29 Replies to “Velocity Banking With a Credit Card”

  1. What if the debt that I have has super super low, close to nothing interest. Should I still use the velocity banking strategy?? Would it make any sense?

  2. Its great that you use actual numbers. All of the other channels us the "average" 60k income with a 200K home. Can you explain how to utilize this method on a biweekly pay schedule?Thanks

  3. When using the CC to attack your debt what about house utilities that do not use CC to pay? Heating bill and electric bills for us do not allow CC payment. From what I assume…. keep what pulls only from your debit/checking like our house utilities and mortgage and the remainder throw towards a CC to bring down balance? No videos I’ve seen discuss that hoop

  4. Dude… Do you actually believe what you are telling people? Or are you knowingly BSing them?

    In school, teachers always required to "show your work". Where is yours? You show numbers at the beginning. And then you show numbers at the end. But you don't show how you got to them.

    Here, let me do the work you didn't show.

    *In my example, we'll use a credit card with 0% interest(as I had thought you originally suggested) which will be paid off Quicker than one With interest, so you can't confuse people with "paying down the balance reduces interest, which pays down the card quicker".

    CC Month 1:
    10,900 – 1,875(in) = 9,025 + 1,385(out) = 10,410 balance reduced by 490

    CC Month 2:
    10,410 – 1,875(in) = 8,535 + 1,385(out) = 9,920 Balance reduced by 490

    CC Month 3:
    9,920 – 1,875(in) = 8,045 + 1,385(out) = 9,430 Balance reduced by 490

    CC Month 4:
    9,430 – 1,875 = 7,555(in) + 1,385(out) = 8,940 Balance reduced by 490

    Are we seeing the pattern here? Putting the extra $1,385 in, each month, is pointless.
    It's just a BS tactic, to make it seem like you're throwing around more money, but you're still only putting 490 into your credit card each month.

    Pro Tip:
    Cut up your credit cards.
    You're in debt for a reason.
    Overspending.
    Stop over spending.
    Stop going out to dinner, stop going out drinking, stop buying new clothes and new shoes, stop buying your kids everything they want.
    If your car runs, you don't need a new one.
    If your apartment or house keeps you safe a warm, you don't need a new one.
    Stop spending excess money and start putting everything extra into paying down your credit card.
    Get out of debt and Stay Out Of Debt.
    Debt is not necessary.

  5. This is my scenario I currently bring in about $2,084 and my expanses are roughly $1,460. Cash flow of 624. I have two other expenses one is health insurance that I'm not sure what how much it will be at right now, the other expense I would want to use a credit card that I'm thinking about acquiring and my reasoning for reaching out to you. I want to get a loan from my brother $20,000. I want to take that money and apply for a secured card, I take ten thousand off the card and give it back to my brother. I apply the velocity banking system to pay off the ten thousand and the second expense that I mentioned earlier and I estimate that expense to be no more than fifteen hundred. Once I pay both of them off, from my research if I upgrade or close the account they'll refund me $20,00 I pay my brother the other ten thousand and now I have ten thousand cash plus credit. Do you have any suggestions for me?

  6. Found out today I can pay my car note with cc, but I have to find out how much I will owe after I file a unfiled tax return, once I find that out I'll start the process. I might try to get a ploc first though. Gonna revisit that video. Inova fcu 12.99%. Gonna check NASA fcu later.

  7. How do you conclude that the debt of $10,900 will be paid off in 5-9 months?? This person's cash flow is only $490 per month. So, if you divide $10,900 / $490= 22.24. So with a $490 cash flow per month, it will take 22 months to pay off $10,900. Even with this person's best cash flow of $800 per month, it would still take 13 months to pay off $10,900. $10,900/ $800= 13.65… How are you concluding it will take 5-9 months? My math says otherwise.

  8. I want to start this process in January cause I seriously need to kill some debt this year really fast cause I am panicking due to my cash flow situation. I will fill out the form within a week or 3.

  9. Can you explain how it is possible to eliminate $11,850 in debt between 2 credit cards within 9 months, when cash flow is only $490/mo AFTER credit card 1 is paid off. $490 x 9 = $4,410 so how is it possible to pay off $11,850. Where's the remaining $7,440 9 months down the road??

  10. Hey. I’m a follower of the velocity banking and Dave Ramsey debt free mentality. I’m noticing some discrepancies in your addition for expenses and im not clear on the whole leave the cash flow in there.

  11. Hi Denzel, listening to your videos and learning a lot. I have a car loan that is upside down from a really bad car deal (owe more than car worth so i can't refinance it to lower rate). I have a CC that has 0 bal right now (10,800 LOC), but it has a high int rate (20% yikes). Would a cc with a high % rate work for the LOC or would the high rate screw up the velocity math?

  12. Does C.C. interest accrue daily Until you make the monthly payment? Or does it accrue daily even after you've made the monthly payment?

  13. Hey Denzel! Good stuff. I met you at a conference in April earlier this year and ran across your video today. I see you're passionate and still at it. I'll be in touch.

  14. On the thousand videos on YouTube no one is explaining what the new way is other than merge your checking account with your LLC account if that is the case this means you must be a business owner does it not. Why is no one starting their conversation off with you first must become a business owner and purchase an LLC. If this information is incorrect then how do you start a whole new credit line when you can't even get an unsecured credit card. Sometimes not even a secured credit card. So who's going to allow you to open some brand new credit line. What is the name of this new credit line, is it called a Velocity Credit line. Do you walk into your bank and say I would like to open up a $10,000 Velocity Credit line? Please help and please make this make sense

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