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Pay Student Loans With Credit Card – How To Pay Your Mortgage Or Student Loan Payments With Your Credit Card | Velocity Banking Strategy


Pay Student Loans With Credit Card – Most Popular?

In this video, I’ll show you how to pay your mortgage, car or student loan payments with your credit card so you can do the velocity banking strategy.

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Translated titles:
Cómo pagar los pagos de su hipoteca o préstamo estudiantil con su tarjeta de crédito | Estrategia

So bezahlen Sie Ihre Hypotheken-oder Studentendarlehenszahlungen mit Ihrer Kreditkarte Velocity Bank

Comment payer votre prêt hypothécaire ou votre prêt étudiant avec votre carte de crédit | Strat

Como pagar sua hipoteca ou pagamentos de empréstimos de estudante com seu cartão de crédito | Est

कैसे अपने क्रेडिट कार्ड के साथ अपने बं

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  1. Melinda Wolf Miller
    July 24, 2021 at 12:39 am

    I have a bank credit card from the same bank I use for checking. I am able to balance transfer from credit card to checking using the online banking platform, thus allowing me to accomplish this same thing as writing a balance transfer check. There is a percentage fee for the balance transfer.

  2. Jocelyn McCrae
    July 24, 2021 at 12:39 am

    This is a great video. I love all the information given. I'm binge watching all the videos in the hopes of 1. Paying of all my debt in the next 6 months. 2. Paying off my parents home in 6 years. 🤞🏾🙏🏾🙌🏾

  3. Oscar Gossin
    July 24, 2021 at 12:39 am

    Good ideas thank you very much

  4. Sam Sung
    July 24, 2021 at 12:39 am

    I actually used a cash advance to settle my old debt with Discover. I owed them $1553 and was paying $65 month. I inquired about debt settlement options and the best one was a 1 time payment of $845. I only had $450 in the bank so I used the cash advance on my current card to reach the needed amount. By doing this my initial savings was $708 rather than continuing to pay $65 a month. Yes the savings go down with the cash advance fees but I still came out $500 ahead and I got the debt paid faster rather than waiting another 2 years to pay. After I paid my current credit card off, my credit score shot up 15points.

  5. Earl Balentine
    July 24, 2021 at 12:39 am

    I think the credit card checks fees might be the same or exceed the points or rewards of the credit card. I still don't see the gain. It would be nice if my mortgage company accepted my credit card payment, I would get rewards or points from them. A few days after using my credit card I would pay my credit card with the funds from my checking account that were already ear marked for the mortgage.

  6. Alexa
    July 24, 2021 at 12:39 am

    Great content as usual. Thank you!

  7. tiger
    July 24, 2021 at 12:39 am

    I have a quick question regarding paying off my loan early. I was making extra payments since the beginning of my auto loan. I was naive at that time and didn't know about the extra payment towards principal only is a better way. My next payment was due on Jan 2021, however I paid off loan recently by selecting payment towards principal only as I didn't have any regular payment due this month. After paying it off I still some balance for interest. My question is why am I still seeing interest to be paid. My understanding was once you paid off principal the interest should be gone.
    PS: keep up the good work:)

  8. Bob LaFountaine
    July 24, 2021 at 12:39 am

    I’m sorry for this dumb question Mike but once we pay the chunk to the mortgage company, do we pay back the line of credit by using another line of credit and then repeat this process?

  9. Bulldog FIT
    July 24, 2021 at 12:39 am

    Ok stupid question. Is it worth shopping around for a zero percent card or just paying extra each month. For example, if I got a cc with a 10,000 dollar limit at 0 % and put the entire 10k towards the mortgage each year. I figured it would cost me 833.33 a month to pay that off within a year. If I took the same 833.33 and just paid it monthly towards the mortgage the numbers are very similar in interest savings. This is based off of a 297,300 mortgage at 3% for 30 years. I guess what I’m asking is if I have the cash flow to throw at the mortgage each month what’s the benefit of using a credit card instead? Thanks for your time.

  10. kaitlinlcrs
    July 24, 2021 at 12:39 am

    Are you saying to use plastiq to pay my monthly mortgage and even with the 2.5% fee that comes with it is nothing compare to the interest from my mortgagee that incur every month?

  11. Denver Meintjies
    July 24, 2021 at 12:39 am

    Thank you Mike for the powerful educational sessions 're better financial management. Blessings. Denver from South Africa…

  12. Marilee Fields
    July 24, 2021 at 12:39 am

    Thank you so much for answering this question! I just ordered my convenience checks for the account I'm going to use🙂

  13. Brandon Barclow
    July 24, 2021 at 12:39 am

    Great content. Just found your channel, and I love the way that you make it simple. Would you say that a HELOC is the best "line" to try to get before going the credit card route?

  14. Dj YM
    July 24, 2021 at 12:39 am

    Mike I know I’m late to the party but it makes more since to me to allot the mortgage payment for instance to a checking instead of moving all the funds to your line of credit thereby avoiding different fees because it’s the same money. For instance, I have income of $5000, my mortgage is 1000. Instead of putting the entire 5000 on the credit line and paying from the credit line I could send 1000 automatically to my bank to pay the mortgage and send the other 4000 to my credit line and pay for other expenses since it’s technically the same money. Thoughts, pros cons???

  15. Beautiful Star
    July 24, 2021 at 12:39 am

    Mike sis would like to know ,,.can one use a credit line to clear up another credit line? Is plastiq best to use here?

  16. Beautiful Star
    July 24, 2021 at 12:39 am

    Mike I think the fee has gone up! Recheck that thx

  17. Mago Mago
    July 24, 2021 at 12:39 am

    Does Plastiq charge the 2.5% monthly or per transaction?

  18. Beautiful Star
    July 24, 2021 at 12:39 am

    Ur da best Mike !

  19. Beautiful Star
    July 24, 2021 at 12:39 am

    Mike where do I go to find plastiq (is there a number to call and tell them

  20. Rambo Kemp
    July 24, 2021 at 12:39 am

    I took out $181,000 for a 15-year mortgage with $1,239.10/month (2.875% interest). I also have a Discover card with approximately $22,000 balance (about $500/month); and a student loan with remaining balance of around $5,600 (I have been paying $316/month with 17 months to go).

    I have a cash flow of about $2,000/month and around $15,000 in savings. Now, I want to start velocity banking. To start, where is the best place for me to send that $15,000 to? Should I put that into mortgage as a first chunk, or pay down Discover, or payoff student loan?

    I am thinking about paying off student loan so I have something left for emergency fund during this pandemic and add that $316 to my cash flow so that I can send that $2,316 extra to mortgage. Is that a good move, or should I use that $15,000 to reduce my Discover card balance and use that LOC as an emergency fund?

  21. Subrata Shaw
    July 24, 2021 at 12:39 am

    Awesome !

  22. Deb G
    July 24, 2021 at 12:39 am

    How do we shop around for a personal line of credit? I just purchased a home

  23. Oscar Jimenez
    July 24, 2021 at 12:39 am

    Your videos are very helpful and I’m excited to move towards using Velocity banking strategy. I have about 10,000 on 5 credit cards that I’m debt snowballing, a 233,000 mortgage and 80,000 in student loan debt. I’ve decided to work on the house before tackling student loans based on increasing more cash flow but I’m wondering if I should pay off CC’s before working on the mortgage. Feel like this is obvious but what do you think?

  24. Keri / Bar and Bell Home Fitness
    July 24, 2021 at 12:39 am

    In addition to using Plastiq one could buy themselves GIFT CARDS with their credit card for everyday things they KNOW they will eventually use .. SAVING their cash to pay their mortgage. You need access to 2 (two) lines of credit – one must accept balance transfers.
    Example: Credit card A – I will purchase $800 of gift cards at Walmart. The credit card company sees the $800 transaction as a PURCHASE – NOT a cash advance! I'll also get 2% cash back for my $800 grocery "purchase." This saves my true cash for paying the mortgage.
    When I get home, I'll transfer that $800 Walmart "purchase" to my line of credit (Card B). I don't mind the balance transfer fee I have of 4% because remember, I got 2% cash back on my grocery "purchase" of $400. My LOC has 6 months ZERO interest or 12 / 18 months at 4%.
    Most stores have HUGE selections of gift cards you can buy.
    I've done this for YEARS as a way of saving money just for fun. Now, I intend to apply it to velocity banking.
    CAUTION: Treat gift cards like cash.

  25. the peace man King
    July 24, 2021 at 12:39 am

    You excellent sir I feel like I’m in school again but this is the best school I ever attended thanks

  26. Kitt Classic
    July 24, 2021 at 12:39 am

    Or go to the casino cashier. They can pull money out from the credit card as a chage.
    The casino will charge fee of 2- 3% for 6k.
    It will be a charge translation and their no cash advance fee from your credit card company. It will show as service charge on the monthly statement.

  27. NinjaPunch
    July 24, 2021 at 12:39 am

    Mike if you did a cash advance and transfered the entire balance, you don't pay interest on that balance because it gets paid completely off by the next bank

  28. NinjaPunch
    July 24, 2021 at 12:39 am

    I did a cash advance because plastiq refused process payment to myself or my mortgage broker. Recommend before you try this service read their faq on what's allowed. Was an absolute waste of time

  29. Robert Weekley
    July 24, 2021 at 12:39 am

    Most of the Balance Transfer Offers I have used, are 6-10 months, in Canada, and as low as 1.5% Fees, on a 0% offer, to as high as 2% Fees. But I have seen Offers at 2.5% to 3.0% Fees, and as short as 3 Months! I usually pick the best offer!

    I also once used a 36 Month Balance Transfer offer, with Zero Fees, but 3.95% running Interest! It still helped cut $400+ in Interest Costs, down to $60.00, both on a per month basis! (Over $20,000 in the Credit Card at normally 21.9%, down to 3.95%!

  30. Kelly Smith
    July 24, 2021 at 12:39 am

    Couldn't you just pay your cash flow and pay your mortgage from a regular account.

  31. Kaw Shin
    July 24, 2021 at 12:39 am

    So correct me if I'm wrong because this is a little confusing to me. I have to use a cc that has a zero balance to begin with right? That's how I get the line of credit? I have 1 cc that I always do balance transfers to and the limit is $14k. The balance right now is around $7k. I have a $170k mortgage and other cc bills that are around $$15k total.

    So I need to pay the 1 cc down to zero before I can begin the velocity banking strategy? I really want to start this soon and pay my mortgage off asap.

    My mortgage is $1200 month with 3.8% interest 30 yr

  32. Britt Britt
    July 24, 2021 at 12:39 am

    I'm not sure if you have done a video on this I couldn't find this one specifically but I am looking to start using velocity banking to pay off my student loans faster however my issue is that I have several small loans and I keep getting information from different business is that say I can chunk them into 1 loan and get a lesser interest rate but my issue is with all the scams that are out there I don't know which company would be the best for that so I don't know if you have any recommendations on what would be the best company to Contact so that I can consolidate all of my student loans into one big loan and go from there

  33. Charles Keyes SR
    July 24, 2021 at 12:39 am

    Just looked up NerdWallet, they list 5 credit cards with 0% interest from 15 to 21 months for balance transfers. And Melio is for a business to pay with a credit card. Great video.

  34. Lawrence Jones
    July 24, 2021 at 12:39 am

    I used to be able to buy visa gift cards with my CC and then buy money orders to deposit in the bank. Sadly that method has been stopped 💔

  35. Ro Vie
    July 24, 2021 at 12:39 am

    Thanks for the great content:) say I have a $6k credit limit, what would my chunk amount be?

  36. Cherish Adventure
    July 24, 2021 at 12:39 am

    Does plastic allow you to do a payment online, since checks are becoming a thing of the past. Most don't like to accept them since you can make payments online.

  37. Raymond Kizer
    July 24, 2021 at 12:39 am

    Or just have the funds deposited into your bank account which is what I do. I use my credit cards for everything I can get out of them. There is no loyalty.

  38. justjake87
    July 24, 2021 at 12:39 am

    Hey Mike! Love your content, watch all your videos! I started velocity banking this year and love seeing the progress already! I’m also in the Twin cities and would like to buy you lunch sometime!