At the end, you could also request an extension of the 0% offer

@DerikAasansLevelUpTravel

8 ай бұрын

Really! Is that a thing. Didn’t know

I agree I never suggest using a zero % balance transfer card for purchases. ❤

I like how you strategize different scenarios just out right genius!!! Thank you.

I got this offer also. I used it last year to pay off $10k that I had on a 8.5%HELOC. I paid a $300 fee, then $1k per month to pay off that card in 10 months.

Thank you!!!

Very good

I get free balance transfers with my credit union credit card would it still be smart to use it as my debt tool To create cashflow even if its not a 0% card.

I’m lost , how do you pay 20,650.00 in 12 months with a $205 monthly payment? Or even $650 a month? 🤔

@DenzelNapoleonRodriguez

2 ай бұрын

There is a couple of options one can go about paying the card off. 1. Roll over the balance remaining into your personal line of credit or HELOC then continue doing velocity banking 2. Make extra payments on top of the minimum payment on top of the cashflow gained by consolidating debt to the credit card and be done in the 12 month time frame. 3. Rollover the credit card to another zero percent offer to buy more time if you do not have to capital to bring the card to zero before the interest expires

If you are at the 12 month mark and need to have a backup to pay the rest of the balance you can take a loan from your 401. Many people dont own a home. Not financial advice.

Would you still be better off at least getting one solid year of 0% interest even if you do not pay off the credit card by the end of the 0% interest period if the interest rate of the transferred balance is equal? I'm thinking that at the end of the year, your account balance would be much lower if you paid the same amount that was previously paid with 0% interest. That's even taking into account of the upfront balance transfer fee.

@Bamapride1985

8 ай бұрын

Yes definitely. The 3-5% fee upfront will be covered in couple months of the interest charges on the original interest bearing card. 10k example is 300 up front if get 3% fee. Making minimum payment would be close to 150, so you would pay that off in 2 months then start paying down the 10k every month. If that 10k was in a 20% card, the interest per day would be around 5.47 so the interest only in the first month would be around 165. So your minimum payment would be less than just the interest adding to your account. If you waited until the due date to make that payment, then the avg daily balance would be even higher bc of 10,165 daily balance all month so the interest would be around 167 the 2nd month so already cost more than the up front 300 fee.

Hey Denzel. You might want to verify that the whole 21,600 have to be paid. My understanding is that purchases have to be pd to avoid the interest charge plus the balance transfer amount. They usually break it for you. Yur balance transfer will stay as offered.

@DenzelNapoleonRodriguez

8 ай бұрын

Every time I did a balance transfer with the card and then ran a purchase after in order to avoid the interest I have to pay the entire balance off because I void the balance transfer at zero percent. As I’m reading the paper that they send it says it in the Q&A portion. Best thing is to just do the balance transfer on one card and run expenses on another card for cash back rewards and interest offset

@hopsontnt1hopson

8 ай бұрын

I currently have a BOA 0% balance transfer and I make purchases on the same card - when you look at your statement the balances are broken up and I only incur interest on the purchases if I dont pay in full each month -0% amount is still at 0%

@DenzelNapoleonRodriguez

8 ай бұрын

@@hopsontnt1hopson maybe Bank of America allows it now I’m personally just going to stick with not running my bills on the card when I do a balance transfer

💎

Yes, I got burned on that once

What's ur opinion on sbloc if used responsibly I can't find any examples with them.

@DenzelNapoleonRodriguez

7 ай бұрын

A secured business line or credit is great too. I don’t have anything negative to say about it

@inriwtnox

7 ай бұрын

@DenzelNapoleonRodriguez no sorry an sbloc like securities based line of credit. Against a portfolio

@inriwtnox

7 ай бұрын

@DenzelNapoleonRodriguez I always want to do my research with them but I can't find much. I don't have a heloc but I do have an sbloc against my portfolio I have access to mainly invested in dividend etfs. I know there are risks but if I'm responsible with it do you think it would work because I get a relatively good interest rate around 7% at the moment.

@inriwtnox

7 ай бұрын

@DenzelNapoleonRodriguez Also I don't really have debt at the moment however I was wondering if was a good plan to take out debt use the money and invest it the use the velocity banking process to cut down on intrest. I make around 7586 and my expenses are 3555 so I have a cash flow of 4031. I don't have a regular loc but I have a high limit credit card with 20k at 17% and an sbloc with 10k at 7.25% I really want some advice bc fortunately I don't have debt but I want to make big investments using this strategy especially used responsible. Do you have any insight.

@DenzelNapoleonRodriguez

7 ай бұрын

@@inriwtnox I don’t have an issue with a securities backed line of credit. I would compare it to a cash value collateral line of credit. You are accessing capital via investments. If I’m correct the investment keeps growing and you can use the money to pay off debt faster or make another investment in another area to create some arbitrage on the borrowing costs. I like it

How ABOUT stay OUT of DEBT - don’t encourage debt

@DenzelNapoleonRodriguez

8 ай бұрын

That is a great idea 💡