There are numerous ways to raise working capital for your business. Although certainly not the most cost-effective source of financing, credit cards are among the most accessible. Indeed, with numerous companies now seeking to offer businesses effective ways to finance their enterprises, there is seemingly no shortage of credit companies now.
Today we’re going to discuss several ways that you can start liquidating your credit cards with minimal interest.This technique has been around for years yet the majority of individuals and business owners aren’t aware of it.
Be sure to consult legal counsel if you are unsure of any particular investing strategy being allowed, but also know that what we present today is fully legal.
Liquidating Credit Cards Fast & Easy
Most credit cards will offer thousands of dollars before reaching its limit. This kind of line of credit is exceptional for fast cash but notorious for the high interest rates. In fact, the APR (Annual Percentage Rate) is usually around 24% or more!
This means it is less idea for long-term financing or even large short term loans. For obvious reasons, it doesn’t make sense to use a credit card when there will be so much interest owed.
However, there are ways to completely avoid the interest owed, and the most common way to do this is through “Balance Transfers.”
What Is A Balance Transfer?
This strategy is so popular that most new credit card offers today are driven by their offer to transfer an existing credit card balance. But in reality, you are basically just borrowing money to pay off another debt. Thus going back into debt. So what’s the difference?
The difference is that you can pay off the previous credit card debt, and then use the into APR of another credit card to liquidate credit cards without charge! That’s right, you are essentially borrowing money from credit cards for 6 to 12 months without paying or accruing any interest. After that introductory period, you will then begin accruing interest.
But here’s an idea, what if you just take another credit card that offers 0% intro APR and pay off the card you owe on? Then you’ve effectively extended the time you have to pay back the money borrowed by another 6 to 12 months!
This is a common strategy that is used globally, but the fine print is important. It is equally important to recognize that you are going into debt, and those debts must be paid.
What Risks Are Involved?
Let’s assume that you use your credit cards (business or personal, it doesn’t matter) and you are now faced with paying back the debt or beginning to accrue interest. You will need to transfer the balance onto another credit card with 0% into APR so that you can continue using the money without making payments.
But what if you can’t get another card to transfer the balance onto? Then you’re stuck with paying off the debt or now you face accruing interest.
Here are common reasons that you might not be able to find another card to transfer the balance:
- When you open new lines of credit, you are generally going to hurt your credit score slightly.
- Should you take out a large amount of debt or any debt for that matter, that will negatively affect your credit. (Specifically if you don’t pay off your debt by the end of the month)
- If you find yourself consistently transferring the balance and not paying it down enough, that can limit your opportunities.
- More opportunities are available for companies with good credit scores and low debt. When you take on debt and lower your credit score, companies may not offer their credit cards to you. (Or you may be declined when requesting a new card)
There are certainly better options to acquire capital that have less risk involved, but liquidating credit cards is still used to today with great success.
What Can A Liquidated Credit Card Do For Me?
A liquidated credit card can offer a business and or a person quick access to funds. Those funds can be used for the following:
- Paying off other debts.
- Covering business expenses.
- Hiring help.
- Purchasing stock.
- Making essential business purchases.
- And more.
Can People Make Money Through Liquidating Credit Cards?
Yes! Here at Business Lending Blueprint we teach our clients how to utilize credit cards as quick ways to access cash. As business loan brokers, our students thrive in any given market. This means even a recession will not topple a loan broker’s industry.
Because no matter the niche, every company needs money!
That’s why there is so much potential for entrepreneurs to make greater profits by becoming the middle man. They can quickly replace their working income by placing themselves as a benefactor in the middle of a money transfer.
This can be as simple as connecting a lender and the lendee together, or it could even be new credit cards being opened for the needy company.There are many ways to capitalize on money lending.
The Most Attractive Product In The World
Money is the most sought after product in the world. It is needed for virtually everything and it is the driving force of economies. (Unless you live in a dictatorship that controls the flow of all trade. But if you live in the Western world, then you will usually have opportunities in a free market)
Here in the United States especially, millions of people come up with creative solutions to solve problems every year. Those solutions are valuable, and they make money.
With loan brokering, you are solving the need of acquiring money. We teach our students how to do this as independent self-employed people. And we teach them how to build a “recession-proof” business based on our proven systems.
If you would like to learn how to start as a business loan broker right now, then click on the button below and watch our free training video. It details everything you need to know and provides a clear overview of how the Blueprint works.
See you soon!