💫 Summary
The video discusses the best ways to liquidate credit cards for cash, including options such as cash advances, balance transfers, and using a merchant account. The speaker emphasizes the importance of zero percent interest credit cards and provides detailed strategies for turning credit into cash for various business needs.
✨ Highlights📊 Transcript
The video discusses the best and most efficient way to liquidate a credit card for cash.
Liquidating a credit card is necessary when you need access to cash for things like down payments on properties or trucks.
Some people use unsecured business credit cards with 0% interest to liquidate the card and use the cash for down payments.
Liquidating a credit card allows you to pull out the cash needed for transactions that cannot be made with a credit card.
When doing cash advances or using convenience checks, the interest rate is extremely high, usually higher than the purchase APR.
Standard credit cards have interest rates ranging from 8% to 26%.
Cash advances and convenience checks have even higher interest rates.
You can only withdraw about 30% of your credit limit when liquidating a credit card.
Cash advances and convenience checks are not recommended as they have high costs and can damage your credit score.
You can liquidate a credit card by requesting balance transfer checks from certain banks and depositing the money into your business checking account.
Chase Bank, Bank of America, and Citibank offer balance transfer checks.
You can write yourself a check for the credit limit and deposit it into your business checking account.
The check can be used to pay off other debts or for any other expenses.
It may take 3-7 days for the check to clear, depending on your financial institution.
The best way to liquidate a credit card is by using a merchant account.
This strategy works best with zero percent interest credit cards.
You can use a personal or business credit card for this strategy.
It is preferable to have a merchant account with someone you trust.
You can pay an invoice using your credit card and receive cash in return.
One way to liquidate a credit card for cash is by using a company called Plastique, while another way is to go to stores like Walmart and get gift cards or money orders.
Plastique is a company that allows you to liquidate your credit cards for cash.
Another method is to go to stores like Walmart and obtain gift cards or money orders.
Using a merchant account, you can write yourself an invoice and receive cash and points.
00:00hey what's going on YouTube Welcome to
00:03my YouTube channel called London
00:04business as usual where I teach new LLCs
00:07new small business owners how to start
00:09how to grow and how they scale their
00:11business by using business credit now
00:14today episode we're going to talk about
00:15what's the best way to liquidate your
00:18credit cards because I'm gonna show us a
00:20lot of information out there how to
00:21liquidate a credit card but in my
00:23opinion what's the best way what's the
00:25more efficient way and what's the most
00:26effective way so I'm going to break that
00:29down but before I do that make sure you
00:31like make sure you subscribe to my
00:33YouTube channel it really helped the
00:34channel and I appreciate it it gives me
00:36motivation to keep doing this content
00:38that I'm doing all right so let's break
00:40it down now when it comes to liquidating
00:43your credit cards the question becomes
00:45why would we want to liquidate our
00:48credit cards right what's the necessity
00:50of liquidating a credit card so most
00:54reasons why you want to liquidate your
00:55credit card because you need access to
00:57cash there are just some things where
01:00you just can't swipe your credit card to
01:02pay for things for example what if you
01:05have to do a down payment on a property
01:07so you hear this all the time when
01:08people say I use my credit card to buy
01:10this property I just swipe my credit
01:12card well essentially what they really
01:13saying is they got an unsecure business
01:16credit card I'm sure it's a zero zero
01:18percent interest on secure business
01:20credit card they liquidate that credit
01:22card right pull the money out pull the
01:24cash out and then I use that cash from
01:27their credit card to put a down payment
01:29on a property
01:32that's the reason why they say they
01:34swipe their credit card so in essence
01:36like that right so you can't go to the
01:38closing table and hey let me swipe my
01:40credit card no that's not going to
01:42happen so you have to liquidate your
01:44credit card to pull the cash out now
01:46other reasons you might have to put a
01:48down payment on a truck you might have
01:50to pay contractors right so there's
01:53different reasons why you need access to
01:56cash as opposed to swapping your credit
01:58cards now
02:00when it comes to your credit card
02:02there's several ways you can liquidate
02:04your credit card so let me just go over
02:06a few then I'm going to give you the
02:08best way in my opinion to go out there
02:10and turn that credit card into Cash
02:15always looking at your credit card one
02:18way you probably heard this before where
02:19you can do a cash advance or you can do
02:22convenient checks now here's what's
02:25problematic with this strategy
02:28when you do it a cash advance when you
02:29get convenient checks when you're based
02:31from these lenders
02:32well that comes with a lot of fees and
02:35high interest High aprs
02:38so when you do the cash advance or again
02:40convenient checks
02:42the interest rate is going to be
02:43extremely high typically it's going to
02:45be higher than your purchase APR and we
02:48all know credit cards can come with
02:50really high interest rates unless you're
02:52gonna introduction to a period where
02:54they're giving you zero percent in the
02:56first six months 12 months or 18 months
02:58those are the credit cards that I love
03:00but if not you'll have your standard
03:02credit cards where the interest rate can
03:03be anywhere between eight percent all
03:05the way to 26 somewhere around that area
03:07so you want to be mindful of that and
03:09then when you're doing convenient checks
03:11and when you're doing cash advance the
03:13entry rate is going to be even higher
03:15then that APR is going to occur
03:17immediately so you don't get no grace
03:20period so as soon as you do a cash
03:22advance or erotic convey and chest the
03:24interest rate is practically going to
03:25double and you're gonna constantly get
03:27interest on that credit card from the
03:29time that you pull the money off in
03:31addition to that
03:32all that high interest rates High fees
03:36you also can only pull about 30 percent
03:39off of the credit limit right so if you
03:42have a 300 credit card or you have a
03:44thousand dollar credit card and you're
03:46looking to liquidate that credit card
03:48you only can pull about 300 off if you
03:51have a thirty thousand dollar credit
03:53card and you look at the liquidate that
03:54credit card you only can pull about nine
03:56thousand off
03:57probably Max 30 percent some
04:00will even go lower than 30 so you have
04:03to be mindful of that you can't
04:05liquidate the whole credit card you
04:06can't turn the entirety of that credit
04:09limit cash into credit so be mine for
04:13that so cash advance and convenience
04:15checks I would not recommend that uh the
04:18cost is way too high uh and also it can
04:21damage your personal credit score with
04:23this method too as well so
04:27uh let's throw that out the window now
04:29the next thing we can do is you can do
04:32like Banner transfer credit cards or you
04:34can do ballot transfer checks which I
04:37love too I love doing this strategy too
04:38as well it's not the best but I love
04:40doing this strategy uh because you can
04:43Tire you can get a zero percent balance
04:46transfer credit cards where you can
04:48transfer one balance to the next also
04:51you can get with zero percent interest
04:52in low
04:53uh balance transfer fees so this is a
04:56great strategy to do I do the strategy
04:58all the time uh it's a great way to
05:02liquidate your credit cards now also you
05:05can get you can request ballot transfer
05:09which is different than a balance
05:10transfer credit card we can practically
05:12call and do a balance transfer or you
05:14can do it online but when you get
05:15balance transfer a check you can write
05:19a zero percent
05:22interest check like write yourself a
05:25so if you got a twenty thousand dollar
05:27credit card you can take a balance
05:29transfer check you have to call so three
05:33ways you can do it so let's say you call
05:34Chase Bank
05:35and you say hey I want balance transfer
05:38checks not gonna be in checks but you
05:40want to balance transfer checks and they
05:42will mail you out the balance transfer
05:44checks and then you can write yourself a
05:46personal check and deposit that money
05:48into your business checking account now
05:50every bank doesn't do it just to give
05:52you three that does do it you have Chase
05:55Bank of America and Citibank they all
05:57can do balance transfer checks
06:01so what you're going to do take that
06:02check again write yourself a check let's
06:04say if it's 25 000 now the great thing
06:06about this you can liquidate this credit
06:08card all the way to the credit limit so
06:11if you got 30 000 on there if you got
06:12twenty five thousand dollars on there
06:14you can write yourself a whole 25 30 000
06:16check take that cash
06:19take that check deposit into your
06:22business checking account yes you can do
06:24that you don't have to just take that
06:25check and pay off another credit card
06:27actually you can take that check and pay
06:30anyone if you wanted to use it just like
06:32a regular check
06:33again regular check can take 35 seven
06:35days to clear just depend on your
06:37financial institution so keep that in
06:39mind but yes you can pay any lender you
06:41can pay anyone with that check just like
06:43you use the personal check but what I
06:45like to do personally I like to take
06:47that check and like the deposit to my
06:49business checking account
06:52so positive to your business checking
06:54account let it clear or it might clear
06:56right away again just depend on your
06:57bank and now you got that now you just
07:00turned that 25 000 levels on your credit
07:02card now you just turn it down to cash
07:04where you deposit directly into your
07:06check and now you can go out and put
07:07deposit on real estate put a down
07:10payment on your truck if you if you're
07:12in a trucking company a transportation
07:13business whatever you need to do because
07:15you need access to cash or you just need
07:17to free up some cash right your cash
07:19flow is a little light so you need to
07:21free up some cash now
07:23the great thing about that is you don't
07:25have to worry about any interest because
07:26that is a zero percent interest credit
07:28card it works this strategy works best
07:30with zero percent interest credit cards
07:33so rather six months 12 months 18 months
07:3624 months however long that period is
07:39with that zero percent interest credit
07:40card this strategy worked perfectly
07:44that's another option
07:46but here's one of the best ways to do it
07:48now don't get me wrong balance transfer
07:49checks and ballot transfer credit cards
07:51is probably right up there with this
07:53strategy that I'm about to give you
07:54right here but this is one of the best
07:56ways to do it too as well now
07:59what I like to do the best way to
08:00liquidate a credit card is just to use a
08:03merchant account
08:05a merchant account
08:07um as far as because you can use this
08:09strategy even when
08:12uh well the best way to use it is when
08:14you have zero percent interest credit
08:15cards again it's the best way to use
08:17this strategy with zero percentage
08:19credit card whether it's personal or
08:20business but I prefer a business zero
08:23percent interest credit cards obviously
08:24however you can use it with a personal
08:26two as well especially if you're trying
08:27to consolidate debt which I'm about to
08:29explain in a second where you can
08:32take your credit card you can go get a
08:36merchant account
08:37get a margin account
08:40now preferably I will get a merchant
08:44with someone else right say if you have
08:46a a business partner a brother a cousin
08:49a mother father someone that you know
08:52like and Trust
08:53because what you're gonna do is you're
08:55going to take your
08:57unsecured business credit card
09:00you're gonna use that merchant account
09:02let's say if it's ten thousand dollars
09:04you're going to use that merchant
09:07their merchant account let's say it's
09:08your business partner merchant account
09:13pay pay the invoy they're gonna send you
09:15an invoice right so what they're going
09:17to do is send your invoice for ten
09:18thousand dollars you're going to use
09:19your credit card to pay that invoice for
09:21ten thousand dollars they're gonna get
09:23the cash
09:25and then they're going to either sell it
09:26back to you or are they gonna wire it
09:29back to you
09:30depend on your your Zeal maybe uh you
09:33don't have that relationship with Zell
09:34yet with that particular person where
09:37you can send them a substantial amount
09:38of money uh maybe your limit's only 500
09:41but you got to work your way up to it
09:43maybe your limit is five thousand ten
09:44thousand depending on what your sale
09:46look like but with the wire you can just
09:47do a wire transfer now there's going to
09:49be feeds associated with this strategy
09:53because let's say you go through a
09:54company called stripe you're going to
09:56pay to liquidate that credit card you're
09:58at least going to pay about three
09:59percent about 2.9 percent in order to
10:01look at the liquidate that credit card
10:03also when you're doing a wire transfer
10:06there's going to be a fee with a wire
10:07transfer so again there's going to be
10:09fees associated
10:11with this strategy just like this fees
10:13associated with the balance transfer
10:14checks and ballot transfer credit cards
10:16just like his fees associated with uh
10:20doing cash advance or convenient checks
10:22that's just the cost of doing business
10:24you're going to have to pay some type of
10:26fees some type of penalty so just suck
10:28it up just look at the big picture and
10:31you'll be okay so my point is if you do
10:34this strategy right liquidate your
10:36credit card by using a merchant account
10:38where you can liquidate ten thousand
10:40twenty thousand thirty thousand forty
10:43off your credit card and turn that cash
10:45into credit
10:46so this is a great strategy that you can
10:49Implement into your business uh in order
10:52to get the cash flow that you need
10:54whatever type of uh
10:57whatever type of uh
11:00thing you have to do with that credit
11:02card or with the funds order to make a
11:04deal happen in order to make a
11:06transaction happen now there's other
11:08ways where you can do this where you can
11:10uh company called plastique right some
11:13people use though I I never use the them
11:15that company but I know a lot of people
11:18that do use the company uh so that's
11:20that's another way that you can
11:22liquidate your credit cards or pay
11:24things by using your credit cards by
11:27using a company called plastique now
11:28there's another way where people go to
11:31for example they go to Sport Goods or
11:34discus whatever they go to
11:37um maybe like the lows or they go to
11:39maybe like a Walmart where they do like
11:42a manufacturer of spending where they
11:44get gift cards and they get money orders
11:46and you can do all that
11:49however that that's just too that's too
11:52much time I don't have time to be
11:54running to
11:55to these stores and and getting all
11:57these money orders and all these gift
11:59cards and you can do the same thing with
12:02your merchant account you can do the
12:03same thing in order to to get the points
12:06because most people do that to get the
12:07points and the cash when they go to a
12:09Walmart and they get the money order and
12:12they give gift cards they getting the
12:13points uh and again the cash however you
12:16can do the same thing with a merchant
12:17account you can and write yourself an
12:20invoice write yourself well the person
12:22sends you an invoice but that when they
12:24send you an invoice it can be for a
12:25marketing so let's for example you have
12:28your your American Express business gold
12:31card where you get four times points for
12:33marketing they can send you an invoice
12:35for marketing and then you can pay that
12:38invoice so now not only are you getting
12:39the cash but you're also getting the
12:41points too you see what I just did so
12:45that's a great way to liquid those are
12:48some of the best ways to liquidate the
12:49credit cards but really the last two are
12:52the best ways to liquidate your credit
12:53card now I hope this video helps you out
12:56a lot I hope you now you can turn your
12:58credit into cash so you can start making
13:00some moves and uh hopefully you can not
13:04only start but grow and scale your
13:06business that's the whole point of
13:07getting these unsecured business credit
13:09card or these business lines of credit
13:10Etc to excel to grow whatever asset you
13:14invested in
13:15so see you in this video have a good one
13:18peace them out
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FAQs about This YouTube Video

1. What are the best ways to liquidate credit cards for cash?

The best ways to liquidate credit cards for cash include options such as cash advances, balance transfers, and using a merchant account. These methods allow you to access funds from your credit cards and convert them into cash for various business needs.

2. How can zero percent interest credit cards help in liquidating credit for cash?

Zero percent interest credit cards can be incredibly helpful in liquidating credit for cash as they provide an opportunity to access funds without incurring interest charges. By using these cards strategically, you can transfer balances or take cash advances without accumulating interest, enabling you to effectively convert credit into cash.

3. What are the detailed strategies for turning credit into cash for business needs?

The detailed strategies for turning credit into cash for business needs involve assessing the available credit options, utilizing zero percent interest credit cards, and considering the potential fees and interest rates associated with different methods. Additionally, it's important to have a clear plan for utilizing the cash effectively to support business growth and objectives.

4. What considerations should be kept in mind when using cash advances for liquidating credit?

When using cash advances for liquidating credit, it's important to consider the associated fees and interest rates. While cash advances provide quick access to cash from credit cards, they often involve higher fees and interest compared to regular transactions. It's essential to weigh the costs and benefits before utilizing this method.

5. How can balance transfers help in converting credit into cash?

Balance transfers can help in converting credit into cash by allowing you to transfer credit card balances to another card with lower interest rates or promotional offers. This can enable you to free up cash by consolidating balances and taking advantage of favorable terms, ultimately facilitating the liquidation of credit for various financial needs.

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