Thanks for tuning in! Need some more card tips? Check this out next - kzitem.info/news/bejne/sqWZrWaLcYhnnmU
@Ritchie_The_CEO
2 жыл бұрын
I 100% used credit cards to help me get out of debt. Balance transfers, and using cash back from cards to pay off a chunk of debt.
@RJFinancial
2 жыл бұрын
Hey, look who must have gotten outta work early. Cards are a very interesting financial tool. Often overlooked or written off as things to mindlessly spend money on or dangerous. Like any tool, if used correctly we will get results
@reubenmorris487
2 жыл бұрын
@@RJFinancial Right. Don't use a straight slot/flat blade screwdriver as a prybar, not wearing safety glasses, and trying to separate a control arm from a steering knuckle. In summary: right tool for the right job.
@chetreid77
2 жыл бұрын
I have used balance transfers often, primarily as 0% short term personal loans to my checking account. The key is to do them purposely and to have a game plan to pay them off before the interest hits.
@RJFinancial
2 жыл бұрын
It's an underrated tool. They get classified as cards for people who can't get "good" cards but they have their purpose. The best kind of money is other peoples money
@jordan23ww
2 жыл бұрын
Great info! Thank you! I was able to use 0% intro balance transfers to get out of credit card debt. They can be a huge benefit for those trapped in the credit card paying interest cycle!
@RJFinancial
2 жыл бұрын
Thank you sir. Agree, it's one of those tools that gets overlooked because it seems counter intuitive to use a card to get out of debt... if done right, like most things it's an effective strategy
@jeremymoore450
2 жыл бұрын
RJ, Interesting video you don't hear about people doing videos on balance transfer cards. They are a great way to move money around to pay it off faster. Pending if you can get approved enough to do any damage to the debt. The Citi card I believe the no rewards blue one simplicity I think it is. That is like 20 something months also. Great video these cards have a purpose but if someone can't control there spending best to leave credit cards alone. Appreciate the video. Looking forward to the question and answer video.
@RJFinancial
2 жыл бұрын
Don't think this one will get a ton of initial views. However, I'm trying to build out the content library and have something for everything. I think these cards or part of the intro bonus can be a powerful tool. Other peoples money is the best money. You hit all the major points tho, like all tools, gotta know what your doing.
@tobon711
Жыл бұрын
This video was fantastic I feel much better about this whole situation now. I will be looking into a few cc ❤
@the_flushjackson
2 жыл бұрын
Remember however that opening up new credit for balance transfers may hurt your credit score in the short term. It may help it also by potentially reducing your credit utilization. However, getting out of debt with the least interest paid is likely everyone’s most important priority ; regardless of credit score impact.
@RJFinancial
2 жыл бұрын
Fair point, it'll likely crush the utilization rate for the 18-24 month run you get. on DTI it's kinda a wash tho as it's moving money around.
@mitchell.9632
2 жыл бұрын
Just be aware some issuers if you have *both a balance transfer and purchase(s) that can be interest on one of them when using both.*
@docsays
2 жыл бұрын
BTs are awesome, especially when they give me the option to withdraw and deposit into a bank account which i can use elswhere. Both Citi and discover have done this for me. I think i've a few chase offers for it too.
@RJFinancial
2 жыл бұрын
That's playing on expert mode. must admit I didn't think to include that use case in here.
@WhatsThePoints1
11 ай бұрын
Is it possible cash out a balance transfer by adding a trusted payee instead of a specific bank? US bank asks only for an account number 10-20 digits; wondering if this could be a checking account number Speaking of which I can’t find clear guidance on whether I can transfer my P2s balance onto my card
@RJFinancial
11 ай бұрын
You can transfer another persons balance. They only care that it's not an account with the bank. So no Citi to Citi for example, regardless of who owns the account. I think you could probably do what you're asking. Some banks may ask for a payoff document but I don't think they look into it too much
@carlinrob
10 ай бұрын
Can you transfer a HELOC to a 0% credit card? Currently at 7% on $20,000. Will pay off in 8-12 months.
@RJFinancial
10 ай бұрын
I believe you could. As long as the HELOC isn’t with the bank you’re getting the card from. They should be willing to send them a payoff check to transfer the balance
@mindfulnessorganix1588
Жыл бұрын
This was the most educational video I've seen on the subject in youtube totally useful you gained a subscriber I do have a question is there certain cards that give you a higher card limit or what determines the card limit your credit score? What if you have a bad credit score would you still get approved to one of those cards im young and learning trying to help my mom and learning from the opportunity
@RJFinancial
Жыл бұрын
Appreciate that, welcome aboard. Kinda sorta. There are card types that require a certain amount of credit limit. Visa Infinite cards at least use to require $10k in limit. Aside from that, the bank determines it on a few factors. Many of which we don't know. Basically it's a risk model internally. The ones we do know that can help are credit score like you said. That's basically a determination of your credit worthiness; how safe a bet are you. I've seen banks start with low amounts in the beginning, then randomly increase your limit once they feel safe. This happened to me with US Bank. Also with Citi. First card was $3k. The next card a month later was for $9k. Nothing changed aside from my history with Citi. If you have bad credit and are trying to recover, the best move is a secured card. You deposit $500 with that bank in a savings account. That $500 becomes your credit limit. Now the bank isn't taking on any risk because the loans are "secured" by your $500. The cards are credit products, so they will report on time payments to help work on that score. US Bank has good secured products that also earn points kzitem.info/news/bejne/kmiqmXd-kZSYoqw
@MarkSkrzypczak
2 жыл бұрын
O% promotions got me out of debt. It's a great strategy, and it improved my credit score dramatically.
@RJFinancial
2 жыл бұрын
one of the more overlooked tools. Generally paired with cards we'd never talk about but there's a reason most major issuers have at least on of these cards in the catalogue. Glad to hear it worked out for you sir, thanks for sharing.
@chrisv4920
Жыл бұрын
Hi Rj, I have a question. Can one do a balance transfer from one person to another? For example a debt that my wife has on her chase credit card, can I transfer it to my Amex 0 Apr? Thanks
@RJFinancial
Жыл бұрын
Yes that would be allowed.
@mariajosev.gutierrez5522
2 жыл бұрын
Once your done paying the balance transfer are you able to cancel that card and go back to the original card. Will your creador score go down?
@RJFinancial
2 жыл бұрын
You can close the card if you want after the first year. You may see a slight drop in score but it won't hurt much of for long. Card accounts do stay on your report for about 7 years for history. The main factor would be losing that credit limit, which will ding but not by much. I close cards from time to time with no concerns so long as it isn't a really old card.
@user-ll9sc9cb5f
Жыл бұрын
Thank you so much for the information.
@kevinmoore9524
2 жыл бұрын
Thank You RJ. Great Content. Please share more.
@RJFinancial
2 жыл бұрын
Always at your service sir, thanks for stopping by
@EvaC_24
2 жыл бұрын
Which balance transfer cards would you recommend using for someone with challenging credit?
@RJFinancial
2 жыл бұрын
Capital One may be a good place to start. They show the credit needed for each card (ranges from poor - excellent on their site). I think they have a card called Platinum that may be an option.
@DayTrade-g7g
11 ай бұрын
Do they send a code and confirmation to my email for transfer from boa?
@RJFinancial
11 ай бұрын
Confirmation probably. Not sure about the code
@hanchardjo
2 жыл бұрын
Great info 👍👍 I always wonder how transfer balances work. Can you put more spend on the credit card you transfer a balance to ?
@RJFinancial
2 жыл бұрын
Thank you sir. You can use the card like normal but the balance transferred over does use the cards CL. Whatever CL is remaining is fair game for new purchases.
@cecilb3216
2 жыл бұрын
@@RJFinancial what about the 3% transfer fee. Doesn't that defeat the purpose of paying down debt
@RJFinancial
2 жыл бұрын
@@cecilb3216 Potentially, depends on how quickly you were going to pay the debts down vs the time frame the card offers at 0% APR.
@cecilb3216
2 жыл бұрын
@@RJFinancial thanks
@albertcastro409
Жыл бұрын
I did the balance transfer got me the 20 months no interest with BOA. I SHIFTED some of my credit to increase the limit on the card I had. Helps out.
@RJFinancial
Жыл бұрын
Nice, it's a great move that isn't talked about enough. Cards get blamed for debt but they can also help fix it like your doing
@DayTrade-g7g
11 ай бұрын
Do they send a code and confirmation to my email for transfer from boa?
@debbyconnor9498
2 жыл бұрын
Great video
@waltervila33
2 жыл бұрын
So do we know anything about the titanium card from Amex
@RJFinancial
2 жыл бұрын
This sounds like something I should know about... say more words about it
@waltervila33
2 жыл бұрын
@@RJFinancial the announcement is eminent I hear much like Biden is been saying about Ukraine for the last two weeks
@RJFinancial
2 жыл бұрын
@@waltervila33 Looks like Ukraine is happening today. Do you have a link to this Amex story? I really haven't seen anything but would love to see what they have planned.
@waltervila33
2 жыл бұрын
@@RJFinancial all I’ve read are forum based rumors on Reddit nothing confirmed yet on AMEX side as of now
@SiBorg8A
2 жыл бұрын
Amex isn't readily accepted
@slymm619
2 жыл бұрын
Will the benefit the same way if we're using a Business Credit card?
@RJFinancial
2 жыл бұрын
I don't see the 0% APR balance transfer deals on as many biz cards but if the card does offer it, then it should work the same way as a personal one does.
@WhatsThePoints1
11 ай бұрын
@@RJFinancialUS bank platinum business is great and I wanna get the Edward Jones one which has a no fee promo right now
@cash0525
2 жыл бұрын
I got one better. Sign up for one of those 0% on purchases APR cards. Find some debt either a Large auto insurance bill someone’s rent that you’re friends with. pay that with this card pay no balance transfer fee. They give you money you pay your balance off on other cards with interest
@RJFinancial
2 жыл бұрын
It's interesting use case. Most things you'd want to pay with the card would likely charge a processing fee for card payment. Paying your rent for example likely has to go thru plastiq that charges 2.85%.
@cash0525
2 жыл бұрын
It does not need to be one specific large charge. Even if you use it for medium charges on stuff that you could regularly charge grocery store purchases, auto insurance. Maybe even get similar charges from a family member. Or if you’re really disciplined you could put everything on that card and then the money you were gonna spend you can pay towards the other debt.
@DayTrade-g7g
11 ай бұрын
Do they send a code and confirmation to my email for transfer from boa?
@SiBorg8A
2 жыл бұрын
U.S. bank is terrible. App is horrible. They are constantly having issues. You will spend all your time on the phone with them.
@RJFinancial
2 жыл бұрын
I hate the UI for the cash + card. Can't even pick your categories in app. it's a different site which is silly. Triple cash card has been ok for me
@SiBorg8A
2 жыл бұрын
Dude. Talk about the cards.
@RJFinancial
2 жыл бұрын
Any card can be a balance transfer card. Most signup bonuses have a 0% APR on balances transfer for a year. There are other cards that don't offer cash bonuses but instead offer 20-24 months 0% APR. Those only serve the purpose for balance transfers really
@debbyconnor9498
2 жыл бұрын
great video
@RJFinancial
2 жыл бұрын
I love that you knew it was a great vid before the conclusion. Great eye lol
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