Balance transfers can help lower your interest rate, but don't delude yourself into thinking it makes your debt okay. Pay it off as fast as possible.

@B_Bodziak

3 жыл бұрын

Pay your highest interest rate cards first. The thing is that if you have multiple cards with outstanding balances that you can't pay off monthly, transferring some or all of those to another card is not really the answer to your problems -+ you need to manage your budget better -- literally write down every penny you spend for 90 days, even things like the $1 bottle of water you bought after filling your tan so you can see EXACTLY where you spend your money. Keep each dollar in a category and multiply each column/category by 4 to see how much you spend each year for different things.. People are often surprised to find out they're spending $500-600 a year at Starbucks and $300-400 on individual bottles of water. See where you can save, ie buy a 24 bottle case of water for $4 on your next grocery trip and pay just 15 cents for each bottle. If you want cold water, freeze a few and toss one in your bag or car in the morning to be ready for lunch. I know we all already know these things. We just need to start doing it. IF you decide to transfer your balances, please CUT up all of your other cards. It's just too easy to put a dinner here a pair of shoes there on a card that has a zero balance. These purchases will add up!

@makecodgreatagain6049

2 жыл бұрын

@@B_Bodziak huh? The money from this just clears the outstanding debt from the other institutions they used. Like he said. 12-18 months with this method. You’re on something else dude

@Phillip_01

Жыл бұрын

I’m transferring all my debt into a discover it card and I’ll pay it off when I get my tax return.

@emmanueldavis2010

Жыл бұрын

​@@Phillip_01same

@foolwatch9008

10 ай бұрын

😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅

You forgot to calculate the fact that even if someone can't pay the full sum within the 18 month period, they can still absolutely eat away a sizeable chunk of the debt, leaving a much smaller amount leftover that can actually accrue interest, and also accrues interest at a slower rate. The average APR still hovers around 24%, with a debt total of $5000 it would take 3 years to pay it off with a payment of $200 a month. This would mean you would also pay approx $5000 of interest. With an APR of 0% for 18 months, we can use a simple calculation with the same payment period of $200x18 = $3600. Now the new total we have is $5000 - $3600 = $1400. Calculating the same average interest means you are paying the $1400 balance off with your regular $200 monthly payment for only EIGHT MONTHS with a total interest of only approximately $124. The math is quite solid, SO LONG AS YOU STICK WITH YOUR PLAN LIKE GLUE.

"Cut up the card, put on autopay and ignore the marketing" Great advice!

I don't know who needs to hear this "save to invest! You are saving a day off work"

@michaelwang3091

3 жыл бұрын

Best quote of the year!

@gomezsandra5998

3 жыл бұрын

Yes well said I've been saving and making plans to start growing extra income stream..any guides on how to invest yet??

@priscajuliet108

3 жыл бұрын

@@gomezsandra5998 It's a great idea investing I make $3k weekly from my investment that has been a boost to my general income

@gomezsandra5998

3 жыл бұрын

@@priscajuliet108 Wow that's awesome!

@gomezsandra5998

3 жыл бұрын

How do you make such.profits any tips ??

I never thought I’d needed to do balance transfers when I first got into the credit card game. But when I couldn’t find work for six months I suddenly found myself relying on my credit cards to make ends meet. Grateful to have learned about balance transfers even though I didn’t feel the need to learn because it ended up saving me ~25% in interest which I thankfully have not had to pay. Now I just have to pay those balances off so I can finally breathe again because even though it’s 0% interest until next year I don’t want to get into the habit of carrying those balances because it’ll come back to bite me in my bottom.

@sophiasmith1618

3 жыл бұрын

𝑰𝒏𝒗𝒆𝒔𝒕 𝒊𝒏 ¢𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝒎𝒚 𝒂𝒅𝒎𝒊𝒏𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒗𝒆

@sophiasmith1618

3 жыл бұрын

𝑯𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒔 𝒐𝒏 ω𝒉𝒂𝒕𝒔𝒂𝒑𝒑

@sophiasmith1618

3 жыл бұрын

+==1==6==2==0==2==9==3==8==2==5==1

@tabithabrown1881

Жыл бұрын

exactly what happened to me and why I'm looking for a balance transfer card

@MarvinC18

Жыл бұрын

Literally me rn lol

I like how this guy provides true value and gets straight to the point! Good stuff bro!

@dogbone1065

6 ай бұрын

Strait to the point? He spent half the video repeating himself. Most of the information was useless. He made it confusing.

I swear man.... EVERYTIME I look up something money related, u have already made a video answering my question. Or it's you reviewing a book I'm interested in reading... Thank you... Keep up the good work, I really appreciate it

This video was amazing, easily explained. Thank you for your knowledge!

Exactly what I was looking for, thanks for the info!

I got 21 months zero apr. I’m so happy. It’s definitely a blessing for me. I have about $5k and I’m very actively paying it off

@TommyBryson

13 күн бұрын

Use that time to payoff your debt and stay out of debt

Great information. Thanks so much for taking the time to create this video. Cutting the cards for sure. You did help a great deal.

Your channel just saved me 25%! Thanks fam!

Great to hear that we can bring in other debts into it, like a car loan. That’s awesome!! Thanks for sharing that.

Thank you for explaining and for using an example 👏🏼👏🏼👏🏼👏🏼

This was super informative and simple to understand. Thanks!

@TommyBryson

2 жыл бұрын

😎

@jsandiego2394

6 ай бұрын

​@@TommyBrysonHello!! I have 5 cc, with a total of $3.200 balances.. I JUST GOT APPROVED for the chase Freedom unlimited!! O% everything for 18 months!! I make $5k a month, In California, Do all my old cards remain open?? After I transfer debt to this chase one? I haven't even gotten it in the mail yet!! Thank you

Thank you, because of your video I legit applied for a discover it card and now I am doing a balance transfer. Setting it on autopay and forgetting I got it!

Clear,and to the point. Thank you! 🙏🏾

I have a Discover It card with a 17.49% interest rate. I have two other cards with 23.xx% and 27.xx%. Since the Discover card is new I get 15 months 0% interest for purchases and balance transfers. I plan on moving the debt from those higher interest cards to the Discover card. By the time my 15 months is up I will have paid off more than half of what I moved over. The rest will be under a much better interest rate. It's also possible that in 15 months I can get another card that has 0% interest for balance transfers and finish paying off the rest without adding interest.

You explained this very well. Thank you.

I just applied and got approved for the discover one, how does it actually transfer though? Does it automatically or do I have to manually put them on there

Keep up the good work brother. Good info

Thank you so much. I really appreciate your knowledge.

Imo chase is a great balance transfer option. I referred my mom to chase with my referral link. I got 100 dollars she got the freedom flex so she gets 0% 15 months plus 5% back on groceries and the 200 back on 500 spent which shell use to pay down the balance transfer faster. She was weary of rotating caterogy but since I have that card I'll remind her to opt in. She was bummed you can't get 5% at Costco gas but overall is happy with chase.

Thank you for this video! very informative! Appreciated it!

@TommyBryson

6 ай бұрын

Thanks 🙏

I love that the way I go through credit card things is the way you go through them as well. Ignore all the bonus BS and just look at the fees that may be connected

@sophiasmith1618

3 жыл бұрын

+==1==6==2==0==2==9==3==8==2==5==1

Can you transfer 2 balances onto one 1 credit card? And after transferring the balances do the credit cards close or you can keep them?

This was helpful thanks! Crazy how cc interest is 30% now

Awesome video. Thank you 💪🏾💪🏾

Thanks for the video!

Great video. Thanks for the help

Great video. I am deciding to a transfer myself. thanks!

I just got approved for a Discover balance transfer. I only have $2,000 on my capital one card BUT its 22% so that's why I wanted to transfer it. My plan is to pay it within 7 months. Hopefully it will help my utilization and score because I have only one card my utilization looks bad.

@RedSkywalker17

2 жыл бұрын

What was your starting credit limit on the Discover BT card?

Great video! Thanks!

Does the balance transfer fee get added to the balance or do you have to pay it up front ?

Great video! When transferring a balance from a card does it have to be the full balance or can it be partial?

@financenoob_

Жыл бұрын

Either or

😂🤣😂 this was the sign I needed I was telling my self this same shit and now I’m convinced 😂

ty sir needed this lesson

Helpful… subscribed.

Great video!

question. say you racked up 5500 on a card and you got the rewards, you then decide to transfer that debt to a 0% card. If you go points on either card, would all those points be forfeit because I'm seeing on every card, they restrict rewards for balance transfers. but idk if the restriction is on the card you made the purchase with or the card you transferred to.

So I have 2 discover cards and one capital one. Can I balance transfer from discover 1 to capital one and do another balance transfer from capital one to discover 2? You know we can't transfer from the same bank

What u do is sign up for one balance transfer card. Do ya min payments, if it’s 18 months, around month 16 get a new balance transfer card and transfer what you owe over to the new card. Rinse n repeat

@callmetee__

11 ай бұрын

Lol smart, can you actually do that though ?

And don't forget interest compounds on top of itself!!!

Does your debt to income ratio affect if you can get approved for a balance transfer card

I decided to do a balance transfer in order to quickly close out an account with bad APR and clear out another line so I could essentially use it as a food card. They said I was approved for a pretty high limit (I have good credit) but for some reason it looks like I'm just getting a new card, even though I mentioned it was a balance transfer (and even entered balances to transfer from different accounts) yet it just looks like I got a new card. Do I initiate a transfer onto a 0% interest card AFTER I get the card, or does the transfer start before I get it?

thanks brother

@TommyBryson Once the transfer is made, what happens to the credit card that the balance came from: does it automatically close or is it still open, but 100% available credit?

@jayp2168

2 жыл бұрын

Stays open with 100% available again but suggest to cut it and not use it until your transfer is paid off. Otherwise your racking up double the debt

If you do a balance transfer but you’re also trying to reach a spend limit does that count as part of your spend limit to pay it off on the other card? example I have a Chase card with $1000 I apply for AMX balance transfer to AMX payoff AMX Then I get the bonus from the AMX as well as my Chase points too?

Do I just pay my card that I have my debt on off by just using the card or do I call my balance card company and have them set it up??

GREAT.......Thank you❗️

Thank you

How do I transfer funds from my discovery credit card to my bank account?

Watch out for hidden fees on balance transfer usually 3% of total balance transfer or $10 whichever is greater. So Let's say if you have $4000 to transfer the balance from one cc to another now you could be paying 3% of 4000 = $120 but you will save on the total Balance transfer APR which is zero.

@whistlezzz3457

7 ай бұрын

was literally just looking at this u just saved me there

This was extremely helpful out of 3 videos lol

Can I transfer two separate debts to one CC? Or do I have to do one at a time? One of my debts is about $1600 on Applecard, the other is a $1700 cash loan thru a credit union I already got my balance transfer card, got approved for $7k. just haven’t taken the step yet.

How many times can you transfer the same balance?

We quick to the party today.

I have $30k in credit card debt distributed into several cards. My question is, can I balance transfer to one card then say the 18 months are coming up and I haven’t payed off everything, can I do another balance transfer to continue my 0% interests payments and just keep chaining cards until I pay off my $30k debt?

Thanks for the help! If I have 2 balances I wanted to transfer to the one credit card, is that possible? Or I can only transfer 1 balance? Thank you!

@sanchez1622

Жыл бұрын

Did you get your question answered.

Can you do a balance transfer on more than 1 card? How does that work? For instance consolidate 3 cards onto the 1 balance transfer card.

Can I transfer with the same bank? I have Discover and I really like their service/system.

any video on where to invest money to get big returns?

How do you actually transfer the balance from one card to another?

thank you

@TommyBryson

Жыл бұрын

Got you

If I have a Discover card already and want to do a balance transfer, can I do it with Discover on their Discover it card or do I have to pick a new credit card company?

@TatianaMartinez-dt7mn

Жыл бұрын

New credit card company

The only thing is is the credit score required for these cards are pretty high so if you had said to Card that you wanted to transfer over to this one you wouldn’t be able to if you didn’t qualify for it

can i balance transfer multiple cards to the new 0% card?

I have a question if anyone can help me out. I’m in about 20th of debt. I was able to open a Citi credit card with 0 APR for 12 months and bank transfer up to 21 months. I have two cards I own on and my initial credit limit is 8700 for a bank transfer. The two cards I have are more than that so not sure how to make it work without getting denied the bank transfer.

Say you have debt and transfer the money to another card. After that 0% interest period and your balance transfer card becomes a regular credit card, can you now transfer that debt to yet another balance transfer card at 0% with another bank?

If you're responsible the best balance transfer card imo is one that offers a intro bonus use that intro bonus to help pay down the balance transfer

@TommyBryson

2 жыл бұрын

Possibly, the goal should be to just get out of debt. The risk is that some people just go in double the debt

@ypcomchic

Жыл бұрын

Intro bonus is usually for new purchases not transfers.

@Spencerwalker21

Жыл бұрын

@@TommyBryson I get ya my mom last year needed a balance transfer card I brought up getting a chase freedom flex the 5% rotating category sold here she used all herr cash back and intro bonuses to pay down the balance faster. She only listened to me because I'm king off credit cards with jo debts and I got a 100$ bonus so I treated her to panda express weirdly her favorite restaurant edit it also had the 5x grocery order as well and offered to help her out in getting 13% off grocery for one quarter and 2 quarters 9%. I did get lucky and told her the 13% was a fluke but generally you get 5% off grocery half the year. She basically treats it like a debit card. But for average Americans yeah just get out of debt.

This is one of those videos where I wish the comments said “video actually starts at 9:03 “ lmao

My credit card statement is saying Transfer Balance of $1,008.00. I never initiated it? It helped by account and when I looked up details about this Balance Transfer.. it is saying I don't have a Balance Transfer? Is this free miracle money? I'm scared to call because I don't want them to say they made a mistake and that I owe them 1k. I'm confused. 🤔

Why would you transfer a balance to another card when your account is prepaid from the credit of the trust?

The first rule is to not get into debt period. But balance transfers are a great way to pay off debt. But one has to be extremely disciplined to pay the balance off before the promotional period ends. Hit that card quickly. Otherwise back to high interest, and just ruined the point of the "balance transfer". Put this card away till you pay off the balance. They are hoping one will default.

@xjcx6187

Жыл бұрын

After 3 years? Still not able to pay it? Damn

How do you determine how much the balance will be on the new card? Will they take everything that's owed?

@77Joseph777

Жыл бұрын

You type in the amount that you want to transfer from the other card. As long as the credit limit on the new card has enough room to cover the whole balance of the old card.

I'm using balance transfer to pay off my home...this will eliminate the biggest bill I have....and allow me to push my debt snow ball amt up to 1000 then I'm going go after those credit cards which is the only debt I will have after the mortgage, I'm hoping sense my home is paid off I want need to use those credit cards again

Help!!! What happens to the old card After you send over the debt to the New No Int rate/apr One????does that remain open???

@tinymission7821

3 ай бұрын

Yes, leave it open. Just put the card away and don’t use it anymore unless it offers a good opportunity down the road. Basically just leave it alone.

I just got Discover $8000 with a 690 cs

Kemba Financial has a 0% card with balance transfer NO transfer fee. 12 months 0%

Do you have to transfer the full balance of the card or can you transfer a partial amount?

@dlvarcade9729

2 жыл бұрын

Wondering the same. Did you ever find out?

@joshuacarpentier951

2 жыл бұрын

@@dlvarcade9729 maybe not 100 percent sure

If I have $5500 in debt across multiple cards can I still do a balance transfer

I had a rough past few months and had to run up my credit cards. I’m now getting back on track and am able to pay them down monthly. Here’s my question. I owe 1200 in credit cards and my credit limit is 1500. If I get that balance transferred and then pay that balance down during the 0% apr time frame, would that double my credit limit and help my credit score overall?

@samfaust8116

Жыл бұрын

That's a great question I'm waiting to find out myself lol

@TheGoldenLife170

Жыл бұрын

As long as you stay on top of the monthly payment. Try to pay a couple dollars extra to try to improve your credit score.

@wonnone6010

Жыл бұрын

You credit utilization will still be too high when you transfer it and that will drop your credit score

so after the balance is transferred. What's the card limit?

@TommyBryson

2 жыл бұрын

The card limit gets filled up to the balance you transferred and the old card has that balance lower because the money is no longer owed

What if you already have a credit card you want to transfer too not open a new one can u still do that?

@cdf8821

9 ай бұрын

Yes you can do that. Hope this helps.

@TommyBryson Are you able to do a video on SCRA?

@TommyBryson

2 жыл бұрын

What’s that ?

@meme5887

2 жыл бұрын

@@TommyBryson Service members civil relief act. Basically it limits the %apr that a service member can be charged. Ex. If you had credit card debt prior to enlisting they lower the apr after you enlist. If you activate it after enlistment, I believe it's still low, but not as low as the previously stated. And I believe it all expires 6 months after your enlistment contract is up. If it's not a video you can do then that's ok. Just thought maybe I'd help out with ideas. Thanks for all your other info you've provided though! Keep up the good work!

When I get the balance transfer credit card-I have to have make sure that I get an available balance to cover the debt from the other credit card. Frustrating that there’s no way to tell how much they’ll approve me for.

@marii78245

Жыл бұрын

Yes i have a $6000 balance i want to transfer and they approved me for a chase balance transfer card but only gave me $1200 credit limit so im wondering how that would work out, since in the application they asked me how much i want to transfer

Transfer the money, make the monthly payment the same as when you were paying interest on it. Pay as much extra as you can afford. Don't buy anything on credit untill everything is paid off. Put everything on auto pay. Keep track of you normal monthly expenses . Soon you will be out of debt.

If you do the transfer and say u has a balance of 1000 dollars now when the interest grace period is over say u only Owe 200 left are they going to charge you interest on the balance that’s left , or from the original Balance?

@msrednosepit8434

Жыл бұрын

What's left

Does an balance transfer negatively impact a person’s credit score?

@starelise1387

2 жыл бұрын

No it doesn’t harm your credit

@mir2slo

Жыл бұрын

My issue is more so my revolving utilization so doing a balance transfer doesn’t help with that correct ?

@msrednosepit8434

Жыл бұрын

Yes it does hurt bc your utilization will increase for the card you transfer to depending on what the new card approved you for

hey tommy does balance transfer work to transfer federal student loans to a credit card?

@lightbear939

2 жыл бұрын

Good question

@lightbear939

2 жыл бұрын

You typically can't pay student loans with a credit card directly to your student loan servicer or lender. It's possible, however, to use a third-party payment service or a line of credit to pay student loans-say, by transferring them to a card with a 0% APR period or by taking out a cash advance.

@lightbear939

2 жыл бұрын

Got that from Google

Whoa whoa whoa. You can do this with car loans too?? How???

Balance transfers can save you lots of money

Can you pay heloc with balance transfer card?

@TommyBryson

2 жыл бұрын

Probably can, verify with the card you want to apply for

My question is. If you dont pay the 5500 off in 18 months, do theh then charge interest for the full $5500 you transferred? Or just the remaining balance?

@pmf_dc5958

29 күн бұрын

Whatever balance you still owe after 18 months is up

I have a question, what if you owe $7000 open up a new card and only get approved for ex. $3000 can you at least transfer the $3000?

@TommyBryson

2 күн бұрын

Yes, you can do a partial transfer

By doing the balance transfer from one credit card to another would you lose your credit card from where you had the debt or will it go back to zero owed and you can use again?

@77Joseph777

Жыл бұрын

Once you Balance Transfer from the old card then it’s payed off and you can go back to using it once the debt is registered on the new card with the balance transfer

@olgacasillas7110

Жыл бұрын

@@77Joseph777 Thank you

I just got a new balance transfer offer yesterday 🤔

@jeffREYstancht

3 жыл бұрын

@Tommy Bryson thank you brother for responding for some reason KZread just showed me this keep up with excellent and informative content it really helps with personal evaluation.thank you fam

I had a question. Suppose I take a loan of $2500 on the new balance credit card and pay the whole amount in one year rather than wait 18 months to pay..... Does that mean that since I've cleared out the whole amount I can start a fresh new credit balance again with a 0 interest with 18 months again?

@cdf8821

9 ай бұрын

Hi, No you cannot. However, sometimes (depending on the card) they will give you a new balance transfer option. It's not automatic though just because you paid off the loan. Hope this helps!!

Just did this and hope to pay it off in 15 months and BE DONE

What about a debt of $24k. What if you are not approved for a balance transfer for the full amount just partial?

@TommyBryson

2 жыл бұрын

Move the partial amount and pay your debt on the one being charged interest first ( it’ll lower your total interest paid )