2018 Roth IRA contribution using 0% APR loan + 3% fee

by PromoJoe

I’m about to start contributing to my 2018 Roth IRA in November and will deposit $1500 but I am thinking about taking up an offer from my credit card provider to meet the 5500 contribution limit immediately, way before contribution deadline in April 2019.

I can get $4000 for 12 months 0% APR + 3% balance transfer fee. This would allow me to immediately use the funds to purchase 2x AMZN and 1x GOOG. I’m also considering buying up as many multiples of IVV ETF.

Would this be a decent move? Otherwise, I wouldn’t be able to contribute the remaining $4000 until January-April 2019. I’m looking for feedback on this plan, I think it should work out fine but I’m not fully committed to the idea just yet.

edit: grammar

update: After some consideration, I will not be pursuing this idea. I’ve gathered that there are certain risks I had not initially considered. However, I do realize that I should align myself with news sources regarding investing to better perceive the current state of the market.

 

Disclaimer: Consult your financial professional before making any investment decision.

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