3 Ways to Make Money With a Credit Card

Описание: Credit Cards make an average of 104 billion dollars per year from fees and also interest, so what if there was a way to turn around and make money from them.

3 ways to make money with a credit card

Basic idea: is to do the complete opposite of what credit companies want you to do, and instead of being exploited you become the person taking advantage of the system.

1. Invest
You have to take the money out and the only way to do it is by doing manufactured spending.
Ways: Buy gift cards and load those on to prepaid gift cards
Buy gold
Or just send money to your friends using Venmo or PayPal for a 2.9% fee on PayPal or 3% fee on Venmo

If your tight for cash, I recommend doing this:
Get a credit card with an interest-free promotional period ( at least 12 months )
Get a cash advance for 5%
It's expensive but it’ll be like a small loan and that you’ll get 12 months

Ideas for investing:
a. Side Hustles
b. Course or any education

Why? I don’t want you to quit your day job, that’s how you're going to pay the debt back if anything goes wrong.

Example: I did ones to buy some cellphones and then flip them, and by the time I paid it back, I had made almost 2-3x the money. ( way more than 5%)

2. Sign up Bonus/ Rewards = most people use this to have fun but you could invest it and create more income

Example: I use acorns for investing, and if you wanted to, you invest that bonus and have it grow at an average of 7% per year plus a 2.35% dividends.

3. Credit Card Arbitrage – it’s the idea of taking money from credit and parking it somewhere else and making the minimum payment and then keeping the difference.
Step 1: Find a credit card or low- interest cash advance or balance transfer card offer. ( discover gives you 1-year free interest, and the Citi Simplicity card gives you 21 months interest-free on a balance transfer)

Step 2: Select and offer and write yourself a check and then either invest it or deposit it into high yield savings or a CD. ( right now, it's hard to get more than 2% on savings, but who knows what might happen in the future)

Step 3: Make the minimum paying and set them on auto-pay that way you avoid the risk of late payments

Step 4: One month before the offer is over, just pay it off in full.

The goal if you can get 5-7% per every one thousand, then we could be looking at $50-70 bucks in profits.
Example: $10,000 at 5% is $1,292.14

Warning:
This could lower your credit score temporally
If done incorrectly it's going to cost you a lot of interest

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