Here are some more things to keep in mind when you are turning your next business card approvals into cash! #1 - Can I liquidate a Chase business card and send the funds into my Chase business checking account? The bank will see the similar charge and deposit amounts, regardless of whether a different company is sending the deposit... putting both your checking account and credit card in jeopardy of being closed. Chase (or any other bank) wants to charge the cash advance fees themselves so they are watching for this. This is an easy problem to avoid however - just make sure to send funds to a different bank and you'll have zero problems (e.g. Chase card to BoA checking). #2 - can I liquidate personal cards or send funds to a personal checking account? Yes, this is not a problem. #3 - is my card at risk of being closed by liquidating? No in almost all cases - the bank wants you to spend a lot on the card as that's how they make their money. Millions of businesses throughout the country are making large credit card purchases (even $40k-$50k+) every day. A liquidation transaction may initially get declined and require you to call in to approve the transaction; this is normal fraud prevention. The bank mainly wants to ensure that you are making the purchase yourself and that your card wasn't stolen. Calling the bank in advance to let them know about a large upcoming transaction is often a good practice. Amex is the one card issuer that is finicky - if you have a brand new Amex card in the first billing cycle, you'll only want to liquidate 40-60% of the credit limit initially and wait until the second month to liquidate the remainder. Most all other banks won't have a problem with liquidating the full credit limit. A good professional liquidator can help advise you on your specific situation. #4 - How do I offset the costs of liquidation? A professional company charges a small fee in addition to standard merchant processing fees as they are shouldering all of the risk in the transactions. It's a small price to pay to avoid all risk to your cards, bank accounts, and merchant processors - as well as gaining the ability to liquidate unlimited dollar amounts.

What are some legit and legal ways to liquidate your business credit cards once approved?

Hey all, wanted to share answers to common questions and things to keep in mind when you are getting cash off your next card! #1 - MOST important - don't deposit liquidated funds into an affiliated account (e.g. funds from Chase business card into Chase business checking). The bank will see the similar charge and deposit amounts, regardless of whether a different company is sending the deposit... and you're at high risk of getting your checking account and credit card shut down. Just make sure to send funds to a different bank and you'll have zero problems (e.g. Chase card to BoA checking). #2 - Is liquidation risky or illegal? Absolutely not, in fact balance transfer offers from banks are a form of "liquidation." Visa/MC/Amex and their associated banks would much rather charge ridiculous cash advance fees and interest rather than having you liquidate yourself or through a professional though. Thus if you're billing yourself you'll want to say that one company is paying another for business services, and if using a third party you'll see the transactions are usually billed as consulting or other services, rather than explicitly "liquidation". In addition, as the cardholder there is zero risk to your funds and 100% risk on the liquidator. You are protected by the bank for any credit card transaction you make - (as an aside, hopefully no one here is ever making personal or business purchases on a debit card!) #3 - how do I report liquidation transactions on my taxes? Your CPA may not have heard of a liquidation strategy before, but you can and should them what you are doing so they can record things properly. Both the credit card charge and ensuing deposit can go into the "Short-term Business Loan" category - in essence you are extending a loan on your credit card and getting repaid later with the deposit, so the two transactions cancel each other out. The remaining merchant processing or liquidation fee can be deducted as a business expense. #4 - can I liquidate cards for myself?

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Most banks have a fixed monthly payment in the 0% interest period based on percentage of the current balance (1% of total balance for Chase, 5% First Citizens, etc). Amex is the only one where the percentage varies based on the balance amount. This is the breakdown: 1% of balance due for balances $0-$20,000 2% of balance for $20,000.01-$35,000 5% of balance for $35,000.01-$50,000 10% of balance for $50,000+ Good to keep in mind when choosing amounts to liquidate - $35k or $50k rather than $36k or $51k for example. Hope this is helpful!