WARNING: Before you read this you must read “The Dangers Of Overleveraging“. Keep in mind that this credit card guide was written from the point of view of someone with $0 and 0 credit trying to grow as fast as possible. While I succeeded, it might not work for you. Instead of deleting this post, I decided to keep it up as documentation of what I did to get to where I am. It’s a true story. This is not financial advice. I am not liable for reckless debt accumulation or your business failures. Credit Card Guide Part II coming soon on MKAMZ.
Here are my updated thoughts to keep in mind [9/29/2024]: High interest debt works during a period of rapid inflation which is when I wrote this blog post. You want to make sure you don’t take on interest rates higher than the rate of inflation if you want to make money. In fact, I highly advise you don’t pay interest at all.
Don’t be a retard who refuses to use debt to get rich and buy inventory, but then goes out and uses consumer debt to buy a car you can’t afford to flex on people online. That’s laughable.
Do I still use debt? Every single day.
Do I pay interest? Zero.
Do I still use Amazon Lending? No.
Do I still use personal credit for business purchases? No.
Is everything in this blog post true? Yes.
Do I save money? No, but I stack massive quantities for future opportunities.
Do I max out my cards? No, I only use business charge cards without credit limits now. My utilization is about 3-6% on my personal cards at all times.
Do I care about my credit score? Not really, but my credit is perfect now and I have all the cards I want.
My plan unfolded exactly as I expected, but it might not play out the same way for you.
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This will likely be a highly controversial post because I will teaching you how to utilize debt to get richer.
Most people use debt to get poorer.
Even more people believe debt is terrible and the way to get rich is to get out of debt.
They believe every word Dave Ramsey says, cut up their credit cards, eat canned beans and live far beneath their means.
The same people who believe debt is bad are the people who believe that saving money is good.
I don’t save money at all.
I never have and I never will.
I use debt to get richer and pay no interest.
I do not work a job but pay off thousands in credit card debt multiple times a month.
How do I do this?
I use debt to access tax free money, leverage OPM (other people’s money) to buy profitable inventory and lower my taxable income by writing off business expenses from reinvesting.
In this blog post, I will teach you what I know.
I don’t claim to have a perfect credit score.
I’m not interested in building my consumer credit so that I can buy a house or automobile in the near future.
I’m interested in getting rich by any means necessary.
That being said, my credit score has gone up tremendously ever since I started using debt for my Amazon business.
I’ve gotten approved for cards that I’ve previously gotten rejected by.
I have received multiple business loan offers and even have a business line of credit that I can tap into at any time.
I don’t give a fuck about my FICO score like the nerds on credit card forums.
Like Kiyosaki said, FICO scores should be called FIDO scores for good dogs.
Consumers should care about these things but I don’t because I’m a producer.
I break the rules all the time, but somehow I keep getting access to more and more capital.
My bank account keeps growing and my business keeps generating profits.
I don’t give a fuck if you think what I say is wrong.
All I know is that it works for me and I have been getting richer.
People who follow conventional information regarding credit cards and debt always seem to be getting poorer.
Who’s right and who’s wrong?
I couldn’t give less of a fuck.
All I know is what works for me from my experience.
Let’s begin.
How good is my credit?
I used to have perfect credit.
This was due to paying off student loans in a timely fashion and never really using credit cards.
I used to cut up my credit cards like Dave Ramsey recommended and try to save money.
I was a debit card only person for the longest time.
I began using credit cards during my first attempt at building an e-commerce business through Shopify dropshipping.
I was a young fool who believed he could succeed without tasting failure first.
Like I have written about previously, my business failed and I ended up in massive debt.
I had to work at Target, BMW and Mercedes-Benz to buy myself out.
Before I figured out how to get back on my feet, my debt was getting pretty out of control due to the high interest rates on my credit cards.
I was headed in a downward spiral where debt was making me poorer.
This is where most people start and finish in regards to debt.
They never learn how to utilize debt to get richer.
They just retreat after getting burned once.
I knew that there was good debt and bad debt.
I just didn’t know how to make debt work for me.
When I started selling on Amazon, this prior credit history made it difficult for me to acquire credit cards.
I did not have excellent credit, and it didn’t help that I had been using debit cards for the last 5 years.
This means I had limited credit history and a negative track record from past mistakes.
My first run with e-commerce was in 2018-2019.
I began selling on Amazon in 2022.
It was only near the end of 2022 that I began to use credit cards because I was experiencing cash flow issues.
I could easily find profitable inventory, had become confident in my sourcing ability but kept running out of money.
I would consistently have to wait for money to come in, which caused me to waste a lot of time in stores.
I would find highly profitable inventory but not have the available funds to purchase them at that given moment.
This forced me to leave items on the shelf that I otherwise would have purchased and made money on.
I decided to open a credit card after I found myself constantly borrowing money from friends and family in order to go sourcing and buy profitable inventory.
I could easily pay them back and even offered to pay them interest, but there had to be a better way.
I knew that my cash flow problems this time weren’t due to making bad decisions, but because I did not have access to debt and did not know much about debt.
I became obsessed with learning about debt, fractional reserve banking, the Federal Reserve and taxes.
I studied Robert Kiyosaki’s work, which I highly recommend you do as well.
Most average people read his books on a surface level and think that there is nothing of substance in them.
I certainly thought the same when I read them for the first time in college.
That’s because his books are not written for average people who live ordinary middle class or poor lives.
Average people want step by step guides to success and riches, which don’t exist.
His books are written for hustlers who plan on getting rich.
For those who go against the grain and disregard conventional wisdom.
I gained a financial education not from college but through his books.
I learned that the rich utilize debt to acquire assets and build businesses, as opposed to working for an income, saving that money and then investing it after taxes are taken out.
When you work a job, you can be taxed at upwards of 40% of your income.
When you put that into perspective, even if you acquired debt at 15% interest, that money would be cheaper than saving up your salary, paying taxes on it and then investing it.
Furthermore, you can make plays much faster, as opposed to having to spend years toiling at a job, saving money and then investing one day.
Time is money.
Debt is not taxed because you have an obligation to pay it back.
This is a secret only the wealthy and future wealthy can even get a grasp on.
Average people scoff at these ideas, and that is why they stay poor.
I decided to study and learn until I knew how to utilize debt to get richer.
Read Why The Rich Are Getting Richer by Robert Kiyosaki and watch his videos on YouTube regarding debt and taxes.
Understand this concept first before you start to leverage debt to get richer.
Do not build your business on debt, because that’s what morons do.
I get messages from people who said they ended up in credit card debt by purchasing products to resell on Amazon.
They didn’t even know if they could move the units, and now they have to pay the credit card bill.
What’s even worse is that they copied the exact same items I bought but that I had already sold out of.
By the time they purchased the same products, the market changed and the price had tanked.
This is called stupidity.
First, learn how to make money with your own money.
Drive UberEats, work a job if you have to or beg on the street for funds.
Learn the logistics of sending products into Amazon and see the money come in.
See your dollars turn into products, the products turn into sales, and sales turn into profits in your bank account.
Know for a 100% fact that you can make money on the inventory you buy.
Don’t just blindly believe that because someone else did it, you can as well.
Start with money that you worked for on a small scale.
Money that you would be willing to lose, so that you aren’t afraid of making mistakes.
You will certainly make mistakes before you win, it’s inevitable.
This will serve as your experimental phase where you see if this business works for you or not.
Then, learn about debt and taxes.
Only after you generate consistent profits and a predictable income, use debt to scale faster.
By trying to shortcut the process, you only impede your own success and virtually guarantee failure.
By embracing the process, putting in your dues and striving for mastery, you will be on the fast track to achieving your goals.
Another main point regarding debt that I want to touch on before I tell you what credit cards and debt I currently use is regarding money printing and the Federal Reserve.
Study fractional reserve banking.
Why are most people encouraged to work jobs, save their money and told to avoid debt by people like Dave Ramsey but can never seem to ever escape the rat race?
Why do the rich not save money, take on as much debt as possible and keep getting richer?
It is because the same hard-earned money you save in a bank is lent out to people who use debt such as me, Trump and Kiyosaki.
Not only that, but your money is lent out 10 times for each dollar you put in.
The law allows for this.
This means that your money became worthless 10 times over.
Watch this video to see the scam at play:
This also means that inflation isn’t going anywhere.
In fact, it is virtually guaranteed to continue until the entire system implodes.
Ever since 1971, when President Nixon took us off the gold standard, our money became backed by absolutely nothing.
Combined with fractional reserve banking, this means that saving money is a complete joke and your money is not even real.
The $1 you put in becomes $10 in the system through money printing.
Do your own research and you will find out that this is true.
This means that the entire system is a scam and the only way to win is to play by the rigged rules of the game.
By utilizing debt, you lower your taxes, get richer and benefit from inflation as opposed to suffering from it.
That is only if your debt is good debt.
Good debt is debt that you don’t pay yourself.
For example, if you get a loan on a piece of property and your tenants pay off your mortgage, this is good debt.
Bad debt is like I mentioned earlier, where I used debt to start a business that did not generate enough sales to be able to pay off the debt.
My current business uses good debt because I don’t pay my debt by working a job, but instead my customers purchase my products and pay my balances off.
I pay zero interest on all my credit cards because I pay them off in full multiple times month like clockwork.
For business loans and lines of credit, you will pay interest but this is also a tax deductible expense.
The reason why this works is because debt has been money ever since 1971.
Those who understand this will get richer and richer while those who do not understand this will never get rich and will probably become poor.
Now that we have covered the reasons why you want to use debt to get richer, I will show you what debt I use and how I leveled up in the debt game starting off with below-average credit in a little over 6 months.
I’m by no means a credit card expert and I do not want to be.
I just know through my methods I’ll continue to gain access to more and more capital, which will make me even richer because I know what to do with the money.
I will tell you about the cards I use in the order that I obtained them as well as some of the benefits of each of them.
I’ll also include some backstory as to how and why I got these cards.
Note- All of the cards I mention in this article have no annual fee.
Personal Credit
I know everyone says to not use personal credit cards for business but I had no choice when I started.
I didn’t have any personal credit history in the previous 4 years prior to getting into the credit card game.
While you don’t need an LLC to obtain business credit cards, they will pull from your personal credit if you don’t have business credit, and I wanted to first build my personal credit.
They say your credit score will go down if you have high utilization and most credit card experts recommend you stay under 30% utilization.
While this is true, I disregarded these rules because I simply needed funds to buy inventory and make money with.
All I focused on was acquiring more cards every 3 months or so, requesting credit limit increases every 3 months and never carrying a balance over month to month.
And it worked.
My credit score went up consistently and I continued to get approved for more and more cards.
I did not keep it under 30% utilization and maxed out my cards multiple times a month, paid them off and then maxed them out again.
My Amazon payouts came in, I would pay off some of my cards and then buy more inventory on the cards I just paid off.
I rinsed and repeated this process.
I’m not saying to go ahead and do this.
This is not financial advice and I am not a financial advisor.
I’m just telling you a true story of what I was doing.
Keep in mind, I have only been in the credit card game for at most 3/4 of a year.
The goal is to hit the next level and obtain better credit cards with higher limits and increase the limits of the cards that I already have.
I will continue to update you on my progress and will make more of these kinds of guides in the future as I reach higher levels in the game.
EDIT [1/1/2024]: Here are some updates I would like to add to this article. While everything I said in this article is true and is from my own personal experience, I would like to add information that I believe can help you get to where you want to be faster. The reason I applied to personal cards was because I did not have access to business credit and could not get approved. My credit was not high enough due to lack of credit history for the 4 years prior to getting back into the credit card game. Like I said before, I failed at Shopify dropshipping when I was younger, ended up in debt, had some late payments and collections which hurt my credit. This caused the banks to see me as high risk.
I needed immediate funding for my Amazon business, so I was determined to get it by any means necessary. I could not access high limit credit cards so I instead opened up several different ones so I could stack their limits.
Here are several recommendations that can help you level up faster.
Apply for Chase credit cards first, because they have a rule called 5/24. This means that if you have opened more than 5 credit cards in the last 24 months, you will be automatically denied in your application for new cards. This is why I do not have any Chase cards and will not get approved for any until November of this year. Ever since I’ve gotten into business credit cards, I have been avoiding applying to any personal cards and have only been acquiring business credit cards, which do not count towards 5/24.
That being said, I have no regrets because I was able to learn how to use my resources to the best of their ability. Having little access to credit means you learn how to maximize your ROI per dollar spent, which is a skill that people who jump into the game with high credit limits will never learn.
Next, keep in mind that personal cards care about utilization, and even though I had high utilization, it is far advantageous for you to have low utilization, because your credit score will be increase faster.
You can still level up in the credit card game by maxing out your cards like I did and still do, but just keep that in mind. If you are planning on buying a car or a house, this could be something to consider.
If you have access to business credit, I recommend you use it over personal cards. This is because business credit cards do not report to your personal credit report. This means you can have high utilization or even carry a balance if you have 0% APR introductory offers and have no impact to your personal credit score.
I recommend getting Chase first, because of 5/24, but if you can’t get Chase cards like me, you can go for American Express.
I recommend the Blue Business Plus as your first business card. I write about it below.
Once you get into the door with American Express, you can get up to 14 business cards with a single hard inquiry. After using the Amex BBP for 3 months, I was able to easily get approved for the Business Gold, Business Platinum, The Plum Card and the Amex Amazon Business Prime Card. Part 2 of this guide will be coming soon, which will share my experiences with business credit.
That being said, the cards I recommend in this article are great and I still use and max them all out to this date. One way to max out your cards, get rich from debt and still report low utilization is to pay off your entire balance 5 days before your statement date.
If you do this, you can rack up points, buy some time, get rich from debt while seeming like you have low utilization to the banks. This will rapidly increase your credit score and help you reach higher and higher levels.
Now back to my explanation of the cards I used to get rich from debt.
Note [9/29/24]: You can get Chase Business cards while being over 5/24, I was able to get both the Ink Unlimited and Ink Cash earlier this year while being over 5/24 about 8 months ago.
Apple Card
What I like about the Apple card is that you can see preapproval options before you even accept an offer.
This means that you can see how much your credit line will be before accepting your credit card.
This means you won’t have to get a credit card inquiry just to see how much your limit will be. Your credit won’t be impacted until you accept an offer.
This is also an easier card to acquire than most because Goldman Sachs does crazy shit.
I heard that the Apple Card lost tons money for Goldman Sachs throughout the years and might even get acquired by American Express.
That being said, this fact is a positive for you if you need to get a credit card ASAP and don’t have the best credit.
They will most likely give you a chance.
I certainly didn’t have great credit when I applied for this card.
I also like how this card is fully integrated into iOS and you can easily manage your payments within the Apple Wallet app. You can see how much you need to pay and when to pay it by in order to avoid paying any interest.
Another positive of this card is that you can request credit card limit increases via iMessage.
I have done this several times and they have increased my limits multiple times.
You don’t need to call them.
All you need to do is send an iMessage saying “Request credit limit increase”. They will ask you for your income, review your request and give you an answer immediately.
That being said, my favorite benefit from this card, and the reason why I still use it is because of its cash back percentages.
You get 2% Daily Cash (their version of cash back) whenever you use Apple Pay.
Then, you get 3% cash back at Apple, Ace Hardware, Duane Reade, Exxon, Mobil, Nike, Panera Bread, T-Mobile, Uber, UberEats and Walgreens.
I mainly use this card when shopping at Nike.
I like how even if I have a balance in the morning, I can quickly pay it off before hitting the Nike Outlet and my available balance usually updates immediately. This is the case 95% of the time.
If I can’t get higher cash back at Nike from my other cards, I will use this card at the Nike store. It also works at Nike clearance stores.
Because I spend so much money sourcing at Nike, the cash back adds up pretty quick.
I don’t redeem it for cash or spend it with the Apple Cash debit card.
I just apply it to my balance when I pay it off and consider it an extra 3% profit on all my Nike flips.
It’s smarter to use Apple Cash to pay off your Apple Card and then spend using the credit card because you will earn cash back. When you spend the Apple Cash you earned via the Apple Cash card (their version of a debit card), you won’t earn any cash back.
You can also use this card to purchase Apple products on installment with no interest for a certain period of time.
That can be useful especially because Apple products you purchase for business are considered tax deductible expenses.
Discover it
This card is awesome. I spend tons of money on this card every month.
This is the card that helped me go from $10K in sales a month to hitting $40K in a single month.
This is because Discover is known to give you a chance even with non-perfect credit and gives you pretty decent credit limits.
The way cash back works for this card is that there is 5% cash back in certain categories that change every quarter.
Every other purchase gets 1% cash back.
They also offer unlimited cash back match for your first year, meaning that if you earned $1000 in cash back, that would become $2000 at the end of the year.
This year, the categories were as follows:
Q1: 5% on Grocery Stores, Drug Stores and Streaming
This wasn’t that useful for me, but this was a period where I just needed access to more funds to buy more inventory so earning cash back wasn’t a priority at this time.
That being said, this would have been good for sourcing grocery items or at Walgreens/CVS.
Q2: Restaurants and Wholesale Clubs
This was great when I sourced at Sam’s Club. Unfortunately, Costco only takes Visa (more on that later).
Q3: Gas Stations and Digital Wallets
This was so easy to max out. I use Apple Pay pretty much every time I go sourcing so I earned 5% on all my purchases.
Q4: Coming Soon
The beauty of this card is that the 5% category changes every month. I use the Discover it card until I max out my 5% cash back benefits and then use other cards that earn a minimum of 2% cash back on purchases.
X1 Visa Signature
You’ll thank me for this one.
This card was a game changer for me and is still one of my most favorite cards that I have.
The reason I researched and found this card was because of what I mentioned earlier, regarding Costco not taking Discover cards.
Costco only accepts Visa cards.
I needed a Visa card with high limits, and after getting denied for a Chase Ink Business card, I needed to find a way to obtain additional capital by any means necessary.
Reviews on forums/Reddit made me skeptical to try it, but I am glad I got this card.
First of all, this card doesn’t prioritize credit scores when offering you a card and setting your credit limits.
It bases your application on your current and future income.
This is huge if you sell on Amazon because you will spend a ton of money on inventory and have high income.
That is exactly who this card is geared towards.
Next, they give you insanely high credit limits compared to other cards.
I got around 6x more credit from X1 than most of my other cards.
Because this card is a Visa Signature card, the minimum credit limit you will receive is $5000.
That also means that this card comes with some added benefits such as extended warranty protection, travel and emergency assistance, year-end spending summary, roadside assistance, auto rental collision damage waiver, zero fraud liability, lost/stolen card reporting, emergency replacement, emergency cash, cardholder inquiry service and Visa Signature concierge.
These benefits are nice to have but have little to do with why I like this card so much.
The app is amazing and is even better than the Apple Card.
They have 5 new boosts which change every week that I actually use all the time.
It’s almost like this credit card was designed for people who go sourcing.
Sometimes they’ll give you boosts for spending $500+ or $1000+.
Other times, you get a boost when you use your phone to pay.
This is on top of the cash back you are already earning.
You get 2X points on every purchase and 3X when you spend over $1000 in a month.
If you go sourcing on a consistent basis, spending $1000/month is virtually guaranteed.
I always try to use these boosts before going with my other cards that only earn 2% cash back such as the Amex Blue Business Plus.
You can redeem points for cash back, but I don’t recommend doing so, because there many merchants such as Nike, Apple and others that you can get 1 cent of value per cash back point.
As you can see, I currently have about 109,239 points and I haven’t had this card for very long.
None of these points were earned via a sign-up bonus.
I just earned these points from using this card to source for invenotry.
If I cash out in cash back, I would only receive $765. However, if I redeem it at certain stores, I can get 1 cent per point, which comes out to $1092.39.
I’m waiting for the new Macbook Pro to drop so I can buy it with my points.
Here’s a list of Merchants you can get 1 cent per point: Adidas, Airbnb, Alaska Airlines, Allbirds, American Airlines, Anthropologie, Apple, Aritzia, Asos, Bose, Casper, Crate & Barrel, Delta Airlines, Etsy, Everlane, Glossier, Hotel Tonight, Hotels.com, Ikea, JetBlue, Lululemon, Masterclass, Nike, Nintendo, Outdoor Voices, Patagonia, Peloton, PlayStation, Reformation, REI, Rogue Fitness, Sephora, Sonos, Sony, Southwest Airlines, Supreme, Trek, Uniqlo, United Airlines, Vrbo, Warby Parker, Wayfair, Xbox, ZIPCAR.
There are some other merchants that give you less than a cent per point, but I don’t see the point in going for those.
You can also apply points to purchases you made on the card.
This means I could redeem my points to pay off some of my Nike sourcing trips and get all that inventory free of charge.
This is good if you are taking a chance on a certain product that has higher risk but huge potential to gain.
Use my link to sign up to get 4X to 10X points when you sign up for this card.
Capital One Savor One
I got the Savor One card so that I could earn 3% cash back at restaurants and grocery stores.
Eating out is pretty unavoidable if you are going sourcing, and this card lets you get more cash back for eating out.
You can also redeem your cash back through Capital One’s travel portal, which is what I did to take my girlfriend on vacation a few months ago.
That was pretty nice.
You also get a free UberOne membership until 11/24/2024, which is huge.
On top of that, when you use the SavorOne card to pay for Uber and UberEats, you get 10% cash back, which is a really good cash back rate.
Having UberOne for free is definitely worth it.
There’s not much else to say about this card besides the fact that I use it every single day for all my meal purchases.
Here’s my referral link for this card. Use it to support the hustle.
Sam’s Club Plus Mastercard
The Sam’s Club Mastercard is a card that shouldn’t be too difficult to get approved for. This and the TJX Mastercard are both issued by a bank called Synchrony Bank.
I’ve heard stories of people using these cards too many times, paying them off (credit card churning) and getting their accounts closed, but I’ve had no such problems.
I also don’t really use these cards unless I am shopping at these stores.
I like this card because it gave me a decent credit limit.
Sam’s Club Plus members earn 3% in Sam’s Cash (their version of cash back) at Sam’s Club.
I recommend you become a Plus member if you spend a lot of money at Sam’s Club, because it can virtually pay for your membership.
With this card, you also earn 5% in Sam’s Cash on gas, up to $6000/year.
You also earn 3% Sam’s Cash on dining/takeout and 1% Sam’s Cash on everything else.
To be honest, the only thing I use this card for is to buy inventory at Sam’s Club.
It’s nice to see free money (Sam’s Cash) sitting in my Sam’s Club account when I’m checking out, but I don’t use this card with the intention of maximizing my cash back.
I use it to buy inventory at Sam’s Club, sell it on Amazon, pay it back and get rich off of using debt.
TJX Mastercard
The TJX card is definitely worth getting if you source at TJMaxx, Marshalls, HomeGoods, Sierra and Homesense.
You get rewards certificates in $10 increments whenever you spend a certain amount.
To be completely honest, I don’t know the exact details.
I just use this card until I max it out at TJX stores, get sent free rewards certificates and then use my other cards.
I’ve gotten tons of free rewards certificates which I use to buy more inventory.
I believe you also get extended return periods if you make purchases at TJX stores with this card, but I haven’t looked into the exact amount of extra time it gives you.
I hardly return items nowadays.
Kohl’s Card
This is another credit card I have, but I only use it when I shop at Kohls.
I’m not even sure if this card works at other stores.
It’s not issued through a bank, but through Kohls itself.
You can earn extra Kohls Rewards/Kohls Cash when using this card.
I just decided to get this card during their 50% off clearance sale, but it isn’t a game-changer.
It did help me rack up much more Kohl’s Cash when I was using it.
I would recommend getting this card if you source at Kohls frequently.
Business credit
While most people will say that my methods on using credit cards are bad for your credit score, I don’t care.
They are consumers who want to consume and want to show banks how obedient they are.
My goal is to obtain assets and get rich.
That being said, it’s good to eventually move on over to business credit cards once you’ve built up your personal credit.
Business cards do not report to your personal credit, meaning that you can max them out and have high utilization without any impact to your personal credit score.
My personal credit definitely took a slight hit due to my high utilization, but it didn’t matter because I always paid it off in full every month, it rebounded and I continued to increase my available credit by applying to more cards.
The more available credit you have, the lower your utilization will be because it is calculated as a percentage of how much credit you have used against your total credit limits. The X1 card helped a lot with lowering my utilization due to the high credit limit it offered.
I want to debunk the fact that you can’t improve your credit by doing what I did, because I originally got declined for the Amex Blue Business Plus, but got approved after months of maxing out my cards, repaying them and doing everything I mentioned in this article.
I don’t care about my credit score, I just know that I have gotten more and more offers for credit cards and keep getting approved for new ones.
My goal is to get rich by any means necessary, not to be a credit dog for the banks like most consumers are.
American Express Blue Business Plus
This card is my new favorite card.
This card offers 2X American Express membership rewards points for all purchases up to $50K a year. After that, you earn 1X MR points for all your purchases.
There is another card that is identical to this card called the American Express Blue Business Cash card. For that card, you earn cash back instead of MR points.
That being said, I chose this card because you can get much better value with MR points than cash back through American Express’s rewards portal.
I plan to utilize the points to travel, purchase laptops and do other fun shit.
Another great thing about this card is that you have the ability to spend past your credit limit with a feature called Expanded Buying Power.
All you need to do is go on the app, enter the amount you wish to spend and Amex will tell you if it will go through or not. This is huge, because there will be times where you need to seize upon opportunities and knowing before you swipe if a transaction will be approved is a game changer.
Here is my referral link for this card. Use it if you’d like to support the blog, but you don’t have to.
Right now you can earn 15,000 membership reward points if you spend $3K in your first 3 months using that link.
Amazon Lending
Once you start making upwards of $10K/month in sales on Amazon, you will likely be greeted one day with a message saying that you have a loan offer in Amazon Seller Central.
I highly encourage you to utilize these loan offers, if you have consistent profitability and know what you are doing.
Even if you don’t need the money, take the loan and pay it off right away, as they’ll probably give you an even bigger offer.
As long as your expected ROI is higher than the interest rate on the loan, you will make money.
Unlike getting loans from a bank, applying and receiving the money through Amazon Lending is fast and easy.
They also do not check your credit, and instead give you loan offers based on your sales history and performance. This is huge.
You simply click some buttons, enter some personal information, wait a day or two and then the money is deposited straight into your bank account.
Loan payments are automatically taken out of your available balance in your Amazon Seller account. If you play your cards right and source highly profitable inventory with this money, you won’t be the one paying the interest on this loan, your customers will.
You will be the one getting the write-offs for interest expenses on your taxes though.
You can leverage other people’s money and obtain good debt that others pay for.
That is the goal of using debt to get richer.
Even if the interest rate is higher than you are comfortable with, I encourage you to consider taking out the loan and paying it back.
You will receive offers of higher amounts at lower interest rates once Amazon recognizes your ability to generate profits and pay back loans.
You’ll receive refinancing opportunities, which will inject capital into your business, lower your monthly payments, lower your interest rates and help tremendously with cash flow.
Marcus by Goldman Sachs Business Line Of Credit
I recently applied for and got approved for a business line of credit through Marcus by Goldman Sachs.
I logged into my Seller Central account and was greeted with a preapproval notification for a line of credit.
All I had to do was enter my income, some personal information and my line of credit was approved in a few days.
The difference between this and an Amazon Lending loan is that you can request a draw whenever you need it.
I haven’t had the need to request a draw yet, as I still have enough capital to manage my operations.
That being said, during Q4, this will definitely prove to be immensely useful.
I plan on utilizing it to purchase even more inventory, pay it back and get even richer.
Conclusion
This is a long post that took much longer than expected to write.
I originally did not want to share this information because I know morons will come on here and tell me everything I just said is wrong and not to do it.
That being said, all I know is what works for me and what I did in my process to get rich by any means necessary.
Sacrifices must be made in order to reach goals.
My goal isn’t to buy a house or finance an automobile to flex on the broke Joneses.
My goal is to get rich by any means necessary.
Ironically, I believe that this method actually increased my credit score.
I get pre-approval invitations for auto-loans, credit cards and other loans even though I don’t need or want them.
The mission is to acquire more available credit to take this shit to the next level.
If you found this post useful, make sure to bookmark it, use my links and follow my social media accounts for more future content.
Until next time,
Alex Chung
Genius all i can say!
Thanks Kt, appreciate it.
Beautiful and detailed post!
Do you have list of cards that have 0 interest ?
Thanks, you can try the Blue Business Plus or Cash, or any cards with a 0% introductory offer but I typically never carry a balance. I recommend looking into the Amex Plum for 60 days with no interest.