the balance (i.e.$0.99) has been erased!

I’ve been doing this for years. With the current economic climate, though, stuff like this may go the way of the dodo.
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Pro: Free money each month
Con: Taking advantage of Chase. Requires some math and some planning. May end at any time.

Please post your experience with this in the comments.