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How To Use Your Credit Card For Velocity Banking Even If They Are Not Offering Balance Transfers! - YouTube
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so you have a credit card but they're
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not offering balance transfers right now
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can you still somehow use that credit
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card for velocity banking possibly let's
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discuss that in today's training hey
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everyone it's Mike Adams and on this
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channel we empower individuals to
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achieve freedom through improve
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financial literacy and business
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ownership if you're new to the channel
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make sure to click subscribe click the
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bell so that way you get notified on any
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and all of our future content so in
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today's video guys we're gonna be
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talking about what to do if your current
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credit card company is not offering
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balance transfers okay you know perhaps
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you want to use this line of credit that
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you have to do velocity banking but yet
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you know you log on to your online and
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there's no balance transfers available
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or you gave them a call and they say hey
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there's there's no transfers available
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you know can you still use that line of
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credit for velocity banking you know
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what are your options so a great
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question and again guys out this is a
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you know really of this video is from a
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question that was a sent to me
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you know one of the other videos I just
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kind of what do I do
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and so again guys love your feedback
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love your questions make sure to keep
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them coming you know I love to answer
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those questions as often as I can and as
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well I love to create content that
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answers your guys's questions so again
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if you do have a question for me
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regarding any of the strategies that we
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talked about on this channel make sure
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to put it in the comments below
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but here's out your options okay so if
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your bank so let's say you own you know
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here's starting from this okay so let's
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say you go online to do you log into
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your account to see if there's a balance
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transfer available and you find there's
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no transfer available the first step
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would be to contact them and see if they
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will offer you a balance transfer okay
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and sometimes you know you can do this
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you know through your online account
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depending on your bank or depending on
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your line of credit or you may have to
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give them a call during their normal
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business hours and just speak to
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somebody over the phone say hey I'm
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interested in moving a balance Oh
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- this line of credit can we make a
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balance transfer option available and
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again guys you know the worst they can
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do is tell you no no there's no no
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balance transfers available we're just
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not doing it and and the reasons why you
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know why might they say that you know
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that you know perhaps you know you know
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number one if you have a bad credit
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history with that particular line of
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credit maybe there's been some miss
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payments you know things like that over
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maybe in the recent history of past
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couple years you know that may cause
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them to want not allow certain things to
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transpire like adding more to that line
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of credit they may as well just you know
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if you have some late payments they
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could take away benefits that you may
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have once had on that particular line so
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you know if you're if you're in a bad
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credit standing there you know perhaps
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if you're too high utilization already
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they may eliminate your availability for
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balance transfer so there's all kinds of
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reasons why they may you'll not allow
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you to do this transfer but it certainly
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never hurts to just give them a call and
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just ask if they can make a balance
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transfer option available to you you
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know again if you're in good credit
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standing there you know maybe maybe you
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don't even have balance on the line or
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you have a nice low balance there's
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plenty of available room on that line
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and they're just not making a transfer
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option available to you right on the
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website there it doesn't hurt to give
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them a call and just ask if they have
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any promotions or anything that's
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available to you to help you
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the second option that would be
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available would be to go go ahead and
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find a new line of credit again guys if
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the bank's you know sometimes people get
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caught up with a loyalty to the banks
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and again don't get me wrong the person
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that you know at the bank that works
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there you know maybe you've known you
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know Jim at the bank for a long time and
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you love working with old Jim at the
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bank but again he just represents the
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bank okay and if that bank is not going
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to give you the terms and conditions
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that you're looking for with your lines
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of credit it may be time to look at a
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new bank or a different company to where
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you can get a line of credit that has
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the flexible terms and options that
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you're looking for and if you're looking
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to do a strategy like velocity banking
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we're looking again for those lines of
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credit
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that do offer balance transfers we want
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to be able to do that at least even even
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if it is just for a short window of time
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a lot of times with a new line of credit
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you can get if you find the right ones
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okay and then there's videos that we've
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talked about on this channel or talk
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about different lines of credit that
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that I've used that that are really good
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for velocity banking tour you can do
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these balance transfers you know many of
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these lines will offer a promotional
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rate of 0% for again 12 18 24 months
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when you start up the the line and then
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again once you've paid down the line
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you're taking care of the sign painted
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down nice and quick they will continue
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to make those transfer options available
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to you keeping that line in good
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standing so again you know call
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negotiate you can always go out there
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and shop for a new line of credit
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the third option would be to use a
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service that allows you to put the
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transaction on your credit card anyway
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so even though the credit card company
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itself is not gonna offer you a balance
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transfer check that you can use to do
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this there are still there's still us
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there's a service out there that you can
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use that will actually allow you to
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still make a loan payment and use your
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line of credit that service is called
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plastique and this is something we got
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some videos on this on the channel or if
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we don't we're gonna get some created to
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put on the channel because it's a really
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cool service that one of my students
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came across and because again they have
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the same kind of issue where their line
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of credit was not allowing them to do
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balance transfers and so but they had
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plenty of room there it was it was a
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fresh line of credit they just the
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company itself just didn't allow for
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transfers of their own so using the
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service plastique
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you're able to actually make your
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mortgage or a certain again not all
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mortgage companies accept this but some
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mortgage companies I gotta disclaim that
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some mortgage companies and some most
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loan companies accept payments from
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plastiques so how that works is you set
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up an account over at plastique and you
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put in your loan information and they
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will actually send a physical check or
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payment to your low company and then
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charge your credit card okay and they
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charge your credit card for the
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transaction amount okay so let's say
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your loan
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was you know 1500 bucks for your
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mortgage they would actually just run
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that as a regular transaction on your
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card so as if it was a purchase on your
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card now plastique now what's the fee
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okay
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plastique charges a 2.5% fee for any
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transfers okay so you see you got to
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factor that into your numbers but if
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you're gonna transfer let's say a
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$10,000 balance off of your mortgage
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loan onto a line of credit and let's say
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the line of credit has you know zero
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interest let's say or even or even an
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you know a moderate interest rate but at
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a two point two point five percent fee
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on 10 grand is 250 bucks okay so you
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know we're just running the math you
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have especially if you're on the front
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end of your loan front end of your
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mortgage you know that sort of $50 fee
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you know may still be worth paying to
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grab that chunk and bring it over to the
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line
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when you look at how much savings we can
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get on the on the back end there on that
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interest okay in the actual loan itself
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so plastique is a really cool service
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again I will put some links below again
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we're gonna create some content about
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that service you know we've done some
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research on it but it's a really cool
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service that does make the option of
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doing a balance transfer available on
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some lines of credit where they may not
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have a direct transfer option available
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to you so again we'll put links below
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this video with additional information
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guys if you if you found value in this
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training make sure to give it a like
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give it a comment below I will see you
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guys in the next training
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