Dang, that 3x back sounds super nice... I need more people watching my videos too to hit that number though lol 🤣Thanks for the breakdown on this one though RJ!
Was hoping it'd be a lower requirement than $10k a month. I'm gonna keep my eye on it as it may go down if they become more established... a guess/hope anyway
I was excited when I heard about it... then I saw the requirements. I'll keep an eye on it as they may lower the $10k/month as they get more established... or I could also make $10k... maybe
I really like this, but my biz only pulls $3k-$5k per mth ☹️ An alternative would be the FNBO biz card: 2% unlimited + $100 annual bonus if you spend $10k per yr. That basically makes it a 3% anything card up to $10k of spend.
I'm betting they either loosen the requirement or this gets nerfed. Other cards like this come as part of a software setup like Ramp and can make money elsewhere. I don't think these guys have that yet so maintaining the 3x may be tough
I just applied, they do use Plaid and you have to upload a voided check (from your business checking) as well as your DL. I'll comment back if I get approved...
@@RJFinancial Got approved 13k SL - It works a lot like AtoB gas cards. They charge a "factor rate" instead of interest (it's the same thing). For my approval it's about 1.2% per week. They do also do DAILY debits from your business checking if you use any of the line/card until it's paid in full. I'm going to accept it but, only use it for emergency uses. The SUB is a joke because you'll pay way more than $500 in fees even with the 3% CB. YMMV
@@RJFinancial the factor rate will be anywhere from .1 to .5 and repayment can be daily, weekly, monthly or yearly. Depending on your business data points. For a business/person with bad credit I think this is an option but, only after trying for secured cards, etc.
For personal credit card catch all there is Alliant at 2.5% if you meet a few conditions. 1. Opt in to receive eStatements; and 2. At least one electronic deposit posted to the account each calendar month (direct deposit, ATM deposit, mobile check deposit or transfer from another financial institution); and 3. Maintain an average daily balance of $1,000 or more
@@RJFinancial keep in mind any lost interest will need accounted for. Robinhood offers 3-4% interest on fdic insured accounts. So that boost will need overcome any loss in interest.
This is interesting. I would have to count that 3% as income, but better than 2% without. I would still use the Chase Ink Premier for $5K purchases, which would probably feel counterintuitive. Not a sustainable earning rate, so I wonder how it will change.
Other versions of the neo bank business cards are part of an ecosystem like Ramp or Expensify. I don't see one for these guys so I tend to agree that this will end up nerferd one day.
Well I've now got an insane Amex Trifecta: The Personal Platinum, The Schwab Platinum, and Business Platinum. I actually liked Schwab when it was $550 AF, 1.25 cpp cash out. Last May I got a retention offer on it, and both Gold Cards just combined for 240,000 MR in upgrade offers. Schwab will soon downgrade to Gold, and we'll see what retention offers I get on the other two, a year from now. I guess there's perks to spending like crazy on the Delta Reserve, they must want another premium cash cow.
I think I have to ban you from the channel with so many Amex cards... This is the type of thing a TH-camr would make a crazy video title and thumbnail about lol.
It'll either get nerfed or they'll add some kind of annual fee. There's a reason the only cards that go past 2x with no limit require you to keep money on deposit like BofA or Alliant CU
Not sure yet, 2x seems to be the uncapped limit before the math doesn't work for issuers (excluding banks that require you to have money on deposit to get it). I think they'll either try to do what Ramp and expensify do and sell companion software or it'll get nerfed.
Thanks for tuning in! Here's something much easier to get - TH-cam.com/RunonTheBank
Dang, that 3x back sounds super nice... I need more people watching my videos too to hit that number though lol 🤣Thanks for the breakdown on this one though RJ!
Was hoping it'd be a lower requirement than $10k a month. I'm gonna keep my eye on it as it may go down if they become more established... a guess/hope anyway
@@RJFinancial Let me know if that does come down! I'd be super interested to know myself.. we can dream!
Pretty interesting CC. 3X on everything would be sweet. Thanks for the info + video!
I was excited when I heard about it... then I saw the requirements. I'll keep an eye on it as they may lower the $10k/month as they get more established... or I could also make $10k... maybe
I really like this, but my biz only pulls $3k-$5k per mth ☹️
An alternative would be the FNBO biz card: 2% unlimited + $100 annual bonus if you spend $10k per yr. That basically makes it a 3% anything card up to $10k of spend.
I'm betting they either loosen the requirement or this gets nerfed. Other cards like this come as part of a software setup like Ramp and can make money elsewhere. I don't think these guys have that yet so maintaining the 3x may be tough
I just applied, they do use Plaid and you have to upload a voided check (from your business checking) as well as your DL. I'll comment back if I get approved...
Good luck
@@RJFinancial Got approved 13k SL - It works a lot like AtoB gas cards. They charge a "factor rate" instead of interest (it's the same thing). For my approval it's about 1.2% per week. They do also do DAILY debits from your business checking if you use any of the line/card until it's paid in full. I'm going to accept it but, only use it for emergency uses. The SUB is a joke because you'll pay way more than $500 in fees even with the 3% CB. YMMV
@@CharlesHeitz Congrats. They don't make it easy to see they charge this factor rate. I missed it in the video. Thanks for the info
@@RJFinancial the factor rate will be anywhere from .1 to .5 and repayment can be daily, weekly, monthly or yearly. Depending on your business data points. For a business/person with bad credit I think this is an option but, only after trying for secured cards, etc.
"Plaid" rhymes with "bad" or "sad". It is a pattern on flannel shirts.
I don't know why you call it "played".
Lol I'll work on it next time
Do they require the amt charged be paid back every month?
Yes, it's basically a charge card from what I understand
does anyone understand their "paynow balance" system?
For personal credit card catch all there is Alliant at 2.5% if you meet a few conditions. 1. Opt in to receive eStatements; and
2. At least one electronic deposit posted to the account each calendar month (direct deposit, ATM deposit, mobile check deposit or transfer from another financial institution); and
3. Maintain an average daily balance of $1,000 or more
I had an account at one point. Sounds easy enough to automate the 1 ACH/month and $1k will payoff itself overtime. I'll do a vid on those guys
@@RJFinancial keep in mind any lost interest will need accounted for. Robinhood offers 3-4% interest on fdic insured accounts. So that boost will need overcome any loss in interest.
Three percent on everything would be great...I see why you want it. If I ever get a legitimate business I'll keep this in mind.
$10k/month is a lot... I was hoping they'd do any amount and manage risk with the credit limit.
This is interesting. I would have to count that 3% as income, but better than 2% without. I would still use the Chase Ink Premier for $5K purchases, which would probably feel counterintuitive. Not a sustainable earning rate, so I wonder how it will change.
Other versions of the neo bank business cards are part of an ecosystem like Ramp or Expensify. I don't see one for these guys so I tend to agree that this will end up nerferd one day.
Well I've now got an insane Amex Trifecta: The Personal Platinum, The Schwab Platinum, and Business Platinum. I actually liked Schwab when it was $550 AF, 1.25 cpp cash out. Last May I got a retention offer on it, and both Gold Cards just combined for 240,000 MR in upgrade offers. Schwab will soon downgrade to Gold, and we'll see what retention offers I get on the other two, a year from now. I guess there's perks to spending like crazy on the Delta Reserve, they must want another premium cash cow.
I think I have to ban you from the channel with so many Amex cards... This is the type of thing a TH-camr would make a crazy video title and thumbnail about lol.
Higher taxes on business revenue - but I want it!
I'll be interested to see how other viewers like your new 2023 style
@@RJFinancial #BillionaireLivesMatter
Watch it gets nerfed to 2%
It'll either get nerfed or they'll add some kind of annual fee. There's a reason the only cards that go past 2x with no limit require you to keep money on deposit like BofA or Alliant CU
Devaluation coming?
Or maybe they where making money selling your data on the linked account?
Not sure yet, 2x seems to be the uncapped limit before the math doesn't work for issuers (excluding banks that require you to have money on deposit to get it). I think they'll either try to do what Ramp and expensify do and sell companion software or it'll get nerfed.
based RJ