Using a Credit Card as a PLOC for #velocitybanking

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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.

Kraden
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Since I started following you, my circle has definitely gotten smaller, and it's been so much easier to say no to so many folks looking for a handout. 2024 is a year of growth for me and my family in multiple areas. Our faith is more important to us than anything along with giving and focusing on generating a better financial future for our children. Thank you for all that you do. God's blessings and prosperity be with you and your family in 2024.

collisf
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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
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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.🙌🙌🙌

jarrett
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Look at you! Slaying with 42K+ subs! TGBTG!

choosetoshine
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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.

lisahammond
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Please go over this again… I cannot wrap my head around this method.

FloSunny
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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!

chrissampson
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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.

AdventurerPrimefire
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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.

kenhedges
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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.

craigrider
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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.

klengel
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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!

loopdatlarcher
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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

suzanneamey
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I love these videos! Do you have any videos or advice on overdraft protection line of credit?

AverageHuman
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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

hargersadventures
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I have that same shirt in the same color! ;-)

MssDona
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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

mrcourt
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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?

markwhite
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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.

BlackPearlMinistries