One of the first steps to Credit Stacking is getting approved for a business credit card with a high spending limit.
So what happens after that?
A few months ago I was on “The Ryan Pineda Show,” and we were talking about the process of getting a card. We talked about a lot of different things you can do with a business card and a high spending limit, like in e-commerce, real estate, and your own marketing company. Just be sure you're using it.
If you don't have a company yet, and you're wondering what you can do to keep the money flowing on your card, here's a solution: liquidate your credit into cash.
What's the Fastest Way To Liquidate Credit Into Cash?
No, you don't melt your credit card. Please do not do that.
What I mean is finding a way to get cash out of your credit card for you to use on a purchase rather than charging your card.
There are a couple of different websites where you can facilitate that if you have a legit invoice. The only catch is that there's a small fee and sometimes you have to jump through a couple of hoops to actually do that with those companies.
The two most common websites to do that are Emilio and Plastic. I've heard some success stories from them. Sometimes they have to verify certain information, and it's kind of a pain in the butt to actually do.
If you can be patient enough to go through this process, liquidate the cash, and pay for the convenience fee, it's worth a shot.
However, an alternative is to work with a merchant processor.
How to Work With Merchant Processors.
Let's say you need to liquidate $50k from your card.
If you have a friend who has a very seasoned stripe account or another merchant processor, they can invoice you for the amount you need, then they can wire the money back to you the next day.
So if you're in a situation where you need actual cash for a purchase, say for a real estate property, you have that cash available to you.
You should note that this does not work well with PayPal or Venmo, especially if you're doing it from your own personal stripe account. They will flag the transaction and you can run the risk of getting your account shut down.
You need to be able to work with a business partner or someone that you trust in order to pull this off. There are legal and safe ways to pull this off.
For example, if you join the Credit Stacking program, you can work with our partner who will invoice you for $100k and then wire back the money to you the next day. That's the power of the Credit Stacking community!
These are just some of the benefits of joining the Credit Stacking program! Get access to some of the best credit-building networks in the world.
Get financial freedom through the courses we offer through the program. Learn new pro tips that will also help you get the most funding for your business.
Be sure to check out the podcast with me and Ryan. This was just one of many things we discussed while exposing credit card hacks.