You might be wondering, is this type of funding even possible?
Yes! All you need is a decent credit score. Running a startup is hard and may require a small amount of capital before it can take off. You can use credit card cash bonus offers to your advantage and I will show you how.
You might be wondering, don’t I have to spend $1000 or more just to receive a credit card bonus? Well technically yes and no.
There is a simple trick which can help you make money off credit card bonuses and come out without losing a penny. Let me give you an example. One of my favorite credit cards is the Savor Rewards Card from Capital One.
The cash bonus was very attractive, but I needed to spend $3,000 to receive $300 as a cash bonus. Here’s a simple trick that allowed me to receive my bonus without losing any money.
I used a cash app to create a transaction. Cash apps allow users to send money to one another. Some of the cash apps on the market are Venmo, PayPal, and Cash App. Each transaction through a cash app is considered as a “Generic Business Services” transaction. This is a valid transaction and can be used to meet the required amount spent for the cash bonus.
After you have applied for a credit card you have to add the card’s information to a cash app. Here are the steps to adding your new credit card on Venmo:
- Download the Venmo App: https://venmo.com
- Go to Settings
- Go to Payment Methods
- Click on Add a bank or Card
- Select the Card option
- Add your Card
Now send money to your trustworthy friend!
- Select a friend and enter the amount $
- Click Pay in blue
- Select a Payment Method
- Select your new card
- Click Pay in green
Whenever you send money through a cash app using a credit card, you will be charged a fee, the standard fee rate is 3%. This is nothing to be worried about because you will accumulate more than enough reward points just on the transaction to cover the fees, not including the cash bonus.
Have your friend send the same amount of money back and now you just have to wait for your cash bonus. This may take a week or two. Your rewards will show up on your credit card portal. You can also call customer service to verify.
The hardest part of this process is to manage your payments. Create an excel sheet to keep track of everything. You don’t want to end up paying extra fees because you missed a payment.
In summary, apply for an attractive credit card offering, use a cash app to make transactions, and wait for your cash bonus. In my next post, I will list the best credit card offerings that are available this year. So, stay tuned!
