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liquifying your credit card money

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If I want to get my credit out of the card so I can wire the money when I have a situation where I need the liquid funds in wiring form and I can not use a credit card to make the transfer then what are some of the best ways to liquify your credit for wiring purposes?

 

One idea I have is to buy gold with your credit card and then sell the gold and the wire the money you get from the gold. Are there any other ideas?

 

Thanks

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open checking and savings accounts using your credit card...take a few days...but it like a purchases most of the time so you typically have the entire credit line available.

Edited by cardcardinsider

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open checking and savings accounts using your credit card...take a few days...but it like a purchases most of the time so you typically have the entire credit line available.

 

Smart.

 

How about the buying dollar coins from the U.S. mint idea? Seems like a lot of work. I've never done it.

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open checking and savings accounts using your credit card...take a few days...but it like a purchases most of the time so you typically have the entire credit line available.

GOOD LUCK DOING THAT FOR MORE THAN $50 or $100

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In no way passing any judgement, but the answer to your question is simply "Cash Advance".

 

Any other way of liquifying a credit card is cheating.

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Open a line of credit...much easier, less fees..will have the cash in a couple of business days...same day if the LoC is with your bank.

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If I want to get my credit out of the card so I can wire the money when I have a situation where I need the liquid funds in wiring form and I can not use a credit card to make the transfer then what are some of the best ways to liquify your credit for wiring purposes?

 

One idea I have is to buy gold with your credit card and then sell the gold and the wire the money you get from the gold. Are there any other ideas?

 

Thanks

 

Obsolete. You better be prepared for AA. It worked well until a few years ago. Credit card companies are keeping track of where you buy and what you buy. <_<

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If I want to get my credit out of the card so I can wire the money when I have a situation where I need the liquid funds in wiring form and I can not use a credit card to make the transfer then what are some of the best ways to liquify your credit for wiring purposes?

 

One idea I have is to buy gold with your credit card and then sell the gold and the wire the money you get from the gold. Are there any other ideas?

 

Thanks

How much are you talking about ? One card or multiple cards ?

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If I want to get my credit out of the card so I can wire the money when I have a situation where I need the liquid funds in wiring form and I can not use a credit card to make the transfer then what are some of the best ways to liquify your credit for wiring purposes?

 

One idea I have is to buy gold with your credit card and then sell the gold and the wire the money you get from the gold. Are there any other ideas?

 

Thanks

 

Obsolete. You better be prepared for AA. It worked well until a few years ago. Credit card companies are keeping track of where you buy and what you buy. :huh:

 

It has become nearly impossible to buy bullion with plastic. Bullion dealers work on a very tight margin. Not only is it the issue with the merchant fees but also fraudulent chargebacks.

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open checking and savings accounts using your credit card...take a few days...but it like a purchases most of the time so you typically have the entire credit line available.

GOOD LUCK DOING THAT FOR MORE THAN $50 or $100

 

 

Chase used to allow $2000 for checking and $2000 for savings.

 

Now they allow $500 for each.

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US Mint I think is $250-$500 depending on the coins you ask for, but you are limited to a box or two per order.

 

Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

 

You might also have a warning about this in your cardholder agreement. I would read all of that tiny print first before trying to do this.

 

 

 

Either way, you are dramatically raising the risk you will get AA. Don't even think about trying this with AMEX---they are the most paranoid CC issuer. Not only would you risk AA but you're basically begging AMEX to do a F/R.

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open checking and savings accounts using your credit card...take a few days...but it like a purchases most of the time so you typically have the entire credit line available.

GOOD LUCK DOING THAT FOR MORE THAN $50 or $100

Did you mean to say 50k or 100k?

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US Mint I think is $250-$500 depending on the coins you ask for, but you are limited to a box or two per order.

 

It is two boxes PER PRESIDENTIAL COIN PER ADDRESS. No limit yet applies to the Native American coin. The per-order limit has not yet really been determined, although the most I moved in a single order was eight boxes. Many more boxes than that have been shipped to me.

 

Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

Could it happen? Possibly. But I am not aware of anyone on the Direct Ship program that has had it happen.

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US Mint I think is $250-$500 depending on the coins you ask for, but you are limited to a box or two per order.

 

It is two boxes PER PRESIDENTIAL COIN PER ADDRESS. No limit yet applies to the Native American coin. The per-order limit has not yet really been determined, although the most I moved in a single order was eight boxes. Many more boxes than that have been shipped to me.

 

Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

Could it happen? Possibly. But I am not aware of anyone on the Direct Ship program that has had it happen.

 

Centex, do you actually score enough rewards doing this to make it worthwhile. I calculated it out, and if I did 10 boxes (2 of each), I would get about $30 in rewards...not sure if it is worth the hassle to transport them to the bank, etc.

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US Mint I think is $250-$500 depending on the coins you ask for, but you are limited to a box or two per order.

 

It is two boxes PER PRESIDENTIAL COIN PER ADDRESS. No limit yet applies to the Native American coin. The per-order limit has not yet really been determined, although the most I moved in a single order was eight boxes. Many more boxes than that have been shipped to me.

 

Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

Could it happen? Possibly. But I am not aware of anyone on the Direct Ship program that has had it happen.

 

Centex, do you actually score enough rewards doing this to make it worthwhile. I calculated it out, and if I did 10 boxes (2 of each), I would get about $30 in rewards...not sure if it is worth the hassle to transport them to the bank, etc.

 

I'm in the bank on a regular enough basis that the free flights make it work for me...I've been using mostly the miles cards for my purchases. Smaller banks tend to be easier to deal with (and y'all know I LOVE my small, local banks)...the mega banks have gotten a little pissy about the coinage in some areas if the FT accounts are to be believed...

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US Mint I think is $250-$500 depending on the coins you ask for, but you are limited to a box or two per order.

 

Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

 

You might also have a warning about this in your cardholder agreement. I would read all of that tiny print first before trying to do this.

 

 

 

Either way, you are dramatically raising the risk you will get AA. Don't even think about trying this with AMEX---they are the most paranoid CC issuer. Not only would you risk AA but you're basically begging AMEX to do a F/R.

You should of saved this post for today, FRIDAY. Either way I still got a good laugh!!!

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US Mint I think is $250-$500 depending on the coins you ask for, but you are limited to a box or two per order.

 

It is two boxes PER PRESIDENTIAL COIN PER ADDRESS. No limit yet applies to the Native American coin. The per-order limit has not yet really been determined, although the most I moved in a single order was eight boxes. Many more boxes than that have been shipped to me.

 

Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

Could it happen? Possibly. But I am not aware of anyone on the Direct Ship program that has had it happen.

 

Centex, do you actually score enough rewards doing this to make it worthwhile. I calculated it out, and if I did 10 boxes (2 of each), I would get about $30 in rewards...not sure if it is worth the hassle to transport them to the bank, etc.

 

 

I'm thinking about this. It's seems a little easier. Do you think a local CU would have problems accepting the Native American $1 coins...If I purchased say $4K worth (16 boxes)?

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Centex, do you actually score enough rewards doing this to make it worthwhile. I calculated it out, and if I did 10 boxes (2 of each), I would get about $30 in rewards...not sure if it is worth the hassle to transport them to the bank, etc.

 

 

I'm thinking about this. It's seems a little easier. Do you think a local CU would have problems accepting the Native American $1 coins...If I purchased say $4K worth (16 boxes)?

 

They may not be thrilled about $4K all at one time, but they shouldn't have too much heartburn with it.

 

I've even taken in a thousand or so at a time to a bank in the lobby of a building I had a meeting in...no account there, just cashing in coins. They didn't even ask for information on the rolls (name or other information). I handed over the rolls and they gave me back cash, which then went into the bank by the house. Their biggest thing was just that the coins still be in the original rolls...and this was one of the larger mega banks frequently mentioned, albeit outside of a large metropolitan area.

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Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

Stop talking through your a**. Read the master thread at FW.

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Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---they can go back and treat the charge as a cash advance and slap you with the cash advance APR, eliminate the grace period, and charge you the cash advance fee.

 

Stop talking through your a**. Read the master thread at FW.

Just read the first 100 pages!!! ;)

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Centex, do you actually score enough rewards doing this to make it worthwhile. I calculated it out, and if I did 10 boxes (2 of each), I would get about $30 in rewards...not sure if it is worth the hassle to transport them to the bank, etc.

 

 

I'm thinking about this. It's seems a little easier. Do you think a local CU would have problems accepting the Native American $1 coins...If I purchased say $4K worth (16 boxes)?

 

They may not be thrilled about $4K all at one time, but they shouldn't have too much heartburn with it.

 

I've even taken in a thousand or so at a time to a bank in the lobby of a building I had a meeting in...no account there, just cashing in coins. They didn't even ask for information on the rolls (name or other information). I handed over the rolls and they gave me back cash, which then went into the bank by the house. Their biggest thing was just that the coins still be in the original rolls...and this was one of the larger mega banks frequently mentioned, albeit outside of a large metropolitan area.

Always check with the branch how they accept coins (rolled or unrolled). Using Citi for an example, every branch is different.

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open checking and savings accounts using your credit card...take a few days...but it like a purchases most of the time so you typically have the entire credit line available.

GOOD LUCK DOING THAT FOR MORE THAN $50 or $100

Did you mean to say 50k or 100k?

NEGATIVE

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Credit card companies are up to this tactic and most of them are now scanning transactions either at authorization time or after the transaction posts. If they detect on a scan that your purchase is actually a liquefying transaction where you're converting the credit line directly into cash---

they can go back and treat the charge as a cash advance and slap you with the cash advance APR

, eliminate the grace period, and charge you the cash advance fee.

 

Stop talking through your a**. Read the master thread at FW.

DOESN'T PASS THE SMELL TEST...but what do I know???

Edited by GEORGE

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