Today’s topic is how to turn credit into cash. I’m sharing 5 secret ways that no other credit expert is going to share with you.
Tip #1
The first way is to open up a bank account. Now, when you open up a bank account, the best thing that you’re gonna want to do is make sure that the bank account you open online.
Do not go into a branch to do this. One of the things they will allow you to do as a prerequisite to opening up the bank account allows you to make your initial deposit.
But guess what?
You can use a credit card.
So use the credit card to fund the bank account. Therefore, taking the money off the credit card and depositing it right into the checking account that you just opened.
But again, make sure that it is you open online, and a lot of banks, and again, do your research on everything that I tell you today.
Do your due diligence because some banks allow you to do it and some don’t. Make your deposit right into the account using your credit card.
It will take about probably I don’t know one to two business days, and you’ll be able to pull it out in cash right out of your checking accounts. That’s tip number one.
Tip #2
Number two is, you can call the credit card company. So call the back of the card, and tell them that you want balance transfer checks.
Some credit cards do it, some don’t, so again, you got to call the card. Ask them if they offer the balance transfer checks. If they do, then what you can do is take those checks, have them mailed to you. And, you will get them mailed in your name, or your business name if it’s a business credit card, it may be one of the two.
Deposit the checks when you get them into your checking account. And again, the checking account could be a business or personal account.
Again, do your due diligence to find out which banks allow you to get the balance transfer checks because some of them don’t do that.
So call your credit card company and say, “Hey, I need some checks, balance transfer checks.” They will mail them to you.
Take that deposit right into the checking account, and you have credit to cash. That’s number two.
Tip #3
Number three. Open up a new credit card. So if you open up a new credit card that has a 0% interest and also has 0% purchases on cash, what you want to do is take that card and transfer the balance over to another card that has a 0% APR.
You can take that, and once it’s at 0% APR, you can withdraw off of the account, and have them send you checks.
They will also send you checks, based on no interest. So this is another phenomenal way of taking it.
So, if you have a card credit card with 0% on purchases, you’re gonna take that card, transfer the balance of that card, leave a little bit so you don’t close the account, onto a card that has a 0% interest APR.
And then that card sends you checks. The checks you get, obviously you can either deposit or cash, and it is a way of taking money right off of the credit card. That’s step number three.
Tip #4
Number four is you can set up a merchant account.
Set up a merchant account. So, whether it’s a static page or a squeeze page or it’s one of your businesses, you open up a merchant account through your business.
And again, it could be just as easy as a shelf corp. Put together one quick page, you get a merchant account, and just like you would swipe for your clients for their purchases, it would be the same thing.
Take the credit card, the payment from the client. You can type it right into your phone.
A lot of the new technology has it to where like right on your phone, you can set up the merchant account, and you could type in your credit card right into your own merchant account, and cash out your own credit cards.
Now again, there’s going to be a small fee for this because the merchant accounts actually charge whatever it is, 2 to 3% on average.
So think about it like that. It’s only going to be 2 to 3%.
But, you can take a $15,000 card and cash out $11,000, and have it in cash, just by running it through your merchant. So, that would be a really wise idea if you guys have a business and you don’t have a merchant account, apply for the merchant account.
It does take a couple of days, possibly a week to two, to get the merchant account set up.
But once you do, then you can just take the card and run it through and cash it out.
So that’s a phenomenal way of turning credit to cash.
Tip #5
Number five, is what you can do, is use companies like Square, PayPal, Cash App.
And then you can also cash out the credit cards through them. So if you have a credit card, you can run it through one of those platforms, and again, there’s going to be a small fee, but you can run it through, say PayPal.
I wouldn’t recommend going over $1,000, because when you start getting over $1,000, especially if you haven’t used your PayPal or your Cash App or your Square up if you haven’t used those, they will flag it.
So stay under $1,000 for the first transaction, because these companies are very apt to fraud and they want to make sure that you’re not getting taken advantage of.
So, open up a Square account, a Cash App, or PayPal, then take your credit card, and purchase services or goods through them using your own credit card and they will.
Because you’re gonna set up your Square and your PayPal or your Cash App to your checking account.
So when you run the credit card through that, it’s a fast-acting merchant.
If you can’t get approved for like what I just talked about a second ago, if you can’t get approved for an actual merchant account, and you can go through Stripe or Cash App or one of these PayPal, then you can take the credit card and run it through there, purchase service or goods for, $900 whatever, $800 $900 bucks, and it’ll go right to your checking account, and you’ll be able to cash out the card.
And that is very helpful for if you guys are trying to do something for emergencies, you’re trying to purchase a property, need a down payment, or maybe your down payment on a car.
Whatever the case is, you can turn it right into cash. Okay, that’s tip number five.
Bonus: Tip #6
I’m going to, tell you guys something because I wanted to wait to the end to tell you this.
There’s actually a way where you can make money turning credit to cash.
There’s a legal loophole.
I’m going to share this with you guys.
It’s a bonus, number six, a bonus. If you have credit cards, they’re in good shape.
Low utilization. What I mean by that is they’re less than 30% used of the total credit limit.
You’ve got $10,000 credit limit, it’s got to be under $3,000. Never had any late payments on the card. Ever. And the card is under, excuse me, over six months.
So those are the three criteria that we’re looking for.
Over six months, never a late payment and utilization are under 30%. Here’s how you turn the credit with this legal loophole into cash.
You contact our company at 904-515-6698. We will make sure we verify those three items that I just spoke about.
And you will be paid a certain price per person you add to your account as an authorized user.
So there’s a lot of companies who do that. We specialize in this at Mckenzie.
We’re number one in the industry. So we will vet you, make sure those criteria are met, and then you will get paid a passive income every single month, per card, and per person that you add to that card.
If I give you an example, you’ve got a $10,000 Capital One, it’s two years old, never been late. For every person that you add, you’re going to get a fee, direct deposit right into your account, once a month, cumulative over the month, for as many people as you add.
So that’s a great way of turning your credit, which you’ve taken care of into cash, and actually make money on the credit cards, instead of paying interest and them making money on you.
It’s been going on for many, many years now.
We’ve been doing it about six years in the industry right now. And if it’s something that you guys really want to get into, there is no risk to you for any issues.
But if you have any questions on it or if you have any comments, post the comments below, and I’ll make sure that I get them answered.
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