➤ Updated Balance Transfer Video Here ( includes Interest and a BONUS to lower your balance upon transfer! ): kzread.info/dash/bejne/iZN1tsiaYsnHfc4.html

Great idea in some situations. It would make sense to see how much interest you would pay on that 30 percent loan over 5 months in the example because it seems like you would be better off doing the transfer.

@HackYourCreditCards

6 ай бұрын

Valid point, in some cases it saves money and others it may not. I think I need to stress that the example is only used to express a method, and that method has different outcomes and is fact specific. For example on one extreme if the balance is $3,000 and you can move $3,000 then it works out well. If the balance is $10,000 and you can only move $1,000 a month then it probably will not save more than the transfer fee. You made a great point, I appreciate it and will stress that it is different for each situation in future videos.

Excelente vídeo. Just learned something new😊 TY

@HackYourCreditCards

2 ай бұрын

So glad!

Genius!! Thanks for the hack!

@HackYourCreditCards

4 ай бұрын

Thanks ! I appreciate that.

Iv'e never seen a credit card that gives you 21 months ( or whatever the debit transfer promotion is ) and matches that with 0% on new purchases. 0% on new purchases is only for the standard period of 1 month or sometimes (30,40 or 50day) not months and certainly not 21 months.

@HackYourCreditCards

Ай бұрын

There are actually a decent number that do it, I am glad you asked because I didn't realize how many did until I made this video. Here is a video with a list of 0% APR credit cards for New Purchases up to 21 months kzread.info/dash/bejne/oZqtp5VwqLOpm8Y.html , for example here is one: hackyourcreditcards.com/wfrc

My question is: Does the rent consider like purchasing something? Because I have no bill without my apartment bill that can make the all like $2000 or more!!!!

@HackYourCreditCards

2 ай бұрын

Wait, what? You have no monthly bills besides your apartment rent? You sir are crushing it, well done. If your apartment lets you pay with a credit card, usually with an online portal, you may be able to do it however they typically will add a fee that makes it not worth it. See if they add a fee, most do, but it is worth checking.

Thanks to @BodaciousWench for starting the “raspy voice” thread, @geekazoid1983 for great advice, I put on a polo and put the mic between button 1 and 2 as suggested and it worked, @kallagirl450 - thankfully it was the sound you found annoying and not me ;-) and @rebar-king thanks for the attire advice, I’m trying the polos now instead of t’s, I appreciate you all and the comments.

Nice video, but I’m a bit loss here. Wasn’t the purpose of obtaining the 0% balance transfer card was to move an existing balance from a higher interest credit card? So, if this was the intent, you still will be paying the higher interest on the previous card as well as the principal amount as before obtaining the card. Please explain?

@HackYourCreditCards

12 күн бұрын

Yes you are correct. You would pay the principal on the 0% card, and interest on the old card until it is paid off, however the interest goes down as the balance goes down. The interest is effected depending on how fast or slow you are able to move the balance. Because I did not stress this in the video (another viewer had a similar question) I made a new updated video which does a better job of explaining it: kzread.info/dash/bejne/iZN1tsiaYsnHfc4.html I appreciate the comment, it helps to point out where I was not clear ( or left something out ) so I can make better videos for everyone.

So are you velocity banking your old card with your expenses and then charging the actual same amount expenses to the new card?

@HackYourCreditCards

2 ай бұрын

Sort of. You are essentially moving the debt from a high interest rate card (old card) by paying it off using your expense money, then no interest rate card (new card) is used for the expenses. The end goal is to move the balance from a high interest rate card to a 0 interest rate card and avoid the transfer fee. The balance is the same (but no transfer fee added). Velocity bankings goal is to pay down the principal of a high balance debt as fast as possible thereby decreasing the amount of interest paid, which over a long period of time this can yield a substantial savings. This method does not pay down the balance, it just moves the balance. That is the difference between this hack to avoid transfer fees and a velocity banking method. I hope that clarifies. What you said is essentially correct I just would not call it velocity banking so people are not confused by the method.

Great concept. But the interest is over 800, and 3% of 10k is 300. So doing this way will cost more than 500 extra over the next 4-6 months. Simple calculation says nice concept but bad idea.

@HackYourCreditCards

Ай бұрын

I created an updated video to address the interest, thanks for your comment. Here is the updated video incorporating interest and and actual card example : kzread.info/dash/bejne/iZN1tsiaYsnHfc4.html

➤ Balance Transfer Methods : kzread.info/dash/bejne/fZql1Jtvd8m5h9I.html

You didn’t include the 30% interest on the original credit card .

@HackYourCreditCards

6 ай бұрын

Correct, another commentor mentioned that as well. There would still be interest on the balance, less each month as it decreases. I should of pointed that out. If you can move enough in month 1 then no interest , otherwise still interest each month there is a balance. Good catch.

@HackYourCreditCards

Ай бұрын

I created an updated video to show the interest, thanks for your comment: kzread.info/dash/bejne/iZN1tsiaYsnHfc4.html