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Michael Gregory Green
Gentlemen’s Legacy Investment Club
Project: Your First Million
PAY-PAL
The advantage of having a PayPal account is that after some time of using their platform for payments, you'll gain access to split payments into 4 interest-free installments. This is incredibly convenient when working with a small budget. Additionally, the payment process is faster and easier—most vinyl records and lowkey products can be purchased by selecting PayPal as the payment method on the product page, allowing you to outpace other buyers. Plus, PayPal payments are much less likely to be declined by websites compared to bank cards.
Revolut
If you already have these accounts and have ordered the cards, you can easily move on to the next step, which is applying for loans from various banks.
A loan is good, but only for the START!!!
WISE
And here, independently of FloaBank, create an account with Sofinco and request a card. I currently have an overdraft limit of -6,000 Euros on my card. For higher amounts, you are required to take out insurance, which can be quite expensive, so I recommend sticking with the - 6,000 Euro limit.
Here, after ordering the first card, simply submit a second request in the user panel for the GOLD card. Note that you should first apply for the regular card, and only after it's approved, request the GOLD card, which allows an overdraft of up to -3,000 Euros.
https://www.floabank.fr/
I obtained the FloaBank cards directly through the Cdiscount website because it's easier there than on the bank's site. This is the card you should start with, offering an overdraft of up to 1,000 Euros. I’m including links to both Cdiscount and FloaBank. In both cases, you’ll be asked to create an account, and only then will you be able to request a credit card from the user panel.
Remember that these are credit cards, so everything you borrow will need to be repaid. The advantage is that you can spread the repayment over up to 100 installments, so for 10,000 Euros, you could be paying around 100 Euros per month.
If you choose this option, you'll incur significant interest charges since the repayment period could stretch over 10 years, and interest is calculated annually. But I have a solution for this. Remember, you're taking these cards to start your investments. So, after investing this amount, for example, in vinyl records, you’ll start earning quickly, and after 3 or maybe 4 months, you can notify the bank that you want to increase your monthly payments to, say, 1,000 Euros (trust me, with investments alongside me, this will be quick and easy—it all depends on your commitment). This way, you can pay off all the cards within a year, minimizing the interest you’ll have to pay.
I’ll tell you that I started my first investments with these banks, and I managed to get 3 credit cards at the same time (2 from Floa and one from Sofinco) for a total amount of 10,000 Euros. This should be enough for you, but if it’s not, you can also apply for additional long-term loans from these 3 banks and receive around 10,000 from each of them. However, I think this is unnecessary, and the initial 10,000 Euros should be more than sufficient.
In both WISE and REVOLUT, after ordering your card, you can request a credit card. This is a great option that I highly recommend, but only for the START.
First, open accounts with these banks and order their physical cards. These are free cards that are much easier to use when ordering multiple products at once. Traditional banks often block our cards, thinking we've made a mistake, causing us to miss out on great opportunities. These cards allow us to buy online whatever and however much we want without any issues.