How To Obtain Cash Off Your Credit Card Without It Being Considered a Cash Advance

If you go to the bank and ask to get cash off your credit card, they will charge you a “cash advance” rate. Cash advances have rates as high as 30% - 40%. Typically, at least 10% more than the cards current APR.

Here are a couple of options for you to obtain cash from your credit cards at the current APR of your card.

Plastiq https://www.plastiq.com/

Plastiq gives you the flexibility to pay by credit card — even when your vendors don't accept them. Plastiq sends your payments to your vendor as a domestic or international wire, same-day ACH transfer, or overnight check — however you choose, all in one place.

While having a Plastiq account is free, the service charges the payer the following fees: Credit card and debit card payments: 2.9 percent. Bank-to-bank ACH transfers or EFTs: $0.99. Wire transfers: $8.99 for U.S. domestic, $39 for international.

Various card issuers and payment networks have imposed some restrictions on Plastiq. For example, you can use Plastiq to pay your mortgage with Mastercard or Discover, but not with Amex or Visa. Overall, Mastercard & Discover are the least restrictive followed by business Visa cards.

Melio https://meliopayments.com/b/

Melio is a business-to-business (B2B) payment platform that simplifies how small businesses handle their accounts payable. It allows businesses to pay vendors and suppliers, even those who don't accept credit cards, using a variety of payment methods. Melio sends your payments to your vendor as a domestic or international wire, same-day ACH transfer, or overnight check, however you choose, all in one place.

Melio allows businesses to pay almost any business expense, including rent, utilities, suppliers, contractors, and more. It provides flexibility in how you pay, offering options like ACH bank transfer, debit card, or credit card, even if the vendor doesn't typically accept credit card payments. This is useful for businesses who want to use credit cards to manage cash flow and earn rewards, even if a vendor only accepts checks.

Melio offers a free plan with no subscription fees, but charges for certain payment methods and transactions. For example, credit card transactions incur a 2.9% fee, while some expedited payment options have additional fees. ACH bank transfers are free, but expedited ACH transfers have a 1% fee (up to $30). Check mailing is free for the first two checks per month, with a $1.50 fee per check thereafter.

2 comments

Biz Credit Academy

skool.com/biz-credit-academy

Business Credit Card Funding via Credit Cards, Business lines of credit, Grants and more. Step by step for starting your LLC, Building Credit,Funding