Banks Don't Want You To Know This About Your Credit Card
Introduction Of Banks Don't Want You To Know This About Your Credit Card
Banks Don't Want You To Know This About Your Credit Card. I have to pay now on a credit card that are the highest interests in the market there are some concepts that we must take into account and it is the date The cut-off date and the cut-off date is when the bank adds up all the purchases I made in the last 30 days and tells me.
The credit card we are not going to pay interest
You consumed 1500 dollars and you are going to pay me 15 days, which is the payment date that concept, let's be very clear about it. because from here we can make an important launch with the credit card we are not going to pay interest using the euro rules of good management the credit card that one is not to pay another way and two buy everything at a fee then.
What happens If I buy that day of the cut-off date or the day after the cut-off date, then I go to the little arrow that tells me one day after the cut-off date, the next cut-off date will be the next 30 days Fri Let's add the purchase that I made that day after and Pablo will put me 15 days later conclusion I have 45 days at zero interest
Where the bank does not charge me at all and has paid me so what do I want to say here the bank lends you money to Zero interest is a way to leverage as long as you have good financial stability, how do I use part of this, then, for example, we talk about having two credit cards, one I have with a cut-off date and after 15 days.
Credit the first fortnight I use card 1 for the second fortnight
I have a cut-off date the second-afternoon credit the first fortnight I use card 1 for the second fortnight I use card 2 and I am moving with the payments and improving my cash flow important date the cut-off is the business day before the date of shorts the cut-off date in 30 and on the 30th there is a Sunday the actual cut-off date is the 28th Jesus Friday is always a business day.
Before the to date and the payment date is always a business day after that payment date If it is the 15th and the 15th is a Saturday because I do not have to from the camp on Friday to go to pay I can Sunday Monday the same non-payment and it is no longer 15 days but it is 17 and if Monday is a holiday of Today until.
Tuesday that 18 and it would be 18 more days then this is a way for you to leverage with the credit card you can always buy your root He asked at the notaries where I am going to do my paperwork and I ask him even if I am selling buying from My counterpart comes, I pay you the deeds, I try to make it the 30th or the 15th that.
Credit eye with this put it in red that this leverage
I have my two cards and I have 45 days which are normally the important values for Carmen with that money at zero interest that is one way to use it and to Also earn miles or points that up to pp credit eye with this put it in red that this leverage is very good it helps me a lot to improve cash flow but it has collateral damage that.
I call it eye with this it has collateral damage s I'm getting pretty for the bank I can't use this method if I'm close to making a loan I don't use this method because you will be able to score and they will not lend you I am going to give you an example I earn a thousand dollars and My debt capacity is 30 percent.
I have a monthly payment for a credit of 300 dollars and I use this method on the weekend and buy 300 dollars, I bought 500 dollars with my credit card, and the next month I will tell the bank about this money when the bank looks at my score it seems to me that I have a fee for my credit card at a fee of 500 dollars the bank give me.
A debt capacity for a fee of 300 dollars
The analysis of ghana thousand has a debt capacity for a fee of 300 dollars tells me to gentlemen that you are over-indebted because the fee you have to pay is 500 dollars and your debt capacity is 300 I can't lend you look that only 500 dollars came back to me but for the bank and the bank Anco is not going to lend me that is why that method does not work.
When our point increased by the bank when I am not getting pretty this method I use it and it leveraged me 45 days so that is a collateral damage that this method has I only use it if I do not require credits in the coming months a queen's question is how to know what is my cut-off date for the extracts it is always there, what is your cut-off date and what is your payment date, naomi.
What is your opinion on interest-free installments? I currently have a debt of 20 thousand something monthly without interest as it affects my credit good if it is not paying interest there are no problems we are not paying interest on a credit card to remember that the interest is usually the highest but what about that ask.
That affects your monthly cash flow
If you are paying a fee and that fee that affects your monthly cash flow for saying something you are paying $ 70 fee and your salary is 1000 when your salary is 1000 your debt capacity is 30 percent equivalent to 30% that is 300 dollars but it turns out that you are paying a fee of 70 dollars so our paying interest cash flow is 70 dollars.
This means that your debt capacity if you are going to Go to the bank, is not 300 but 300 minus 70 because the 100 unemployed in that account that you are paying are already 70, so you do not pay interest, that is, your debt capacity is 230 dollars those 230 hours after five years, which is an amount for ten years It is an amount at 20.
It is a higher amount and at 30 but they are much more amounts so it affects it well, see that there is a comment from Victor Ernesto Grande that I started very important that we comment on it and it is important to clarify the difference between debt capacity and capacity payment ability to pay is against your monthly cash flow remember.
How much it lends you that is your debt capacity
That the nicest thing you have when you are at a bank that tells you the bank in your subconscious e you have how much you want and I will tell you how much it lends you that is your debt capacity and the other has to do with how much you owe in front of your wealth that is important especially.
When you have high debts and they are more of an expense than an investment and if I have a patrimony of 100,000 dollars but of 80 thousand it means that for every 100 pesos that I have of 80 but if I have 100 thousand dollars and I owe 20 thousand because for every 100 dollars that I have from the United States, only 20.
I already have equity To the very important support that is very important because it is what gives you that support for your credits but the one that gives you a layer of approval of credits monthly cash flow and that hits you with your monthly cash flow because they are credit cards It is very important in the loans.
That we are going to make because it directly affects your monthly cash flow and a very great danger that there is of credit, unlike banks with mortgages, is that when When the bank calculates the debt capacity, which is ultimately the capacity to pay, speaking of the monthly flow.