Being able to charge just 1 penny to a credit card is an essential financial tool that can help you satisfy usage requirements. With this, you can benefit from instantly meeting requirement and getting various bonuses. In addition, it can help you spend up some low balance gift cards, or even quickly getting rid of low value visa gift cards without wasting it on random stuff.
How’s it going everybody this is peterbush today i’m going to talk about why having the ability to charge one penny on a credit card it’s a great financial tool this video is brought to you by moomoo you can get five free shares of stock value between three and thirty five hundred dollars as long as you open up an account and deposit a hundred dollars right now
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Interested check out my referral link down in the video description below this whole topic is something that i have developed myself because whenever some credit card or a debit card asks me that i need to use it some number of times i get annoyed i just want to be able to spend this money at home meet their requirements at home without having to run around to
The grocery store buy a pack of gum buy a drink here having this ability makes it so that you don’t have to carry a whole bunch of cards with you everywhere it makes your wallet a little bit slimmer so now i’m gonna go over different ways where this is advantageous to being able to do this and then finally at the end of the video i’ll tell you how and where you can
Actually charge one single penny usually some credit union bank account where if you use it let’s say 10 or 20 times then they’re gonna give you a savings account that gives you five percent interest on let’s say the first 1000 or 10 000 of money that you deposit so this is a really good interest rate but the requirement is that you have to use your debit card that
Many times every single month and this method allows you to just get around that without having to you know try and use the card and make you keep track of it all the time some credit cards have this as a requirement it says something like use it five times this month and then you’re gonna get a 20 bonus this forces you to use your credit card multiple times and
So if you have the ability to just ping your credit card charge it five times for a penny then all of a sudden the usage requirement is completely satisfied and then you’ll get your 20 worth of bonus bank of america better balance rewards credit card you can no longer get this credit card these days but the requirement is that you need to spend about five dollars
Or more every single month and if you do this three consecutive times every single quarter you’re going to get thirty dollars in credits so are you going to carry this credit card with you and then try and remember you’re gonna use it once every single month no well the easy way to do this is you put this credit card on charge on your netflix account and every
Single month you auto pay it but then at the end of three months you can get a 30 credit just remember that when you get this 30 credit you have to use it within that month before the statement period closes otherwise you’re going to get a credit on your account which means that month it’s not going to count which means you’re only going to get a 30 credit every
Other quarter and if you want to spend it really quickly without having to try and remember then you can also use these methods that i’m describing in this video to quickly spend that 30 dollars another reason to charge of small amount of your credit card is due to small balance credits sometimes credit cards if you charge 99 and that’s all that you charge on that
Credit card they will actually null out that 99 cent you don’t actually have to pay it it’s called a small balance credit 99 cent charges works on most mastercards two dollars 2.00 works on discover credit cards 50 cents works on american express cards every other month i notice sometimes it works sometimes it doesn’t and i know for sure it doesn’t work for most
Chase credit cards and for most bank of america even if they are mastercards so this will get you started and if you’re wondering how to charge 99 cents or two dollars or 50 cents on your credit card watch the rest of this video why else would it be important is sometimes you can get 25 visa gift card or 50 visa gift card i get most of these through swag bucks
Sometimes i get some points coming in and i redeem them for visa gift cards and all of a sudden i have this credit card it’s a virtual credit card and i want to spend it right away i don’t want to somehow wait for some online thing that i want to buy and then spend it right and i also want to spend all 25 dollars worth of it not like 23 and then all of a sudden
I’m gonna have like a dollar 39 left on it and then i have to scratch my head on how the heck i’m gonna spend this so it’s really good where if you have somewhere to plop all these visa gift cards another reason is sometimes if you have a credit card and somehow you got a refund on it and then all of a sudden there is a small credit on it you know like five dollars
Or something small even like 20 right but you don’t really use that credit card often but you just want to null it out so that’s another reason to charge a small amount an ability to charge it online this makes it really convenient to just kind of go okay there’s a credit on that credit card account obliterate it and you know you can you can just kind of like file
It away in your head you don’t have to keep on remembering to spend that credit that’s on your credit card now finally i’m going to go over the sources where i know you can spend a very small amount including a penny i know for sure over here in the alameda county acwd alameda county water district the water bill if you’re a homeowner this is really great right
But not everyone has this water bill but even if you have a credit on it you can actually pay one penny into this utility bill there’s no surcharge or anything so you can actually pay only one single cent you know on your visa gift card or whatever so this makes it really convenient you can have a credit card that requires you to use it five times you just go
Ping i spend one penny and then you do it again you spend another penny you do it five times and all of a sudden well you know the requirements to use that credit card is completely done and you don’t have to carry this credit card around and you know do all kinds of jumping over the hoops trying to use it another one is kaiser health services if you have kaiser
As a health insurance if you pay it out of pocket like i do you can actually pay any amount even one penny without any surcharges on it so when you charge one penny it really shows up as one penny on your credit card or your visa gift cards and even if there is a credit on the account you can still pay one penny on it i mentioned this because sometimes on some
Utilities if there’s a credit on it it blocks you from paying more it just says you already have a credit why are you paying more another one i know you can pay even with a credit is farmer’s insurance i’m not actually sure if you can pay it all the way down to one penny but you definitely can pay some amount probably like a dollar or you have to do some experiment
Yourself but you can pay into the farmer’s insurance even if you have a credit so this is another avenue of you know this is like a financial tool for you to be able to charge just one penny lastly if you don’t have any of these you can charge on your amazon account but the smallest amount that you can buy is actually 50 cents of amazon credit reload this is not
Ideal because if you have to use a debit card let’s say 10 times you end up charging five dollars on your debit card right even if you don’t really want to buy anything right you’re gonna end up with a five dollar credit so being able to charge one penny is really really convenient because you know you can just toss as many pennies out there as you want it’s not
Really gonna you know really dent anything and i actually don’t prefer to use this method i personally don’t use this method too much because i can actually buy amazon gift cards for a lot less if you have a grocery category cash back five percent or 10 or something right i would rather buy amazon gift cards from a grocery store or if you have amazon categories on
Discover chase freedom or something right you’ll get five percent if you just load it directly using that credit card so loading 50 cents on uh amazon is not preferred although you can argue that because amount is so little you know five percent on 50 cents what is that it’s like two two and a half cents right so it’s not much it’s still a possibility it’s still
A tool you can use if you don’t have access to alameda county water bill kaiser or farmer’s insurance let me know if these tips are helpful for you guys and don’t forget to give me a like and subscribe for more thanks for watching you
Transcribed from video
Why Charging $0.01 on a Credit Card is Useful By BeatTheBush
