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How To Pay Your Mortgage With Your Credit Card... AND Pay Your Card With Your Card - YouTube
Channel: Velocity Channel
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How do I keep a zero balance on my credit
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cards while paying my mortgage
with my credit cards?
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I am so glad that you asked that question.
All right.
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Because we're going
to answer it right now.
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Are you ready?
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Let's go.
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So you're getting paid each month, right?
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And you have a mortgage.
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The key is to take the money that you're
earning and leverage as much as you can.
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How are we going to leverage that?
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My uncle Visa and MasterCard,
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that's how we're going to leverage the
money that we earn on a monthly basis.
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Now, I'm only going to take
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one example, and this example is
going to be a mortgage example.
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OK, but mortgage
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310, let's just say, OK,
I'm just throwing numbers up here.
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Let's say the monthly payment
is eighteen hundred dollars.
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Now, let's say that you have on both
your Visa and you're at MasterCard.
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Ten thousand dollars each.
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Now these are unsecured
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MasterCard and Visa
unsecured credit cards.
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Now what does that mean?
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That means the money is not yours.
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The money is not yours,
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it came from somewhere else
that ten thousand dollars came
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from somewhere else,
that five thousand dollars came
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from somewhere else, that three hundred
dollars came from somewhere else.
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It doesn't matter the amount.
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It didn't come from you.
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And I'm pausing for effect.
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But also so he can sink down in your mind,
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that's not your money, you were given it,
you were lent it, right.
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So now that we've established that.
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Ten thousand visa,
ten thousand on the MasterCard,
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and let's just say you get
paid six thousand a month.
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How are we going to leverage
that six thousand?
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Well,
what we do is we're going to take our
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MasterCard and we're going
to pay the mortgage with it.
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Eighteen hundred dollars straight out
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of the MasterCard
through what is called a cash advance.
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Absolutely cash advance.
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And you place it towards
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the mortgage now, you can also use a tool
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called plastic that will actually allow
you to pay your mortgage through them.
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They do have a two
point five percent transaction fee each
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time you do it,
but it is super duper great tool to use.
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So you can do that as well.
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OK, but I do want to let you know
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that there is something called a cash
advance that you can use as well.
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So for these purposes,
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we'll say that from the MasterCard,
you're using plastic to pay the mortgage.
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Eighteen hundred dollars.
All right.
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So now owe eighteen hundred
dollars on the MasterCard.
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How are you going to pay that?
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You're going to be with a visa,
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that's how you're going to pay it.
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How are you going to pay
your MasterCard with a Visa?
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Cash advance
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some many of the credit cards,
and this is a good rule to follow,
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will allow you to take a cash
advance of up to 20 percent.
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OK, so since your
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what the limit on your credit card
is ten thousand dollars, right?
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20 percent of the ten thousand dollars is
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what will allow you to take out
two thousand dollars.
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So you're going to take out
eighteen hundred dollars plus fees.
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But let's just leave it
at eighteen hundred dollars.
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OK.
Eighteen hundred dollars.
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Are you going to pay off.
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The MasterCard.
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Oh, right,
and now you don't have to worry about your
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MasterCard anymore because it's
already been paid off by the Visa.
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Isn't that awesome?
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No, it's not awesome
because you still have to pay your visa.
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Well, how is your visa going to get paid?
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Well, you're going to have to use another
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credit card or or you can
utilize your bank account.
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Yeah,
so let's say the six thousand dollars now
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you're going to place eighteen hundred
dollars of that six thousand dollars
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inside of your visa and now
your visa has been paid off
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almost all within the same week.
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And I know you have a twenty one to twenty
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five day grace period,
but you didn't need all that
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because now everything is paid off.
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Now I know you may be saying.
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Wait a minute.
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See, they didn't you just say six thousand
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minus eight hundred,
that's forty two hundred dollars.
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That that I could use I thought I thought
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that I wasn't going to pay anything
when you didn't pay anything.
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The Lindas de.
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He said, no, no, I'm out 1500 dollars.
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Remember, six thousand minus 800 S.J.
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Yes, yes, I know what you're saying.
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Can you not use the eight
hundred dollars again?
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You can, can't you,
because you have it in here.
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So are you talking about.
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That's called leverage,
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you have zero balances on both of these
cards and you have your mortgage that got
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paid on time and you're going to be
continually getting paid each month so
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that you can do this on a continual
basis until this mortgage is paid off.
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Now, you know, there are classes that will
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assist you in paying your mortgage off
in five to seven years instead of the 30
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years that people are used
to the traditional outdated method.
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However, there's definitely a better way
to pay your mortgage off.
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And we go over that ad infinitum.
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And we actually made a class called
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Leveraged Banking 101 that you need
to take and you need to take right away.
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All right.
But listen, this is how
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to pay your mortgage off and utilize
the credit cards to do it.
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Now, if you want to do this method,
you're welcome to do it.
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There are other methods
that are good, just as good.
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All right.
You can use your line of credit,
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your bank line of credit,
your business line of credit.
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You can actually use a Bysshe lock
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in which we go over in detail
in some of our videos.
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But if you're using this method,
may I let you know
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that you will be considered if you don't
like having balances on your cards?
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We do need to warn you that you'll be
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considered what is called a deadbeat
deadbeat is someone
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that pays the balances off each month,
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you know, and why are
they called deadbeats?
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Because they're not making
the lenders a whole lot of money.
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Right.
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And that's why they're called
deadbeats or non revolvers.
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They don't keep up revolving balance each
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month so that the lenders aren't
getting paid like they should.
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Right.
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So I just wanted to, you know,
give you a warning about that.
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If you're one of those people that you
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like doing the the zero dollar balance
each month, go ahead and do it.
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But that may affect your credit score
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in a negative way, meaning
you may just stay at the same level.
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I know it's it's in the small print.
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OK, so
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just just keep that in mind, OK?
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So listen, you can
definitely do it, though.
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We showed you how you
guys have any questions.
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Please comment below.
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Get my class.
All right.
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www.cjwallacellc.com/VelocityPage
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It's going to go into detail, guys,
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about this and other methods you can use
to leverage your finances the correct way.
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All right.
God bless you.
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And you guys have a great night.
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