@@zeezao8196 Most Big Bank debit cards do not get these rewards due to some legislation that was passed at some point. If they’re there they are not as good. Also, at most businesses we frequent the price is the same for everyone, with even Cash customers paying the product price that includes the Credit card swipe fees. As others have mentioned debit cards don’t help you build your credit history(excluding some newer fintechs).
For me, growing up Mexican American I was taught to pay in full and not owe people money. Which I definitely think helped me in the long run because it helped me better manage my spending and not try to live beyond my means.
@Livi Bridge, This is about using credit cards, and yes, paying off in 30 days. Airline tickets, hotel stays, car rentals, or anything you plan on paying off in 30 days.
@Memory false. If it's paid off by the due date, there is no interest. This is can be more than 30 days after purchases, depending on the billing cycle.
1. Pay your regular on-going bills like phone, internet, utilities, insurance etc. with a credit card on Auto. 2. Pay the full amount, never pay interest. 3. Make sure it doesn't charge an annual monthly fee. 4. Chose a credit card with reward points only. This way the credit card 💳 is paying you to use it instead of the other way around.
If you already spending a certain amount getting a higher rate cashback that has a yearly fee might be worth it as the increase in rewards will cover the fee .
I get cash back on one of my credit cards. I pay all my bills on that one credit card. Do I have the cash to pay them instead of my credit card? yes. But I use this one credit card because I get a great deal on cash back. Then, as soon as the charges go through, I pay the card off. Easy way to get about $50 a month cash back I transfer to savings/vacation fund
This stupid "logic" is why there's over a $trillion in credit card debt. The stupid rewards cards offer are minuscule compared to what you have to pay to obtain them. You really want that reward? Skip out on buying a purchase. Most rewards average to 1% of usage needed. So, to earn $1000, you need to spend $100,000... it's easier(and much faster) just to budget your spending to save an extra $1000/yr
@Jeana Crandall Do what works for you, but I just use autopay. I don't have to sit there and stress every couple of days. I did thst when I first got a cc, but quickly realized it's more practical to just pay in full with autopay instead.
They don't encourage you unless you're financially inept to begin with. Honestly, it's just commonsense. I don't spend more due to perks, I use my debit and cash a lot less. Simply use your credit card and pay off the balance every month. No interest, no debt but you get the perks.
I also considered myself as a frugal and a minimalist; however, I use my credit cards whenever it is possible (too bad, I can't pay my mortgage with the c.c.). And for the last 10-12 years, I have been getting a few hundred dollars in cashbacks every single year. Additionally, I have never, once, paid for the interest charge, late fee, annual fee, or any other fees. Furthermore, I no longer carry a lot of cash on me, unless I know that I have to go to the stores that do not accept credit cards.
I learned that a long time ago when I was 24 my credit score has been really high, I always say this, if you can’t pay for it in cash don’t use it on credit card
Simplest rule of thumb to live by. Just treat the credit card as if it was your debit card. You wouldn’t spend more than what’s in your bank account on your debit card so don’t spend over what’s in your bank account with your credit card
@@djhero0071 even when I do this for large purchases aka a vacation or something I pay the balance off immediately after it’s posted. Doesn’t even give it a chance to hit my credit report
Just use it as a debit card. Don't spend money you don't already have. Don't spend more than you get in a paycheck. The cashback or rewards can be really nice and are a little discount to things. Definitely do not carry a balance month to month because that's when the interest will start accumulating
Nope. Higher security risk with direct access to your funds. You are the perfect victim profile of ATM scams and in-store scams. CC has near 0 risk to you. I've been defrauded on my CC twice over the last 40 years - didn't cost me a penny and it was resolved very quickly. Pro tip: adults can charge what they can pay. You get a 30 - 50 day 0 interest loan if you pay your card in full every month. Plus (in most cases) various bonus points/rewards, etc.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun...
@Alexander Webber The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment..
@@Emily-le2op I personally work with ''STACIE KRISTAL WEBER'' she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her...
@Alexander Webber ah yes, it's as usual the younger generation's fault, and not the Boomer's who got us here with years of electing corrupt politicians and deregulation.... But as usual with the boomers it's "F everyone else, I got mine"
Dave Ramsey doesn't understand how credit work. As long as you pay them off every month, there is no downside to using credit work. Don't use credit work if you can't pay it off each month.
Credit Cards are great but not for everyone. If you don't have the self control to spend within your means and pay it off every month, then obviously this will just feed consumerism. Otherwise, it's free money/benefits for those who are responsible. Not to mention they're safer to carry around than a debit card/cash. You'll have a much tougher time getting your money back there than if a CC is lost/stolen.
I mean, the premise of the credit card is to "feed consumerism." Credit cards, by their very nature, are designed to speed up the purchasing process by removing physical and mental barriers of purchase between a customer and a given product, which is part of what makes them so dangerous. The credit card is as much a tool of the capitalist machine as it is a tool of the consumer.
@@georgepresley5120 debit card: the payment uses cash from your own bank account. credit card: the payment is a payable to your bank, but you're not obliged to pay it yet until you get your credit card bill for that month. so you have extra time to dispute, make a police report etc. not to mention some cards offer fraudulent transaction insurance for free
Over 80% of people do not pay off their credit cards at the end of the month. Interest would eat away at any rewards they are trying to earn and will continue to carry a balance for a long time. People are impulsive buyers and will always spend more when it's not their money. There is an emotional connection when you pay for things with your own money and will spend less when compared to a credit card. It's so common that people don't think of it much and then end up years and years in debt
I pay my credit cards every week. Feeling the pain of money leaving my wallet helps me not go on a unnecessary shopping spree and gets me focused that food and bills come first before weekend fun nights.
I do the same thing. Nothing is sadder than transferring money out of your checking to pay off those credit card purchases. Definitely reminds you to keep your spending in check.
As long as you’re paying it off before interest hits it can be worth it for the points and rewards. However, you do tend to spend more overall when using a credit card so it could balance out. Ultimately, i use my credit card mainly because i dont want my debit card getting hacked lol.
There is no proof that you spend more with using a credit. All of those "studies", were just looking at how much people spend with a credit card, and how much they spent with cash. They were not looking at people's budget and how much they were going to spend before they used it.
Telling Americans they should buy everything with credit cards is about on par with telling an alcoholic they should have a glass of red wine a day. These people have no self control, don't encourage them.
- ok lets not generalize with blanket statements. Yes some americans have no self control, but I suspect there are lots of financially responsible americans who use them for their benefits, cashback & travel rewards. Just sayin
@@docsays I agree with the sentiment, but for those who are struggling with fiscal responsibility, this message is harmful. There are ways to get across the potential benefits of credit cards while cautioning that it's not for everyone.
Most rich people stay rich by spending like the poor and investing without no stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
Financial literacy, health literacy, and computer literacy are all imperative topics that everybody must learn. Financial literacy is finally cracking into public school systems but barely.
Teaching financial literacy doesn't work. Juggling a budget is very easy from an intellectual point of view. It's literary the kind of math we learn in third grade. Sticking to a budget on the other hand is very different and we all need to find our own way.
My high school spent a whole quarter teaching us how to balance a check book. Whole lot of good that did, turns out I never ordered a single book of checks in my entire life and a computer tracks all the numbers for me.
Shocked they did not include in this piece that merchants get charged on each transaction for allowing credit card use and subsequently bake that charge into their retail prices that we all pay. Therefore, folks that pay cash actually subsidize those that use credit cards. This is a big factor that should have been included.
@@kimberlychodur3508 It’s against the terms of credit card issuers for businesses to explicitly charge consumers a fee for using credit cards instead of cash. And tbh, it’s kinda silly to do so nowadays unless they are trying to commit tax fraud by underreporting revenue. Accepting cash has a price too. Buying and maintaining the cash register cost money. Spending labor and time to count the cash at the end of the day cost money. Transporting and depositing cash at the bank cost time and money. Having a large amount of cash also increases the likelihood of accidentally accepting counterfeit money, being stolen/mishandled by employees, or robbed by thieves. So yes, you can avoid a 3% credit card processing fee, but it’s not like accepting cash doesn’t come with its costs and risks.
I buy everything with credit cards. Extended warranties, added protections, limited liability, and cash back. I pay the cards off in full every month. This year I got just shy of $3,000 in cash back rewards.
Since Biden took office, there seem to have been more unfavorable results in America. I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?
True, a lot of folks overlook the role ofasset managers until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $550k so far.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Trick is to pay 95-98% of amount owed about 5-6 days before the statement is printed. (not the due date). Issuers report on the statement to the bureaus. Lower the utilization the higher your FICO Score
I feel investors should focus on under-the-radar stocks, considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered. I don't know where to go here out of devastation.
The safest approach I feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
@@SarahOlivera-t4z It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
@@FolarinSodiq My CFA ’ is “Victoria Carmen Santaella”, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Credit Cards are a financial tool to get ahead as long as you are paying them off in full every month. You can easily get hundreds of dollars in cashback each year and good credit will make your vehicle insurance cost less too because your credit score is factored into the price they charge. If you don't engage with the credit system in America, you're either extremely wealthy or you're leaving money on the table without realizing it.
David ramsay’s advice is good for “beginners” to debt and finance. Once you understand the rules of the game, completely avoiding the credit system is opportunity cost.
I'm totally with you on that. I use my card for everything I can and pay it off every month and get a high cash back % through my Fidelity Investments Visa. I'm retired now, but when I owned my store, I'd use my business card to pay all my vendors that would accept credit cards for monthly statements. Man, I'd rack up enough points to pay for my son's private grade school & high school tuition every year, all tax free.
Whether you have one or several credit cards, use them wisely and spend within your means. That said, I hope we're not heading towards a cashless future. That will be dangerous for many, and only widen the gap between the haves and have-nots. And with the tech issues that are becoming the norm (on top of governments tracking more of what citizens do), cash is something that should not go the way of the dodo.
And that's why I've never had and will never get any. NEVER had a car payment in my life. I have titles for 4 cars that I purchased with cash. Two of them are classics. I also, with cash purchased 2🏍️from copart. I have a 3🛏️ 2🛁home sitting on 3 acres. I have a logistics company with two commercial trucks running 5 days a week. I even day and swing trade to supplement my income for weeks when it's🐂💩on the load boards. Plus my wife retired at 45. How you ask. I NEVER OWNED A CREDIT CARD. I WORKED FULL TIME FOR 10 YEARS SAVED THOUSANDS, SACRIFICED SAVED AND INVESTED. The end result, I've never let💰or💩run and control me, I CONTROLLED IT, I MADE IT WORK FOR ME, I WENT WITHOUT TO GET WHAT I NEEDED SO I CAN OWN WHAT I WANT. From 17 to 25 all I saw was peers living on credit and drowning in debt for🐂💩fads, trends and finite🗑️ that never gain any value, and constantly lost value by 25%-50% as soon as they touched it. That math NEVER made any sense to me, so I NEVER prescribed to it. I'm glad my portfolio consist of purchases that have value and are assets. If I sold my business, my classic cars, my stocks, my home, motorcycles and watch collection(forgot to mention that)......the profit alone would be more than most in scamerica make in a 6 year combined salary. The🔑that I've worshipped my entire life is SACRIFICE, SAVE, INVEST,🖕LIVING ON CREDIT AND DROWNING IN DEBT.
What I did before I got a credit card was to have a debit card for 2 years. I tracked my expenses, budget, and used that as a standard for my credit card.
@@jessereinhardt6320 What I'm saying... if you HAVE to buy something, use a credit card. But don't just buy stuff to get rewards, that's literally what fuels consumerism.
@@jessereinhardt6320EXACTLY. The subconscious idea that people are getting rewarded for spending more actually makes them spend more in the end versus actually seeing the money drain from their checking account in real time by using a debit card every time they purchase something. It's a big mental shift that people think they're above, but most have trouble admitting that they are actually not.
@@amandak.4246 ... for once you need to reevaluate yourself, bro's right. Forget that he's talking about the credit card companies, listen to what he said. All these rewards do is promote consumerism, you don't need to spend for the sake of spending to get these really small rewards.
Good for you. At least, you are aware that you are not a credit card person. But as for me, I will keep using my credit cards (and getting cashbacks at the end of the year) on most of the things that I need/want to purchase (too bad, I can't pay my mortgage with the c.c.). Btw, I agree that "being debt free is a much less stressful way to live!"
I have a credit card since 2015 when I was a student. I'm never late on payments and almost always pay in full. Until now, I have gained thousands of dollars of rewards(without including the bonus for opening a card) with almost zero interest payments. The cards definitely work for me.
I use mine for everything, but I HATE debt so I ALWAYS pay it off. I use the free air miles as the benefit. My daughter and I are flying across the country first class in June and it's free due to air miles. I consider the credit card cash though in the fact that I don't buy it if I can't pay for it. It' takes a lot of restraint.
sorry to burst your bubble, but if you have a credit card you already have debt. that's what a line of credit is: money given to you that you didn't already have. the only reason that it doesn't feel like debt is because of paying off the balance, but just like a mortgage, it is still debt which is why if reflects on your credit score.
I'm 28, and earn $112k+. I was forced to get one when I couldn't rent a car even though I had 60k cash... I grew up poor and didn't know. I only used debit cards. Got the chase Sapphire Preferred a year ago and use it like a debit card. Actually pay it off weekly. I've earned $1.3k so far in rewards. Not bad. Really love the extended warranty and travel perks. Doubt I'll get another card cuz I'm simple and only want one.
yeah chase is the best! If I could only pick one it would be the Sapphire. I prefer to roll with AMEX gold plus sapphire(no fee) for places that don't take AMEX.
@@roxcyn I'm a business analyst consultant for pharmaceuticals. Was in normal tech industry and jumped to pharma. Computer science degree can easily be transferred to so many industries!
A lot of people don't realize the car rental companies or some hotels only take credit card payments. Good to learn in school before you go off to University or a real world job.
The last car I purchased from a dealer, when it was time to pay the $5k down payment, they asked if I wanted to pay in cash, check or credit card. And I was like, you take credit cards for a down payment? Is there an extra fee? Nope. Even though I had cash in hand, I put the down payment on a card of mine that had 2% cash back, then I paid my card immediately so it doesn't even show up on a statement. That was a free $100 cash back in my pocket for using a credit card as a middle man.
So you mean you only paid back $4900 back to credit card company or you paid the whole $5000 & they gave you the $100 seperately for you to spend it????
@@KCNYC Wrong, 1000% wrong. You have no idea where dealers make their money. CASH is not king. Dealers HATE cash. In fact, if you walk into a dealership telling them you're paying in cash, they will refuse to give you the best deal. Dealerships make their money in the financing. Literally scroll back up to the search bar and search for yourself.
The stock market has been a really tough one this past year, but I watched an interview on CNBC where the anchor kept mentioning "KATRINA VANRENSUM ". This prompted me to get in touch with her, and from August 2022 till now we have been working together, and I can now boast of $540,000 in my trading portfolio.
one thing to keep in mind is that the merchants are paying the CC comapnies the fee for the transaction (usually). the fee is then either baked into the price of the good/service or charged separately for individuals that choose to use a card. these card transactions arent "free". we need a form digital payment that charges little to no transaction fees, which will benefit both the producer and consumer.
MassDynamic: Expecting such a service to be provided by, say, witches, for free -- is delusional. Credit cards, given the rewards, generally ARE basically free, since most places don't charge more for buying X with a credit card vs. cash.
That's why I wonder why US merchants accept those fees. In Germany most businesses do not accept American Express at all, as the fees there are much too high. Visa and Mastercard charge less than half of that and that is worth it for the businesses as of course handling cash also comes with fees. And the consumer of course pays with his data. Some payments are just very personal. The bill of a doctor for example. Or of a divorce lawyer. The store might even collect a lot more data, if you pay with credit card.
credit cards are expensive for marchands, fortunately in some countries like mine you have a free digital payment system that works well and while for goods you need to accept credit cards to stay competiives for services you can decide to take only cash, wire transfers or digital payments with no fees
@@skyscraperfan There is actually an interesting business model for AMEX. They base their whole value on having wealthy clients, and this encourages stores to pay the fees because they will get big spenders in their stores. This model has lead to really stable and continued growth for AMEX because they aren't scrapping around for people to pay them interest. They just rely on the relationships with rich clients and the merchants, themselves being that intermediary.
Use it to your advantage if you are disciplined. Otherwise, do NOT use the credit card. At 20% interest, you can't afford not to pay that off if you have credit card debt.
What they didn't mention about CC ratio is that it only applies at the cycle close. However many cards you have pay them off before the billing cycle closes. My aunt waits for the paper statement to come in & was surprised I just go in every few weeks (especially right before the close) and pay off the balance so however much I spent in reality it didn't effect my ratio.
If you have a budget and stick to it then using a card isn't an issue. You can always pay for it. Having a budget is really the most important thing many people don't do. This will allow you to do so much more with your money because you are less likely to make impulse purchases that you later regret.
I live in NYC, I noticed a lot of stores are throwing the merchant fee onto the customers when they use thier cards. So now and days I don't know if using cards are worth it. Leta say they charge you 3% to use a card at the store and u get 2% cash back on all purchases. Well your still losing that 1%. So you have to be more cautious and start carrying cash money lol
I noticed this when went to get food at krystals during the lockdown. They weren't giving change if used cash and also wanted to charge a fee for using a card. Never been back since
Only in NYC in a bodega. Never seen this in the USA outside of NYC and the only other place I've seen this is overseas, in typically developing countries.
@@raylopez99it’s not just New York, I’ve seen it in my own town in Iowa, I live in a town of only 3,600 too. That’s why I question if the rewards are really worth it.
@@kimberlychodur3508 well if you see a CC that gives you 5% back and you get charged 3% then ur still up 2% and if your using something like a amex gold sometimes eating that 3% to get those MR points is worth esp if your working towards a sign up bonus
@@captainvenom4377 my kids do for everything with a credit card for the rewards, then pay it off every month. I guess they think it’s worth it, I haven’t ever really gotten into it yet, I would have to look into it.
We use our credit cards for EVERYTHING! It's like leaving free money on the table at the end of the day. Just make sure you pay your balance in FULL every month 😊
I personally recommend paying them every single week. Just so you feel the pain of money leaving your wallet and don't go on a shopping spree because "it's free money"
I have 26 credit cards are have never paid a cent in interest. I LOVE credit cards 🎉 They’ve gotten my family multiple free luxury vacations around the world.
Same.all these comments from people that have no idea wtf they are talking about.. People think that because it says credit in the name means u have to max it out..How about grow up and have some self control and make your life better all by using a credit card..then again you can't argue with people who think they know everything and have done no research
@@mad2barxhst no the points you get are considered a form of rebate so it’s not new income. It’s money back from a purchase you likely already paid Sales tax on (if in a state with Sales tax)
One of my favorite cards is Citi Custom Cash. No annual fee, and you get 5% cash back on your biggest category (dining, travel, etc) each month. I use it only at grocery stores. Getting 5% back at all grocery stores with no annual fee is NICE. I have 4 main cards I use based on category: One each for grocery, gas, and restaurants, and one general purpose. Plus one for Target and one for Amazon. Mostly 5% back, except for the 2% general purpose. Maybe once a year, I'll take advantage of a $200 or $300 startup offer (when you spend $1k, or something. I'll usually apply for the new card before my car/home insurance bill) and then never use that new card again. That's still 20/30% back on something I have to pay for anyway. As they say in the video, you should only do something like this if you know you're never going to pay interest because you're paying off the full balance every month, and if you're not the type to use credit to buy things you wouldn't with cash.
@@DustyDustGaming I use BoA for gas, unless it's on Discover's quarterly calendar. BoA starts at 3.3% back and goes up from there based on your accounts with them. If you have over $100k in your combined accounts with them (I'm not there yet...or close) it's 5.25% back.
People spend more when they use credit card. Credit cards are particular Y dangerous on vacation, when people spend much more than what they have planned.
I had a personal finance class Senior year. I learned so much about the stock market. Credit cards, loans, balance transfer cards, and managing money. I'm glad I took the class.
"telling to pile up debt" CC is only bad if youre financially illiterate. Treat CC as money you currently have then it saves you from scams, theft, gives convenience and cashbacks.
It definitely is interesting that most Americans have depleted their pandemic savings and are wracking up credit debt while at the same time I feel like the credit bureaus eased credit approvals. I always use mine if I already have money set aside in savings to pay it off immediately. You definitely don't want to fall down the depressing hole of working week to week to pay off your credit card.
@@MileyCyrious Good advice, my general thought is don't spend more than you earn and if you can't pay off your CC every month cut it up. Also don't spend just to get measly cheap rewards and fall into that trap. Only buy what you need, nothing more, nothing less.
It should be noted that CNBC along with other major news outlets get a portion of their revenue from advertisements for credit cards. They have a personal interest in promoting them.
As a middle class European, I shop mainly with my Visa DEBIT CARD. I can book flights, hotels, shop online, pay on a POS and withdraw money without fees. If I want to earn miles(even though in Europe you mainly fly with low cost airlines which don’t provide mils) I just register at the airline frequent flyer program and earn miles, but with my own money. I pay for my flight and that’s it. And the best thing is that I buy my Starbucks with my OWN money. Yes, my Mom has a credit card, but she really avoids using it and if she does, she tries to pay it off asap. I just don’t get why Americans are not educated enough about what in reality is a Credit card aside from the “best” benefits of using it. Im just grateful that in the EU debit cards work the same as the credit cards.
For regular and small purchases (regular buys like groceries and small one-time buys like clothes), I'd suggest making the payments on the day itself. Every day, make it a habit to check the outstanding amount on your credit card and pay off whatever regular / small purchases you made that day, before going to sleep. And for purchases which you've opted to pay off in installments (like say for a new PC) - don't take on more than one such liability at any given time. That is, don't make another large purchase that you intend on paying off in installments till you've cleared the earlier one.
Are you dumb ? Almost all cards give a interest free period of 50days , paying on the day makes ZERO sense....please avoid using credit cards if your that dim mate
@@harryp3804 Credit cards should mostly be used to build a credit profile and to take advantage of rewards, if any. If you want to take advantage of the free credit period, at least maintain your own personal account of expenses so you have an idea of exactly where you're at w.r.t. looming liabilities.
@@aritragupta4182 if you shop like a Rich white girl inspite of being middle class af then you have a problem , else always pay on the due date not a single day before you save a ton on the credit period itself as well.
Actually.. you don't need a lot. If you got $50 back from rewards every month for your rewards card and invested it your entire work life. You'd have an extra around 350k for retirement. Its not a swimming pool full of cash but its 350k more you'd have otherwise for doing no additional work. Thats 2.5k per month. Which if you can run a large bill through the card.. could be easy to get. But how i prefer to look at it as a 2% or 5% or whatever it is cost reduction. Yeah. Its small. So i don't over work to get it and if i miss it its not going to be the end of the world. But its nice when things align.
Question, isn't it possible that a person can adequately pay their bills on time and STILL be considered untrustworthy? Are ALL high score credit people trustworthy? Does that make 100% sense to gauge a person's trustworthiness on their credit history? Hmm....🤔
30 years of using a card and paying the balance in full every month. Never understood the widespread psychology of those who use it to pay the minimum or partial balance. My friend bought a $1K audio system but ended up paying more than $3K for it over time with the interest.
@ghost mall My father recently got his first (secured) credit card. He's an old-school immigrant who's quite distrustful of banks. It took him about 20 years for him to put his savings into a bank. I think he would literally stuff his cash under the mattress before then lol. He got a credit card a few months ago to start building credit, which is something of a foreign concept within our family tbh. He's paid the balance in full every single month before the due date, so he's never paid interest and even got a bit of cash back. His personal banking lady was surprised to see that lol. The bank lady says most people walk in asking for an extension on their minimum payments, which absolutely blows our minds. But like you said, if everyone was responsible and paid on time, the industry would implode overnight. Quite frankly, it's better for them to keep people ignorant of personal finance and eager to live a lifestyle of consumerism. 20% APR is borderline extortion.
I have capital one quicksilver. I use it for my daily expenses and immediately pay the balance the second it shows up. It's cash back. It's silly not to use it.
I really wish high school had spent a little more time on life skills like this than how to evaluate the plot of Wuthering Heights. Using apps like My Budget Book is a great tool. Say you get paid. Put the income in. You have all your regular bills logged so you always know how much you have already spent ahead of time on stuff like car, netflix, and rent/mortgage. But use a credit card for most things while referencing your actual checking balance for the month. That way you are never borrowing money you don't have.
It seems a lot of people are using credit card wrong. They think using credit card always cause you to get debt. That's not the case if you measure it properly. Treat the credit card just like a way to pay. Align your payment with your cash. You use credit card to get rewards and most importantly to build credit card, not to have loan or debt.
That's why it makes sense to get it back (and a little extra more) as rewards. 🤣 If you don't have a reward CC, you are paying rewards from your pocket to people who have those reward CCs.
No you don’t. Everyone else pays for it. You’re stealing by using the card. I use my credit card for the rewards by the way. I’m not here to attack credit card users
If there's a better deal paying in cash if it isn't by a lot like less than hypothetically $50 dollars cash in essentially spent gas it's why it's cheaper for you to get more, then fine I can see why the difference between cash or credit at the pump, regardless I could care less if they add that 1, or 1.5% merchant surcharge plus-fee added or even the 18-27.99% APR whatever if I get it back whether in 10 cents or $10 credit added by face value received if using a 2, or 5% cashback rewards, which it's something better than a debit-card-nothing and even beyond beneficially better when using it to pay in full utilities, bills, insurances, cyclical essential goods and staples, etc;. Pay the balance back to the card and it pays you forward that'll add up enough in hundreds if not even thousands money cashback in your pocket for redeemed consumer leisure and discretionary wants all in the while your credit score climbs. Because being disciplined rewards you and you've done good by faith keeping that expenditure under 30% of the cards limit and paying that zero annual credit card fee balance in full before due date, it's a win-win. Mind you that cashback "loop hole" accumulated money grown is fully yours and tax exempt that till this day (and they could) the IRS haven't thankfully reached out and demand consumer report it as capital gains! 🤫😁
Paying with cash gives you liberty. The freedom to be fully aware of your budgetary limitations, the peace of mind that no one is going to steal money with a hacked card, the freedom to be private with your wealth, nobody is able to cancel your card or will be able to control for what purpose you are going to use your money. When a blackout occurs, you will still be able to shop groceries, unlike going fully digital💪
You deny yourself the freedom to get free cashback and other perks, the freedom to purchase things online or by telephone, the freedom to spend whatever you want even when you didn't bring enough cash, the freedom to buy when someone requires a card, the convenience of paying bills online, the benefits of having good credit. You are scared and you're cheating yourself. There are ways to protect credit and debit cards from fraudulent charges: keep the cards locked through the app when not paying for something, get notifications of charges, keep track of your spending and carefully check your statement every single month. I admit that when the power is out for a week or more after a hurricane, cash is best for that temporary situation, also when businesses don't take cards, or when they charge a fee to use a card. Educate yourself to alleviate your fear and use cards for the many benefits.
Wouldn't banks also need electricity to operate ATMs and computers? If a blackout occurs you might not be able to access cash as easily. And if you carry a large sum of cash on you then get robbed, you lose out on more because you can't track cash and disable further transactions.
@@Park_Place Well, on your first point: ATM's wouldn't certainly work, banks would have to compete by having good customer service, for example to have more cashier desks, much like they had 20 years ago. On your second point, I would agree with you, that would be a challenge. I live in rural Germany where there are no crimes like that. I would have thought that also in the US, most people don't live in such dangerous areas. One would then have to only carry small sums by himself, not more than 50 dollars would be advisable.
Thanks for educating me on credit cards! I have been getting 1% cash back on all other purchases for years and I really want to upgrade to 2% or more now.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
I use the Apple CC for everything. I love how it shows what all I’ve spent on. And it shows where I need to spend less on, because before I didn’t realize how much I spent going out and buying little things here and there.
mastercard is not the best issuer. Try to get approved for AMEX gold premier rewards instead. Apple likes to sell their card as the premium card, but I have learned mastercard is at the bottom of the food chain for card issuers. I roll with AMEX gold and chase sapphire(no fee) and this dual card system works great.
No offense but the Apple CC is bad for what it offers. There are plenty of way better no annual CC's like Chase Freedom, Citi Custom Cash, or Capital One Savor.
Points, rewards and miles mean nothing if you don’t pay it off monthly. The credit game is fun, but discipline is key. It’s awesome that you can pay multiple times a month online as long as you have the cash.
I pay my 3 CC’s in full every month. I use the CC to pay cell/WIFI/TV bills/subscriptions. Other 2 CC’s for groceries. Pay my rent and power bill out of the bank. No car so no car payment/repairs/gas/maintenance/insurance. Lots of cash in the bank and credit score 825
I’ve been using the Apple Card to pay for everything for the last few years, and that’s a total cash back of $1,200 I wouldn’t have if I used my debit card or cash instead. I do treat it as a debit card, and to better log what I spend I pay it off early by submitting a payment at least once a week
I really like the Cashback system. Even if you are going to make a purchase already, it feels so good when your bank gives you a percentage of the amount you spend.
Living outside the US, I would note that this system is ridiculous. In most other countries, credit cards don't have these high-value rebate schemes, and credit scores are not used as pervasively and do not need to be actively built. It's much less of a cognitive burden.
@@amandak.4246 Why do you use Internet, when you dont understand jokes and trolls. You belong to the court of ancient times ,go argue there, people like you taking away the fun of Internet, making it formal.Is this your boss office, or I am on web for some fun time after whole day work.
I check all my finances every Saturday morning. This helps me understand where I stand with my investments, and that's also is a good time to review and pay the credit cards (no matter whether the monthly statement ready or not).
I use credit cards when buying from large corporate businesses. I will pay cash or sometimes debit cards when buying goods and services from small local, mom and pop businesses. Why? Because those rewards are not paid for by the credit card company, they are paid for by the business through higher transaction fees. Debit cards do not offer rewards and have a lower transaction fee structure which is easier for the little guy to stomach. This is a small way I help to support my local small business community.
My golden rule is, don't use credit to buy depreciating asset ( unless theirs an immediate need and you don't have cash) always pay in full. Credit are ideal in a scenario like you're a business owner and have to pay for salaries and intermediate goods in advance before any revenue is accrued.
This is the doctrine that politicians use; use money you don’t have! CC companies know you’re not going to pay on time, they’ve studied this and know the majority will be in huge debt.
The purpose of credit card is to take short-term loan and build lenders trust and to make yourself eligible for bigger loans at lower rates such as house mortgages or car loan.
“Brought to you by VISA”
By way of Mastercard.
@jtgd but they arent wrong. Once you realize the benefits of using credit you’ll never want to use cash again.
I’ll keep taking my free flights every year and you do you.
I only use credit cards. But I treat them like debit cards so I don't spend money I don't have. Also use them to build credit.
Same
But you have to pay % more. What the point. Debit cards dont have cashback?
Im curious cause Im not american.
@@zeezao8196 Most Big Bank debit cards do not get these rewards due to some legislation that was passed at some point. If they’re there they are not as good. Also, at most businesses we frequent the price is the same for everyone, with even Cash customers paying the product price that includes the Credit card swipe fees. As others have mentioned debit cards don’t help you build your credit history(excluding some newer fintechs).
@@zeezao8196 If you pay your card in full every month, then you don't pay more or any interest.
@@zeezao8196 The more important bit is the credit profile part. You can't build a credit profile using debit cards.
This video is brought to you by Visa, MasterCard, Discover, and American Express 😂
lol yes
Bro😂😂😂
I can smell that BS from the title alone 😂
No lie
The problem is over spending without realizing it
For me, growing up Mexican American I was taught to pay in full and not owe people money. Which I definitely think helped me in the long run because it helped me better manage my spending and not try to live beyond my means.
@Livi Bridge, This is about using credit cards, and yes, paying off in 30 days. Airline tickets, hotel stays, car rentals, or anything you plan on paying off in 30 days.
They are just asking people to spend more to boost the economy.
Correct 🎉😊
@Memory false. If it's paid off by the due date, there is no interest. This is can be more than 30 days after purchases, depending on the billing cycle.
Sponsored by Visa, Mastercard and Bank of America.
1. Pay your regular on-going bills like phone, internet, utilities, insurance etc. with a credit card on Auto.
2. Pay the full amount, never pay interest.
3. Make sure it doesn't charge an annual monthly fee.
4. Chose a credit card with reward points only.
This way the credit card 💳 is paying you to use it instead of the other way around.
I agree 100%!
If you already spending a certain amount getting a higher rate cashback that has a yearly fee might be worth it as the increase in rewards will cover the fee .
I also keep a low credit limit on my card so I don’t overspend
I get cash back on one of my credit cards. I pay all my bills on that one credit card. Do I have the cash to pay them instead of my credit card? yes. But I use this one credit card because I get a great deal on cash back. Then, as soon as the charges go through, I pay the card off. Easy way to get about $50 a month cash back I transfer to savings/vacation fund
This stupid "logic" is why there's over a $trillion in credit card debt.
The stupid rewards cards offer are minuscule compared to what you have to pay to obtain them. You really want that reward? Skip out on buying a purchase. Most rewards average to 1% of usage needed. So, to earn $1000, you need to spend $100,000... it's easier(and much faster) just to budget your spending to save an extra $1000/yr
This smells like sponsored content. Weve been conditioned to accept credit cards as a necessity. You really can live wothout CCs.
I’m addicted to paying off my credit card 😂 I constantly check how much I owe and I want to pay off everything instantly
Wow, you want to pay off mine aswell?
Good my son! Keep it up 👍
Dave ramsey will tell you different lol
same. I literally pay my cards off every 2-3 days lol. Never have accrued interest for this reason.
@Jeana Crandall Do what works for you, but I just use autopay. I don't have to sit there and stress every couple of days. I did thst when I first got a cc, but quickly realized it's more practical to just pay in full with autopay instead.
Keep in mind that cashback or other rewards encourage you to spend more, so you might actually overspend, buy stuff you otherwise wouldn't, etc.
If these "rewards" result in your overspending, you have more fundamental problems in life.
They don't encourage you unless you're financially inept to begin with. Honestly, it's just commonsense. I don't spend more due to perks, I use my debit and cash a lot less. Simply use your credit card and pay off the balance every month. No interest, no debt but you get the perks.
Actually credit is only as good as you use it or pay and yes I've had to buy more to get more or better credit so not using it is not good
Also, merchants will tack on a processing fee if you do use a credit card thanks to all the cash back programs
@@howard6433 They obviously do across the globe which is why it's a feature in the first place. So I guess 99% of people have problems.
only have one credit card and I use it once a week. Reject consumerism, embrace frugality and minimalism
What do you use it on
You seem to falsely think you can't be frugal or minimalistic with a credit card. They aren't mutual y exclusive.
I also considered myself as a frugal and a minimalist; however, I use my credit cards whenever it is possible (too bad, I can't pay my mortgage with the c.c.). And for the last 10-12 years, I have been getting a few hundred dollars in cashbacks every single year. Additionally, I have never, once, paid for the interest charge, late fee, annual fee, or any other fees. Furthermore, I no longer carry a lot of cash on me, unless I know that I have to go to the stores that do not accept credit cards.
Have no credit score and help contribute to ending the corruption that is the American financial system.
@@Dustyphoto915If you hate it so much feel free to leave and get a third world reminder of how health care and safety operates in much of the globe.
I learned that a long time ago when I was 24 my credit score has been really high, I always say this, if you can’t pay for it in cash don’t use it on credit card
Simplest rule of thumb to live by. Just treat the credit card as if it was your debit card. You wouldn’t spend more than what’s in your bank account on your debit card so don’t spend over what’s in your bank account with your credit card
There's also not using more than a third of your credit limit at a time.
Use the 5-1 method to see what you can afford. Basically if you can’t buy 5 of something using cash then you can’t afford it.
True true! 🙃
@@djhero0071 even when I do this for large purchases aka a vacation or something I pay the balance off immediately after it’s posted. Doesn’t even give it a chance to hit my credit report
Just use it as a debit card. Don't spend money you don't already have. Don't spend more than you get in a paycheck. The cashback or rewards can be really nice and are a little discount to things. Definitely do not carry a balance month to month because that's when the interest will start accumulating
Nope. Higher security risk with direct access to your funds. You are the perfect victim profile of ATM scams and in-store scams.
CC has near 0 risk to you. I've been defrauded on my CC twice over the last 40 years - didn't cost me a penny and it was resolved very quickly.
Pro tip: adults can charge what they can pay. You get a 30 - 50 day 0 interest loan if you pay your card in full every month. Plus (in most cases) various bonus points/rewards, etc.
@@AlanTheBeast100 are you replying to me or meant to reply to someone else?
@@MPAzezal You and everyone else. Avoid using your debit card. That is the greater security risk.
@@AlanTheBeast100 Yes, that's the gist of my comment. Though you added to it by describing why credit cards are more secure than a debit card
this is why i stay away from credit cards i only use a prepaid debit card only
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun...
@Alexander Webber The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment..
@@ConradGosling Hi Mate, please how can i reach this CFA of yours?
@@Emily-le2op I personally work with ''STACIE KRISTAL WEBER'' she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her...
@@ConradGosling She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
@Alexander Webber ah yes, it's as usual the younger generation's fault, and not the Boomer's who got us here with years of electing corrupt politicians and deregulation....
But as usual with the boomers it's "F everyone else, I got mine"
Dave Ramsey nearly had a stroke watching this. 😂
Dave Ramsey is jaded.
@@ethanseevers1775I still think he has a point about some of his beliefs. But he doesn't understand today's economy
Dave Ramsey laughed his a$$ off at you fools!
Dave Ramsey doesn't understand how credit work. As long as you pay them off every month, there is no downside to using credit work. Don't use credit work if you can't pay it off each month.
@@Wowsers101right. He still lives in the passed
Credit Cards are great but not for everyone. If you don't have the self control to spend within your means and pay it off every month, then obviously this will just feed consumerism. Otherwise, it's free money/benefits for those who are responsible. Not to mention they're safer to carry around than a debit card/cash. You'll have a much tougher time getting your money back there than if a CC is lost/stolen.
I mean, the premise of the credit card is to "feed consumerism." Credit cards, by their very nature, are designed to speed up the purchasing process by removing physical and mental barriers of purchase between a customer and a given product, which is part of what makes them so dangerous. The credit card is as much a tool of the capitalist machine as it is a tool of the consumer.
how are they safer than a debit card?
@@georgepresley5120 0$ fraud liability, you can dispute transactions as well
@@georgepresley5120 debit card: the payment uses cash from your own bank account. credit card: the payment is a payable to your bank, but you're not obliged to pay it yet until you get your credit card bill for that month. so you have extra time to dispute, make a police report etc. not to mention some cards offer fraudulent transaction insurance for free
Over 80% of people do not pay off their credit cards at the end of the month. Interest would eat away at any rewards they are trying to earn and will continue to carry a balance for a long time. People are impulsive buyers and will always spend more when it's not their money. There is an emotional connection when you pay for things with your own money and will spend less when compared to a credit card. It's so common that people don't think of it much and then end up years and years in debt
I pay my credit cards every week. Feeling the pain of money leaving my wallet helps me not go on a unnecessary shopping spree and gets me focused that food and bills come first before weekend fun nights.
Where is everyone's money?
Yes
I do the same thing. Nothing is sadder than transferring money out of your checking to pay off those credit card purchases. Definitely reminds you to keep your spending in check.
@@jaredgates4310 yes and it help to learn lesson on spending freely
As long as you’re paying it off before interest hits it can be worth it for the points and rewards. However, you do tend to spend more overall when using a credit card so it could balance out. Ultimately, i use my credit card mainly because i dont want my debit card getting hacked lol.
There is no proof that you spend more with using a credit.
All of those "studies", were just looking at how much people spend with a credit card, and how much they spent with cash.
They were not looking at people's budget and how much they were going to spend before they used it.
@Saul Goodman i think Dave Ramsey wins this argument pal.
Same, they're basically free purchase/theft protection if you can control your spending habits. The points & rewards is just icing on the cake!🤤
@@andidede3653 Dave Ramsey is a joke
You can get two debit cards.
Telling Americans they should buy everything with credit cards is about on par with telling an alcoholic they should have a glass of red wine a day. These people have no self control, don't encourage them.
This is exactly why they are encouraging. Now instead of printing money to "stimulate demand" they are trying sth different.
Makes you wonder who's pushing or paying for this content.
- ok lets not generalize with blanket statements. Yes some americans have no self control, but I suspect there are lots of financially responsible americans who use them for their benefits, cashback & travel rewards. Just sayin
@@docsays I agree with the sentiment, but for those who are struggling with fiscal responsibility, this message is harmful. There are ways to get across the potential benefits of credit cards while cautioning that it's not for everyone.
Credit card debt is at a record high and this is the advice they’re handing out. These folks have NO self control lol
Most rich people stay rich by spending like the poor and investing without no stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
The thought of retirement has given me the opportunity to sort out another source of earning
I started paying more attention to stock and learning more about online trades
Trading became interesting when I met Shanita online and she gradually exposed me to the whole trade market and how to earn massively from it
Meeting with someone genuinely good at the financial market was a break through for me
I was introduced to forex with the guidance of Mrs Creswell and there isn’t a single trade I have loosed
Financial literacy, health literacy, and computer literacy are all imperative topics that everybody must learn. Financial literacy is finally cracking into public school systems but barely.
Wdym health literacy? I can see this meaning many things
Teaching financial literacy doesn't work. Juggling a budget is very easy from an intellectual point of view. It's literary the kind of math we learn in third grade. Sticking to a budget on the other hand is very different and we all need to find our own way.
This isn't financial literacy; It doesn't actually teach you how the financial system works. It's just about how to use financial products.
My high school spent a whole quarter teaching us how to balance a check book. Whole lot of good that did, turns out I never ordered a single book of checks in my entire life and a computer tracks all the numbers for me.
Shocked they did not include in this piece that merchants get charged on each transaction for allowing credit card use and subsequently bake that charge into their retail prices that we all pay.
Therefore, folks that pay cash actually subsidize those that use credit cards.
This is a big factor that should have been included.
Where I live in Iowa, it’s cheaper to pay cash especially at restaurants, because they charge a 3 to 4% charge if you pay with a credit card.
Cash is still king at your small family owned business
I was just telling myself the same thing
@@kimberlychodur3508 It’s against the terms of credit card issuers for businesses to explicitly charge consumers a fee for using credit cards instead of cash. And tbh, it’s kinda silly to do so nowadays unless they are trying to commit tax fraud by underreporting revenue.
Accepting cash has a price too. Buying and maintaining the cash register cost money. Spending labor and time to count the cash at the end of the day cost money. Transporting and depositing cash at the bank cost time and money. Having a large amount of cash also increases the likelihood of accidentally accepting counterfeit money, being stolen/mishandled by employees, or robbed by thieves. So yes, you can avoid a 3% credit card processing fee, but it’s not like accepting cash doesn’t come with its costs and risks.
most businesses are starting to charge the consumer 3% or 50 cents per credit card transaction.
I buy everything with credit cards. Extended warranties, added protections, limited liability, and cash back. I pay the cards off in full every month. This year I got just shy of $3,000 in cash back rewards.
Whats your cashback %? Even at 3% you spent a fuckle ton.
@@TrigoNomentry : That person may be a business owner. Many business owners tend to have to spend a lot of money each month.
What credit card will u use in arlington virginia for a "regular person"?
I always pay off the monthly balance in full, so I've never had to pay interest. This is the best way to use credit cards.
I use it just like my bank. Pay it back same day and never over spend!
Since Biden took office, there seem to have been more unfavorable results in America. I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?
True, a lot of folks overlook the role ofasset managers until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $550k so far.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I use CCs everyday but payoff the balance when statement comes due, that's very important. Be financially disciplined with their use 👍
I pay every week forget once a month. 820 score
@@RealityHurts923 Same score, what ever payment frequency works best for you, do it 👍
@@RealityHurts923 Impressive 👍🏽
@@RealityHurts923 - Same here. I make sure my balance statement is $0 every month.
Trick is to pay 95-98% of amount owed about 5-6 days before the statement is printed. (not the due date).
Issuers report on the statement to the bureaus. Lower the utilization the higher your FICO Score
Credit cards, used wisely, and paid off monthly, are valuable tools. But we need to keep cash options too!!!
Exactly
Credit cards are a trap
Cash: Why? I don't know anyone who still uses cash and is under 50.
If you mean have cash available in savings, absolutely.
@@GBU61 I mean also cash as an option to use in everyday life - this is a freedom and privacy we need to protect!
I feel investors should focus on under-the-radar stocks, considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered. I don't know where to go here out of devastation.
The safest approach I feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
@@SarahOlivera-t4z It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
@@RhondaArmstrong-y4d This is considerable! think you could suggest any professionals/advisors? I'm in dire need of proper portfolio allocation.
@@FolarinSodiq My CFA ’ is “Victoria Carmen Santaella”, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@RhondaArmstrong-y4d I will give this a look, thanks a bunch for sharing.
Dave Ramsey is going to loose his mind when hears this.
Yup but I kind of support him
This is the comment I came here for...
Credit Cards are a financial tool to get ahead as long as you are paying them off in full every month. You can easily get hundreds of dollars in cashback each year and good credit will make your vehicle insurance cost less too because your credit score is factored into the price they charge.
If you don't engage with the credit system in America, you're either extremely wealthy or you're leaving money on the table without realizing it.
David ramsay’s advice is good for “beginners” to debt and finance. Once you understand the rules of the game, completely avoiding the credit system is opportunity cost.
@@GerzhusTV Exactly. Dave is for the middle class. You won't get rich using his advice.
I like to take advantage of the cash back on my credit cards but I don't let debt accumulate I pay my balance at the end of the month
I'm totally with you on that. I use my card for everything I can and pay it off every month and get a high cash back % through my Fidelity Investments Visa. I'm retired now, but when I owned my store, I'd use my business card to pay all my vendors that would accept credit cards for monthly statements. Man, I'd rack up enough points to pay for my son's private grade school & high school tuition every year, all tax free.
Me too.
Same except I pay off the balance once a week just to make sure I’m balancing my budget.
Isn't "stoozing" a thing in the US?
We wish everyone thinks like you do! 😊
That card really changed my life and I was able to reach my goals, it’s indeed empowering, provided you use it responsibly…
Whether you have one or several credit cards, use them wisely and spend within your means.
That said, I hope we're not heading towards a cashless future. That will be dangerous for many, and only widen the gap between the haves and have-nots. And with the tech issues that are becoming the norm (on top of governments tracking more of what citizens do), cash is something that should not go the way of the dodo.
And that's why I've never had and will never get any. NEVER had a car payment in my life. I have titles for 4 cars that I purchased with cash. Two of them are classics. I also, with cash purchased 2🏍️from copart. I have a 3🛏️ 2🛁home sitting on 3 acres. I have a logistics company with two commercial trucks running 5 days a week. I even day and swing trade to supplement my income for weeks when it's🐂💩on the load boards. Plus my wife retired at 45. How you ask. I NEVER OWNED A CREDIT CARD. I WORKED FULL TIME FOR 10 YEARS SAVED THOUSANDS, SACRIFICED SAVED AND INVESTED. The end result, I've never let💰or💩run and control me, I CONTROLLED IT, I MADE IT WORK FOR ME, I WENT WITHOUT TO GET WHAT I NEEDED SO I CAN OWN WHAT I WANT. From 17 to 25 all I saw was peers living on credit and drowning in debt for🐂💩fads, trends and finite🗑️ that never gain any value, and constantly lost value by 25%-50% as soon as they touched it. That math NEVER made any sense to me, so I NEVER prescribed to it. I'm glad my portfolio consist of purchases that have value and are assets. If I sold my business, my classic cars, my stocks, my home, motorcycles and watch collection(forgot to mention that)......the profit alone would be more than most in scamerica make in a 6 year combined salary. The🔑that I've worshipped my entire life is SACRIFICE, SAVE, INVEST,🖕LIVING ON CREDIT AND DROWNING IN DEBT.
"Cash "is gold ..forget the cards all B.S .
Those who can’t control themselves can use debit cards instead of credit cards. Cash is obsolete.
You said it! Spend within your means. Nice to see another common sense person.
@@DrugDealer541 Never use cards only cash $ one debit card .,& buy car with cash .."broke people use cards"
Got $2300 cash back this year and paid it off religiously. I have one credit card and use it for everything.
What I did before I got a credit card was to have a debit card for 2 years. I tracked my expenses, budget, and used that as a standard for my credit card.
This video was sponsored by Discover and AMEX.
You shall continue to consume.
Really makes me wonder how much MORE people are unconsciously spending by using credit and thinking cash back rewards will make them rich.
@@jessereinhardt6320 What I'm saying... if you HAVE to buy something, use a credit card. But don't just buy stuff to get rewards, that's literally what fuels consumerism.
@@jessereinhardt6320EXACTLY. The subconscious idea that people are getting rewarded for spending more actually makes them spend more in the end versus actually seeing the money drain from their checking account in real time by using a debit card every time they purchase something. It's a big mental shift that people think they're above, but most have trouble admitting that they are actually not.
@@amandak.4246 ... for once you need to reevaluate yourself, bro's right. Forget that he's talking about the credit card companies, listen to what he said. All these rewards do is promote consumerism, you don't need to spend for the sake of spending to get these really small rewards.
I cut up my credit cards a year ago. Being debt free is a much less stressful way to live!
Good for you. At least, you are aware that you are not a credit card person.
But as for me, I will keep using my credit cards (and getting cashbacks at the end of the year) on most of the things that I need/want to purchase (too bad, I can't pay my mortgage with the c.c.).
Btw, I agree that "being debt free is a much less stressful way to live!"
Only carry a prepaid credit card while traveling.
It took me years to become a responsible credit card user!
The problem with credit card is that most people has no self control. They tend to spend more than they earn and things get out of hand very fast.
I have a credit card since 2015 when I was a student. I'm never late on payments and almost always pay in full. Until now, I have gained thousands of dollars of rewards(without including the bonus for opening a card) with almost zero interest payments. The cards definitely work for me.
I spend almost 90% through credit cards now primarily to track expenses and secondary purpose is cashbacks
I use mine for everything, but I HATE debt so I ALWAYS pay it off. I use the free air miles as the benefit. My daughter and I are flying across the country first class in June and it's free due to air miles. I consider the credit card cash though in the fact that I don't buy it if I can't pay for it. It' takes a lot of restraint.
There's no such thing as first class on any American airline flying domestic. It's business class.
@@justrandomthings319 eh, potato potahto
@@stevecooper7883 Yeah, you're definitely clueless.
sorry to burst your bubble, but if you have a credit card you already have debt. that's what a line of credit is: money given to you that you didn't already have. the only reason that it doesn't feel like debt is because of paying off the balance, but just like a mortgage, it is still debt which is why if reflects on your credit score.
@@justrandomthings319 people be lying life a mf on the internet
"Buy everything with credit cards"
Says video sponsored in part by credit cards
Dave Ramsey's gonna like this one.
The problem is that most people don't know how to treat them like debit cards.
CNBC is my favourite businessnews media, always so interesting 🤗🤗🤗🤩🤩🤩🙌🏻🙌🏻🙌🏻🙌🏻
I'm 28, and earn $112k+. I was forced to get one when I couldn't rent a car even though I had 60k cash... I grew up poor and didn't know. I only used debit cards. Got the chase Sapphire Preferred a year ago and use it like a debit card. Actually pay it off weekly. I've earned $1.3k so far in rewards. Not bad. Really love the extended warranty and travel perks. Doubt I'll get another card cuz I'm simple and only want one.
yeah chase is the best! If I could only pick one it would be the Sapphire. I prefer to roll with AMEX gold plus sapphire(no fee) for places that don't take AMEX.
That’s great. What do you do for a living?
@@roxcyn I'm a business analyst consultant for pharmaceuticals. Was in normal tech industry and jumped to pharma. Computer science degree can easily be transferred to so many industries!
A lot of people don't realize the car rental companies or some hotels only take credit card payments. Good to learn in school before you go off to University or a real world job.
The last car I purchased from a dealer, when it was time to pay the $5k down payment, they asked if I wanted to pay in cash, check or credit card. And I was like, you take credit cards for a down payment? Is there an extra fee? Nope. Even though I had cash in hand, I put the down payment on a card of mine that had 2% cash back, then I paid my card immediately so it doesn't even show up on a statement. That was a free $100 cash back in my pocket for using a credit card as a middle man.
So you mean you only paid back $4900 back to credit card company or you paid the whole $5000 & they gave you the $100 seperately for you to spend it????
Jokes on you, you should have negotiated a 6% cash discount. I’m quite sure they would have honored it.
That's what I do when buying a car. Put as much on the card as the stealership will allow. It was only like $5000 but still free money.
@@KCNYC Wrong, 1000% wrong. You have no idea where dealers make their money. CASH is not king. Dealers HATE cash. In fact, if you walk into a dealership telling them you're paying in cash, they will refuse to give you the best deal. Dealerships make their money in the financing. Literally scroll back up to the search bar and search for yourself.
@@KCNYC In fact, I'll save you a little trouble. Here you go. ua-cam.com/video/MleR3FFaKMU/v-deo.html
The stock market has been a really tough one this past year, but I watched an interview on CNBC where the anchor kept mentioning "KATRINA VANRENSUM ". This prompted me to get in touch with her, and from August 2022 till now we have been working together, and I can now boast of $540,000 in my trading portfolio.
That's right, getting in touch with a consultant during the pandemic was how I was able to scale through the crazy stock downtrend.
That's massive. Can you please connect me with your personal broker, I would love to work with her
Like I said earlier , her name is KATRINA VANRENSUM
Just run a search on her name, and you would see all you need.
Thanks for the info . Found her website and it really impressive
one thing to keep in mind is that the merchants are paying the CC comapnies the fee for the transaction (usually). the fee is then either baked into the price of the good/service or charged separately for individuals that choose to use a card. these card transactions arent "free". we need a form digital payment that charges little to no transaction fees, which will benefit both the producer and consumer.
Those who pay with cash are paying the fee when it's already included in the price of the product/service.
MassDynamic: Expecting such a service to be provided by, say, witches, for free -- is delusional.
Credit cards, given the rewards, generally ARE basically free, since most places don't charge more for buying X with a credit card vs. cash.
That's why I wonder why US merchants accept those fees. In Germany most businesses do not accept American Express at all, as the fees there are much too high. Visa and Mastercard charge less than half of that and that is worth it for the businesses as of course handling cash also comes with fees.
And the consumer of course pays with his data. Some payments are just very personal. The bill of a doctor for example. Or of a divorce lawyer. The store might even collect a lot more data, if you pay with credit card.
credit cards are expensive for marchands, fortunately in some countries like mine you have a free digital payment system that works well and while for goods you need to accept credit cards to stay competiives for services you can decide to take only cash, wire transfers or digital payments with no fees
@@skyscraperfan There is actually an interesting business model for AMEX. They base their whole value on having wealthy clients, and this encourages stores to pay the fees because they will get big spenders in their stores. This model has lead to really stable and continued growth for AMEX because they aren't scrapping around for people to pay them interest. They just rely on the relationships with rich clients and the merchants, themselves being that intermediary.
Use it to your advantage if you are disciplined. Otherwise, do NOT use the credit card. At 20% interest, you can't afford not to pay that off if you have credit card debt.
exactly, this only works if you are responsible and spend no more than you earn
What they didn't mention about CC ratio is that it only applies at the cycle close. However many cards you have pay them off before the billing cycle closes. My aunt waits for the paper statement to come in & was surprised I just go in every few weeks (especially right before the close) and pay off the balance so however much I spent in reality it didn't effect my ratio.
Lies again? Change Cars Chubby Children
If you have a budget and stick to it then using a card isn't an issue. You can always pay for it. Having a budget is really the most important thing many people don't do. This will allow you to do so much more with your money because you are less likely to make impulse purchases that you later regret.
I live in NYC, I noticed a lot of stores are throwing the merchant fee onto the customers when they use thier cards. So now and days I don't know if using cards are worth it. Leta say they charge you 3% to use a card at the store and u get 2% cash back on all purchases. Well your still losing that 1%. So you have to be more cautious and start carrying cash money lol
I noticed this when went to get food at krystals during the lockdown. They weren't giving change if used cash and also wanted to charge a fee for using a card. Never been back since
Only in NYC in a bodega. Never seen this in the USA outside of NYC and the only other place I've seen this is overseas, in typically developing countries.
@@raylopez99it’s not just New York, I’ve seen it in my own town in Iowa, I live in a town of only 3,600 too. That’s why I question if the rewards are really worth it.
@@kimberlychodur3508 well if you see a CC that gives you 5% back and you get charged 3% then ur still up 2% and if your using something like a amex gold sometimes eating that 3% to get those MR points is worth esp if your working towards a sign up bonus
@@captainvenom4377 my kids do for everything with a credit card for the rewards, then pay it off every month. I guess they think it’s worth it, I haven’t ever really gotten into it yet, I would have to look into it.
I´ve been using CC for the last decade and it allowed me to travel abroad for free every year. Milleage plan is a blessing.
We use our credit cards for EVERYTHING! It's like leaving free money on the table at the end of the day. Just make sure you pay your balance in FULL every month 😊
I do the same thing
I personally recommend paying them every single week. Just so you feel the pain of money leaving your wallet and don't go on a shopping spree because "it's free money"
@@JoseFlores-xh5cj very good idea
CNBC trying to get cancelled by Dave Ramsay lol
And credit is safer than debit cards.
Credit: call Co to dispute charge
Debit: call bank & may take days, weeks or longer to get ur $$ back
I have 26 credit cards are have never paid a cent in interest. I LOVE credit cards 🎉 They’ve gotten my family multiple free luxury vacations around the world.
How many rewards do you get? What’s that card? I barely earn anything with wells
Same.all these comments from people that have no idea wtf they are talking about.. People think that because it says credit in the name means u have to max it out..How about grow up and have some self control and make your life better all by using a credit card..then again you can't argue with people who think they know everything and have done no research
Do you get taxed for any of the luxury vacations you get?
@@mad2barxhst get taxed on the income that has already been taxes?
@@mad2barxhst no the points you get are considered a form of rebate so it’s not new income. It’s money back from a purchase you likely already paid Sales tax on (if in a state with Sales tax)
One of my favorite cards is Citi Custom Cash. No annual fee, and you get 5% cash back on your biggest category (dining, travel, etc) each month. I use it only at grocery stores. Getting 5% back at all grocery stores with no annual fee is NICE. I have 4 main cards I use based on category: One each for grocery, gas, and restaurants, and one general purpose. Plus one for Target and one for Amazon. Mostly 5% back, except for the 2% general purpose. Maybe once a year, I'll take advantage of a $200 or $300 startup offer (when you spend $1k, or something. I'll usually apply for the new card before my car/home insurance bill) and then never use that new card again. That's still 20/30% back on something I have to pay for anyway. As they say in the video, you should only do something like this if you know you're never going to pay interest because you're paying off the full balance every month, and if you're not the type to use credit to buy things you wouldn't with cash.
Nice system. I got a general 1.5% cash back but need to find some cards with higher %s. Specific cards for specific purchases interesting
What are you using as your gas card? I’m waiting on my citi custom cash card, which I got to get 5% on gas
One thing to note about this though is that the 5% cash back is limited to $500 spend each month, which will affect some people
@@DustyDustGaming I use BoA for gas, unless it's on Discover's quarterly calendar. BoA starts at 3.3% back and goes up from there based on your accounts with them. If you have over $100k in your combined accounts with them (I'm not there yet...or close) it's 5.25% back.
You clearly understand money well to be that organized.
People spend more when they use credit card. Credit cards are particular
Y dangerous on vacation, when people spend much more than what they have planned.
Some people can yes. I call bs on any claim that says most or all people do this.
I hope they teach this in high schools so younger people are aware of the risk/benefit of credit cards and use them responsibly.
That will take an act of congress, as the schools only teach them enough to pass the standardized tests.
Ur gubernment gets whAt it payz for! Lol!!!!
I had a personal finance class Senior year. I learned so much about the stock market. Credit cards, loans, balance transfer cards, and managing money. I'm glad I took the class.
Avoid running up those credit cards people. We're facing down a recession and these people are telling you to pile up debt. Be smart.
Wise words
"telling to pile up debt" CC is only bad if youre financially illiterate. Treat CC as money you currently have then it saves you from scams, theft, gives convenience and cashbacks.
It definitely is interesting that most Americans have depleted their pandemic savings and are wracking up credit debt while at the same time I feel like the credit bureaus eased credit approvals.
I always use mine if I already have money set aside in savings to pay it off immediately. You definitely don't want to fall down the depressing hole of working week to week to pay off your credit card.
No one said pile up debt. Stop being so dramatic 🙄
@@MileyCyrious Good advice, my general thought is don't spend more than you earn and if you can't pay off your CC every month cut it up. Also don't spend just to get measly cheap rewards and fall into that trap. Only buy what you need, nothing more, nothing less.
I love my hotel point and cash back rewards :)
This video is sponsored by Visa, Mastercard, Discover, and American Express😎
What a great video to create even more debt addicts.
It should be noted that CNBC along with other major news outlets get a portion of their revenue from advertisements for credit cards. They have a personal interest in promoting them.
Not personal, business: They have a business interest in promoting them.
A 12-minute advertisement. Incredible.
Just say you can't handle paying your bills and move on
@@Anthony-db7cs what do you pay your credit card bills with?
@@Anthony-db7cs How much does your shill gig pay?
@@miniena7774 More than your underfunded K12 level job. Lay off the internet you conspiracy wacko.
The comments for this video remind me of 2020 and 2021 - do this behavior or you are not smart or are not cool.
1) Use a credit card like a debit card
2) Never spend more than you make
That’s it, you will be fine
Nice ad for credit card companies. Well done CNBC.
As a middle class European, I shop mainly with my Visa DEBIT CARD. I can book flights, hotels, shop online, pay on a POS and withdraw money without fees. If I want to earn miles(even though in Europe you mainly fly with low cost airlines which don’t provide mils) I just register at the airline frequent flyer program and earn miles, but with my own money. I pay for my flight and that’s it. And the best thing is that I buy my Starbucks with my OWN money. Yes, my Mom has a credit card, but she really avoids using it and if she does, she tries to pay it off asap. I just don’t get why Americans are not educated enough about what in reality is a Credit card aside from the “best” benefits of using it. Im just grateful that in the EU debit cards work the same as the credit cards.
For regular and small purchases (regular buys like groceries and small one-time buys like clothes), I'd suggest making the payments on the day itself. Every day, make it a habit to check the outstanding amount on your credit card and pay off whatever regular / small purchases you made that day, before going to sleep.
And for purchases which you've opted to pay off in installments (like say for a new PC) - don't take on more than one such liability at any given time. That is, don't make another large purchase that you intend on paying off in installments till you've cleared the earlier one.
Are you dumb ? Almost all cards give a interest free period of 50days , paying on the day makes ZERO sense....please avoid using credit cards if your that dim mate
@@harryp3804 Credit cards should mostly be used to build a credit profile and to take advantage of rewards, if any.
If you want to take advantage of the free credit period, at least maintain your own personal account of expenses so you have an idea of exactly where you're at w.r.t. looming liabilities.
Payments on the day itself doesn't make sense. I generally keep all my purchases and pay them off at the due date.
@@aritragupta4182 if you shop like a Rich white girl inspite of being middle class af then you have a problem , else always pay on the due date not a single day before you save a ton on the credit period itself as well.
@@infographicsnepal2521 Exactly. May as well use your debit card lol.
Informative video. 👍 Only use credit cards if you can pay your purchases off by the end of the month!
Thank you CNBC, I actually did not know that I had rewards until I saw your video today and looked into it. Very helpful.
This one is sarcastic for sure.... 😂😂😂
Moral of the story- Credits are great if you're rich
Actually.. you don't need a lot. If you got $50 back from rewards every month for your rewards card and invested it your entire work life. You'd have an extra around 350k for retirement. Its not a swimming pool full of cash but its 350k more you'd have otherwise for doing no additional work. Thats 2.5k per month. Which if you can run a large bill through the card.. could be easy to get.
But how i prefer to look at it as a 2% or 5% or whatever it is cost reduction. Yeah. Its small. So i don't over work to get it and if i miss it its not going to be the end of the world. But its nice when things align.
Using credit card is not a problem If you know how to use the benefits and control yourself.
Most aren’t in control.
Question, isn't it possible that a person can adequately pay their bills on time and STILL be considered untrustworthy? Are ALL high score credit people trustworthy? Does that make 100% sense to gauge a person's trustworthiness on their credit history? Hmm....🤔
Dave Ramsey punching the air rn
Oh call the Wahmbulance.
30 years of using a card and paying the balance in full every month. Never understood the widespread psychology of those who use it to pay the minimum or partial balance. My friend bought a $1K audio system but ended up paying more than $3K for it over time with the interest.
You said it yourself. You don't understand. So you won't ever get it
@ghost mall My father recently got his first (secured) credit card. He's an old-school immigrant who's quite distrustful of banks. It took him about 20 years for him to put his savings into a bank. I think he would literally stuff his cash under the mattress before then lol. He got a credit card a few months ago to start building credit, which is something of a foreign concept within our family tbh. He's paid the balance in full every single month before the due date, so he's never paid interest and even got a bit of cash back. His personal banking lady was surprised to see that lol. The bank lady says most people walk in asking for an extension on their minimum payments, which absolutely blows our minds. But like you said, if everyone was responsible and paid on time, the industry would implode overnight. Quite frankly, it's better for them to keep people ignorant of personal finance and eager to live a lifestyle of consumerism. 20% APR is borderline extortion.
Might as well just pay it there and now
Because they are idiots!
for many people, it's a matter of desperation.
I have capital one quicksilver. I use it for my daily expenses and immediately pay the balance the second it shows up. It's cash back. It's silly not to use it.
I really wish high school had spent a little more time on life skills like this than how to evaluate the plot of Wuthering Heights. Using apps like My Budget Book is a great tool. Say you get paid. Put the income in. You have all your regular bills logged so you always know how much you have already spent ahead of time on stuff like car, netflix, and rent/mortgage. But use a credit card for most things while referencing your actual checking balance for the month. That way you are never borrowing money you don't have.
This episode just screams "ADS BY THE CREDIT CARD PEOPLE"
It seems a lot of people are using credit card wrong. They think using credit card always cause you to get debt. That's not the case if you measure it properly. Treat the credit card just like a way to pay. Align your payment with your cash. You use credit card to get rewards and most importantly to build credit card, not to have loan or debt.
About rewards, you actually pay for them in the higher prices merchants need to charge to pay for the transaction fee.
That's why it makes sense to get it back (and a little extra more) as rewards. 🤣 If you don't have a reward CC, you are paying rewards from your pocket to people who have those reward CCs.
No you don’t. Everyone else pays for it. You’re stealing by using the card. I use my credit card for the rewards by the way. I’m not here to attack credit card users
If there's a better deal paying in cash if it isn't by a lot like less than hypothetically $50 dollars cash in essentially spent gas it's why it's cheaper for you to get more, then fine I can see why the difference between cash or credit at the pump, regardless I could care less if they add that 1, or 1.5% merchant surcharge plus-fee added or even the 18-27.99% APR whatever if I get it back whether in 10 cents or $10 credit added by face value received if using a 2, or 5% cashback rewards, which it's something better than a debit-card-nothing and even beyond beneficially better when using it to pay in full utilities, bills, insurances, cyclical essential goods and staples, etc;. Pay the balance back to the card and it pays you forward that'll add up enough in hundreds if not even thousands money cashback in your pocket for redeemed consumer leisure and discretionary wants all in the while your credit score climbs. Because being disciplined rewards you and you've done good by faith keeping that expenditure under 30% of the cards limit and paying that zero annual credit card fee balance in full before due date, it's a win-win. Mind you that cashback "loop hole" accumulated money grown is fully yours and tax exempt that till this day (and they could) the IRS haven't thankfully reached out and demand consumer report it as capital gains! 🤫😁
Paying with cash gives you liberty. The freedom to be fully aware of your budgetary limitations, the peace of mind that no one is going to steal money with a hacked card, the freedom to be private with your wealth, nobody is able to cancel your card or will be able to control for what purpose you are going to use your money. When a blackout occurs, you will still be able to shop groceries, unlike going fully digital💪
You deny yourself the freedom to get free cashback and other perks, the freedom to purchase things online or by telephone, the freedom to spend whatever you want even when you didn't bring enough cash, the freedom to buy when someone requires a card, the convenience of paying bills online, the benefits of having good credit. You are scared and you're cheating yourself. There are ways to protect credit and debit cards from fraudulent charges: keep the cards locked through the app when not paying for something, get notifications of charges, keep track of your spending and carefully check your statement every single month. I admit that when the power is out for a week or more after a hurricane, cash is best for that temporary situation, also when businesses don't take cards, or when they charge a fee to use a card. Educate yourself to alleviate your fear and use cards for the many benefits.
Wouldn't banks also need electricity to operate ATMs and computers? If a blackout occurs you might not be able to access cash as easily. And if you carry a large sum of cash on you then get robbed, you lose out on more because you can't track cash and disable further transactions.
@@Park_Place Well, on your first point: ATM's wouldn't certainly work, banks would have to compete by having good customer service, for example to have more cashier desks, much like they had 20 years ago. On your second point, I would agree with you, that would be a challenge. I live in rural Germany where there are no crimes like that. I would have thought that also in the US, most people don't live in such dangerous areas. One would then have to only carry small sums by himself, not more than 50 dollars would be advisable.
Thanks for educating me on credit cards! I have been getting 1% cash back on all other purchases for years and I really want to upgrade to 2% or more now.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can I reach this person?
‘’Colleen Rose Mccaffery’ maintains an online presence. Just make a simple search for her name online.
I checked Colleen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
I use the Apple CC for everything. I love how it shows what all I’ve spent on. And it shows where I need to spend less on, because before I didn’t realize how much I spent going out and buying little things here and there.
The little purchases really add up.
mastercard is not the best issuer. Try to get approved for AMEX gold premier rewards instead. Apple likes to sell their card as the premium card, but I have learned mastercard is at the bottom of the food chain for card issuers. I roll with AMEX gold and chase sapphire(no fee) and this dual card system works great.
No offense but the Apple CC is bad for what it offers. There are plenty of way better no annual CC's like Chase Freedom, Citi Custom Cash, or Capital One Savor.
When the advice is knowing oneself, that is when you know that you are in a dangerous game
Points, rewards and miles mean nothing if you don’t pay it off monthly. The credit game is fun, but discipline is key. It’s awesome that you can pay multiple times a month online as long as you have the cash.
Yup, it's funny to watch people spend to the credit's limit. TF is going on in their heads.
I pay my 3 CC’s in full every month. I use the CC to pay cell/WIFI/TV bills/subscriptions. Other 2 CC’s for groceries. Pay my rent and power bill out of the bank. No car so no car payment/repairs/gas/maintenance/insurance. Lots of cash in the bank and credit score 825
Awesome credit score!!! 🎉 Good job!
Need to get the bilt credit card for rent
I’ve been using the Apple Card to pay for everything for the last few years, and that’s a total cash back of $1,200 I wouldn’t have if I used my debit card or cash instead. I do treat it as a debit card, and to better log what I spend I pay it off early by submitting a payment at least once a week
I really like the Cashback system. Even if you are going to make a purchase already, it feels so good when your bank gives you a percentage of the amount you spend.
Living outside the US, I would note that this system is ridiculous. In most other countries, credit cards don't have these high-value rebate schemes, and credit scores are not used as pervasively and do not need to be actively built. It's much less of a cognitive burden.
I travel to Europe practically every year. I only use cash. Just like in most of US. Cash is King. It was King 50 years ago and it is King today.
The irony of watching this video is now I'm getting a bunch of credit card ads.
you forgot to add sponsored by visa and mastercard
@@amandak.4246 Why do you use Internet, when you dont understand jokes and trolls.
You belong to the court of ancient times ,go argue there, people like you taking away the fun of Internet, making it formal.Is this your boss office, or I am on web for some fun time after whole day work.
As long as you pay it off every month. Then there's no problem.
I check all my finances every Saturday morning. This helps me understand where I stand with my investments, and that's also is a good time to review and pay the credit cards (no matter whether the monthly statement ready or not).
I use credit cards when buying from large corporate businesses. I will pay cash or sometimes debit cards when buying goods and services from small local, mom and pop businesses. Why? Because those rewards are not paid for by the credit card company, they are paid for by the business through higher transaction fees. Debit cards do not offer rewards and have a lower transaction fee structure which is easier for the little guy to stomach. This is a small way I help to support my local small business community.
My golden rule is, don't use credit to buy depreciating asset ( unless theirs an immediate need and you don't have cash) always pay in full.
Credit are ideal in a scenario like you're a business owner and have to pay for salaries and intermediate goods in advance before any revenue is accrued.
You don’t have cash because you give it to credit card companies 😂
This is the doctrine that politicians use; use money you don’t have!
CC companies know you’re not going to pay on time, they’ve studied this and know the majority will be in huge debt.
Agreed so so much
The purpose of credit card is to take short-term loan and build lenders trust and to make yourself eligible for bigger loans at lower rates such as house mortgages or car loan.