THANK YOU FOR INQUIRING ABOUT HOW TO ACCESS THE AVAILABLE CREDIT ON YOUR EXISTING CREDIT CARDS!
THIS IDEA CAME ABOUT AS A SOLUTION TO A COMMON ISSUE: MANY OF US DO NOT YET HAVE AVAILABLE LINES OF CREDIT OR BUSINESS CREDIT LINES SET UP, BUT MOST OF US DO HAVE A CREDIT CARD OR MULTIPLE CREDIT CARDS. WHAT IF CARDHOLDERS COULD USE THE AVAILABLE CREDIT ON THOSE CARDS TO ACCESS THE AVAILABLE FUNDS TO GET STARTED IN REAL ESTATE DEALS OR OTHER VENTURES USING THE CREDIT THEY ALREADY HAVE IN THEIR WALLET?
This method of using credit card(s) to quickly get funds was an idea that came to me when I needed to complete a couple of projects and make payroll, and my bank account funds were quickly dwindling. I had a very low balance in my checking account, and I tried to use Plastiq to access the available credit on 2 of my credit cards. Sadly, Plastiq canceled my transaction TWICE so I was running out of time and out of funds. I NEEDED the funds to finish two fix and flips and keep the cash flow moving, and PLASTIQ declined my request when I needed them MOST. I was in a cash crunch and I needed $20,000 to keep payroll moving and keep the work crews going to finish the projects.
How could I access the needed funds? Plastiq canceled the transaction even though I had worked with them in the past and had provided invoices, but they declined it even though I had plenty of available credit on the cards I was attempting to use. Since I was unable to use Plastiq, I had an idea that I could run the transactions through my business credit card merchant processor. I sent myself a secure online pay link, entered my card info and amount, and ran both credit card transactions through the merchant portal. The best part was that the funds were deposited into my bank account the very next day!!! Using this method, I was able to run the cards and the next day I had the funds I needed in the bank to make payroll, buy materials, pay for labor and goods, etc. I was able to complete the two fix and flips, and once we sold the houses, and I had money in the bank again, I paid off the credit card balances and got busy looking for my next deal. It did not occur to me at first that this could be a good idea for others in my position, but it definitely got me out of a cash flow crisis. I am creating a system so that other folks can securely run a card transaction to access the available funds on their existing credit cards (Visa, Mastercard, Discover, American Express). Plastiq may be a more cost effective option for most people, but if Plastiq will not approve your transaction, this may be an option for you.
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