Let’s get to today’s small business funding question: I’ve got some 0% credit card accounts but how do you pull cash off of these accounts?
Let’s say you’re in real estate and you need some money for down payment or you need some money to pay some contractors that will not accept payment with a credit card. So, how do you pull cash off of these accounts? Can it even be done? There is a lot of misinformation out there about a credit card account. When you go to the right lenders, that provide the right 0% interest credit card accounts – there are a select group of lenders that will actually allow you to pull all of the cash off of the credit limit of that credit card – while most lenders will not allow you to do that. They may allow you to pull 25-30% of a credit card limit in cash. So let’s say you have a $10,000 credit limit on a card, many lenders may only allow you to pull $2,500 to $3000 in cash off that card.
But… they are going to of course jack up your interest rate and call it a cash advance. So what you want to do is to work with the select group of lenders that will allow you to pull the full amount of the credit card limit in cash at the 0% interest! How some of them will do that is they will actually do a bank wire transfer and sent all the money right to your checking account. That is the first option. Another option is some lenders will send you a cashiers check and make it payable to you or your business. And a third option is they can send you a blank check in the mail, that you can write out and deposit or fill out to a vendor or someone you need to make payment to and pay them directly.
The bottom line is you can in fact YES, you can pull cash off of a 0% credit card at the 0% rate. If you have multiple 0% interest cards then it’s even better. If you have four or five 0% interest credit cards you can actually pull 70-80 or even 90% of the credit lines off in cash and most people are just not aware of that. And so if all you could qualify for are credit card and credit line type accounts and you need half of that to be accessible via cash then it can be done. If you just want to speak to one of the specialists at Fundwise Capital and we’ll be happy to just take you through that whole process. We actually have videos and custom cash out plans that we create for our clients so that you have access to the cash that you need to start and grow your business.
While it is 2018 and most things can be purchased with a card but there are still many things that require cash such as payroll, lease payments on an office space etc. So the good news is that you can actually get that cash that you need. But we’ll take it a step further. With some of our advanced strategies you can actually pull that cash out, 90% off of a credit card. And you can also maintain a 0% interest rate. It’s a 2 step process where you are pulling cash out of one account and then transferring from a second account to maintain that 0% interest rate. So, in some cases it’s actually possible to pull the full amount of the credit card limit in cash and maintain that balance at a zero percent interest rate for up to 15 months with some of our advanced strategies at Fundwise.
This is what we do at Fundwise. It’s what we live, eat and breathe. Getting the best solutions possible for our clients so they can jump start and grow their businesses. Sometimes it’s even just to save a lot of money personally. It’s a powerful to be able to access cash without having to just through the hoops or endure some of the normal headaches that come with some of the other funding options that are out there today.