How to use Credit Cards as Lines of Credit. Is your credit card attached to your checking account?
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- Опубликовано: 4 окт 2024
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I am so happy that you appeared in my RUclips feed. I did follow this example and it became much clearer to me how this works. I am going to work an example out on paper and see if my bank has a credit card that ties into my checking account. This method will certainly get me out of debt much quicker. THANK YOU!!!!!
Update?
I’m so glad to finally found your video as I was stressed out how to pay off my high interest credit card with 31 % APR.. thankfully I was just approved of a credit card through our Union Credit bank that is linked to my checking and It says no fees for cash advance or balance transfer. My high interest credit card is now paid so I’ll just be paying directly when income comes in into my credit union card with 8.74% introductory APR.
This finally 'clicked' by your simple example here! Thank-you so very much for teaching us VB! Hugszzzz ❤
another thing that will be helpful to make it easier to visualize when your doing a flow chart like this, number the arrows showing the specific order of events when transferring money back and forth.
Thank you so much for your tireless work! Im trying to follow your steps as much as I can understand. Ive started to forward your videos to my sons and daughters. Thank you
Thanks Max!
I did this with my credit union card. There was no transfer fee. However, I was charged a percentage on the amount I took out and was charged monthly until I paid the cc off completely. So make sure you can pay the card off. It was a very low interest fee, but I did not catch it right away. Use if absolutely necessary and can pay off the entire amount right away or in a few months. It's a great tool to have.
If you were charged a percentage of the amount you took out, isn't that equivalent to a transfer fee?
I think that would be called a "cash advance fee"! Luckily, the credit card we just got approved for at our credit union says it has no annual fee, no balance transfer fees, and no cash advance fees!!
Christy, I want to thank you so much! Your videos really helps me understand how to work towards being financial debt free.
Happy to help! Thank you for watching!!
Wow I love your channel and I am watching and using a lot of the information .. thank you and God bless..
You are so welcome! And thank you so much for your kind words. I hope you have wonderful financial success! God bless you!
Great information!
So grateful for you and your heart....Go VANN!! 🙏❤🤓
You truly are heaven sent
Thank you. Lightbulb moment!
Yes! I just learned that 2weeks ago.. $50 min transfer 😙
Just got a 20k one for 0% apr for 12 months with a 4% Trans fee
Omg lord I thank you for showing this I always wondered and my credit union does this thank you so much I feel like I can pay off my card faster and then it’s not like I’m double paying omg I thank you so freaking muchhhhhhhh now I can pay my rent like this just transfer the line of credit to my checking account then I can just pay it right back with my income. Lord I thank you now I can rack up point on my card. Thank you so much
This video need to hit a million views I swear it’s so much sauce in this if u understand it I get it tho
@jj1inabilluon 🙏🏽.. you ARE one in a billion! Godspeed!
Thank you for this suggestion. My bank charged me a cash advance fee. Later set the credit card up to be an over draft protection for the checking account, which limits the fee to $8 per day an over draft occurs. Worse thing about this cc is it is only $1000 limit.
Try Bank of America checking and credit card
U.S. bank offers plocs. .Also any credit union. Chase offers great credit cards but not plocs.
Hope this helps 😊
Thank you Christy. I needed this! Love your videos!
I really enjoy these videos. So helpful!
Keep posting Christy. I love all your content.
Thanks Jose!
I finally tried this technique. Thank you so much for sharing ur gained wisdom.
I appreciate these videos so much 🌺
Thank you for watching!
It helps me to watch/ listen to your helpful videos at 1.25 speed. The information is easy to understand and straight forward. Thank you so much. I just found your channel today, wish id found it earlier for sure.
I love your videos. I have learned so much from you. Keep up the great work 😊
Thank you for sharing. I'll make a transfer from my credit card to checkings account and see what happens.
Your videos are really excellent
This such awesome content! Thank you for rewiring our brains with how we’ve been always led to believe is the right way to handle finances.🤯
When should we make the payment on the Credit card? Before the due date or on the due date, does it matter
Best to make it before the statement closing date so the credit bureaus sees less balance on the cc, thus potential to raise your credit score.
Thanks for putting the time and effort in to making these videos! I understand the concept well and have helped many people with VB. So sad the financial world doesn’t teach/want you to know any of this (more money for them from the uninformed!). The example you gave ($8000 chunk “out” $2000 income “in”) either assumes the income has no obligations (living expenses) or we assume the $500 freed up from the debt can be used for LE. Is that right?
No. The living expenses will come out of the R2000 income but it will satisfy the monthly CC repayment which means that your expenses are less by the CC monthly amount due
Brilliant Commentary!!! Thank You!!!
But be careful here...any bank credit card where your other bank accounts are will use "right of off-set" to steal money out of your accounts without your knowledge, consent, or authorization if you get behind in paying the credit card. To prevent this, I always keep my bank money and credit cards at different institutions
With bank of America they charge fees to do that, but instead you can just the cash advance promo offers instead monthly to do the same thing
Get a new bank. BoA is the worst bank to have ever. Can’t even transfer money to other accounts free. They suck!
Can u do an example with your credit card what you mean. Never seen this done before
I don't know about every bank. Pretty much every credit card or bank charges a fee when you transfer/ take cash from a credit card. Next it seems you have traded 8% int on your student loan for 17% - 35% on a credit card. If I am wrong please tell me the names of the credit cards that allow you to take a cash advance with zero fees and 0% interest.
Thank you for your comment! Almost all credit unions I have dealt with personally do NOT charge ANY transfer fees. Only the % rate for using the line. Banks do a lot of times. Have you tried a credit union in your area?
@@VanntasticFinances Thank you for replying. I was incorrect. Citibank has flex loan and Chase has something called either pay yourself or flex plan. With those you can transfer money without a transfer fee. I forgot about those. Not something I would do. I would think a person would have to be in a particular specific position or have a particular immediate need to take out a loan this way.
@@roadrunner40 Loans = Bad Debt. Thank you for watching!
If you take $8000 out of 10,000 credit card which leave $2000 then you put back next income of $2000 back into credit card, doesn't that make the available balance on credit card $4000 and not $6000? Any comments?
Yes, I was a little confused by this also🤷♀️
She was referring to the balance owed on the CC not the credit available.
Yes.thats the balance
Please give me more info on this, I tried my online accounts and I’m able to do this and want to know the wisest way to do this
I actually do not have that. I went into the credit union to pay from a chase credit card to pay my mortgage. The teller had no idea what i was asking because she kept saying there is no fee to do that. But what happened on my chase bill i got a cash advance fee on $29 and then i got charged interest on the day till it was paid off. So it was an additional idk $20. So in the end my 502 mortgage ended up being 552!! I was not happy.
Chase charged you all the fees right? Not the credit union? The credit union teller can’t tell you about chase fees. If I have that right. Just trying to figure it out with you.
Next time, pay yourself (place the cash transfer into your own checking account). **However, if you are pulling the cash advance from Chase and Not credit union then the question should’ve been directed to Chase and not the credit union because the credit union representative wouldn’t know your terms of agreement and fees from Chase.
I would like to thank you as well, you are helping me a lot, But I am still having trouble understanding some of this but I will make a 1 on 1 call with you soon!
How do I transfer from my checking to my credit card?
That’s the same as paying the credit card from the checking account.
I have a 15.000 car note. And my credit card is 7000 I can write a check on ti. How can I make this the 7000 work for me?
whats the difference between the simple interest on the credit card & the compounding interest on the student loan that you mentioned miss vann?
🙏🙏🙏🥵trying to learn
What’s the interest rate on the credit card??
How much interest would I pay on the CC debt on the right?
Actually you are partially incorrect, because you are assuming that out of the $2,000 in said checking account is there AFTER household expenses have been paid; am I missing something, if so let me know…😊
How do you mean "Attached" to the checking account? I have different checking accounts AND a credit card with the same bank.
It can sometimes be set up as the overdraft line of credit on the checking or sometimes can do the cash advance checks from the credit card also but I have always had a small fee for those
Banks are definitely greedy!!!
1 Timothy 6:10
KJV Bible
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
I'm still not clear, how is paying off a 8% student loan with a 19-26% credit card a good idea? What am I missing here?
I believe it’s because the student loan might be a larger principle paid off for a long time and over time the total interest would be more. But every time I try to do the math i get unsure.
I think it's about the credit card being your cash flow but make sure you can pay it off every month. Then you put all your income back into the cc. Plus it's about a simple or compound interest. It's a lot to wrap your mind around when we have been brainwashed all our lives to stay poor.
The 19-26% interest would only be charged if you “carry” an unpaid amount over to the following month (statement date). Pay what you transferred from your CC to your bank account in full and they can’t charge you interest since there is no balance “carried over” to apply interest to.
Amortization vs daily interest on the card. It’s two way separate interest charges on the balance.
Simple interest(cc) vs Compounding interest(student loan).
U are awesome ,thanks
That confuses the heck out of me. If I had a $10,000 credit card why would I transfer it to my checking and not directly pay the student loan off with the credit card and avoid a transfer fee??? I'd have a $8,000 balance to pay off the credit card regardless.
How would I do an income transfer onto my credit card? It’s not the same as making a credit card payment, right? Would I need to contact my bank to have this set up?
Income transfer is a credit card payment. you can do it yourself when your direct deposit hits. hope this helps 😊
Hello Ms. Van, how many videos are in your 12.99 mini course? Please let me know. Thank you
Wow!!! Thanks!!
I have a balance transfer discover card with 0 percent interest. how would you go about paying this off quickly, i know i wont be able to do it with paying minimum payments before the interest goes up and i never have any extra to throw at it? Thanks
Thanks for this video, finally I got some light on this.
But what is the difference between this method what you just explained now and my method,which is get a transfer check for 12 or 15 months and pay off the student loan directly?
Can you tell?
Would you be able to confirm I am figuring my numbers correctly via email? I understand the system and will start the system with one of our two pay days in the month of June but need to make sure I am doing it correctly.
when I try this it allows a transfer to checking from my CC but it seems to classify this as a Cash advance with a certain limit. lets say card with 5K available but only 3K available for cash advance When I attempt a transfer it shows 3K available for cash advance. Is this what you mean by this?
Yes, this is exactly what she means but keep in mind that her bank does Not charge a fee for the Cash Advance. Most banks do typically change a 3% to even 10% so be mindful of that and ask your bank representative if unsure of the fee.
This is a good idea but I think Canada don't have the same system
None of my banks actually links the checking account to credit card. In this case what should i do
What about the balance transfer fee that some credit cards charge. My banks are currently charging 4%.
Don't we have to factor that amount into the equation?
Am I too old at 70? 2 to buy a whole life insurance plan and have it making a difference for me.
How would I obtain a line of credit?
Ok, so you dont have the $ 500 coming off the SL but you have now the Credit Card Interest over that $8000 ?! So whats the advantage?
I wonder if NFCU does this
I'm paid bi weekly and set for my bills to be paid the same day as my pay check is deposited. Should I just transfer the leftover money straight to my cedit card after the bills are paid?
The idea behind the velocity banking is that you place the bills/expenses into your credit card and Not your bank account. On payday, you will pay/transfer your money straight into your credit card and it will 1) satisfy your monthly payment and 2) reduce your credit card balance. This method is reducing your daily APR interest
Which banks have this mechanism?
From my research it appears Credit Unions off this with out any of the transfer fees.
My bank charges after 6 transfers.
I e never been able to fo a cash advance from a crecit card for more than $2500
Thank you for helping the comm
unity
❤️
I thought a credit card is much worse interest than a student loan
so, if i have already been approved for an $85,000 mortgage, i should be able to go to my credit union and ask for an $85000 line of credit?
🥰.
The wealthiest people I know have indicated to me that all of this is a lie.
Wow, I just looked. I can do this. Why are we not thought this.
What? Banks are greedy. You don't say. (Sarcasm, lol)
How can I pay my mortgage payment with credit card