What is Velocity Banking? Control Your Debt Before It Controls You!

[@psecdocumentary]

I've already figured out similar strategies on my own, but the term "velocity banking" is a new one for me. The way my mind phrases it, is simply: pay everything on your card, then pay your card using your checking account, and you'll stay out of trouble as long as you're not making tons of extra unnecessary purchases. Not to mention, if you have a card that has a dividends / rewards points type of system, you're actually making some extra money from the credit card company :) Its not a ton of extra money, maybe somewhere between $50 and $200 a year depending upon how much you're charging to the account. But even a little extra is still more than zero :)

[@lavailsegrest2362]

People understand she is helping people that's in distress. Yes it's an opportunity for failure, but she talking to adults who just got it HARD. Thanks my lady

[@iamOAKland]

And this works for people who aren’t in distress because it works!!!!

[@UninsuredCadillac]

Got it HARD. Translation: No self-control. Been there myself.

[@jinxminx55]

@@UninsuredCadillac people also get into debt because of things like medical bills.

[@UninsuredCadillac]

@@jinxminx55 I thought Obamacare was gonna fix all that.

[@allthingsnu4673]

This is very smart as long as the person using this plan doesn't increase their expenses.

[@Lindster2012]

@@-vickyspit- basically you are using the CC like a bank, the money is in and out of the CC, not a bank. It is an interesting concept, but I’m worried without discipline the person could get out of control. What this does do, is build and increase your credit in a positive way.

[@Mygraciously]

Thats why she stated you need to know your numbers in expenses. Set expenses.

[@VanntasticFinances]

Thank you

[@VanntasticFinances]

Excellently said. Thanks for watching!

[@VanntasticFinances]

Yes, throwing all of your money to cover the expenses plus your cash flow into the credit card makes the credit card pay off quickly. You should have zero balance in your checking account as long as you have debt. Your money should be working for you, not the bank. Your cash flow is in the line of credit. If you have an emergency or a need, the cash flow is in the line of credit if you are able to use it as needed. Does that make sense?

[@kobeland5925]

You just change the way i looked at my payments. This is so simple but soo genius. Just a matter of shifting my money flow. Amazing.

[@antheap4253]

20 years ago my friend used to do this and I didn’t understand why he would put his paycheck in his credit card. thanks for explaining.

[@t1259sw]

She's not joking when she said she wasn't a mathematician. Great video.

[@OG_WOLFNATION]

I’m surprised she doesn’t have a ring😳 As a young guy I appreciate a educated and attractive mature Woman 💯 God bless her and keep her safe

[@alphaomega6497]

Just found your channel, I wish I knew this 40 years ago, I have no debt and no mortgage now, but it could have saved my first marriage!! I’m giving all your videos thumbs up and sharing them with my kids and friends. You are doing a great service....thank you so much

[@VanntasticFinances]

Thank you! We all wish we had known decades ago.😞

[@thedaltongang5]

Me too!!! 🙌🙏🙌

[@EmilyAllan]

I respect that this creator wants to help people out. If you aren't good with credit cards and you are living above your income, this plan could be catastrophic for you. Be very careful. This method is trying to force yourself to be prudent and have self control all while making a deal with the devil (credit cards at the big banks).

[@22lanisha]

Well said, it can be a very slippery slope for the undisciplined. 😢

[@jay-rad98]

Absolutely, she's just doing a debt snowball playing with debt trying to save a few bucks. I'd definitely recommend a person who's bad with money doing this this way if at all to anyone. Create a budget, do a debt snowball. That's all she did. I'm 5 months you can have the furniture and misc cc bills cleared out, have $800 to throw at the next debt. It's exactly what she did playing with credit cards. Debt free other than the house. Trust me. There's nothing special about the Dave Ramsey program but it's sure as hell a lot simpler and works and won't put you in a worse place if you are bad with debt.

[@jay-rad98]

​@@mutteringmatt7611the deeper truth is you should do a debt snowball and not play with debt to pay off debt. If you're in the situation you need this you already suck with money. Budget and do a debt snowball.

[@spicyphilly]

I've been doing this for years and it works well for me. I also combine it with zero interest intro balance transfer credit cards to speed up the process, with the added bonus of increasing my available credit, reducing my debt to available credit ratio, and increases my credit score keeping me in "excellent" range up around 800. All on a low to moderate income because I've been a part time stay at home parent.

[@tyrahoytt7264]

Congrats! Inspiring!

[@mrnajee1]

Maybe you should be the one doing the video! Second video of hers that I've watched introducing this concept and it seems just as bad. She does not a good job teaching this. Is it just me?

[@scottkasper6378]

How do you pay someone, say a service provider like lawn care with the cc account if they don’t take a cc? Is there a way to send a check?

[@scottkasper6378]

@@mrnajee1I know what you mean, like when she refers to $4.75, what’s that now? But something about her makes me want to learn from her. I just pay more attention

[@avaraquel]

But can you pay all expenses on credit card or line of credit? What to do if you can’t? Do you leave some cash in checking? Can you do auto pay set up like you do with bank checking account now? If you are using a credit card to make payments, do they send you checks? Can you make cash withdrawals?So many questions…

[@susantidwell4728]

Why is this such a "hidden" concept? Especially in a world like today! Thank you so much. This is gonna be a life-changer!!

[@robertweekley5926]

It's not "Hidden", so much as you never heard it before, or figured it out! Why? People seem to "Hate Math" their whole life! Or, they let "Advisors" take care of their money!

[@danb8606]

Banks hate that people know this for sure. Talked to a few bankers myself. They don't want the masses to be shown this method to avoid interest.

[@tamishaboyd625]

You are a financial advisor from God himself may God protect you and thank you for caring. I saw one video" Can you save 69000...and you don't need to mama..." Im 47 and I felt like my mama was talking to me. Elite group love it.

[@roin1564]

Another perk of using CC is the reward points being accumulated for using it. You can use them for myriad of things such as gift cards or turn them into air miles.

[@jay-rad98]

Yeah cause that's how millionaires made it!

[@Godblessed2]

It’s been proven that credit cards encourage overspending. Those points are worthless as a strategy if one is over spending. Spend 1,000 to get 10 dollars in points is stupid. That being said - we put all of our expenses on one card that have to be paid and use the points- but we NEVER not pay the balance. Never carry interest

[@prosperity0119]

2024 is my year to eliminate debt and I will try this strategy for sure 🤩

[@1984watchr]

This is a beautiful description of getting out of debt, as long as you know how to control your monthly spending on a credit card, so your monthly expenses don't exceed your income. I think that's the trouble most people have is not knowing how to budget unless they see the numbers disappearing out of a bank account.

[@VanntasticFinances]

Cannot be a frivolous spender! Thanks for watching

[@nunya257]

That is definitely my problem!

[@lamonthamilton667]

HAVING a Budget and working the Budget is KING.

[@lamonthamilton667]

Christy Van and Dave Ramsey are Right! its Possible to control your finiaces But you!! the person Need to have Disciplice to Accomlish this Objective on your own. Good Advice is just that but have to show the sense to do it.

[@TheJudgeJuryExecutioner]

I love velocity banking but it’s important to include all the information and variables. One being that you cannot use a CC to make payments on another CC unless you use a money moving app. And even then youll be subject to a 3% transfer fee. The 3% is marginal but it needs to be accounted for.

[@pascalenator]

What's a money moving app?

[@erikamcneal4402]

She stated that the money can be transferred between their ✔️ account and credit card. So they can easily still pay their credit cards at no additional cost

[@desmondazinue2592]

Hey man, I think I’m still little confused with the concept of this velocity, maybe missing some basics when it comes to finances here in the states cause I recently moved in from another country and would be permanent. Any recommendations on where I can start as a base off. If anyone got some suggestions too I’d highly appreciate it. Thanks

[@TheJudgeJuryExecutioner]

@@pascalenator cash app paypal etc.

[@TheJudgeJuryExecutioner]

@@erikamcneal4402 I cant move money from my credit cards like that. And I have all of them you name it amex discover. They dont let you transfer money without a fee. Thats called a cash advance.

[@RhodaBookkeepingLLC]

This is such a great plan. And once the credit card is paid off, use the same idea with your mortgage. However, this is dependent upon keeping your job. So to cover that, it’s best to have at least 3 months of minimum credit card payments saved up in your bank if needed during unemployment time.

[@offthewallentertain]

This video is helpful and seems to be a great idea if you have discipline. The one thing I may add or I'm confused on is credit cards don't use SIMPLE interest, they use compounding interest, which is typically why it takes so long to pay them off.

[@naturalseven5841]

Now you have taught me something worth knowing, and you did it for free. I look foreword to seeing how much more you can teach me in you training. Thank you.

[@StreetCreditJuJu]

Ill like to add a variable you may be overlooking. You usually get charged interested based on the amount of "remaining balance" you havent paid from the previous cycle. so if someone does add their 6300 income to a 10000 balance theyll actually only get charged interest on $3700 for that month, not the ending balance of that month.. which makes your strategy more helpful then you're displaying here

[@kehlinswain7520]

Yes I was going to add that I am charged interest at the end of the month on my final balance

[@zunairfayaz]

lower the balance just before the billing cycle

[@benholdin]

@@mrcbuilds you’re not spending it in two days..you spend it over the course of the month

[@happy.homestead]

@@benholdin Exactly right. You pay your other bills with your card when they're due. Doing it this way, reduces your actual monthly payment to the credit card, so it's a twofer. You reduce your balance and that reduces the payment due, which you will actually keep the same as when you started, thereby paying the debt off even quicker.

[@ltm28]

Yeah but she is building credit

[@wendydvb757]

Love to see a side by side comparison: snowball VS velocity banking. See which costs less, gets paid off soonest.

[@rockjockchick]

That would be a great video

[@josephbenge8707]

Snow ball is better. If you have a financial breakdown, your plan goes out the door. Whether it's a credit card or checking account it's still a banking institution. This just seems too complicated not to have issues. Kiss principal works best. Take any extra and apply to lowest debt.

[@jessebounting6383]

I noticed you didn't add the credit card intr😢est back onto the sample I think it wouldn't pay off near as fast as your sample shows and there is several other factors on play here. As some have said most loans can't be paid with a credit card. But it would be interesting to see if it actually worked

[@05sharris]

I love your videos I just came across them one night when I was stressing about finding another job to clean up my credit card. I was praying watching videos on KZbin and you pop up and I have watched .subscribe and I’m all the way tuned in..thank you so much for all you do…

[@Mygraciously]

It really works! I'm on my 5th month and make sure you stick to the food/restaurant budget you have in expenses! I leave cash in my checking only for the rent and two credit cards. My credit card get $25. Credit each month which is the rewards for paying my utility bills through the credit card. Everything I set up in the credit card that is giving me great credit rewards directly. Its really easy once you stick to your budget and send all the income less rent & cc payments.

[@dwaynemartin362]

GOSH the lights bulb came on 100%%%% Thank you.

[@VanntasticFinances]

Thank you for watching!

[@ericgilliland6140]

It's great you're helping our military members. I wish someone would have shown me this in 2006 when I joined the service. Velocity banking and Infinite Banking probably wasn't around back then. If it was it wasn't taught like it is today with channels like yours.

[@VanntasticFinances]

Unfortunately, the concept wasn’t shared much back then. I really think it’s been considered a strategy only for the wealthy, but then again…had every American been made aware, we would have many more wealthy Americans out there. Right? Thank you so much for your service! Very, VERY thankful to all of our servicemen and women. Thanks for watching!

[@edspencer7121]

I like to use credit cards because the points earned are much more than any interest earned on any savings/checking account. But I pay those cards off at the end of the month.

[@johnaimon2969]

Your example is all well and good except for one small thing: my debt, for example, is all credit cards and personal loans. Credit card companies won't allow payments using another credit card and the personal loan companies only provide the option of linking payments to a checking account. How do you overcome that one?

[@imawake5176]

That’s me as well….so I’m strategizing on how to use velocity excluding the loan and mortgage debt. I’m thinking just as she subtracted the rent, etc. place the amount rotation that can be paid via the credit cards. It’s a slower process but I’m sure it will still work?!

[@lancelie4851]

@@imawake5176 Look into a HELOC from your bank if you own a home. Same concept.

[@mygoodlife204]

You transfer funds out of the credit card in time for the debit order coming off your checking account

[@paullightfoot9028]

Your Heart Is In the Right Place and Thank You for sharing your Time and the Expertise you have developed with Velocity Banking.

[@kellyyork3898]

Thanks for this video. Just be aware that some credit cards have long delays between the time you pay and the time the payment actually posts…even up to 7 plus days. Also, some places will not allow you to use a credit card to make payments; they insist the payment come from your checking or savings account. And if you need cash, it often costs extra to get cash from a credit card at an ATM. I know people who have made large payments to a credit card and then had their maximum amount they can charge cut in half…this happened during 2008-09 with many credit card companies during the recession.

[@DavidNewmon]

Don't place all of your income into the credit card. Keep some cash, for the mortgage or rent or play money. The principals still work out as a benefit. The problem is you have to budget carefully to ensure you don't over spend now. If you can do the mental gymnastics it can work out for you.

[@Maurice181]

AMEX is notorious for taking forever to credit payments to your account.

[@anythinggoes8866]

If you’re in debt you don’t need any play money lol

[@oroxlaw1493]

Also if you keep your credit card maxed out, won't your credit score drop?

[@Maurice181]

@@oroxlaw1493 The idea is to pay off your full balance every month, so you don't get charged interest.

[@BigDaddyDru]

I started doing velocity banking without realizing that’s what it was. I have paid off a few thousand in debt so far, and if I keep going I’ll have most of it paid off by the end of this year. This video was helpful to see the numbers in work and for details. Thank you!

[@zeebest1004]

I had $700 in my savings account and instead paid off my $700 credit limit. My Credit score jumped from piss-poor to 700!

[@ApartmentKing66]

Care to define "piss-poor?" An actual number would be much more helpful. What was it before you paid off the $700?

[@Sisa-dn5fp]

Thank you so much for sharing this, this is the financial literacy that I should have had 30 year ago. My life has been changed. I appreciate the simplicity in your explanation.

[@bosstime2010]

This only works for expenses that don’t get charged a fee for paying. A lot of expenses are precluded such as mortgage, auto loans and even utilities.

[@nicolewilkinson1941]

Thank you so much for helping us out. Wish I had this knowledge 20 years ago. God bless you!

[@VanntasticFinances]

Thank you so much for the kind words and her watching!

[@stevecarter8810]

Assuming you have stinking debt on your credit card this is great advice. Once your heavy debt is cleared, it no longer makes sense to keep a credit card debt.

[@FrancesRyan-b2p]

It will be much better if a lot of people focus their money more on investment instead of focusing more on getting a pay Job that offers a higher pay and have more raise in tax and other bills, the world as we see today has more opportunities in earnings than it was before now we’ve got a lot more easier opportunity to trade on stock, crypto, forex and a lot more. Then why limit yourself to earning little and struggle to pay bills when you can be your own boss

[@ArielVontin]

I started paying more attention to stock and learning more about online trades

[@MarcosAlonso-wx8uw]

Trading became interesting when I met Shanita online and she gradually exposed me to the whole trade market and how to earn massively from it

[@JacolienVos]

Meeting with someone genuinely good at the financial market was a break through for me

[@DeborahPearson-ng2cs]

A common mistake we newbies make is venturing into the market without help and legit guidance

[@SandraPatterson-di6xh]

@JuergenWoehlert I invested $10,100 with her and she made profit of $53,000 for me just in 5days

[@jtnoodle]

This concept was difficult at first to understand because we're all taught early on to just throw something the credit card then pay it later, if you can. And so it begins. They have trained us to work for the money rather than the other way around. This makes sense. Thanks.

[@lethy81]

I am so happy I found your videos! I wish I would known this long ago, but I am extremely grateful for finding it now.

[@VanntasticFinances]

Thank you so much ☺️

[@eslcindy]

Thank you so much for your help. I started today and I am even MORE HOPEFUL about my financial future. May Lord God continue to bless you and your family!!

[@sarita5572]

Just started this concept today! I'm so excited about my finances now. Thank you so much for this info. I'll keep you updated on my progress.

[@johnayers2226]

So how’s it going one year later?

[@sarita5572]

​​@@johnayers2226It's going awesome! 8 cards paid off! And all were maxed out for years. Even with minimum payment they hardly budged. They are paid off and credit is doing good!

[@Extinction.of.Innocense]

Anotherwords, deposit what you can pay with a CC + a little extra. 4 things happen Avg daily goes down Balance goes down, score improves Plus, points and/or cash back Pay off sooner

[@jonruffin1234]

You need to add the interest to the balance

[@chrismitchell6478]

I call this the revolving door method, I have done it myself in the past, and it works. The only issue is if you aren't a credit card person than you screw yourself over. The reason why it does it it makes you feel like you achieved something and all you did was allow for a larger amount of spending. Do the method, it works, but be mindful about it.

[@markguilbeau]

For the visual learner, it would be nice to have an Excel spreadsheet you can input the numbers and see how quickly things progress.

[@VanntasticFinances]

I’m working on that. Thanks for watching!

[@VanntasticFinances]

@@leahrabeauxvezinat8871 😊 Bless you. Thanks for watching!

[@amg9163]

As I'm watching this video and simultaneously having my mind blown and then second guessing my understanding, my first thought was for me to put it into Excel so I could understand it better. 😆

[@markguilbeau]

@@amg9163 I have now put it in a excel spreadsheet. I pretend that I can enter my info or someone else’s who is interested. I like it because it does the math for you.

[@markguilbeau]

im on my second month doing this process. I also started a side hustle and put all of that on the credit card too. I feel so good.

[@wykelized]

Vanntastic is giving the people the financial education our schools never did.

[@SavedbytheCents]

Why though? How does this save you money if you can't pay most of your bills with credit cards? I would also look at videos that address some of the major issues with velocity banking, such as when you get paid, % of accounts you can pay with credit cards, etc.

[@judalea17]

not sure if I've posted this on a previous video of yours that I watched, but I had a 3yr car loan, that I chose to pay weekly instead of monthly (approx. $55/w rather than $200/m), simply because I felt it was easier for me to have $55 in the account on a given weekday rather than ensuring there was $200 on a specific day of the month (because the bank loves bouncing payments/adding overdrawn charges). I paid the loan out 3 months earlier, and because I'd become used to not having that $55 each week I put it in an account (which has $1600 in it since December). Mind, I've managed to have significant savings only in the last couple of years, and while there's likely other strategies I could use to increase the return, I have at the moment between $4000-5000 if I need it. I doubt this style of banking is something I need to utilise, but it is enlightening and mind-blowing, and something to keep in mind for the future, or to recommend to others. I have in the past had problems with high credit card debt, and I do have one left that hopefully I can eliminate with this year's tax return.

[@motherof3pearls]

It's just starting to make sense to me, and this is wonderful! So, are you! Thank you for caring about us worker bees! 🐝🐝🙏❤️🥰

[@PromotingJesus]

Thank you for showing me this, God bless you! You are a great teacher ❤

[@jerrylundegaard2592]

Actually, God knows better than to fall for the velocity banking gimmick.

[@organicliving4211]

I’m going to try this!!! I’ll save this link and come back in 2-3mos and give an update! I have around 5k in CC debt to pay off so we’ll see how it goes. This all makes perfect sense though!

[@miamilifestylerealestate]

And how do you pay for expenses that don’t allow you to pay with your creditcard? If that’s the case than your velocity banking is not working and the whole story goes out the window. Great advise 🎉

[@Extinction.of.Innocense]

Concentrate on the concept

[@billj5195]

If one uses the cash advance of a credit card ,send it to your checking and then pay the other CC bills there.

[@possumdelight]

Don't you know how much extra you pay for a cash advance on a credit card? This is dumb😂😂😂

[@billj5195]

3% or join a credit union

[@1960fl]

This requires more discipline that most Americans do not have, this only works on STRICT expense management. This also does not account for emergency expenses like "New Tires" a "Dead Battery" etc. it is a great concept but it requires discipline.

[@charrisgs400]

Thank you for the lessons you put out and the very simple, yet detailed, way you explain things.

[@ckim4956]

Just discovered you and started binge watching. You are super duper and the fact you said you have no degrees is amazing. Eye opener that you can do velocity banking with credit cards. Iam both Happy and sad that we couldn't figure this out sooner. There is so much to learn. We all appreciate you so much and the fact that you are explaining in basic English is what draws me to your channel 😊

[@Cruzan9]

I can honestly say I have never heard of velocity banking until I started watching your videos a few days ago. It seems like a pretty interesting approach. I only have one credit card and it has a low balance (4 figures). I think I'll have to work in parts for lack of a better word before I get to the point where my credit card balance balance increases, as you were explaining in another video, before I could completely transfer all my paycheck into the credit card. I really do like this approach, but there's some cleaning up I need to do before it could actually work the way it's intended. I am not in the best situation and even though things have started to get better, I think this approach me help a great deal and a bit quicker. I hope it's okay to reach out if I find myself in a rut and need some assistance. Thanks so much for sharing this approach.

[@Cookiexyum]

I have one low balance card too but I think this could work. Balance should just shrink faster in theory

[@jay-rad98]

Create a budget, do the debt snowball. That's all she's doing while playing with debt. It's been way over complicated lol

[@aniciasagmit7918]

L

[@MyFavouriteStation]

Fantastic! Been sharing your videos with friends. One thing this doesn't quite take into account is bills that cannot go on credit cards, as many of my main ones can't. But the idea is clear, and could probably just as easily work with 1/2 of my bills :) thank you!

[@sandycheeks1580]

There’s a company called Plastique or something like that. It allows you to pay your mortgage on credit then pay them with your checking account.

[@lancelie4851]

You can use the same concept with a HELOC ( home equity line of credit)

[@MyMusiclover28]

I have a credit card from the same bank where I keep my checking account. They’re linked and I have overdraft protection from that card as well. If I need cash I can transfer money from the credit card to my checking account instantly (with a small fee) or I can pay my bills from my checking account and the bank will automatically transfer money from my credit card to cover any payments made from my checking account with NO fee at all.

[@thethoughtfield]

12:27 wow right there yo go and pay off your furniture expense with the available credit and now you have 57 dll less expenses, or pay off 3/4 of the misc CCs and get rid of about 150 dlls from expenses, I think i'm geting it, thanks

[@vincentortega4284]

Hi Christy, This is new to me I have never heard this before, thank you for your detailed explanation. Also, thanks for sharing your wisdom and knowledge about basic finances, I believe many do not want to educate the consumers, and just let them spend money. Thanks

[@kaylaschregardus4062]

This makes so much sense now that you explained "what" velocity banking is!

[@user-hz7kv6js6l]

I am glad I found your video's. I have never heard of velocity banking before. I have 2 credit cards with about $3k balance each. One card Capital One interest rate is 27%. I have a good credit score in the 700's I get credit offers all the time. I am retired on social security. I'm going to try this method on my high interest card starting with my next check. My only concern is with the economy the way it is right now that if I were to put most of my income towards the one card and then the credit card company decides to decrease my spending limit. I have heard of spending limits being reduced. I don't see that happening to me because my credit score is good. But anything can happen these days.

[@DeltaWye57]

I don't do a math very well and sometimes I have a hard time Understanding things. So sometimes it's hard for me to explain to my wife How we could do things. But this video just absolutely blew my mind!!! 💣💥💥💥 I'm telling my wife as soon as she gets up taking her nap

[@VanntasticFinances]

You can do it!

[@stanbrouard4615]

So glad to have found you and your channel. I started to do seminars (in the 80s) on how to use an amortization schedule to accelerate a mortgage payoff. These concepts are so simple to understand but the financial services industry has done an outstanding job on making things appear so complicated that the average person doesn't have a chance. People give up before even Trying to understand. Our generation has really done a disservice to future generations, while profiting insanely from the people's ignorance.

[@Dmz947]

This makes sense to me and I will use my ploc to achieve debt reduction

[@BobHarvey.]

I hope I can convince my wife to get on board with this velocity banking. Thank you for having a channel to teach us this great debt elimination strategy.

[@mrcbuilds]

Bob reduce your expences and pay off your debt. Theres no magic to finances. Just spend less than you earn.

[@VanntasticFinances]

It is a beautiful strategy. Thanks for watching.

[@sarita5572]

I thought my husband was going to look at me like I was crazy when I shared this with him. Once he watched a few videos he was just as excited as I was. I hope she accepted it and gives it a shot. We just started a week ago and already see a HUGE difference and the weight is lifted off our shoulders. Pretty amazing info!

[@SavedbytheCents]

Why though? How does this save you money if you can't pay most of your bills with credit cards?

[@JimmyT1789]

That’s a very elaborate way of putting your cash flow into the debt.

[@MrMadCityFunk23]

Great video. Your explanation of velocity banking is super!!! Thank you!!!

[@VanntasticFinances]

You’re welcome! Thank you for watching! ❤️

[@mikemincey5998]

Who is this angel and why am I just now finding her videos? This is amazing information!

[@beckyshell4649]

I think the only potential problem would be if a person starts spending more because they feel they can now afford it. I think this strategy along with a good belt-tightening budget would work best.

[@mygoodlife204]

Yes! you have to be disciplined

[@2thesea541]

Great ! now I know what Velocity Banking means. Thanks well said ,I will pass this on to others.

[@CacheCropp]

You get the same basic result if you pay all your cash flow ($522) + $228 min payment to your credit card each month using your regular checking account. Yes your credit card interest charge for each month will be slightly less, $50-75 because your avg card balance is lowered, but nothing amazing. The hard part is budgeting your money and having the discipline to commit all of your spare cash to paying the card down, rather than buying stuff you don’t need.

[@switchblade_jim]

Great point. I think the part that’s not mentioned is that the cash flow ($522) plus the CC payment ($228) account for the $750 difference each month.

[@gunners2583]

It bugs me that the number of comments I had to scroll through to find someone else that understood this. It also assumes you can make your biggest expense rent/mortgage payment with a credit and not get charged a fee

[@cris2navarro]

One risk is also what if your Credit Card Company decreases your credit line, then you will not be able to use it to pay the other bills 😂.

[@KrystalessR]

Yes, her math here does assume that you can put 100% of your income to that CC. However, you can simply minus whatever expenses you can't pay with a CC and just use that left over amount of money to do the same thing. So say, from this expenses list, that you can't pay your cars with a CC, that's $819 removed from the $6,300. You can still effectively decrease your CC interest costs per day by just managing whatever you have to pay without using the CC and still bringing down that CC balance each time you get paid. For me, it works especially well with a 0% interest transfer CC. So, I am only charged interest on my new charges, not the balances I had transferred from previous cards. I can't pay my mortgage, insurance, utilities or vehicle with a CC so I subtract that from my income and set it aside in my savings account until I need to pay them (for me savings makes more interest than checking). Then I put every other dime I have into the CC and only spend from there. It isn't a huge amount of savings just small bits of interest, but works better than just paying your minimum CC payment monthly. You still have to budget, no doubt, you can't ever get away with not doing that... but, again, the little bits of interest saved help to get that card balance down faster. (That is if your CC builds up interest daily and not just monthly, I made sure to get one that was accrued daily.)

[@fldreams]

That's what I am thinking too!! I had to watch three videos to see if I was missing something!!

[@Leenailsalon]

Ok , now it makes sense- the deposit satisfies the card payment for that month, that’s where I was getting confused , great video.

[@MsHoneyFly11]

This idea only works if you have a credit card with a checking account/line of credit. What if you don’t have that?

[@tair5928]

Makes so much sense 🤯 It’s like you are speaking to me!!! Mind blown! Thank you for your Chanel!!!❤🥰

[@ridgehilljillie9429]

A Plus to this is the Cash Back on the CCs. But, that doesn't outweigh the Minus of the fees that companies are adding on for the "convenience" of taking the card (even though this is against most card companies' policies).

[@benengle9621]

When maximizing your rewards, you separate the places you can use a credit card like cash (and that's the income you pay to the card) from the bills that charge "convenience" fees and those are the bills that you hold back the money in your checking to pay that way.

[@sandycheeks1580]

🎉This is life saving!!! I’m literally too tired 🥱 & burnt 🥵 out to work a second job or side hustle!!!

[@towncar008]

VERY VERY SMART THINKING !!💪💪💪THANK YOU SO MUCH!!!♥♥♥ I AM PAYING THIS FORWARD I though this would be illegal to do this kind of stuff BUT NOW I SEE IT IS NOT 💪💪💪 Passing to my TO ALL I KNOW!!! KEEP UP THE GREAT WORK!!💞💞💞

[@passwatersadventures7126]

VANNtastic, I think your videos are great and helpful, but I was told at NFCU that I can't pay on our truck loan with a credit card. They actually stated that I can't pay any loan with a credit card. I looked it up online and got the same response, that you can't make loan payments with a credit card. The video is still helpful with all of my other expenses, but would you mind addressing that because it seems you do include loan payments to be made with a credit card.

[@douglasblum309]

Open a line of credit and use the same concept. I do the same thing with my $25k line of credit.

[@jamesborst8155]

The only lines of credit that come up when I search for them online is HELOCs, is this what you use?

[@salemdesigns65]

@@jamesborst8155 HELOC is a home equity line of credit (If you didn't already know that). However, many banks, credit unions provide LOC - a simple line of credit that's not tied to your home. I have a $3000 LOC thru my credit union and my rate is 8%.

[@MarkChandler-fb1fm]

If you have a line of credit, they actually have checks you can send.

[@mls3555]

I would imagine you could just leave your mortgage payment on auto draft to your main checking & then set a calendar reminder to transfer $ from your HELOC or LOC into checking to cover it?? Or your car payment etc.

[@andrewemery7459]

Nice video. Vantastic was a name i made up in 1976 for my future van. Im glad the name kept living on.

[@ThriftyPharmD]

But you can't put the whole $6300 in the USAA card because you can't pay other ccs (or car loans or mortgages) with a cc. So they technically would have to keep that much in the bank to cover those payments and the other expenses would come out of the cc and your cash flow would go into the card.

[@adammayfield2089]

You could balance transfer which is essentially the same thing

[@richardhy6931]

USAA & NFCU are Credit Unions, not cc companies like MC or VISA. You can use Checks for these accounts to pay your bills rather than just a card or use the card as a Debit Card same as a bank. Any Credit Union account will work like this.

[@richardhy6931]

@@adammayfield2089 Balance Transfers associated with standard credit cards incur added fees that you don’t pay with a Credit Union Line of Credit. Credit Unions also allow Direct Deposit like a bank.

[@mrcbuilds]

​@@adammayfield2089 transfers incure fees

[@jessicasmith9599]

@angela dj this is exactly the thought I was having

[@dejaerules]

you're a genius. just found you today and i love your plain language, easy logic. i'm can do thiiiiissssss!!!!!!

[@VanntasticFinances]

You can do it!! Thank you for watching!

[@lovemoves3312]

This is amazingly simple. This is life changing!!! 😳🌟🌟🌟🌟 woooow 💎

[@VanntasticFinances]

God bless you and thanks for watching!

[@simoneware9530]

I just want to say thank you! This is an education everyone needs.

[@sustainablelife1st]

you can't pay mortgages, car payments, boat payments, other credid cards (unles with a BT), etc with credit cards. So that portion has to stay in checking. would not work in this scenario.

[@Mygraciously]

My rewards per month is $ 25.00 every month because I pay everything except the cc payment. I pay cc payments cash out of checking.

[@joelpeterson8424]

I have so many auto-pay transactions set with my checking account for convenience, which I cannot set up with the credit account. I'd have to pay them directly on time, which can be tough when I'm so busy.

[@theeminitrader]

OMG, I never heard of this( I know i have been under a rock, haha) this is fantastic! I'm going to teach this to my kids, no no better i'm going to send them to your channel. Thank you so much for the information, keep the videos coming because i'm just getting started 🙂

[@VanntasticFinances]

Thank you for watching! Keep learning! I’m doing a LIVE tonight at 9 pm EST. Join us!

[@jay-rad98]

Nooooooooo. This is awful advice. Learn the debt snowball instead. Don't play with debt to pay off debt and tell yourself you are winning.

[@petrabutler3315]

This is soooo crazy!! Wish i would have known about this ages ago!!! I am gonna try it and see how fast i can pay off my cc...doesnt have that high of a balance...and only does cause i am trying to bump up my credit score! I bet this will help it bunched!!

[@StaceyWilkerson-v3q]

I love this strategy and am excited to get started. I'm struggling to understand how to make this work when my income comes in throughout the month in about 4 installments. Do I just work with the first half of the month and then the second half of the month, making two deposits into my credit card? Thanks for sharing!

[@VanntasticFinances]

Yes. As soon as you get paid, transfer into LOC. You are killing interest with every income transfer. I am so glad you are excited! It is exciting!

[@firemanprice]

@@VanntasticFinances You rock

[@WendellPerkins-v4n]

This should be tautgh in school. You Have done wonderful job explaing it. You have already changed view on finances. thank you.

[@VanntasticFinances]

I agree…and thank you so much!

[@jermaineallen5026]

So grateful that I just found your channel a few weeks ago. I live in Canada and I’m hoping to start implementing some of what you teach. Hopefully it will work the same way…I will let you know. God bless you 🙏🏽 keep changing lives ❤

[@MargaretRoz]

When you pay through a line it’s revolving vs when you pay on a cc or loan it’s gone. If you need to use the cash it’s always available in a revolving line.

[@Lindster2012]

Vann, this is a new concept for me, so thank you for your patience; would this be most valuable on a rewards card (like one with miles for flights and stuff?) and also, my main concern is my student loan debt, which I cannot use in this manner. Do you have any tips for handling student loan debt? Especially if the payments make me broke if coming out of my bank every month?

[@rockjockchick]

Yes do it on ones that have cash back or rewards if possible.

[@burlmapleleafs]

Thank you. I've watched cpl videos. I'm learning what your teaching. I just claimed bankruptcy. But when it's over I'll have a better understanding about finance. Lv from Toronto Ontario

[@stephanparis6887]

This works well on paper if you have self-control. Most people get into debt in the first place because they have no self-control and have no idea how they got that 10K CC debt in the first place.

[@VanntasticFinances]

That’s why we’re learning and adulting now. No judgments please. Thank you

[@kashfortheking]

@@VanntasticFinances you really have to have that part of the conversation in order to find a cure for it. I thought it was a great video.

[@benengle9621]

This is a skill you're in the process of developing. You'll have it down as easy as breathing once you've been practicing for 5 years as opposed to your first month when you'll probably make mistakes. Write out your rules on how this is done and refer to that list often at the start

[@VanntasticFinances]

Excellent answer!

[@jaimerichard729]

What about paying other credit cards? Since other cc payments are also expenses, how do you pay them since everything is getting paid from a cc? Wouldn’t they charge transfer balance fees to pay one cc from another one?

[@VanntasticFinances]

Hello! Yes…I have other videos explaining that. If you have other questions, you can email me at [e-mail]. Thanks for watching!

[@Mygraciously]

Balance transfer fee is one time fee you pay for that one time transfer.

[@tyrahoytt7264]

Just founded this channel, interesting concept. I will be back. Thank you!

[@redmatrix]

I just found your channel as a recommendation by YT. This is my 2nd video of yours. I like your teaching style as you cut out the fluff! I had a thought about using this with a credit card that has rewards or cash back. I think putting your money in the CC and paying off (certain) things will generate some good dividends, if-you-will. Am I correct in assuming this?

[@Jancan20]

I have been doing it for years didnt know it was called velocity banking or understood how the math worked !

[@elaineedwards3948]

I am enjoying your videos but I have a question. What if paying utilities from your credit card results in you being charged a fee as opposed to paying it from your checking account?

[@VanntasticFinances]

Hi Elaine and thanks for watching! I do know that here in my city, the utility bill does charge a 2.5% fee to charge on a credit card. I do not use my credit card for the water bill. I hope that answers your question. I try to avoid all fees possible, as you should as well. Thank you again for contacting me and have a great day!

[@susana145tobe]

This is wild. Never heard of it. Let me wrap my head around it.

[@AndrewLobacz]

the interest being smaller only works if your paying your bills throughout the month, instead at one time, say on the first of the month. keeping on top of the bills through the month.

[@TopVillain]

I transfer my budgeted items to my credit card gasoline utilities and my food budget for the month. These items fluctuate. The game is to lower the amount of gas you use lower your utilities and lower your grocery bills. That way more more will stay on my Credit card. Do this until it’s paid off.