THIS IS Why I NEVER Use A Debit Card! | Minority Mindset
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- Опубліковано 7 лип 2024
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Cash, debit cards, credit cards - there's a lot of ways to pay. But what's the best way for your wallet? Here's why I never use a debit card
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Why I NEVER Use A Debt Card
0:10 - There’s no need to carry around cash any more
0:40 - I only used a debit card or cash for many years and now I never use a debit card
1:21 - Why I didn’t apply for a credit card
2:03 - Why I finally got a credit card
2:58 - Trying to reverse a transaction with a debit card company
3:49 - I always knew I could control my spending
4:09 - I believed that a credit card would force me to overspend
4:35 - My first credit card
5:16 - Misconception that credit cards would give me bad financial habits
6:00 - Why I only use a credit card now
6:39 - The type of credit cards I use
7:13 - What to do if you can’t control your spending
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The Minority Mindset has nothing to do with the way you look or what kind of family you're from. It's a mindset.
Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000.
Think from the mindset of a consumer and be the provider, that's the Minority Mindset. Don't be the majority. #MIH #ThinkMinority
Twitter: @M2JaspreetSingh
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This Video: • THIS IS Why I NEVER Us...
Channel: / minoritymindset
Video host: Jaspreet Singh
Thank you for watching! If you enjoyed this video, you should watch - Why You Need To Spend More Money: ua-cam.com/video/KqLDMsmmAG4/v-deo.html
Minority Mindset Jaspreet, what is your opinion on using that cash back reward from the credit card company to buy stocks, like Pepsi or Coca Cola for whatever price since that money is almost “free”?
Thanks a lot is you answer! The channel is awesome man
There are a few 3rd parties that can be used to pay rent with a credit card. (RentMoola, Plastiq...)They do charge fees, however for that service. I had the same thought as u a few months back n googled it to see
Minority Mindset how much should I look for cash back
Did you ever get your money back from the debit card purchase
I wish I had this channel available when I was young still in high school... I wouldn't be in the mess I'm in now smh
Back when I was married, someone stole my wife's credit card. I didn't report it stolen because the thief was charging less than my ex wife.
😂🤣😝
😄
Old-school joke, but I still smiled.
LoL, you put a smile on my face!!!
Henny Youngman 1967.
These are the exact reasons I use a credit card almost exclusively. But, it does take discipline. Every time I go to make a purchase the words of Robert Kiyosaki ring in my ears, "Rich people buy assets, poor people buy liabilities."
Rich people make their money work for them
"And the middle class buy liabilities that they think are assets."
@@spektred actually the middle class is still the poor because they will never be rich because of their poor mentality.
@@spektred You're not wrong. The middle class is (typically) the major consumer class, that's why it's disappearance is devastating to an economy. The funny thing is that most folks will say they're middle class, when in reality they are more likely lower class. Upper lower class maybe, but lower class nonetheless.
Bro you are so right but one correction is the person's name is Robert Kiyosaki not Richard
I'm old fashioned too, I carry a leather billfold filled with cash, and a gun.
🔫 MAN THAT'S A GUN YOU'D PROBABLY JUST KNOW HOW TO HOLD🍷😆 SO SURE IF YOU SAY SO .. !
How do you fit a gun inside your wallet?
A what?😂🤣😆😂🤣😆😂🤣😆😂🤣
No gun fits in there stop lying.
@@Andrew-it7fb Do you not know what a comma signifies?
@@keithwhite5823 woosh
As a Private Investigator, I have worked a lot of online fraud and theft cases. We find the fraudsters and give those who had their money stolen, all the information on the person that committed the fraud. But, using a credit card is the only way to go. The fraud protection. Built in is well worth it. Excellent video.
Dave Ramsey is punching the air so hard right now lmao
No one: ....
Dave Ramsey, "Better than I deserve!"
Tou beat me to it😂
No debit cards are ok, they draw on money you actually have.
no he is not,, people are free to do STUPID...
Lmfaooo
I agree with everything he says. I am disciplined so I buy everything credit card and pay it off immediately
💪💪💪
@@MinorityMindset Jaspreet is singing my song. I use my credit card for EVERYTHING!!! Even for a $1. I don't carry around cash, absolutely hate using cash
Rhonda C. dam girl you fine
Good job Rhonda , now you can take me on a date 😊
Daaaaaamn youre smart with money and fine as hell. You cant exist.
I can control myself but my wife can not, so make sure you get the right person to be with.
Take financial courses and pray together🙏🏻🤴👸🏼
I agree
I feel your pain, the same thing happened to me.
What is with this meme of blaming wives?
Yeah thats me i dated to many girls that spend like there in congress.Luckily thats as far as it went i never married any of them.I'm choosing to stay single until i find a lady on the same page financially as me.Being financially free (debt free) is a great feeling.
I use my credit card for monthly purchases to get the points. Zero balance the card every month. After about 6 months of use, I usually end up with enough points for a $500 gift card to Lowe's. Which I use for improvements around the home that I recently purchased. So now I get new appliances, small fixes and renovation matieral twice a year for free!
What card is that
@@groneass2006 It's just a BoA Rewards card.
Same here
Yes I racked up hundreds of $ in cash benefits from different cards. I like Amazon, you get 5% back for purchases on Amazon.
I had a card but the rewards were so lame.
I grew up in an Indian household. I know "cheap" 😂😂
I grew up in a Mexican household. I know "cheap" 🙄🤣😂
I grew up in an African household.I know "cheap" 🤣🤣🤣
Chinese as well,lol
Hahaha... 🤣🤣🤣
On my way to Dollar Tree 🚗
I grew up in a single mother household. I know “cheap” 🤣👌
Credit cards are gold for the financially savvy 🤑
Yep, one can get constant payback than a regular savings account.
@@tonymosley6951 Through credit card rewards such as cash back?
@@jattposti8015 Correct... I'm not one of those customers paying extra through interest. Just pay in full every month, and you get a lil bonus that adds up.
@@tonymosley6951 you will subconsciously buy more when usinh credit cards. even if you pay in full every month, you will spend way more to get that sweet 5 bucks cash back. never think you are taking advantage of the billion dollar credit card companies that do research year round on how to make you spend more
I agree with that but there are far fewer ppl that are financial savvy ppl if you look at consumer debt as whole.
I use my credit card for bills. I put my bills on autopay, which makes sure they're always paid on time, and simply pay off my card at the end of the month. I get 1.5% cash back for things I already have to pay for anyway. Same with all the rest of my purchases.
I love listening to you Jaspreet, it's like you have a Sikh sense.
This one comment is a smart comment
😄
🤣
Good job sir
Good 👍 one
You changed my view completely. What stuck the most was" It's not the credit card that is bad, it's your bad financial habit with accumulating credit more than you can pay".
I was using Debit so far. Will apply for the credit card coming week.
Just make sure you pay in full every month.
Thank you! I love Dave Ramsey, but I put most of my experiences on my credit card and get cash back. One of my goals in life is to NEVER pay the bank. I've been getting free money for years!
I was just explaining to my mom why she should leave her debit card at home and use her credit card instead for purchase protection purposes and then I pulled up UA-cam on my phone and this video popped up. I’m going to share this with her now. Thanks Jaspreet! Love your content. Keep up the good work!
I learned to always carry cash. When the city had a blackout, if you didnt have cash you couldnt buy ANYTHING.
Cash is KING ! dont get it twisted! Smart Man! Keep Rollin With Cash!
Cash is good, cc gives the majority the illusion it's good. Once you're hooked that's it! 😆
Good tip that I use is I have 2 open credit cards with $1500 credit limit each. I pay my auto insurance bill $145/month on 1 card. And my cell phone bill $110/month on the other card. Linked my bank account and turned on auto pay on both credit cards. Wash, rinse, repeat. Both cards have activity each month. And with auto pay I dont have to worry about paying on time or missing any payments. My credit score skyrocketed! 👍
Yes, your absolutely using the system to benefit you, not them. Smart move my friend 👌
Your high credit score will allow you to buy something you cannot afford!
@@danstafford5977 But he will still get lower interest rates on the things he can afford.
NHDetailer - excellent advice!
@@AB-py6jl
There's no such thing as a lower interest rates... it's Financial quicksand... you will spend your life sinking a little bit slower then the next guy!
For me I cant control myself so I stay away from them.
Good. Being self aware is the most important part of being financially smart!
Elid Venega only real person in the comments 😭 everyone else is “100% disciplined”
@@clintbeastwood1947 thanks
I agree it's like admitting your a alcoholic stay away ...
Same
I'm a recent viewer and I like and agree with everything that I have seen so far. Learning how money work is extremely important when it comes to creating, investing, saving and spending your hard earned money. I'm also sharing the videos that I've watched with my sons and suggesting they subscribe to your channel. Keep up the good work !!!
Thank you for presenting a video on something I hadn't thought of. I was proud of not using a credit card but I now understand the pros for doing so....if one has enough self control to do as you do. Thank you again!
This has become one of my favorite channels!
Don’t mix personal and business spending. What’s good for your business finance may not be good for personal finance.
cash back is always good, same for purchase protection.
i read it as fiance and was like this makes no damn sense.
Tha Doc yeah that’s why you have a separate card for business expenses which often reward better perks
If you apply as a sole proprietorship then it should be ok to use a business card even for personal expenses, so long as you pay it off.
Business credit is different than personal credit. I have millions of dollars of real estate using business credit, and it has made me a multi-millionaire.
My trick to using a credit card wisely is to pay it off every time I get paid. So every two weeks on Friday it would be paid off. that way I know if my spending habits are drifting outside my paycheck.
Your videos are a great help for someone like me. Thank you
The world needs more people like this guy
Ha, just did a video on this the other day about when my credit card got used in Brazil (I've never been to Brazil) and how easy it was to get the charges erased by my credit card company. A debit card would've been way harder and I would've been out the money until I could get it straightened out.
I had a similar issue where my cc was used 6 times in Houston at the same store. I was not responsible for any of the charges. The bad thing was that my card was cancelled and the replacement card did not arrive until after I left for a trip three days later. I had to use cash for the trip and nearly didn't get checked into my hotel as the card was no longer valid. Luckily the hotel finally let me pay cash. Either was it was a lot of extra stress to deal with.
Jasprit , your videos deliver great value for us . Keep it up !
Thanks for the good news about CC!
I use credit cards for 100% of my purchases, except rent and car payments. I've yet to miss a credit card payment, because it's money that I'm spending anyways.
That's exactly right! They say you don't have control over your spending when you use credit card. That's a complete nonsense.
@@bit1733 Mostly teenagers and young adults that aren't taught how to control themselves
Credit cards are all about self control and what you can afford. Never overspend and pay your balance every month and it's actually nice to have one. If you can't do that, avoid them like the plague as it will do more harm than good.
Yes and that's the problem. People who can do that are better off using their self-control in other areas of their lives than ensuring that they don't overspend because of plastic.
This is a bit like paying off your debts starting with the highest rate and working on them until you get to the lowest rate and pay it off. On paper it seems smart. In practice, people rarely have the self-discipline needed to finish it. This is the same thing, it's unnecessary use of self-discipline that could be used for other purposes that have more than a 1-2% payoff.
i use my credit card all the time. but i only spend if i have the money to spend in my account.
If it were that simple credit card corporations would be out of business lmao
Thank you for your story and advice
When I was paying down debt I was broke AF . i always told myself if you really needed the cash you have the card. Never needed it. I tried my best to buckle down and pay huge chunks off even though my acct was looking sad. Im now debt free and it feels amazing!
Most of the lessons in today's world are learned after getting scammed, LMAO. Similar thing happened to me.
Experience is always the best teacher.
Real shit
Cause no one teach us.
It's not fair! It's like the value of your content BEGS me to like each and EVERY VIDEO! Keep it up!
My dude!
Thank you for your advice ✌️
Great video. Probably the best one. Thank you.
I was encouraged to use my credit card a few days ago because my friend had a higher credit score than me. Now I can benefit from the extra security and cash back too, thanks!
Things I use credit cards for:
1. Inventory for business (rewards)
2. Online purchases (protection)
Everything else, cash.
I love this articulated explanation. Genius!
Great Stuff Mr. Singh! Ty!
Totally agree with you, I only use credit cards and at the end of the year I use all my cash back to buy the Christmas dinner.
First video I've seen. Very wonderful explanation. Immediately subscribing.
Thank's for the advice man.
One of the best UA-camr's I watch , can't thank you enough for all the info and tips ~
It comes down to having discipline and being financially responsible. Credit cards are great tools when used appropriately.
Credit cards aren't destroying anyone's life. People do that themselves with unsustainable finance management.
Cars don't kill people. People who drive them unwisely do. Please distinguish the tool from the fool.
"Please distinguish the tool from the fool." I'm using this.
Amen. Use the bank statement to see where your funds are going.
Love the way you explain everything very understandable it’s great (now a subscriber ) Thanks 🙏
Agreed! This is also why I have always had a credit card and it also helps build credit. Another plus is that if you have 2 credit cards with different due dates, you can pay them off full each month because you can pay online and on exact due date or one day before. I once had a payment go late because I scheduled it for the due date but it just didn't go through. Now I do it for the day before due date.
Thank u for pushing me over the edge I wish I saw this 7 years ago
Ask yourself a question and be honest. Are you disciplined with when it comes to spending? If the answer is no, then stay clear of credit cards. But if the answer is yes, then applying for a cash back credit card is a great way to bring in a little extra doe every month.
Oridginale24 well said!
is it like this in the UK?
InSTaDev Yeah I wana know this too
"Ask yourself a question and be honest. Are you disciplined with when it comes to spending? If the answer is no, then stay clear of credit cards."
I think it is better to say "then stay clear of credit". Bad financial habits do not need a card. Example: the student loans in USA.
YOU NEED SPEND 100,000 TO GET 1000 BACK..
POINTS IS BULL SHIT !
Wow! Your story was very similar to mine. Except getting robbed from a gym, I got my debit card info stolen at a gas station. After that I used a credit card for all my purchases and still set a budget to save.
Thank you for sharing this video to us.
Greetings from Ecuador :)
Debit= money removed from a consumer bank account
Credit= money added to a consumer bank account account
This is one of the dumbest things I've read.
I do the same! I use my credit card and pay the bill before the month ends.
how can you do that , I can only pay subscriptions automatically
Started doing this years ago. Great video it’s crazy how scared people can be of the concept.
Thank you! You’re the best!
I used to be able to control myself when i was single. Like pay off the credit card balance each month. But then i got married have kids and boom 💥 i went into debt so many more expenses!!! 😪
so if you do not use a credit card now why do you stay out of debt.
This video tells me that you are an extremely discipline person. I know I'm not. Most people are not. If you aren't, cut them up, pay them off and stay away from debt. Dave Ramsey all the way for people still learning financial control.
Basically if your IQ is high and you make a good income, having a credit card can be beneficial. But if you’re low intelligence or poor, or both, then you should not get a credit card except for only the purpose of building credit to buy a house
Good explanation!
This video was very helpful to me. Thanks a lot.
Literally obsessed with your videos
This is what I do I use my credit card to make purchases when the bill comes I put money on my debit card to pay off the credit card. Also some credit card offer reward points for making purchases. Credit cards are good but treat them like a loaded gun.
Man i do not know you but i do exactly the same thing that you do. That makes us somewhat connected financially. Keep up the smart work and make the most out of your resources. Love from India
Same thing. I use it to negate immediate expenses and allow myself time to make the money to pay it off in full before it is due.
Me too. I have a credit card just for groceries that offers 2% cash back, 1 for paying bills, 1 for category rewards that offer 5%, and 1 for everyday expense.
What a pleasant experience--to have someone put my position about credit cards on you tube. I skipped the debit card interlude-- never had one.
Very funny but informative. Great video!
Subbed after this video. I'm going to use my credit card from now on, especially because I'm cheap!
I like to use my debit card because I like to round down my remaining balance to the nearest dollar after each purchase. Then move the change to my savings.
thank you for the information
I’ve always thought this same thing. But everyone kept saying don’t ever use a credit card. I’m
Glad you made this video
I used my cash back card exclusively for all things. With the cash back I build throughout the month, I pay my other credit card off.
💯 % resonate again I got exactly same mindset😃 that’s what I do
I've watched a couple of your videos now. I think what you're sharing here are smart, common sense, ways to be a better steward of the income you have. Thanks for doing this.
One of the big problems I see people having, in terms of not being disciplined about spending, is that their income is really insufficient to meet their needs. Or at least what they think are their needs. Starbucks, as sweet as they are, is not a need. I think the biggest contributor to this common problem is that here in the U.S. needs versus wants education is virtually nonexistent in compulsory school years(k-12). Money management should be stressed just as much as reading, writing, and arithmetic. But alas, with the possible aside of high school elective home economics, this just isn't done.
The honest truth is, there are a ton of people out there who don't even realize that they are in financial trouble. "Well, Okay... so how do I know if I'm in financial trouble if so many people can't figure this out for themselves?" As it turns out there is an easy way to do this. But it will take a tiny bit of effort on your part. Starting at the first of the month, just record every penny you spend. You can do this in a simple paper notebook, on your tablet, or smartphone. You really don't need to itemize every item, but do record the total spent at each shop, or bill you pay during the month. Next add up all of your income. It doesn't matter the source just make sure to record it. If after the month is over and your total spending is less than your total income then good. You are at least not hemorrhaging money every month.
If however your spending more than your making... well I'm sorry to break it to you but your already in financial trouble. So what to do? First off like the man said. "I grew up in an indian household. I know cheap!" Great line by the way. If your in financial trouble already then the first priority is to honestly assess what your needs versus what your wants are in terms of what your spending. For instance, your address. It can feel wonderful to lease a home in a nice safe neighborhood with great schools and wonderful neighbors you love. But if you can't also pay your bills without incurring more debt then perhaps it's time to consider what your can do to lower this expense. Cable television, the latest IPhone, 1 Gigabit internet, are examples of wants. We don't need these things. Needs are stuff like nourishing food, a basic wardrobe for a week, clean water to drink. Basically a need is anything that allows you to stay alive(food/water), stay healthy(medical care/sleep/etc), and have a little bit of fun. Stuff beyond this are strictly speaking luxuries. If you find yourself saying "Oh, I couldn't life without that!" Feel free to say it. But understand that when you do, are you being literal, such as clean water, or is it just hyperbole?
Anyways Minority Mindset, thanks again for doing this channel. We need more of this kind of content distributed world wide. And sorry for the wall of text. Sometimes I get going and just don't know when to stop. A lot like those credit card binges! Ciao for now brother.
1st Rule of Finance - Don’t spend money that you don’t have.
2nd Rule of Finance - Don’t buy things that you don’t need.
3rd Rule of Finance - Don’t forget Rules 1 and 2.
And as always, keep HUSTLING! Thanks Jaspreet
I can relate. I have paid off my mortgage (in 2000), a boat loan, a jetski loan numerous car loans and home equity loans over the years, always well ahead of time. You know what I got for doing what I thought was the right thing ? When I recently applied for a car loan, I was told that I have NO credit rating and had to get my wife to cosign. We don't have a credit card, because we learned years ago how dangerous and expensive that could be. Now, I'm told I should get a credit card and use it regularly to re-establish a credit rating. This system is bullshit, but I'll have to play the game.
Weird. Mortgage and car loan payments affect your credit score. Car payments alone can factor for 35% of your FICO score.
Amazing love your channel 😁
very good advice..
Chase refunded my money when I bought something with my debit card & I never received the item.
Kylo Ren & Stimpy he exaggerated. But yeah, the thing is it leaves your account the moment it was used. So if you needed the money for bills, you might have to pay some late fees while you get your shit refunded. Credit on the other hand, is the banks liability, so it's in their best interest to fix it
I think back when he was in College banks were not protecting their customers. I also called Chase when I had a problem and they told me to call back if it doesn't get solved. They will dispute it and get my money back. I also had a problem with another vendor a while back and Paypal got my money back.
Kylo Ren & Stimpy agreed. My CU refunded my money within a couple days when my debit card number was stolen. Not a big deal.
It's gotten a lot better in recent years, but yeah, it definitely used to be: "Debit card? You're SOL - have a nice day!"
I had fraud on my debit card, and even though the bank returned my money, it was a pain. It was around $600. If it was on a credit card, no big deal, because I don't need my credit card to pay rent. $600 was easily half my rent, but if I didn't have a savings, I would have been SOL. I didn't get my money back until about a week later.
Capital One Spark Cash Card! I carry one for my business too! Best card out there
There are better. When it's Capital One, there are always better cards. They're a known predatory lender.
Probably I like how you guide the viewers straight to the point not like other channels brother keep it up
great series...thanks
Here’s my motto, I use credit cards like debit cards. I use it and pay it right away
Me too. There’s no penalty for transferring money from the checking to the credit card. I could do it every day if I wanted to.
Love from India, dude listening to you is like getting an advise from elder brother 😂
Thanks Jaspreet. I really appreciate your advice and time . 🙏
Thanks for starting this channel 👍
I literally just locked my debit card in my mini safe the other day because I never use it anymore. I swipe my credit card for everything, and it really just makes more sense to swipe my credit card anyway. I get 1.5% back, and pay off my card down to zero before payment due date every month.
I love me some cashback! Also good credit.
First time watching your videos man And are so helpful. Glad I came across your Chanel, you have answered a lot of my questions
Ok, so this won me over the credit card side. I've watched many videos about it but this is the only one that convinced me.
Absolutely true bro... If we know our limits and aware about our spending habits..boom....rewards are waiting for credit card users....
I’ve have self control financially for over 40 years and with that being said I always use my cc for everything and then I pay it off before the balance is due so I get the cash back to. I also would only recommend this if you’re financially disciplined which most people are not.
Good point
I just recently applied for a secured credit card. This will be my first credit card. I was approved and my card should be coming next week.
Cool hoodie!! 👌🏼💯
Ur an inspiration to all of us!!!
I’m actually trying to start a UA-cam channel. It’s really hard but hopefully one day it will pay off
Stick with it! Keep hustlin
It’s all about knowing what works best for you! It’s not a one size fits all...
100%
Love your videos...keep up the good work man
Like you I use credit cards strictly too. I realized that in order to have credit diversity and be eligible to have competitive intrest rates for home loans I needed to increase my credit limit. Its only been two and a half years I started my credit card journey but I have became more in control f my finances for the simple fact that I do not want to pay high intrest on these credit cards. The purchase protection, return and warranty extensions these credit cards have are some many reasons why I always prefer using credits cards over debit cards. Then Once you are more comfortable in managing your finances, you can start credit card churning and get great rewards. Amazing content Jaspreet!
Yeah I use credit cards for everything I have over 60k credit, I never pay interest that's very important.
I use them only to get free flights,so far so good .
I'm 21 and started using credit. I currently have a 5,000 credit line every month. I never use more than 30%
I always carry cash, and only take cash when doing transactions with other private citizens.
Nice . Well presented