How To Pay Off Two Credit Cards At Same Time Gaining Cash Flow #velocitybanking

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[johnpistilli]

Another easy one. No rice & beans. No Uber shifts on the weekends. Just common sense math for every day Americans like us. ❤

[askmehowibudget]

Oops. I was trying to reply to someone. I “sleep” my other cards. Meaning, I have one card that I use as my debt tool. It has the highest interest, a high balance, and was costing the most in daily interest I want that one paid down fast. I use that one for all my variables (groceries, gas, coffee, misc) within a Predetermined budget that I track week to week. Meaning, I track spending daily and at the end of the week my budget “resets”. (The best way to eat an elephant? One bite at a time. By “resetting” my number each week, I get that fresh start feeling, each week trying to best the week before). Every bill is assigned a credit card so that that bill or bills will meet or EXCEED that minimum payment due. So instead of paying $208 for 4 or 5 miscellaneous bills AND paying a $186 credit card payment, I make one $208 payment on the credit card and then turn around and pay for those 4 or 5 bills with that credit card. Then the $186 I was going to have to pay as that credit card’s minimum due, I use THAT money to pay off a different credit card that has a $177 payment due (and no bills assigned to it). I do this for all the credit cards I can. When I work through my bills in this manner, I have so much cash flow, I can wipe out all the interest payments so they don’t keep adding to my balance. So In essence, I’ve “slept” multiple cards, killed two birds with one stone, so to speak, while I focus on the primary card. Once I get that card to under 25% utilization, I move it into sleep mode and rotate another card into rotation. Rinse and repeat. Once all are under 25% utilization (this is for credit score purposes), then I start all over with the goal to get to 10% utilization, and then eventually payoff completely. Does that make sense? I’m trying to rush, have to get to work. 😅 Just keep watching. I don’t remember which one of her videos turned on the light bulb with me but when it did, WOW!

[anitaelghandor]

I so appreciate you, I did it this month, instead of 150, I put a 500 dollar payment, and was able to pay 400 expenses with the card, excited to see if my interest next month will be lower, thank you

[jerrywagner]

This is so awesome, I wish I had been doing this 2 years ago. Thank you for sharing.

[ItsWolfGamer-bozf]

How would you handle multiple credit card debt ? I suppose you don’t stop making the minimum payment on the cards you can’t transfer?

[AnnetteMoore-cyng]

❤another great and to the point illustration! Keep them coming😊

[vaboatwr]

I am so overwhelmed with debt but most of my accounts cannot be paid with a credit card. I need a miracle! Love your videos and trying to grasp the concept. Not sure if it would work for me but hopeful.

[chanacruz]

You are AMAZING!!! Thank you so so much!!!

[taunyawren]

Ok here’s a comment I made recently about the velocity banking strategy in general. Questions for you. I’m just putting it here so maybe it will get noticed by you, even though these questions are about the whole process more than this particular topic.

Hi I just wanted to write quick and let you know I tried this month to implement some of this when I went to pay our bills. I watched a bunch of videos did the budget and then tried to do this. Basically we only get paid at the beginning of the month so we have to pay all our bills then. So when I went to put income on a credit card to use it to pay bills and then I had to wait a couple of days or weeks for some. That was a bit difficult. Then I realized that I would have to change a lot of automatic payments which seemed like a big overwhelming task and a bit scary. Because I like to look at my bank account and see when things are paid. I didn’t feel the same with the credit card. To call in and hear a balance. Also to be honest the budget changes and there is always charges I’m not prepared for even on the credit cards whether it’s a fee, interest, a subscription. So I don’t know if it’s helping.
Like if I put money on a card and then take it out immediately to pay bills? Maybe a little? For a few days it has a higher balance and activity and a payment is satisfied, which can be used to pay some other bills that part is good. But my payments are not much like $30- $50 usually.
Oh & another thing I realized is this “ cash flow “ well we would normally use it. For us it would be more spending money for groceries, gas, maybe go out or put towards something we need like dental work. Now in your scenario this seems to go towards paying more, like back on the card to pay more bills. I think. Which I guess would work because you still could use it right?
I just have a little trouble understanding it all & I wasn’t great at math either.

[vinorasmith]

Hi sorry but what happened to card #1 with the least balance. How do you transfer the balance? Im trying to understand?

[felixsosa]

Thank you so much for all you do, God bless you for sharing your knowledge we all appreciate it so much 😊

[jg]

So should we transfer one balance into one?

[racardobrown]

Easy way to transfer is to charge the card you plan on moving debt to for any new purchases as well as if you have a friend or family making big ticket purchases and have them give u the cash and you use it to pay CC#2 and charge it to CC#1 which offsets. That's how I did it to move my debts off of my personal credit card to Business credit card without any transfer fees

[missysunshine]

Hi! Have a cc that I deliberately closed and am paying on/down/off. From the website (cap one) it appears the account can only be paid with another debit/checking account…not another cc. Thanks to you, I am doing velocity banking since Nov 2023 and it IS working (on my small scale earnings). Only have these two credit cards (main one with diff bank) but don’t know the best way to proceed to get the cap one paid off more efficiently. Thank you for your advice!

[taunyawren]

Well it looks good. How do you know which card to transfer to? The lowest rate? Is it always a good idea to do this, even if there is a transfer fee?

[galadrielmoon]

Would it be better to transfer both cards to an interest free credit card for let’s say 15-18 months. You might have to pay 5% up front but no more interest.

[DeLeon]

Been hearing how you go through transferring income and paying under a credit card versus a checking account, but am not clear yet. I transfer my income into my highest limit credit card to pay all expenses plus any payment due on the card…my balance is declining by the amount of my income deposited into the card…so, how am I paying it down if am still using up the extra left over to pay my expenses? Am stuck there. 😟

[BellaSwanabe]

Hi! Im confused as to where the interest payment is coming from. Is that something I need to keep in my bank account and make a separate payment for this? Thank you for giving all of us hope from debt imprisonment.

[blakemckenzie]

Discover has a 13k balance and capitol one has $2900 balance. Discover has is at 16.47 % interest and the other is 29.27%.. would u recommend transfer the smaller balance to discover card or just pay down one of the cards then switch to the other?
*Been doing velocity banking for almost a month.

[fishinnotcatchin]

And what if you have 6 credit cards, 3 of them maxed out, and no balance transfers available?