Christy, your expertise in velocity banking is evident in every video you create. I appreciate how you break down complex financial concepts into manageable steps.
Navy federal has a silver platinum credit card, and it's super low interest, that does not charge for cash advance. I use my cash advance limit to do this as velocity banking. It's been my 2nd month and it's working
I have a similar card with my credit union which I use for VB, no transfer fee. One thing to note that my credit union does that yours likely does too is that the interest from a cash advance begins from the moment it's transferred, meaning even when you drop your paycheck immediately your 1st day daily interest will count the entire balance transferred. It's negligible in the grand scheme but worth noting for some where the cash flow is tight.
I did this last month. My CC is hooked up as an over draft protection. No fees at all. As long as it's paid before the due date, there is no interest. There are no bills I can't pay with my CC now. I plan to pay my car loan off in 3 months and hold any remaining expenses on another zero % interest CC. It's an awesome plan. Plus, everything can be automated. I just can't get my wife to see this process. She thinks I will put us into debt and screw us over. I can't get her to see how this will save us so much money.
@tericarter2512 idk if those banks have this option, but Bank of America does. I already carried a high limit credit card with BofA (I've had it for years) and after watching Donnell Stidhum's video talking about how to pay anything with a credit card, I signed up for a BofA checking account, attached my credit card as my overdraft protection tool, changed all our payroll deposits to BofA and changed our autopsy for all bills to the BofA checking account. I'm excited to finally be getting this ball rolling! I had been watching videos for the last few years on VB and understood the concept but just didn't want to spend so much time trying to manage payments using a credit card when some bills such as a mortgage or other credit card don't allow payments to be made with a credit card. By setting the credit card up as an overdraft tool, I can finally do it! Bonuses: 1) BofA has a special rn offering a $200 bonus for new checking accounts; 2) our BofA credit card is a cash rewards card, so we'll get cash back on any purchases or bills paid directly with the credit card; 3) we meet the low criteria to have the monthly fee waived on the checking account (we chose the Advantage Plus checking account); 4) there are no overdraft fees when you attach your credit card as your overdraft tool.
Donnell references Christy in some of his videos. His videos support her methods of VB. Here is the link to his video showing how to use a credit card to pay all your bills... th-cam.com/video/7lbF4aQV2HE/w-d-xo.htmlsi=n0TZXI2X6RNHvxFj
Christy thank you. After watching numerous velocity videos and banging my head against the wall I’ve found my avenue in. I have Wells Fargo business and credit accounts as well as credit cards. Accounts now linked and interest reduction begins. I pay 4 loans and multiple credit cards, this the game changer. God Bless You! Make another version of this video for people suffering with maxed out cards in this current economic climate. GOAT!
I'm on disability and i just started this this month, but i messed up. I put my income on my card and payed all my monthly bills with my cc at the beginning of the month when i got paid. Will end up paying more interest for paying the bills before the due date. This next month I will wait and let them charge my card on the due date. Save money on interest
This is EXCELLENT 🎉 Thank you so much, I get to do Velocity Banking NOW!!! I had zero idea you could transfer money from credit card to checking...freaking genius! US Bank totally let's you do it! Holy moly! All I did was ask to show me the path, I know it's there, and this morning this video was revealed! Thank you for loving to help people ❤ I'm totally grateful!
It can work with ccs not linked with bank accounts also. I pay my car loan with a cc not linked with my checking account. I send my salary to the cc prior .
I checked on my bank app and I am to do this! This is my first month doing Velocity banking... I already feel more peaceful about my financial life... Thank you!
@@SchnabelMcSchnabel I believe what they’re talking about is the peace that comes upon you once you find there’s a way out from under the bondage of the cycle of debt.
I am with Desjardins and I just checked; in my case overdrafts are considered cash advances, which have no grace period and the interest rates are higher (in my case from 13% to 15% but i know other cards are much higher.. things to check and consider.
I checked with my credit union, ICCU, and they don't do this. They consider it a cash advance which comes with fees and higher APR. Just started my velocity banking and I should have my credit card paid off by summer. Thank you for this!
However, does the bank then charge you a fee to do this? If I use one of those checks, they send me in the mail all the time as a cash advance against the credit card, they want to charge me at 3-5% fee on top of the interest. Is this not like a cash advance?
Hey Christy, I can’t say thank you enough for your efforts in opening my eyes to a whole new perspective of using money & debt ! Quick question however - do you know of any channels or videos pertaining to churches specifically in managing finances? Thanks, and keep the videos coming!
I LOVE these videos - I've told so many people about your channel - it makes me want to make videos like this too so I can help people get out of debt like you helped us!! ❤️ I've got my bullhorn ready to start shouting the good news from the mountain tops!! Be blessed!!
Can someone please advise of some banks that allow this? Any major banks allow this? I have 2 checking accounts at major banks and neither of them do this. I also have an account with a credit union and they also do not do this…. And were very rude over the fact that I was even mentioning/suggesting that I be able to do this. Help!
Hi Christy I am from England and love your videos! Our banking system works a little differently, but I am trying to apply your principles to our situation. I pay our income into a high interest savings account that's linked to our current account (checking) and then gradually transfer money back whenever a bill comes out. So my average daily balance on the savings looks a lot higher, thus paying me more per month in interest ❤
My question is what if I need cash can I get that if my whole check is linked to my credit card and how will I pay my car loan should it online write a check I am a little confused
So i was asking about how i could pay my house payment with one of my credit cards so i could get the cash back rewards..and was told i would be charged like a cash advance
ANY RECOMMENDATIONS AS TO WHICH BANKS ARE BETTER WITH A LINE OF CREDIT FOR THIS? IT SEEMS MOST CREDIT CARDS WILL CHARGE CASH ADVANCE FEES AND IF IT IS A PLOC THEN IT IS A VERY SMALL AMOUNT JUST TO COVER BASIC CHARGES. CANNOT FIND A BANK THAT I CAN GET A BIG PLOC TO DO VELOCITY BAKING. PLEASE HELP 🙏
In another video you stated the NFCU is one of the best CU to use for velocity banking. Im new I have a checking and CC with them they do not offer to link to checking. They also don’t offer PLOC they offer CLOC with maximum $5000 which is just overdraft protection. Am I missing something?
How does your money work for you if you’re paying it towards your card every month? It’s the same as having the money in your checking and you paying all the bills . You could avoid interest at all cost if you just use the amount of money you make.
Point-Per this example, wouldn't carry a balance on the LOC incur finance charges, since at the end of the Month (per example) there is $10,690 that has been charged, and since it is mostly likely a daily balance, even with transferring Paycheck (aka payment) there is balance, which now carry's over to Month 3, along with the finance charges. What am I missing?
so I just watched this and i'm about to pull the trigger on buying a new 2024 trailblazer. I have a AMX plat and could use it to make the purchase. But the interest rate on the AMX plat is I believe about 20%. If I took out a car loan, I could get an interest rate of 6%, for x amount of years, 3-5 year term. are you saying I should purchase the car using the AMX plat. Won't I be paying more interest that way?
So this is where I went wrong- I have my checking account and I was moving the money back and forth from checking to PLOC to pay bills when it has an overdraft protection.
I am very interested in doing this with my USAA AMEX, but I'm concerned by having multiple overdrafts per month. I don't want to begin this technique and the bank closes my account because of 20+ transactions each month being covered by overdraft protection. I wonder how long I would be able to do this before red flags alert the bank and I get a notification telling me to stop. Has anyone been able to do this for any length of time?
Was wondering the same thing. If It hits your checking at $0, then automatically pull from a linked credit card, your still gonna be charged the “Over draft fee” after so many times it wld put a flag on your account. At least that’s how my credit union wld do it. Would like to hear how others are doing it.
she mentions in videos to improve your credit score by doing the method in this video. Give it 3-5 months on a credit card , income in expenses out and credit score will improve . Then apply for a Ploc and ask for 10-15,000 which is likely to get approved. Good luck 😊
I have this set up but i get an overdraft fee for doing it. I just make sure to pull back the bills that require a checking account after clearing my statement balance
She constantly makes major math errors in her videos, which (when corrected) tend to undermine her main point, before any of the more subtle false and logical fallacies that are embedded in the nonsense of “velocity banking.”
You don’t pay the bills all at once, they’re accrued throughout the month. This keeps the average daily balance lower and reduces interest. Thus reducing interest charged when statement cycle is finished. Next months bill is lower, rinse and repeat. There are many videos demonstrating how cc companies calculate interest. Every time you make a payment or add a charge they have to change it by law.
Thank You so much for what you do. I have a question. I'm retired and have 0 debt. I use credit cards to pay bills to use the points for travel. I've always used a checking account. With 0 debt is there a way I can get away from a checking account and better "utilize" the cash that stays in there?
I no longer keep anything more than 1-2 months worth of bill payments in a checking or savings account. I've moved everything into either my cash management account at Fidelity (currently earning about 2.6% with the FDIC fund, which is the core position of the account) or into my taxable Fidelity brokerage account's core position, SPAXX (currently earning 4.7%, I believe, with a 7-day yield of 5%) -- roughly 50% in each. I won't keep the funds there forever and will move money around as needed, but this way I earn much more interest than letting it sit with my credit union. I direct deposit into my credit union accts, then move money out of there to what I mentioned above, or use it to pay off credit card bills. I also either pay the full CC balance off each month, or the interesting-saving balance, if the CC company has that as an option.
I have credit card debt and a car loan. Should treat the car loan as the same as the credit card debt when target which to pay off first. my car loan is 319 amount and my CC pmts minimum is 518 a month. What is the best route?
So is there a difference between a cash advance transfer from credit card to my checking and what you are saying about linking the credit card to the checking account?
Yes, there is a big difference, you don't want a cash advance on the card... wait for Christy or someone more knowledgeable to answer, but i'm 99.9% sure you don't want a cash advance.
my U.S. bank charges $13 for a transfer from my credit card, so I just use the credit card which I can physically swipe. Point to see is $13 is better than a late payment on a car or mortgage, which will affect your credit. Thankfully I got. PLOC for 15k through a credit union.
you need to ask your bank for the credit card. some banks still consider a transfer to your checking account as a cash advance. I know my bank handles them as cash advances, but they have promos where they will give them to me for 0% for a year and then it goes up to the cash advance apr. right now their current promos because of the rates being high is 0% for a year and a fixed 18.75% until you pay it off because they know rates are going to drop this year, so people will be stuck with the higher apr.
And if we don't bank at one of these institutions? A cash advance deposited into our bank account and utilize it like a line of credit secured by other means? I have offers currently form zero to 15% for 12 months
Has anyone done this with WF bank? I called and searched online and the rep said that I would be charged the interest rate of the credit card that is attached to the acct as overdraft protection, but no other fees.
I’ve got a 6.9% Credit card with my credit union and i can control both from my credit union app. I was told when I move money from the credit card to the checking, it’s considered a cash advance and has no charge, however, cash advances are an automatic 6.9% interest charge when transferred. Is there a better solution? Or is this standard?
Okay Chris I'm tired at watching videos & reading stuff, can you help me get to one of your staff members to discuss what I need to provide you to figure out what it will cost me to work with you.
I m sorry I couldn’t not understand this well. Can you make another video explaining it better? How with a credit card linked to a checking account can pay a car? They don’t accept credit card for payments.
How many of these bills could be paid via CC to start with. Example, Food, Gas, etc... Throwing in another CC bill is crazy also. Consolidate those cards!! Otherwise I get it.
Thank you Christy. My husband and I have linked our CC to our checking account and it works perfectly. We ran across another one of your videos a while back on this same subject. Thank you so much! ❤
Mostly all credit unions. U.s. bank also. If you have a credit card with chase and a checking , link by going to “manage” tab on credit card. Hope this helps
on your debts if interest rate is high, then keep your savings as collateral get secured personal loan for very low interest rate and payoff your debts. You will save interest rate.
When she puts the 7200 in monthly, she pays way more than her minimum payment on the cc. Everything else would be new charges. This allows the interest paid on the cc to be way lower.
I have watched this video a couple times and understand how it works, but what i didnt find is why you would do it and if it saves any interest at the end of the month. Anyone?
Hmm..I thinks she knows to link her cc to her checking, and probably knows how to do it. I thinks she talking about the INTEREST after everything said and done.
What is the fee that the bank charges each time you pull the $ from the credit card that is linked to the checking account? Isn’t it the same expensive charges as the cash withdrawal from the credit card and doesn’t it come with a limit?
Still way less than mortgage interest on the same X amount of principle. IF I for EXAMPLE: 700 cash advance from CC @ 5% (mine) = 30 + ATM fee (if used) 5.00 35$ Then deposited into checking and put on Principle of mortgage would be MANY times that of CC interest off the mortgage and a few years. Then CC can be paid over time monthly if you choose and STILL be less interest than a 6% mortgage
@MartinX192 If anyone gets a cash advance at 5% then maybe....but Ithats extremely rare to get a 5%rate on CASH from a bank...especially nowadays... you lucky to get 12% on a cash advance and that interest accrues daily. It doesn't compound the same way purchases Do...
My sister did this for awhile during COVID. The bank charged overdraft fees but paid the bills. Until they didn’t and she couldn’t bankroll the minimum payments. Now she’s defaulted. Wish I would’ve known about velocity banking to help her but too late 3 cards in collections.😢
I have a question, If I have a bank CC and two Car loans with the same bank (they removed the transfer) How do I get around this now if they are not allowing outside credit cards for payment?
This is an amazing way to pay your bills which you would pay using another method anyway. Btw you would also receive chunks of rewards from the credit card and probably increase your credit score and regular increases on the limit of the card as well, amazing and yes I never knew about this method either till now. I will definitely be looking into this ASAP. Thank you and Aloha!
Thank you so much you have opened a hole new world for me.I have learned so much from your videos.I too was in debt and didn’t know how to get out im a mother of 4 and i was really depressed couldn’t offer a better way of living for my kids because of all the debt but now im coming out i feel in control and i have so many goals its a hole other game thank you so much 🙏 ❤
@TheDaman1111 Bro, not everyone on TH-cam is in the US or is using English as their primary language. Often, they're using a talk to text function. You're not doing anything other than being rude to other people.
@thalinororcbreaker2840 Well those people who are not English or whatever you said will learn the correct term after I corrected them. I was nice in my approach. Your comment on the other hand is rude and silly..
Christy, your expertise in velocity banking is evident in every video you create. I appreciate how you break down complex financial concepts into manageable steps.
Navy federal has a silver platinum credit card, and it's super low interest, that does not charge for cash advance. I use my cash advance limit to do this as velocity banking. It's been my 2nd month and it's working
Can you explain in greater detail, I have the same card and I'm trying to start.
I have a similar card with my credit union which I use for VB, no transfer fee. One thing to note that my credit union does that yours likely does too is that the interest from a cash advance begins from the moment it's transferred, meaning even when you drop your paycheck immediately your 1st day daily interest will count the entire balance transferred. It's negligible in the grand scheme but worth noting for some where the cash flow is tight.
Thank you sooo much for all you do Christy Vann. You do so much and bless other people! May you and your family and this community be blessed! 🙏🙏🙏
Unfortunately, my bank doesn't allow a credit card as overdraft protection. Time to move banks.
God bless this wonderful woman. Please keep up the fantastic videos. Thank you
I did this last month. My CC is hooked up as an over draft protection. No fees at all. As long as it's paid before the due date, there is no interest.
There are no bills I can't pay with my CC now.
I plan to pay my car loan off in 3 months and hold any remaining expenses on another zero % interest CC.
It's an awesome plan. Plus, everything can be automated.
I just can't get my wife to see this process. She thinks I will put us into debt and screw us over. I can't get her to see how this will save us so much money.
Does anyone know if Chase, Discover, or Citi does this?
@@tericarter2512I have all these...
Regions Bank (free)
Innovations CU ($3 per transaction)
Mountain America CU (free)
@@tericarter2512interested in this
@tericarter2512 idk if those banks have this option, but Bank of America does. I already carried a high limit credit card with BofA (I've had it for years) and after watching Donnell Stidhum's video talking about how to pay anything with a credit card, I signed up for a BofA checking account, attached my credit card as my overdraft protection tool, changed all our payroll deposits to BofA and changed our autopsy for all bills to the BofA checking account. I'm excited to finally be getting this ball rolling!
I had been watching videos for the last few years on VB and understood the concept but just didn't want to spend so much time trying to manage payments using a credit card when some bills such as a mortgage or other credit card don't allow payments to be made with a credit card. By setting the credit card up as an overdraft tool, I can finally do it!
Bonuses: 1) BofA has a special rn offering a $200 bonus for new checking accounts; 2) our BofA credit card is a cash rewards card, so we'll get cash back on any purchases or bills paid directly with the credit card; 3) we meet the low criteria to have the monthly fee waived on the checking account (we chose the Advantage Plus checking account); 4) there are no overdraft fees when you attach your credit card as your overdraft tool.
Donnell references Christy in some of his videos. His videos support her methods of VB.
Here is the link to his video showing how to use a credit card to pay all your bills...
th-cam.com/video/7lbF4aQV2HE/w-d-xo.htmlsi=n0TZXI2X6RNHvxFj
Christy thank you. After watching numerous velocity videos and banging my head against the wall I’ve found my avenue in.
I have Wells Fargo business and credit accounts as well as credit cards. Accounts now linked and interest reduction begins.
I pay 4 loans and multiple credit cards, this the game changer.
God Bless You!
Make another version of this video for people suffering with maxed out cards in this current economic climate. GOAT!
I think Wells Fargo treats each overdraft protection as a cash advance I’m going to call tomorrow to check.
I'm on disability and i just started this this month, but i messed up. I put my income on my card and payed all my monthly bills with my cc at the beginning of the month when i got paid. Will end up paying more interest for paying the bills before the due date. This next month I will wait and let them charge my card on the due date. Save money on interest
Thanks!
@mwayoe THANK YOU SO MUCH!
This is EXCELLENT 🎉 Thank you so much, I get to do Velocity Banking NOW!!! I had zero idea you could transfer money from credit card to checking...freaking genius! US Bank totally let's you do it! Holy moly!
All I did was ask to show me the path, I know it's there, and this morning this video was revealed!
Thank you for loving to help people ❤ I'm totally grateful!
So happy for you!!
Thank you for sharing your bank name that does this
It can work with ccs not linked with bank accounts also. I pay my car loan with a cc not linked with my checking account. I send my salary to the cc prior .
Awesome video VANN !!! Thanks for all you do girl !!! "We want more in 2024 !!! "🙏❤🤓
I checked on my bank app and I am to do this! This is my first month doing Velocity banking... I already feel more peaceful about my financial life... Thank you!
@@SchnabelMcSchnabel
I believe what they’re talking about is the peace that comes upon you once you find there’s a way out from under the bondage of the cycle of debt.
I am with Desjardins and I just checked; in my case overdrafts are considered cash advances, which have no grace period and the interest rates are higher (in my case from 13% to 15% but i know other cards are much higher.. things to check and consider.
My mind is completely blown!!
Thank you again for such great info about how to work a line of credit through a linked credit card to improve our finances. You are the best.
There will be overdraft fees incurred in most cases
Not if the cc is used as an overdraft protection. Your bank can tell you if this can work and can be very useful.
I checked with my credit union, ICCU, and they don't do this. They consider it a cash advance which comes with fees and higher APR.
Just started my velocity banking and I should have my credit card paid off by summer. Thank you for this!
Thanks for the transfer hack. I was trying to figure out how to pay my car note with my credit card. Thank you again.
All of the banks I spoke with told me they charge a smaller overdraft fee.
Thanks for explaining this better. Now to find out how to link them 😂
I never realized this. Thank you for sharing this information. I really like your channel and I like the way you explain things. God bless you.
However, does the bank then charge you a fee to do this? If I use one of those checks, they send me in the mail all the time as a cash advance against the credit card, they want to charge me at 3-5% fee on top of the interest. Is this not like a cash advance?
Hey Christy, I can’t say thank you enough for your efforts in opening my eyes to a whole new perspective of using money & debt !
Quick question however - do you know of any channels or videos pertaining to churches specifically in managing finances?
Thanks, and keep the videos coming!
I'm so glad! @bertturner7128 ...It's as easy for churches or any business
Very encouraging, but I need to pay off some credit card debt before I can start doing this.
Thank you for the great information truly a blessing I found your video.
I LOVE these videos - I've told so many people about your channel - it makes me want to make videos like this too so I can help people get out of debt like you helped us!! ❤️ I've got my bullhorn ready to start shouting the good news from the mountain tops!! Be blessed!!
Be careful my bank charges 29.00 to transfer it. It is a credit union.
Can someone please advise of some banks that allow this? Any major banks allow this? I have 2 checking accounts at major banks and neither of them do this. I also have an account with a credit union and they also do not do this…. And were very rude over the fact that I was even mentioning/suggesting that I be able to do this. Help!
i've never had a bank or credit union that would link my credit card to a checking acct
Hi Christy I am from England and love your videos! Our banking system works a little differently, but I am trying to apply your principles to our situation. I pay our income into a high interest savings account that's linked to our current account (checking) and then gradually transfer money back whenever a bill comes out. So my average daily balance on the savings looks a lot higher, thus paying me more per month in interest ❤
Christy, what’s the name of the bank you’re using?
In our town if you use debit or a cc they charge you 3.5 %. I know it is illegal but everyone is doing it.
It isn’t illegal. It used to be, but that was years ago.
I can see the banks finding a way to charge a fee for this type of transaction.
Man this is invaluable information
Thank you Christy! This helped me wrap my mind around this better :)
My question is what if I need cash can I get that if my whole check is linked to my credit card and how will I pay my car loan should it online write a check I am a little confused
Hello I have watched your videos and they are great.
Im trying to get a Ploc in RI I have not been able to find a bank any suggestions?
Thanks again
How much is 1 on 1 coaching
So i was asking about how i could pay my house payment with one of my credit cards so i could get the cash back rewards..and was told i would be charged like a cash advance
I am going to check on leaking my checking to my card from the same bank. But would it work with my business acct.
Thanks for all the info Eric H
ANY RECOMMENDATIONS AS TO WHICH BANKS ARE BETTER WITH A LINE OF CREDIT FOR THIS? IT SEEMS MOST CREDIT CARDS WILL CHARGE CASH ADVANCE FEES AND IF IT IS A PLOC THEN IT IS A VERY SMALL AMOUNT JUST TO COVER BASIC CHARGES. CANNOT FIND A BANK THAT I CAN GET A BIG PLOC TO DO VELOCITY BAKING. PLEASE HELP 🙏
Will you give an example of which bank(s) will link credit card to checking account?
B of A does
Bank of America
Wells Fargo charges cash advance fee
Navy Federal
Navy federal no
Go. Go.Go girl. Love it. Flawless explanation. Thank you.
Thank you so much!
In another video you stated the NFCU is one of the best CU to use for velocity banking. Im new I have a checking and CC with them they do not offer to link to checking. They also don’t offer PLOC they offer CLOC with maximum $5000 which is just overdraft protection. Am I missing something?
This is exactly what I was looking for 🙏🏽🙏🏽
How does your money work for you if you’re paying it towards your card every month? It’s the same as having the money in your checking and you paying all the bills . You could avoid interest at all cost if you just use the amount of money you make.
Point-Per this example, wouldn't carry a balance on the LOC incur finance charges, since at the end of the Month (per example) there is $10,690 that has been charged, and since it is mostly likely a daily balance, even with transferring Paycheck (aka payment) there is balance, which now carry's over to Month 3, along with the finance charges. What am I missing?
so I just watched this and i'm about to pull the trigger on buying a new 2024 trailblazer. I have a AMX plat and could use it to make the purchase. But the interest rate on the AMX plat is I believe about 20%. If I took out a car loan, I could get an interest rate of 6%, for x amount of years, 3-5 year term. are you saying I should purchase the car using the AMX plat. Won't I be paying more interest that way?
Thank you! Just what I needed to hear!❤❤❤❤
what about the 23 percent in interest that is with the C.C.
So this is where I went wrong- I have my checking account and I was moving the money back and forth from checking to PLOC to pay bills when it has an overdraft protection.
check with your bank, some banks charge a fee every time an amount automatically transfers from a line to your checking account.
Thanks for this information!
I am very interested in doing this with my USAA AMEX, but I'm concerned by having multiple overdrafts per month. I don't want to begin this technique and the bank closes my account because of 20+ transactions each month being covered by overdraft protection. I wonder how long I would be able to do this before red flags alert the bank and I get a notification telling me to stop. Has anyone been able to do this for any length of time?
Was wondering the same thing. If It hits your checking at $0, then automatically pull from a linked credit card, your still gonna be charged the “Over draft fee” after so many times it wld put a flag on your account. At least that’s how my credit union wld do it. Would like to hear how others are doing it.
So much great info that you give, but are there alternatives to getting a PLOC of HELOC? I was denied for one.
she mentions in videos to improve your credit score by doing the method in this video. Give it 3-5 months on a credit card , income in expenses out and credit score will improve . Then apply for a Ploc and ask for 10-15,000 which is likely to get approved. Good luck 😊
But then doesnt the debt stay the same?
Thank you so much. Getting ready to make the jump. Do you know if you get the points or cash back in the card if you use it in this manner?
I have this set up but i get an overdraft fee for doing it. I just make sure to pull back the bills that require a checking account after clearing my statement balance
Excellent video. I appreciate your channel and timely information so much. 🙏 👌🏽👋🏾😀
You didnt include the interest charge on rhe remaining balance on the credit card.
She constantly makes major math errors in her videos, which (when corrected) tend to undermine her main point, before any of the more subtle false and logical fallacies that are embedded in the nonsense of “velocity banking.”
You don’t pay the bills all at once, they’re accrued throughout the month. This keeps the average daily balance lower and reduces interest.
Thus reducing interest charged when statement cycle is finished. Next months bill is lower, rinse and repeat.
There are many videos demonstrating how cc companies calculate interest. Every time you make a payment or add a charge they have to change it by law.
@@ericvinson4628
Well, if you think it's "nonsense," go watch Dave Ramsey, then!
I would like to know how to manage a credit card without having any debt. Thank you.
If we shouldn’t keep our money in a checking account. Where do we put our income after we are debt free?
Money market account
What is the cc limit? & % interest per month?
She'll need a second job of $4000 income to zero out her debt
How do I put my income onto my bank's credit card
I have sum money in savings in credit union
Will pay for checks out of it if my checking is to low.
Only 1. Fee
Thank You so much for what you do. I have a question. I'm retired and have 0 debt. I use credit cards to pay bills to use the points for travel. I've always used a checking account. With 0 debt is there a way I can get away from a checking account and better "utilize" the cash that stays in there?
I no longer keep anything more than 1-2 months worth of bill payments in a checking or savings account. I've moved everything into either my cash management account at Fidelity (currently earning about 2.6% with the FDIC fund, which is the core position of the account) or into my taxable Fidelity brokerage account's core position, SPAXX (currently earning 4.7%, I believe, with a 7-day yield of 5%) -- roughly 50% in each. I won't keep the funds there forever and will move money around as needed, but this way I earn much more interest than letting it sit with my credit union. I direct deposit into my credit union accts, then move money out of there to what I mentioned above, or use it to pay off credit card bills. I also either pay the full CC balance off each month, or the interesting-saving balance, if the CC company has that as an option.
Thank you for sharing 🎉
I have a discover card I use so this won’t work for me to pay my house pmt😭😭😭
chase dose not let me link my Chase CC for overdraft protection for my checking account Chase holds my mortgage.
Which Credit Unions offer the most optimal CLOC - Checking Line of Credit? Great videos! I signed up for the $12 course, so that should do it, thanks.
You are the goat 🐐 thank you 😊
Is there any way to pay bills on a credit card with rewards?
I have credit card debt and a car loan. Should treat the car loan as the same as the credit card debt when target which to pay off first. my car loan is 319 amount and my CC pmts minimum is 518 a month. What is the best route?
So is there a difference between a cash advance transfer from credit card to my checking and what you are saying about linking the credit card to the checking account?
Yes, there is a big difference, you don't want a cash advance on the card... wait for Christy or someone more knowledgeable to answer, but i'm 99.9% sure you don't want a cash advance.
my U.S. bank charges $13 for a transfer from my credit card, so I just use the credit card which I can physically swipe.
Point to see is $13 is better than a late payment on a car or mortgage, which will affect your credit. Thankfully I got. PLOC for 15k through a credit union.
you need to ask your bank for the credit card. some banks still consider a transfer to your checking account as a cash advance. I know my bank handles them as cash advances, but they have promos where they will give them to me for 0% for a year and then it goes up to the cash advance apr. right now their current promos because of the rates being high is 0% for a year and a fixed 18.75% until you pay it off because they know rates are going to drop this year, so people will be stuck with the higher apr.
And if we don't bank at one of these institutions?
A cash advance deposited into our bank account and utilize it like a line of credit secured by other means? I have offers currently form zero to 15% for 12 months
Has anyone done this with WF bank? I called and searched online and the rep said that I would be charged the interest rate of the credit card that is attached to the acct as overdraft protection, but no other fees.
Did Wells Fargo work for you or do they charge a cash advance fee for every transaction. Very interested please let me know.
Won't they get overdraft fees or a convenience fee when there isn't enough in the checking account to cover?
We need a followup video for which institutions.
Can a CC not from the bank be linked to the bank for this purpose?
I’ve got a 6.9% Credit card with my credit union and i can control both from my credit union app. I was told when I move money from the credit card to the checking, it’s considered a cash advance and has no charge, however, cash advances are an automatic 6.9% interest charge when transferred. Is there a better solution? Or is this standard?
Question is, will you be gaining the credit card points in this situation? Is it a 'true' or 'regular ' charge to the credit card?
Which banks allow overdraft into a credit card without fees?
Okay Chris I'm tired at watching videos & reading stuff, can you help me get to one of your staff members to discuss what I need to provide you to figure out what it will cost me to work with you.
I m sorry I couldn’t not understand this well. Can you make another video explaining it better? How with a credit card linked to a checking account can pay a car? They don’t accept credit card for payments.
How many of these bills could be paid via CC to start with. Example, Food, Gas, etc... Throwing in another CC bill is crazy also. Consolidate those cards!! Otherwise I get it.
Thank you Christy. My husband and I have linked our CC to our checking account and it works perfectly. We ran across another one of your videos a while back on this same subject. Thank you so much! ❤
What bank allows this ?
Mostly all credit unions. U.s. bank also. If you have a credit card with chase and a checking , link by going to “manage” tab on credit card. Hope this helps
@@TheM.arathonbank of America does this for sure, I just linked my bank credit card to my debit account following Christy’s guidance!
Hi dear i would like to know wat happens wen you dont have an income but you have some savings and debts that must be paid
on your debts if interest rate is high, then keep your savings as collateral get secured personal loan for very low interest rate and payoff your debts. You will save interest rate.
I am confused. If we dont pay cc balance off every month, cc company will charge us 18+% on the remaining balance. Am I wrong?
When she puts the 7200 in monthly, she pays way more than her minimum payment on the cc. Everything else would be new charges. This allows the interest paid on the cc to be way lower.
Which banks allow you to link a credit card? None of the banks I use allow this.
My cheque account is a revolving loan that is linked to my cc
I have watched this video a couple times and understand how it works, but what i didnt find is why you would do it and if it saves any interest at the end of the month. Anyone?
Hmm..I thinks she knows to link her cc to her checking, and probably knows how to do it. I thinks she talking about the INTEREST after everything said and done.
Nice! This makes more sense to me. I need to research other cards and check with my credit union. Thanks for your reply.
What is the fee that the bank charges each time you pull the $ from the credit card that is linked to the checking account? Isn’t it the same expensive charges as the cash withdrawal from the credit card and doesn’t it come with a limit?
what are some major banks that allow this?
My credit union will not allow me to do that what's my credit card
Question: How does she transfer her paycheck to the CC? By making a payment for $7200?
simple, transferring the paycheck to the credit card as a payment
Most banks won't do this or they will treat it as a cash advance with excessive fees. Tread lightly
Still way less than mortgage interest on the same X amount of principle. IF I for EXAMPLE: 700 cash advance from CC @ 5% (mine) = 30 + ATM fee (if used) 5.00 35$ Then deposited into checking and put on Principle of mortgage would be MANY times that of CC interest off the mortgage and a few years. Then CC can be paid over time monthly if you choose and STILL be less interest than a 6% mortgage
@MartinX192 If anyone gets a cash advance at 5% then maybe....but Ithats extremely rare to get a 5%rate on CASH from a bank...especially nowadays... you lucky to get 12% on a cash advance and that interest accrues daily. It doesn't compound the same way purchases Do...
My sister did this for awhile during COVID. The bank charged overdraft fees but paid the bills. Until they didn’t and she couldn’t bankroll the minimum payments. Now she’s defaulted. Wish I would’ve known about velocity banking to help her but too late 3 cards in collections.😢
Does this work for when you make payments manually or for auto withdrawal? Just wanna clarify! Thank you!
I have a question, If I have a bank CC and two Car loans with the same bank (they removed the transfer) How do I get around this now if they are not allowing outside credit cards for payment?
My bank considers it a cash advance, but they did let me link my HELOC
This is an amazing way to pay your bills which you would pay using another method anyway. Btw you would also receive chunks of rewards from the credit card and probably increase your credit score and regular increases on the limit of the card as well, amazing and yes I never knew about this method either till now. I will definitely be looking into this ASAP. Thank you and Aloha!
Thank you so much you have opened a hole new world for me.I have learned so much from your videos.I too was in debt and didn’t know how to get out im a mother of 4 and i was really depressed couldn’t offer a better way of living for my kids because of all the debt but now im coming out i feel in control and i have so many goals its a hole other game thank you so much 🙏 ❤
I am so happy for you and your family
I'm sorry but it's WHOLE not hole. It's two different words.
@@TheDaman1111 Stop being an ASShole
@TheDaman1111 Bro, not everyone on TH-cam is in the US or is using English as their primary language. Often, they're using a talk to text function. You're not doing anything other than being rude to other people.
@thalinororcbreaker2840 Well those people who are not English or whatever you said will learn the correct term after I corrected them. I was nice in my approach. Your comment on the other hand is rude and silly..