Using a Credit Card as a PLOC for
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- เผยแพร่เมื่อ 16 มี.ค. 2023
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For anyone doing this method, if you can manage, it would help your credit score greatly if you put your income into your credit card (pay down the balance) just prior to the date your statement posts, and don't use the card again until after it has posted. That way what's reported to the bureaus is at a minimum each month. Obviously make sure to make at least your minimum payment on your due date, but if the bulk of what you pay down happens prior to your statement post date, your score will love you.
Example using income numbers from this video: Your credit card statement posts on the 14th each month and the due date is the 11th of the following month. Let's say it's June. You owe $4k on your card, and your income is $4350. Pay off your card entirely with $4K just prior to the 14th of June. If your checking account is not with the same bank you will need to transfer funds, make sure to allow time for the payment-transfer to process. Sometimes they claim 3-5 days. Just verify it's paid down by the day prior (June 13th in this case). Starting the 15th of June you're free to use the card to pay your expenses of $4316, then by the 13th of July make sure you put your income in and pay off that $4316 again. Start paying your expenses on the 15th of July. In this scenario you won't have anything due on your actual due date of July 11th because you paid down your entire balance prior to the statement posting. Now just rinse and repeat. Disclaimer: I always have auto payment set for minimum payment on the due date as just a fall back. You never want to miss a payment. Your credit score will love this method.
@@tifffteal yes, it covers your monthly payment.
Put your income in when you get it, in whatever chunks you get it in.
@@tifffteal no she said you will not have a monthly payment by doing this but just in case you miss it that autopay will work.
@@tiffftealthis channel has videos that tell you what to do if your paid weekly or biweekly too
@@tiffftealYou need to watch more videos.
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Mannnn u r like sunshine after a horrible storm. Wish I would have found you 15 years earlier. However I am grateful I found your site now. Thank you Christy. This info is priceless.
@RawDogJenkins My Pleasure! Thank you!
Great Content Ms. Vann! You are doing a great job of putting velocity banking in layman's terms. Thank God I found you!! New Sub.🙌🙌🙌
Please go over this again… I cannot wrap my head around this method.
Every credit card and OD protection I've seen over my life charges you interest as a cash advance from the day you take it out.
Exactly
You are not taking cash advance you are use the credit attached to your CC.
Look right at the video on her white board "cash withdrawal" is considered a cash advance by the cc and they will charge you interest from the day you take it.
Look at you! Slaying with 42K+ subs! TGBTG!
Great Video! Your Vanntastic!
This video is fire 🔥
You are looking for the cash advance fee that also has a separate rate attached to the cash advance. This seem like very expensive money.
Good Educational Content
Be a good way to rack up points too 🎉
Absolutely! Thanks for watching
As with anything relating to money, let the buyer beware. Be informed about your fees before you make that transaction. Especially for such anominal amount as $100.
Wow! I can't believe it took me this long to discover this. I just found out I can do this with my bank and my credit union (both of which I have a credit card) and neither one charges any balance transfer fees. I now have a new and more efficient way to tackle my debt. Thank you so much!
Did It work?
@speedygee6396 Yes, but I'll only use it if I absolutely need it. Instead, I separate the debts I can't put on my credit card and keep that amount in my checking account. I send the remainder to my primary credit card and slowly transfer my other credit card balances to it, then rinse and repeat. I also use my primary card for daily expenses, food, and gas.
Which bank? Ours is Bank of America and also has a credit card attached but when I checked it had fees.
@@halieruppe1710 USAA and Navy Federal Credit Union
Who do you bank with
In AU we have up to 55 days Interest-Free on Purchases. There's an Interest Fee on Purchases (Lower) if Closing Balances are not settled by the Due Date. We also have another Interest Fee (Higher) for Cash Advances.
Thank regulation. Vote out conservative deregulators who want USA style chaos
I have that same shirt in the same color! ;-)
Omg you are wonderful!!!!! ❤❤❤❤❤thank you so much
I love these videos! Do you have any videos or advice on overdraft protection line of credit?
Some places reduce your limit when you pay balance down or off. Then you would be left wuth no way to use card to pay expenses.
I literally just applied for a CC with my bank(credit union) and was excepted for $5000. I pray they don't fee me if I do this that you're talking about. I'm excited because I have a mortgage and other CCs and expenses to pay from it. So only withdraw money into your checking account from the bank CC for each bill at a time before they are due? Then just keep putting your income back into that bank CC? I've actually been doing that fetch App and have already earned 2 $10 Gift Cards. :) Thank you for these Videos! Game on, lol
Hello, this really is Vanntastic! At what point does the credit card charge me interest on the balance? Am I better off leaving it on a personal loan at a lower rate?
Hi Christy Van! I had a question... so for my primary residence ( in Canada) I have been asking for the mortgage documents so I can see my true rate on the last page. They don't seem to be familiar with what I'm asking for. ( of course)
They keep suggesting that my regular rate is my true rate, which I know isn't the case, especially after learning from you.
Perhaps Canadian mortgages don't provide these details?
I Love what you teach and how you teach it. If only my friends and family operated like this instead of causing unnecessary struggles in their life from ignorance. I'm trying to be the example on how to proceed efficiently and simply use the resources we have to pay off bank debt with friendlier, less aggressive bank debt!
Thanks!
Most banks charge a minimum fee for cash advances, 1 or 2% or $10 whichever is more. Interest rates can greatly vary depending on special offers from the company and/or your credit rating
called my credit union today and there was no charge doing this online. the only charge i get is the interest rate that is on the card already. Not any extra like a cash out when they up the interest. the woman on the other end was unaware of this so asked and there is no fee or extra fee to do this. Just want the interest in on your card already. Ex: I transferred online from credit card to checking. no fee and was able to pay the mortgage and as soon as I get that income, it will go to the credit card. So if emergency is needed, I am so happy to know that can be done. Thank You!
Um....why do you think she said multiple times to check with your bank or to do a simple test transfer to see?
The credit union I use has no cash advance fees, however interest is accrued on the amount of the cash advance from that day and it is at the regular interest rate on that card. Cash advance interest rates on my credit card are tge same as purchase rates. The only difference is that interest is accrued from the day the cash advance (or transfer to checking ) was made.
Can you share which banks allow this?? Credit cards attached to checking accounts with no fees..thank you
I bank with a well known bank and my advance fee (way less than the limit) has a limit and it looks like mine is 5% The other CC also offers cash advance, but a fee as well.
My CU told me they limit the number of internal transfers due to IRS guidelines?? Not sure if the details. Please advise if any of you are familiar with this. Thanks
I’ve never been late and been doing your plan and they won’t lower my interest rates or raise my credit limit help.
I love fetch
My CU charges 3% if my credit card is used for an overdraft. Would that eat up the savings to the point of not being worth it?
I'm still confused. I have a 0 interest $11,000 card with with my bank for 18 months and available credit of about 6000, but I don't understand how to pay my credit cards with that money if I transfer the 6000, and most of my utilities I must pay with a checking account?????
Hello does this work the same way with a personal line of credit as it does for a credit card?
Thx for sharing this idea. I thot pulling money from CC to checking would be considered "cash advance" which is typically expensive even if there is no fee the interest is much more. (?)
You will never pull money from a cc into your checking…..just use the cc to pay bills…with Plastiq you can even pay your mortgage with a credit card.
All banks charge a fee. She is just trying to get views on TH-cam
@@7wpollardthis is an ignorant comment. You can’t claim all banks charge a fee, when you do not know that for a fact?! Stay off this woman’s channel!
I thought so also, but this doesn't quite seem like a cash advance. I think online it appears as just a "regular transfer" 🤔
With what you explained regarding the line of credit being associated with your credit card, would you say this is similar to what Navy Fed offers as a CLOC (Checking Line of Credit)?
I believe Navy Feds CLOC is only for overdraft protection on the checking account.
Does it matter what the interest rate is on that credit card?
The interest is higher for cash advance. Is it still worth it?
Can you use that CC to give extra principal payments on a mortgage?,
I love how she turned a moment of ignorance (and not reading her credit card documents) into a moment to educate. 😅 What she's done is called a "cash advance" terms of which the banks DO NOT hide from you. If she'd called this a cash advance, her ignorance would have been more obvious----phrasing it the way she did was intentional.
Or is it a balance transfer? 🤔
And cash advances charge interest from the date of the advance so this doesn't work.
So my question is if I can get a credit card attached to my bank account should I even worry about the PLOC? Seems like the ploc is harder to get. People say you have to build a relationship with the bank in order for them to give you one and I don't have that kind of time. What's your suggestion?
Thank you
So let’s say ithe due date is the 17th and the statement date on which they report the balance is the 20th of the month unless the 20th falls on a weekend then it’s the Friday …how long is it till I can use the income added on to make the payments …just curios
1:48 That bank is so True 😏
I have anger toward that one…and several others in my area😂
😂 cool sweatshirt ❤
Thanks!!
I just tried it, and my CU charged a $2.44 fee for a $100 transfer but, immediately reimbursed me the fee.
I need help with multiple credit cards...
I just discovered your channel last week and I'm hooked. In one of the comments below you answered 1 of my questions if I get paid twice a month by putting my income in every payday. After I do that, do I pay all my bills all at once on the same day or only on their due date? I assume that affects the daily interest somehow? thanks in advance
Hi Dino! Yes, making deposits more often into your line of credit will affect the overall interest by lowering it due to the average daily balance would be lower. Thank you so much for subscribing, and I hope all of my videos bring value to your financial life! Have a great week!
@@VanntasticFinances and should all bills be paid on the same date or only as they come due ?
@@DinoRivera if you can get them set on same would be great!
@@VanntasticFinances thank you again. Understood
Thank you for subscribing and watching!
Is it possible to use a secured line of credit to velocity bank? I'd like to clear up some old debts, but I don't want to send the money out and never see it again.
If you have to use a credit card to pay debt. You nust pay off the full balance with income before you have to pay interest. The upside is that you gain points from your credit card company. I don't see any other reason why you would do this. Except, your credit score will get better.
What if you can’t get a credit card or PLOC.
What’s the name of your bank that doesn’t charge a transfer fee? Thanks for the information
TVACU…most credit unions in the south don’t charge. Checking accounts with overdraft protection usually don’t, such as Key Bank. NFCU doesn’t up to a certain amount. You need to do some legwork in your area and find out which CU or Banks have best accounts. Don’t ask banks about doing velocity banking. They don’t have a clue. Take the wisdom and do your own investigations. Thanks for watching.
I think the bank you speak of has a standard $10 fee for any transfer?
So if I understand correctly, you can transfer funds from your credit card to your checking account in order to pay some kind of debt e.g student loan, mortgage, car loan, etc.? If so how is that possible? For example, if I have a $3600 credit limit with $0 balance and transfer $200 to my checking account… is my available credit limit now $3400?
Thank you for your help. Your videos are awesome.
@joesandwich3 If your credit card is linked to your checking as an overdraft protection would be. I have more videos concerning that. OR…you can use Plastiq…(with fees) OR a 0% credit card with convenience checks. Whichever you use… make sure no fees apply. Have a good day.
Looking for a credit card that allows transfer with no fee or little fee. I would love to find a bank if you can suggest any
I work at a credit union where you can transfer money to your checking but it is a cash advance. Can advances where I work have a 2% higher interest rate and the interest starts charging immediately not after the next statement date.
*Cash advances where I work...
You should NEVER use a Cash Advance because of that reason. My credit union allows a link, without any fees or additional interest. You probably want to look for a better banking institution to work with..
This question has probably been asked and answered before but in each senerio you put income in equation as lump sum. How does this work if you get paid weekly, biweekly or twice per month? Thanks for explaining process
Hi Meth! The idea is to chunk every time you get paid. Whether that be weekly, biweekly or monthly. The point is to keep income going on the line of credit to keep the daily average daily balance low, so that interest will be less. Does that make sense? Thank you so much for watching!
@@VanntasticFinances meth! 😂 yes, that makes sense. Also, if I don't have a card that allows me to use it as a ploc but have other credit card debt do I just pay minimum due until I have the cash flow to pay it off in full or would I transfer bills to that cars and begin process all over? Thank you for responding so quickly
@@methodicallyplanned7600 I think this link th-cam.com/video/SyiXVwR3hjo/w-d-xo.html will take you to the video showing an example of how to pay onto a credit card. If it doesn’t explain it completely, I have other videos that go over how to use a credit card as a line of credit, but leaving the cash out to pay mortgages, car payments, etc. If this doesn’t make sense, please contact me, and I will be glad to speak with you personally. 👉 Contact Me: www.vannfs.com/contact-8
@@VanntasticFinances it does. I use this strategy with my regular spending plan but now I'm going to use it to pay off some debt. I've been binging your videos today 👍🏽
@@methodicallyplanned7600 Thank you so much! I hope you have a great weekend!
My husband called the credit union and asked for a PLOC and they mentioned overdraft protection...is that the same thing? Interest was around 13%.
I discovered the same thing in October 23'.
I did a 0% balance transfer from my CC to my checking (of the same bank) it was ao smooth. The money was in the account in 2 days.
I then realized that this could be the source of extra funds when I need them.
This was my worst card because they never send 0% bal transfer offers in the mail, like my other cards.
Can you tell me which bank?
#wealthtransfer
What Credit Union Are You With? My Credit Union Charges For Cash Advances
Can you over fund a credit card, like, your deposit is more than the card credit limit?
No, you cannot. Thanks for watching!
No but you can request a credit limit increase.
So it's a good work around to pay car loans and mortgages payments then? Plus all expenses,but will that cash withdrawal has higher interest rate. Or does that not matter?
Which credit unions will not charge a transfer fee
Hi Kathy! It really just depends. Every bank is different. You can look on their website and it may tell you or you may have to call. Thank you for watching!
I have a Credit Union Checking/Savings/ Credit Card and they charge to do a cash advance. There is no way to transfer money from the credit card account to savings or checking. We bank with The State Employees Credit Union.
Omggg..ur channel popped up on my timeline 1 day tooo late😢. After I just secured a loan. Nvr knowing I could've applied for their checking line of credit
Return it?
@VanntasticFinances I wish😪! It's been 4 days now and I just paid/transferred a few cc with it.
Please don't make fun of me, but I'm so confused. I have watched numerous videos and I'm truly trying to understand, but its not clicking for me. I want this to work for me. I'm literally drowning with zero cash flow.
They don’t do that is consider a cash advance . I have a line with a credit card for checking acct at BOf A and they charge 10$ every time even if is 1 😅
@olgaconway9131 My bank doesn’t charge fees. BoA has a reputation for being unreasonable. Try another bank.
I can see the value in what you are explaining, but I'm getting hung up on something... Are you explaining a cash advance? Cuz I thought those carried high interest rates immediately upon withdrawal. Is it different through credit unions? Or are you referencing something entirely different than a cash advance?
Hi R! Yes it’s different from cash advance. It doesn’t necessarily have to be a credit union, but credit unions are known to work best with a local community. Thank you so much for watching!
@@VanntasticFinances Thank you! Are there interest charges on this beyond the 30 day grace period? What is the name of the feature to look for/ask about in my due diligence?
@@rwesleyslaght111 you usually just have to go online and try to do the transfer from the credit card into the checking. It will show you if any fees were charged.
@@VanntasticFinances I checked both of my Chase cards, Discover, Citi, and AMEX but I'm not seeing this functionality. Maybe I'm missing something? My main objective is to pay for 100% of my monthly expenses using funds from my credit card so that I can maximize cashback while also allowing my cash to compound uninterrupted more days of the month.
@@VanntasticFinances The State Employees Credit Union (NC) does not allow monies to be transferred from a credit card only cash advances which they charge for.
I wish I could find out which bank it was that did not charge you a fee for transferring from your CC into your checking. ???😉
I have been wanting to dump the bank that begins and ends with T ever since my bank that began with S and ended with T merged with the crooks at B**T.
I agree and couldn’t have said it any better. I got away from the same bank. They charge for everything. Try your LOCAL credit union, PNC or Bank of America.
@@VanntasticFinances thank you!
Is this cash advance?
@NewbieSoaper No
Why are you blocking the white board so that I cannot see it?
Hmmmm...but why pull from cc to ckn acct if u can just transfer ur DD or some of ur DD to cc?
Transfering from your credit card incurs cash advance fees at a huge interest penalty. It’s never worth it.
Truist... Yeah. Terrible.
Be aware if you have a credit card at the same bank as your savings or checking, and you fall behind in your cc payments....they will help themselves to ANY money in those accounts, without your knowledge or permission. It's called "right of offset". NEVER have your cc at the same bank as your primary accts.
This method messed me up. I just paid off all off all of my credit cards thinking I could make payments on my car and rv. They would not accept my cc pmt. I got screwed and would have gotten 30day lates if I didn’t pay my bills in advance
You are supposed to make cash withdrawals from your card and make your car payment and rv payment with the cash that you transferred to your checking acct. I’ve been using this method for years and you can get out of debt real fast but you have to be very strategic.
The problem was trying to pay a bill from the credit card instead of transferring money from your CC into your bank account. Then pay from your checking account
@victoriafincher9862 what's the difference if the bill is like a subscription? U still gotta pay on the card cuz u have a subscription attached to it right?
Now Mrs. Vann, you have some GREAT content but this here and some of your videos (ex: the debt “technology” thats not the white board), are straight up click bait for views. -_- Now we all know banks charge to transfer cash from cc come on now. This is giving video for likes.
Hello, I have been trying to get in touch with your email, but what I see does work
@sandrajones230 vanntasticfinances.com is my website. Thank you for watching!
hello i'm ploc