Could this possibly be too good to be true? Possibly.

But it is possible. It all depends on whether you have nerves of steel and can administer your finances well enough to achieve your goal. If you possess the prerequisites - then credit card providers be afraid!

Mary Hunt from the Cincinatti Post explains the plan really well.

Here's an example: Wabash Bank sends me a balance-transfer offer for its Diamond Visa, which I rarely use and carry no balance. They offer 0 percent for 12 months, with a maximum-transaction fee of $75. They provide me a set of convenience checks for this purpose. Their terms state that I may simply deposit the check into my account to initiate the offer. My credit limit is $15,000. I make the check out for $14,700 and deposit it into my checking account. Once the check clears (this will take over a week), I then transfer the money to my online savings account at Emigrant Direct, which earns 4.5 percent interest. Over 11 months, this 'arbitrage' earns me, after fees and taxes, roughly $430, which looks mighty nice in my savings account. All I really have to do is maintain great credit, make timely monthly minimum payments and remember to close out the teaser offer by repaying the balance in full before expiration.

[Australian readers translate the word "check" for "cheque"]

While this may not sound like much to the average consumer, calculate this out over multiple cards and you could be sitting on some good hobby money. Not to mention getting the banks into some serious knicker-twisting.

I would point out though that the banks can afford this kind of loop-hole as they make enough money from unsuspecting mums and dads who end up forking out for late payments and defaults etc. However, if your conscience is clear...