VELOCITY BANKING with a CREDIT CARD Explained #velocitybanking

Discover how Velocity Banking speeds up debt repayment. Learn how to pay off a credit card with velocity banking. I dive into the strategy with credit cards to rapidly reduce credit card debt, outpacing traditional payment methods. This is a quick and short video to explain velocity banking with credit cards in simple to understand terms and shows you how to easily implement the strategy.

00:00 Velocity Banking with a Credit Card
00:33 Traditional Credit Card Payment Method
02:05 Velocity Credit Card Payment Method
04:50 Comparing Results of Each Method
07:45 Hack to Make it More Powerful

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#CreditCards #velocitybanking

[SuperFS]

Thanks. Very good explanation. Made me realize how wrong it is to, for example, do small grocery purchases instead of a big one maybe right before or after(?) I get paid. In fact, that's how my parents used to do cause they could only buy stuff when my dad got paid (no credit cards)!

[MoniqueShianna]

This is the best explanation I’ve seen! I am going to try this. I’m determined to pay my debt down. Thanks.

[clarisamarie]

Nice breakdown of the principal vs interest. Like your calm straightforward walkthrough.

[johntobias]

Also...monthly expenses are $200 less, the movement of funds act as a functioning payment. So it can be put towards the card or towards cashflow, place wisely to yield the most benefits.

[shortsegments]

Nice explanation, short and easy to understand.

[Kidstoysplay-mb]

Thank you so much for that very simple and easy to understand velocity banking which I’m going to start today 😊

[johnnybaker]

Honestly i was so focused i didnt once hear anything but your info. Some people will miss the boat looking in a hole in the ground!🥴😵‍💫🙄

[ask_why]

Could you do a post on VB with credit cards and close/statement dates?

[AnnaS]

How to do it when my husband gets paid biweekly and your bills are all spread out throughout the month? Also, one check has to go to rent at beginning of the month, then the second check goes in part to the car, then the rest to the credit card for velocity banking, and then my smaller pay checks (also by weekly) go to velocity card, so we can only put about a $1000 to the card and in two separate payments, we can’t do it all at once because the way we are paid and how our bills come in.

[WilliamGoosen]

Okay nice. Finally a video on one of the very limited number of scenarios where velocity banking mathematically actually makes sense. Good job. One concern though. Can the CC company lower your credit limit if you made a huge deposit like in this example?

[AnnaS]

How do you do this without going over on the expenses charged on the credit card? That’s where we have a problem, we don’t know how to figure out the maximum amount we have for expenses each month.

[DK-bmrg]

Does this work if you get paid weekly and made $3000 payment to the credit card spread out weekly?

[kimberlyholt]

Probably should make the payment before the statement date right so it reports low to credit bureau.

[HurleyBrley]

Kiss method helps it be understandable.

[heberbelles]

I have 4 Credit cards, should i try this on the card with the lowest amount owed first then after i pay that card off switch to the next card with the lowest amount and so on ???

[NorEEzta]

So take my paycheck, pay on the LOC balance, then pay my bills with the LOC?

[TwilightRox]

Question.. following the numbers in your example, do I make the $200 minimum payment on top of that $3000? Or just let the $3000 satisfy the minimum? Or is it all the same, since I would have paid it anyway?

[Matt-nxw]

In this example, $3K nets you $50/mo. But...
1. Nobody gets paid once a month. Most get paid twice a month, the effect is half. You're at $25.
2. People trying to implement this typically are spending their whole paycheck, and need to pay bills as so as the check comes. But being generous, assume steady paydown to zero. The average would now be down from $3K to $750, so you save $12.50.
3. Now take $200 off the $3K, because that would go in anyway as the minimum payment. So maybe you'll save $100 over the course of a year. It's not nothing, but worth the hassle?

[franciscovelez]

CAN YOU DO A SCENARIO WITH 6 CREDIT CARDS?