One thing I forgot to mention in the video, so I'm putting it here. Dave Ramsey often cites psychological studies that suggest that people are more likely to spend money on credit because it doesn't seem "real" to them. I can't find the study, but I believe he suggested people spend 10% more on credit cards than they do when paying cash. Here's why I think that's BS: First of all, his demographic is significantly older than mine and grew up in an age where cash was more frequently used than credit. Therefore, for older generations, cash seems "more real" and credit can seem like "play money." However, younger generations didn't grow up carrying around cash - we live with numbers on an online bank account, paying through venmo/paypal/credit/debt, and rarely carry cash. For myself, 99.9% of the time I don't carry any cash on me - and the reason why is because when I have cash, I spend it. For younger generations, we calculate how much we have based off what we see online with our bank account. When we have CASH, it's unaccounted for - so for us, it's almost like "extra found money" that you're more likely to spend because it's not budgeted online. Given this, I believe younger people are more likely to spend CASH than spend on credit - and as we become more and more digital, I believe CREDIT/DEBIT becomes more painful to spend than cash since we see our numbers online. Just my take on things, of course - maybe I'm wrong and I have nothing to back this up with other than my own personal experiences - but let me know your thoughts. I do think there's a vast difference between the average of Dave Ramsey's audience (40+ years old) and mine (15-25 years old) and how we view money.
Yeah! That seems to be the difference between our generation and our parents generation. I'm pretty sure my parents would be the opposite - cash would just seem more real to them.
Used right, credit cards are an amazing financial tool that can give you free travel for the rest of your life. Used wrong, credit cards are a heavy shackle that will keep you paying interest for the rest of your life. With great power, comes great responsibility.
I’m 23 and have 6 credits cards. My friends thought I was crazy but I have the highest credit score out of all of them. My credit utilization is near nothing compared to a friend with only one credit card utilizing 90% of it.
@@Zarllos You want to keep it lower. There is a sweet spot for utilization and that's below 30%. The credit algorithms will read that and not look at you as a high risk spender. If you only have 1 card with a total limit of $500 then you never want to have more then $150 charged to your card ($150=30%). As mentioned in the video you also want to make sure the entire balance on the card is paid off by the due date. Never let your payment come in late. I hope this helps!
That is just the same rule for good credit also *do not cancel your credit cards* and do not apply for too many cards to avoid choking your credit limit. mogulcreditcardclinic.com have a lot of hints on how to maintain excellent credit.
Would love to see a rundown of your timeline for card accumulation. When you got your cards as a young upstart graham just getting his feet wet in the credit world. Like a quick 101 for newcomers
Sequency if you use credit cards just to pay for bills, gas, groceries and whatever else you would've bought anyway AND you pay it in full every month there's absolutely no reason not to. If you are irresponsible with money and credit though please stay the hell away from credit cards. You will ruin your life.
I'm 22, I had my first credit card 5 years ago and I still have paid $0 in interest. I'm confused on why Dave Ramsey doesn't like credit cards. Yes, they aren't for everyone but hes putting people in the wrong direction. Also, I LOVE the small edits you do, it makes the videos so much better!
Dave is good for people who have zero knowledge or control over finance. For these people, zero credit is the way to go. For everyone else it’s all in moderation.
Indeed, moderation is KEY! Most folks also don't have much in savings or (sadly) take advantage of their employer's 401k plan. ....but they might drive much cooler cars & have a bigger house than you. I'll skip the bling and stay the course.
The key is having tons of savings. At 22 I also had a perfect track record of paying cards off. But eventually I had some serious expenses that blew through my savings and my only option was to temporarily use a card. This wasn’t the plan, but as they say, life has a way of getting ahead of you. Just keep saving, and saving. And if you think you’ve saved enough then save some more. Because as soon as you get trapped in credit debt, it takes tremendous energy to get out.
PaleBear NEVER spend money on credit cards that you don't have in your bank account and you won't have to worry about that. Unless it's a life or death emergency just pretend your credit cards don't exist when your bank balance is low
Lots of people new to credit cards will misunderstand something you said. You can use the full amount of your credit card limit and it won't affect your credit score, as long as you pay 90% of that amount back before your once a month bill statement each month. it's the amount that used on your card that ends up on bill statement that could affect your credit score, not the amount used before your statement. The people that determine your credit score only go by what's owed on bill statement.
wise man and Graham said the same thing in their own way but the difference is that Graham explained in detailed whereas wise man said it in fewer words.
@@FenixNations But if someone goes over their available limit before the bill statement, then the credit card company can and may report this before the bill statement, depending how often it happens.
Nope, I have already tested that on my own.., when yu spend like 90% of whatever ur credit available and although yu did pay on time..., it still impact ur score to be lowered..., so yu should never use more than 30% of ur available credit .. that’s what he is trying to explain here to have more credit ... let’s say yu have $500 Credit line ... but yu want to use $450 out of it ... but for one credit card, when yu use $450 it will b like u r using 90%of ur credit available and it will effect ur score .., in or order to avoid that yu need to have 3 credit cards of $500 credit line available.., means $500 available for each card and yu have total credit line of $1500 and yu can safely use $150 = 30% on each and can still spend $450 out of $1500 and still be on 30% track ..., so that ur credit score wil b fine 🤗
I'm 27 years old. For the longest time, I was taught that credit cards were bad and would lower your credit score. From the time I was 18 to now, my score hovered around 600. Never went up and never went down. I was confused as to why this was the case. I bought a car and that raised my score a meager 10 points. But as soon as I took your advice and got the Discover It credit card (and paid in full each month) my credit score jumped to 674 in 4 months. Thank you Graham for helping me out.
I was taught they were bad too. I think that's because so many people are not responsible with them and it therefore ruins their finances. They can be great as long as they are used the right way.
To be fair to David Ramsey, he is speaking to a different audience to you. He keeps his message very simple and one dimensional. It's a bit like if your audience is made up of a lot of alcoholics, you probably wouldn't say, "drink responsibly", but it is better to say to everyone, "don't drink". Reason being is that there will be alcoholics who think themselves able to "drink responsibly" and choose to hear that message. By keeping it simple, he is able to get many people out of debt (which is his key aim). I have even heard him suggest getting loans when dealing with people who are good with money (this is extremely rare mind you). You are obviously able to think for yourself, be responsible and make your own decisions. You'd be surprised how many people can't.
Totally agree. I wish he had the same conservative and no nonsense approach when talking to his audience about investing. I like Dave, but his advice to people saying how simple it is to get a 12% annual return on a growth stock mutual fund is dangerous to those who aren't familiar with investing.
Awesome video. I love that you repetitively emphasised paying off the balance in full. Believe it or not, the whole sign up bonus and points churning got me much better at understanding credit cards. I use to hold balances in my early days of credit cards but now I see it as a game with the credit card companies. I can't let them win by charging me interest so I pay off everything and rack the points. My credit score has went up to 790 since I started the points game lol
@@MarkReese thanks! I was tempted to grab the Sapphire again for the 100K offer but I held off as I'm currently sitting on 130K Delta points after getting the Delta Gold right before Covid and not traveling once since.
Dave Ramsey is really for those who have made extremely poor choices in the past and trying to clean up whatever mess they make. Its like AA for personal finance and credit cards should absolutely be prohibited for those types of people.
Its sounds messed up but credit cards are businesses. They are designed to make money not make it easier for the poor. Therefore offering rewards reels in people to sign up. Those that are smart and can afford to pay back in full are rewarded while those that make poor decisions make those credit card companies profit.
I made dumb decisions when I got my Bank of America credit card which was my first Visa card. I racked up over a grand in under a year along with my store credit cards. Since then my mom loaned me 2,000$ to only pay her. Since then I’ve been more responsible and I only use my cards every once in a while. My mom also buy stuff with my cards but only necessities. Since then that boosted my credit to 748, but dropped to 714 due to closing a card which I regret. I leaned my lesson. I’m currently 22 and still learning. I really appreciate these videos it makes me more informed and let’s me use my cards wisely
as always great content. The only thing Graham did not discuss was annual fee’s. The American express platinum gram displayed does cost i think around 650$ annually and it looks like he might have an America express gold which is around 250$ annually. although, some perks with some work can make up for that annual fee for example 10$ monthly no rollover allowance for uber eats with the amx gold but it is important to note be cautious with annual fee costs bc over time it can add up and if you are not using the card and gaining that value back over a long period you can end up paying off the original value you obtained. as always, thank you for the great content and your hard work.
60,000 Amex plat bonus? Gotta get that 100k plat bonus man. Also I agree it's all about those points. I've flown roughly $160,000 worth of first class flights in just 1 year with my credit card points. Also building the credit history is nice too
Graham Stephan there were at least 3 public 100k offers in the last 2 years. I got mine late 2016 with 100k and there were a few more after that. I reccomend keeping your eyes peeled on the "churning" sub reddit
Jordan H theres ways to get around all that minimum spend stuff. I barely make any money so if I had to reach all that minum spend i wouldn't have been able to do it
I have 21 active lines of credit from doing this and love the benefits, the best part is when people who have no clue see I have 3-4 cards on me at a time get confused and think my credit is BAD because I have multiple cards, am I alone or have others experienced this?
Same too. No one has thought I poor credit, they just think I am nuts. It's funny, when I tell them the benefits of the right strategy and how easy it is, they then think it's too hard and complicated. I'm glad to hold their hand through the process (& get potential referral), but if it's too hard for them I'll mind my own business & focus on what card to get next.
Friends used to make fun of me because I was so 'Into Credit Card Points' and wouldnt shut up about it... I was able to convert a few doubters once I paid for their flights and it cost me $0 (well a little bit of time). I keep 3 in my wallet, on in the car just for gas.
Believe it or not, ....I recently saw a video about a guy with like 1,400 + credit cards or somewhere close to that EXTREME number of cards. His credit card limit is HUGE....way over a Million bucks !! it is on youtube somewhere ..... gotta check it out ..... it is real.
On credit card utilization hack is to make a partial payment before the middle of the month. That way when the banks report your utilization to the credit unions they think you actually used less then you did. I try to pay off enough in the middle of the month to keep my utilization under 30%. Then pay off what's left at the end of the month.
Love credit cards. Been taking advantage of their rewards for a while. Now I'm looking at getting business credit cards to pay for renovations like you mentioned, hence why I watched your video!
I did something similar. I apply for every credit card that had 3 things (1. no annual fees 2. 0% till 2020 3. cash back sing in bonus) now I have 12 cards $70K+ in available credit and got over $3K cash back sing in bonus and I don't have to pay interest for all 2019.
I am late watching this Graham, but I watched this twice. I am taking notes. I am rebuilding and this is great information I need and it is explained clearly. Thanks so much for sharing
I would recommend getting the chase trifecta since you got the ink reservation. Both the Chase freedom and unlimited have zero annual fee and freedom gives you 5% on rotating categories. You can combine those points with the preferred
Credit cards are like shoes in some ways; there are different kinds for different occasions. I actually did a video on this going through 12 or more of the best credit cards available on the market. This might prove very helpful.
I have one CC with almost no balance. I don't worship at the altar of credit scores. I save money to buy things and I don't have to worry about paying for them later. It's wonderfully freeing.
I had 2 credit cards and I bought a 2001 Deville for $375 at an impound auction. It needed a $2850 transmission rebuild. I got a third credit card with 0 interest for 12 months. I paid back the $2850 within 12 months.
@@christianleone1770 Here's another tip if you didn't know. You can upgrade your cards. I upgraded my Journey to Quicksilver after a year and it only took a couple of minutes online.
For a real and fast credit repair assistance, look up FixMyCreditDoctor.Org] by looking up their site on google,They cleared my debts in credit cards and raised my FICO score by 207pts in days, they’re the best credit repair agency right now.
Graham- You should use your left hand to cover up your card number, as that's the portion that contains your account number. The beginning bit doesn't matter as much, as it just tells people about the bank. :) Great video btw.
I am 19 year old and have 2 credit cards. I use one only for gas and the other for everyday expenses. I always pays in full and I plan to get more cards when I get a higher income and get older.
Great Video. Keep in mind a lot of your card have AF 95 or more. So you need to balance between AF and the benefit the card brings. You can still get the Amex Gold for 50k before it expires!
I've tried to explain this over and over and over again to my mother but she cut 4-5 credit/store cards at the advice of our local bank officers, now she seems much more irresponsible to the beauro's for high utilization. Thanks for confirming that I am not crazy.
What a coincidence! I was just invited to spend the weekend in Rome and for the first time ever, I spent 136k in Delta miles to buy my ticket. I leave LAX on Wednesday and will return on Sunday. I kind of got a small high buying the plane ticket like that. BTW, just uploaded vlog 4. Vlog 5 will be shot in Rome, because I can! AND, people are actually clicking on my Amazon links! Only three clicks total so far, but it is actually working. All because of your previous video saying most of us won't copy you. Keep up the great videos!
Just got a new card this weekend and yep the algorithm is still drunk because my score went up 9 points. I’m expecting it to jump even more soon. Thanks for the information Graham
I'm around 25 cards or so now. For most people it's hard to spend 5k+ without going in to debt and giving the value of the points back to the banks. Learning how to MS is the key.
Not ridiculous at all, I have about 11 also, but I cannot pass up the offers sometimes. I like to travel so the offers come in handy. You just have to have the discipline to not carry balances and pay on time [auto-pay]. Period.
I currently have two Discover cards, AmEx Cash Magnet, and a Mission Lane card I use just for auto bill pay and subscriptions. Just opening up my AmEx raised my score by 10 points.
great video Graham put cc set to auto pay your minimum as soon as you get it = never late. paying off in full doesn't increase your score, but it's just smart to manage your balances by keeping them low or paid.
Hi Graham, awesome video. 2 things though: 1. I thought the Wells Fargo Platinum Visa had $0 annual fee (but you say it is $25 fee in the video). 2. Can you really just "leave your credit cards alone" without doing anything? Won't they automatically be cancelled after a certain amount of time of inactivity? Thanks in advance!
Well done!! After 700 it really starts going up significantly, especially after year 2 of building credit. Shouldn't be a problem to get you to 740-750 within another 5-8 months.
Nice! I didn't realize this, but sometimes lenders will offer special incentives if your score is above 760. You'll get the best rate above 740 or so, but Chase gave me so many discounts with a score above 760.
Please how do you know how much credit you can have ? I'm 18 and have my first credit card ( for student, just start ) ? Do you know a software or a website for that please ? What I know it's that students can have 50 000 euros ( not dollars I'm in France ) of credit maximum. And sorry I didn't understand 'points' system too, what can you make with this ?
Most people don’t have he money to actually do this and will get in terrible debt with this method. Only a few people can do this because most people aren’t responsible enough. Dangerous for most.
He forgot to tell you that the age of your credit changes the more credit cards you open. Because it’s not the age of your first credit card that matters it’s actually the average of all of them
i don't screw with points anymore ... I spend over $2mil/year on my credit card(s) and my primary card is the Fidelity Visa card ... it gives me unlimited 2% back ... IN CASH! That's just over $40,000/year ... Points, generally, give you back an equivalent of 1/4% to 1/2% back in value. My credit score? 827 ;)
My wife and I LOVE your channel! We're here in Las Vegas and have been purchasing properties as rentals for years. I went to college for many years and ended up working my way out of debt (kinda like the doctor vs. plumber video you did) and HATED LIFE when I was your age! HATED IT!!! I was born dead-ass broke from a dead-ass-broke family in a dead-ass city hell, WA and lived in my car for over 3 years and I WISH I'd have lived my life like YOU did! I got married for the 1st time in my 40's and we now have two kids and, unlike me and the family I come from, we don't care if our kids go to college or not. Sure, it eventually paid off for me (like the doctor) but the only reason it was worth it is 'cause I somehow kept the gun out of my mouth when I was in my 20's! Our kids? They'll inherit millions from us and THE MOST IMPORTANT THING is that they learn how to protect their money through wise investments and reasonable living. No living in their car, moving around the world chasing the cheese and dealing with unstable economies and praying for death like daddy did! Our kids are too young to understand any of the concepts of your videos ... they still live in the child-stage of socialist "wonderland" but in 15 years from now I'll put your videos as the #1 education priority on their list for my daughters. For my sons your videos will be #2 ... and #1 will be MGTOW videos!!!
Hi Graham, I noticed that you rotate between the Amex Platinum and the Chase Sapphire Reserve. I just wanted to suggest a neat optimization of your main card rotation by instead using a Chase Freedom Unlimited/Ink Business Unlimited in the place of the Amex Platinum. By utilizing the 1.5% reward points on the Unlimited Cards you can transfer them to your reserve and redeem them for 1.5 cents per point. This nets you a nice 2.25% back for use on all travel rewards. This is the best combination on points to travel redemption hands down for regular spend. Furthermore - the Ink Business Preferred that you have has a neat secret that many applicants miss. It offers 3x rewards on office supplies, telecom and social media advertising (up to a limit of 150,000 additional points per year). This means - if you promote yourself on Google as a real estate agent using Google AdWords you can use the ink business to get 4.5% back on all of your expenditures there. (By again transferring to the reserve which has the highest redemption rate). If you spend enough to max out this limit it adds up to $6750 per year in rewards. Personally, I operate Facebook ads and net this maximum annually and then usual 2.25% back on regular ad spend beyond the annual cap. Credit cards can fuel lifestyle when utilized right. Hope you and any readers find that interesting - credit card rewards are serious business for small business owners or marketers in particular. Cheers.
Graham Stephan Happy to help - we have a lot of shared interests in regards to financial management it seems and you’ve posted a lot of great content and tips over the months which I appreciated! 👍 wanted to take the time to give back in a meaningful way to you on a topic I’m well versed in.
I have one personal CC for convenience, which never has a revolving balance. My FICA score exceeds 800, but I have no need for credit, because I plan for my current mortgage to be my last, and I have no other debt. Instead of playing these credit games for crumbs, I am building wealth. Have I listened to Dave Ramsey a time or two? You bet!
Here is one down side to having that many cards. If one goes unused for a long period of time they may cancel it and it could negatively effect your credit. I auto pay $25 a month to avoid having this happen. All my cards are paid in full every month.
I have 6 cards. All cards except one(My oldest card) give me either cash back or travel points.However, I put most everything on my Amex card to build up travel points.
The only bad thing about opening a new card is thst it lowers your credit score as it lowers your combined length of credit. They average out the age of your oldest and newest card
Your credit score can sometimes increase after getting a new card because you suddenly receive a new line of credit. This then lowers your utilization ratio enough to the point where your score will go up and offset the points taken from a hard inquiry. This happened to me recently. I signed up for an amex blue cash every day for the $150 bonus and my credit score went up 2 points because I was extended a $2000 credit line from amex, and thus lowered my utilization ratio.
Thank you this was so helpful. I rarely have credit one card $700, lol but i want to buy one day im just fearful because I don't have debt. I'm 38. Always been responsible.
Agree with everything you said, I have 19 cards and doesn't feel like too many to me and I'm sure I'll get more. I've never paid a penny of interest, credit card companies pay ME to use their cards.
I absolutely love how you find the time to answer to most of the comments, make these epic videos and stay as charismatic as you are, keep this thing going it motivates me every time! Thank you for that.
If you're a responsible financial human, then you might as well take advantage of free stuff. win win! I'm on my second card and I take advantage of the cash rewards. I haven't looked into travel though. I thought you would have had the Citi double cash card though. I think you're right that it's generational. Millennials have a different relationship with how we spend money than older people so the older people may spend more on credit than they would with cash. I guess there really is no point in ever canceling a card if it has no annual fee. Just throw it in the junk drawer if you have moved on and have it all paid off.
You should do a collab with Dave Ramsey. You two have very different philosophies on credit cards and debt, and it would be interesting to see you guys discuss your opinions with each other.
I’ll be 18 in 3 months I have a 773 from authorized users with 20 years credit history from those accounts can’t wait to apply for cards when I turn 18
I've always said this should be a mandatory class in High Schools. I started 2 learn and fix my credit NOW in my 30s. My parents didn't have the best credit and didn't teach us nothing on it so I was ignorant 2 the fact. I started with a Capital One Platinum (520s) and almost 2yrs in my credit score went up aprox. 200points. I'm now in my mids 700s and still aiming 4 that 800. I'm waiting on 2 Derogatory Marks which was from my student loans which I pay FINALLY in full about a month ago. Hopefully my score will go up a couple of points. Great vid
MeMe O. That’s the parents job. You can’t teach a class full of students with all different financial situations, upbringing, childhood experiences, and personality to learn the same spending habits.
FYI - American Express Plat, as I understand, is technically a CHARGE CARD, meaning it has to be paid off within the billing cycle -- you can't carry a balance over months and pay monthly.
Hey Graham, I'm a US citizen living in Japan. I love your videos! BTW, I own 50 rental units in the US. Maybe you could come interview me one day for your channel and use those miles. My credit card question is this. What would be the best US credit card for me to use in Japan that won't charge me international transaction fees?
Graham, i had trouble getting started with credit meaning up until about a year ago even the "Bad/no credit? No problem!" places would deny me. Because of this one day randomly while buying clothes i let kohls try to apply me for a credit card to save 10% knowing it would get denied. To my shock for no apparent reason at 23 years old when nobody else ever could apparently kohls was able to approve me. Since then ive added a discount tire card for something ill actually use a bit more. (can use it for gas) My question is basically should i keep these 2 "nothing" cards open just for historys sake and just not bother keeping them on me since they have no real rewards outside of being interest free for a few months. Im about to start getting actual credit cards and use your strategy of using them instead of debit and cash for everything so obviously i will not be using the kohls and discount tire cards once i have one of those. I'm 24 now so to cancel those would be to get rid of about 1 year of credit history. Is it worth it to cancel? Thinking of getting the citi double cash card from your 5 best cards for beginners video but would love your opinion on where to start there as well.
I would only recommend doing this if you're completely out of debt. Cause these big bonus points for signing up are typically for travel only (besides like $100 cash back for some free cards). So you wouldn't want to be getting points for a trip when $495 of that goes towards an annual fee + any money you'd be spending on that trip that wouldn't be going towards debt. But in your situation have at it.
Krikor Markarian yeh but the Amex platinum gives you $450 of travel credit when you pay the annual fee. So it’s just converting that annual fee into money you can spend on flights.
Depending on which credit cards you’re going for but I would personally recommend 6 months or more. I currently have 5 and I’ve waited at least 6 months between all of them (1 year between my first and second)
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Sometimes your score will go up after applying for a new card because the credit limit on the new card is much larger compared to amount of credit you have, lowering your utilization ratio enough to offset the credit check and then some
Great content as always. I really have this negative connotation with credits before but after watching your vids you made me start to open a secured cc (since I'm still a student) and build my credit from there. Seriously, thanks! 🙏
The discover it card pays double cash back for the first year you have. Up to $1500 So thats pretty good. Dont open more then 1 card per year. Unless they send you an invitation thats per approved. Almost all per approval offers wont cause a hard inquiry on your credit. GL
Hey there! I think Graham's WF card was a discontinued product that likely didn't have any options for a product change. Have you opened any new cards last year or in 2021? 😃💳
The one thing I wonder about when hearing about people with large numbers of credit cards is how often they're having to deal with fraud issues. I know the banks are getting better about this...my credit union intercepted some fraud charges recently on a Visa debit card before they even posted to my account...but there's still at the very least an annoyance/inconvenience factor.
For all those that have credit card debt. Get a card with interest free for so many months and allows balance transfers. When it runs out get another. Then you never pay interest and can get out of that debt.
Credit Karma's a pretty awesome app for seeing your Equifax/TransUnion scores (surprised on a quick glance nobody mentioned), while perks of AMEX and others is seeing a monthly update to the Experian score. Other strategy for hitting minimum spend on points offers is front-loading future expenses that otherwise fall outside that 90 day promotional period and, though less lucrative by changes in sales taxes, I used to take hardcore advantage of free after mail-in rebate offers from sites like newegg which also pushed out the timing of actually consuming resources. Needless to say I've always paid off the statement balances and just wrong timing for how I never took advantage of a 0% purchase APR promotion. (Investment income can make that playable!)
@@MarkReese Four actually this past year: Chase FU, capone Savor (when it was 250 back on 500+ spend), along with the bofa travel rewards and cash rewards cards. Surprisingly only dropped my experian from 801 to 775, despite them receiving all my inquiries. Probably better to have gotten a house though!
took your advice got an extra 6 credit cards for a total of 8, maxed em all out to get AN ABUNDANCE of points, my credit score dropped from excellent to poor but hey i got free flights that i can make more points with when i travel to places and use my credit card
Hi, Graham! Admirations to you and the work you put in. You have mentioned in the video that the only card that has annual fee is the WF Platinum. I wanted to ask you, do you have the Annual Fees on your AMEX platinum and Chase Sapphire? Thanks
Great vid Graham! I have a quick question: I opened up two credit cards ~7 years ago and my score is in the 800s. I’ve been thinking of opening more cards since watching your videos, but I’m wondering if the average age of my credit will drop and hurt my score? Or will it only be a temporary hit for the credit check and is it really only the 7-year-old cards that matter for age of credit?
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I don't think people realize how great rewards points are! They make travel so freaking easy. If you want to fly anywhere immediately it costs the same amount of points you just need to find an open seat on the plane. You never have to worry about high fluctuating costs of flying. Like how it's way more expensive to fly from europe to the US than to fly from the US to Europe. Forget all that, you just pay the same amount of points for the flight always and you can stay as long as you want and fly back whenever you want because you don't have to plan your return flight in advance. None of that one way flight more expensive than 2 way nonsense. You can share rewards with family too. Transfer them. I get my wife cards so we both get points both can trade or use, my dad too I can use his points. If you have a business it's beyond valuable, because you put all your business expenses on these cards and you get to utilize that heavy spending to generate constant points.
I just charge every purchase on my discover card, I’m only student but it’s nice to have like 20 bucks towards your statement. They also match your cashbacm for the first year
About 6 months. When your applying apply for 2,3 or 4 in one hit. On the same day. That way you are more likely to get approved for all of them right away as the system may take a bit of time to catch up to the scoring. And also getting a few in the one hit will mean only one dip in your score for a short time as opposed to a few dips over a year. Making it more difficult to apply for more credit when you've already been seen to have recently applied. It all levels back out over about a year but the difference is with your now more credit, to your less debt ratio after that 6 months to one year, you will be far better placed on your score. And much more likely to be considered for higher limmits with lower interest rates.
I've been so close to 800...highest was 799, was so upset I couldn't just get one more point. Then after another mortgage and refinance, it dropped to 770 or so :(
I was referred to a credit specialist through my colleague when I had credit issues and they helped me remove all negative items from my report and also improved my score to 750+ excellent very fast. I’m very grateful and surprisingly they don’t charge much, I'm recommending ghosthackercash at gmail dot com everyone who needs to fix their credit score and they also help to clear debts...you can also contact him through phone call or text +1321 999 6526.
I 100% agree with your comment on Dave Ramsey... is more if you are not educate on credit card use you will do wrong. But dont assume I am stupid and cand learn how to use credit. We need it to buy houses . Even Dave had to learn he had to do bankruptcy to do better later in time
Hey guys, I have a question about reward point cards vs cash back cards. And would appreciate if you guys could share your insights on it. I do not really see the point of getting, say Chase Sapphire Reserve card to earn 4.5x points reward on dinning & travel (3x with the 1.5 multiplier redemption through the Ultimate Reward system). When you can just simply get 4x cash back on dinning from the Uber credit card at $0 annual fee. With the 4x cash back and actual money in your account, you have all the options in the world to choose airlines and hotels rather than being limited to the Chase travel partners. Besides, you are paying a $150 fee premium to earn the extra 0.5%, which means you have to at least spend 30k to break even with the Uber credit card. I understand that the sign up bonus is much more tempting with the chase CSR card, but after you get the bonus, I do not see the need to keep using the card over a plain simple cash back card like Uber. I know there are some premium perks offered by the CSR like xxx protection and lounge access, I was more curious about which one is better in an absolute financial point of view. Since everyone has been talking about the chase CSR, maybe I missed something here? Let me know what you think. Thanks!
One thing I forgot to mention in the video, so I'm putting it here. Dave Ramsey often cites psychological studies that suggest that people are more likely to spend money on credit because it doesn't seem "real" to them. I can't find the study, but I believe he suggested people spend 10% more on credit cards than they do when paying cash. Here's why I think that's BS: First of all, his demographic is significantly older than mine and grew up in an age where cash was more frequently used than credit. Therefore, for older generations, cash seems "more real" and credit can seem like "play money." However, younger generations didn't grow up carrying around cash - we live with numbers on an online bank account, paying through venmo/paypal/credit/debt, and rarely carry cash. For myself, 99.9% of the time I don't carry any cash on me - and the reason why is because when I have cash, I spend it. For younger generations, we calculate how much we have based off what we see online with our bank account. When we have CASH, it's unaccounted for - so for us, it's almost like "extra found money" that you're more likely to spend because it's not budgeted online. Given this, I believe younger people are more likely to spend CASH than spend on credit - and as we become more and more digital, I believe CREDIT/DEBIT becomes more painful to spend than cash since we see our numbers online. Just my take on things, of course - maybe I'm wrong and I have nothing to back this up with other than my own personal experiences - but let me know your thoughts. I do think there's a vast difference between the average of Dave Ramsey's audience (40+ years old) and mine (15-25 years old) and how we view money.
Graham Stephan yeah what ever cash is in my wallet I don't count it in accounts. And I spend away. To help your anecdote im 20
Yeah! That seems to be the difference between our generation and our parents generation. I'm pretty sure my parents would be the opposite - cash would just seem more real to them.
Same, cash is the devil
Graham Stephan no one cares you have 11 cards
Vegeta Sama - Then why'd you click the video and take the time comment? ;)
Used right, credit cards are an amazing financial tool that can give you free travel for the rest of your life.
Used wrong, credit cards are a heavy shackle that will keep you paying interest for the rest of your life.
With great power, comes great responsibility.
Michael Jay - Value Investing for sure. about to get my first one!
I totally agree! I'd hope that people would just be respectful and responsible with them. All the benefit without the downside.
Agreed highly my friend.
Michael Jay - Value Investing best comment.
I do love Spiderman.
I’m 23 and have 6 credits cards. My friends thought I was crazy but I have the highest credit score out of all of them. My credit utilization is near nothing compared to a friend with only one credit card utilizing 90% of it.
Well done!
So let's say I have one that Max's out too 500 should I use all 500 or keep it lower to get my credit higher
@@Zarllos You want to keep it lower. There is a sweet spot for utilization and that's below 30%. The credit algorithms will read that and not look at you as a high risk spender. If you only have 1 card with a total limit of $500 then you never want to have more then $150 charged to your card ($150=30%). As mentioned in the video you also want to make sure the entire balance on the card is paid off by the due date. Never let your payment come in late. I hope this helps!
SleepEatDrive: “They called me a mad man”
That is just the same rule for good credit also *do not cancel your credit cards* and do not apply for too many cards to avoid choking your credit limit. mogulcreditcardclinic.com have a lot of hints on how to maintain excellent credit.
Bro
I've never held a credit card but I think there is more to win then to lose if things are done right like you said.
Awesome content
Thanks so much!
Would love to see a rundown of your timeline for card accumulation. When you got your cards as a young upstart graham just getting his feet wet in the credit world. Like a quick 101 for newcomers
I have 9 cards and i’m 23. Score just broke 800 :)
Well done!!!
Congrats dude, I'm 21, you are an insperation.
Wow your a beast! You love chasing debt my man G.G.
Sequency if you use credit cards just to pay for bills, gas, groceries and whatever else you would've bought anyway AND you pay it in full every month there's absolutely no reason not to.
If you are irresponsible with money and credit though please stay the hell away from credit cards. You will ruin your life.
Remember you have to have income to back your score.
Dang. I thought I was cool with four cards...
Gotta step it up bruh!
You r cool @ 4 cards, Graham once had 4 cards too...
I'm only 21 and only have 1 card 😂
@@kentrobinson7479 No one cares.
You are bro, stop trying to be someone else.
I'm 22, I had my first credit card 5 years ago and I still have paid $0 in interest. I'm confused on why Dave Ramsey doesn't like credit cards. Yes, they aren't for everyone but hes putting people in the wrong direction. Also, I LOVE the small edits you do, it makes the videos so much better!
Dave is good for people who have zero knowledge or control over finance. For these people, zero credit is the way to go. For everyone else it’s all in moderation.
Indeed, moderation is KEY! Most folks also don't have much in savings or (sadly) take advantage of their employer's 401k plan. ....but they might drive much cooler cars & have a bigger house than you. I'll skip the bling and stay the course.
The key is having tons of savings. At 22 I also had a perfect track record of paying cards off. But eventually I had some serious expenses that blew through my savings and my only option was to temporarily use a card. This wasn’t the plan, but as they say, life has a way of getting ahead of you.
Just keep saving, and saving. And if you think you’ve saved enough then save some more. Because as soon as you get trapped in credit debt, it takes tremendous energy to get out.
yo wtf what are the odds I find freshnuts in the comments of a video like this and not overwatch related haha
PaleBear NEVER spend money on credit cards that you don't have in your bank account and you won't have to worry about that.
Unless it's a life or death emergency just pretend your credit cards don't exist when your bank balance is low
Lots of people new to credit cards will misunderstand something you said. You can use the full amount of your credit card limit and it won't affect your credit score, as long as you pay 90% of that amount back before your once a month bill statement each month. it's the amount that used on your card that ends up on bill statement that could affect your credit score, not the amount used before your statement. The people that determine your credit score only go by what's owed on bill statement.
can someone please confirm this?
@@FenixNations dave ramsey does
wise man and Graham said the same thing in their own way but the difference is that Graham explained in detailed whereas wise man said it in fewer words.
@@FenixNations But if someone goes over their available limit before the bill statement, then the credit card company can and may report this before the bill statement, depending how often it happens.
Nope, I have already tested that on my own.., when yu spend like 90% of whatever ur credit available and although yu did pay on time..., it still impact ur score to be lowered..., so yu should never use more than 30% of ur available credit .. that’s what he is trying to explain here to have more credit ... let’s say yu have $500 Credit line ... but yu want to use $450 out of it ... but for one credit card, when yu use $450 it will b like u r using 90%of ur credit available and it will effect ur score .., in or order to avoid that yu need to have 3 credit cards of $500 credit line available.., means $500 available for each card and yu have total credit line of $1500 and yu can safely use $150 = 30% on each and can still spend $450 out of $1500 and still be on 30% track ..., so that ur credit score wil b fine 🤗
I'm 27 years old. For the longest time, I was taught that credit cards were bad and would lower your credit score. From the time I was 18 to now, my score hovered around 600. Never went up and never went down. I was confused as to why this was the case. I bought a car and that raised my score a meager 10 points. But as soon as I took your advice and got the Discover It credit card (and paid in full each month) my credit score jumped to 674 in 4 months. Thank you Graham for helping me out.
I was taught they were bad too. I think that's because so many people are not responsible with them and it therefore ruins their finances. They can be great as long as they are used the right way.
To be fair to David Ramsey, he is speaking to a different audience to you. He keeps his message very simple and one dimensional. It's a bit like if your audience is made up of a lot of alcoholics, you probably wouldn't say, "drink responsibly", but it is better to say to everyone, "don't drink". Reason being is that there will be alcoholics who think themselves able to "drink responsibly" and choose to hear that message. By keeping it simple, he is able to get many people out of debt (which is his key aim). I have even heard him suggest getting loans when dealing with people who are good with money (this is extremely rare mind you). You are obviously able to think for yourself, be responsible and make your own decisions. You'd be surprised how many people can't.
I agree with you completely. Although I believe there’s a good portion out there who could otherwise be perfectly responsible with moderation.
For sure.
Very well said!
Totally agree. I wish he had the same conservative and no nonsense approach when talking to his audience about investing. I like Dave, but his advice to people saying how simple it is to get a 12% annual return on a growth stock mutual fund is dangerous to those who aren't familiar with investing.
Awesome video. I love that you repetitively emphasised paying off the balance in full. Believe it or not, the whole sign up bonus and points churning got me much better at understanding credit cards. I use to hold balances in my early days of credit cards but now I see it as a game with the credit card companies. I can't let them win by charging me interest so I pay off everything and rack the points. My credit score has went up to 790 since I started the points game lol
@@MarkReese thanks! I was tempted to grab the Sapphire again for the 100K offer but I held off as I'm currently sitting on 130K Delta points after getting the Delta Gold right before Covid and not traveling once since.
Dave Ramsey would love this video
lol
Dave Ramsey is really for those who have made extremely poor choices in the past and trying to clean up whatever mess they make. Its like AA for personal finance and credit cards should absolutely be prohibited for those types of people.
aja23 yup
How does it make sense, for someone who makes enough money to pay for the things they need to use credit?
Its sounds messed up but credit cards are businesses. They are designed to make money not make it easier for the poor. Therefore offering rewards reels in people to sign up. Those that are smart and can afford to pay back in full are rewarded while those that make poor decisions make those credit card companies profit.
I made dumb decisions when I got my Bank of America credit card which was my first Visa card. I racked up over a grand in under a year along with my store credit cards. Since then my mom loaned me 2,000$ to only pay her. Since then I’ve been more responsible and I only use my cards every once in a while. My mom also buy stuff with my cards but only necessities. Since then that boosted my credit to 748, but dropped to 714 due to closing a card which I regret. I leaned my lesson. I’m currently 22 and still learning. I really appreciate these videos it makes me more informed and let’s me use my cards wisely
🙌🏼
as always great content. The only thing Graham did not discuss was annual fee’s. The American express platinum gram displayed does cost i think around 650$ annually and it looks like he might have an America express gold which is around 250$ annually. although, some perks with some work can make up for that annual fee for example 10$ monthly no rollover allowance for uber eats with the amx gold but it is important to note be cautious with annual fee costs bc over time it can add up and if you are not using the card and gaining that value back over a long period you can end up paying off the original value you obtained. as always, thank you for the great content and your hard work.
He did briefly mention that only one card had an annual fee
60,000 Amex plat bonus? Gotta get that 100k plat bonus man.
Also I agree it's all about those points. I've flown roughly $160,000 worth of first class flights in just 1 year with my credit card points.
Also building the credit history is nice too
I waited two years for the 100k plat offer, didn't see it or get the invitation :(
Graham Stephan there were at least 3 public 100k offers in the last 2 years. I got mine late 2016 with 100k and there were a few more after that. I reccomend keeping your eyes peeled on the "churning" sub reddit
I missed the leaked link awhile ago :( Never saw the second one, or I wasn't targeted.
Nuance Bro how much did you need to spend in total for $160k worth of flights?
Jordan H theres ways to get around all that minimum spend stuff. I barely make any money so if I had to reach all that minum spend i wouldn't have been able to do it
Can’t wait to get some of those sweet sweet points
So many sweeett.....sweeeeeeettttt points
I have 21 active lines of credit from doing this and love the benefits, the best part is when people who have no clue see I have 3-4 cards on me at a time get confused and think my credit is BAD because I have multiple cards, am I alone or have others experienced this?
21 active lines of credit? Dayuumm!!
Same! I have that many cards as well! Total credit 300k
Same too. No one has thought I poor credit, they just think I am nuts. It's funny, when I tell them the benefits of the right strategy and how easy it is, they then think it's too hard and complicated. I'm glad to hold their hand through the process (& get potential referral), but if it's too hard for them I'll mind my own business & focus on what card to get next.
Friends used to make fun of me because I was so 'Into Credit Card Points' and wouldnt shut up about it... I was able to convert a few doubters once I paid for their flights and it cost me $0 (well a little bit of time). I keep 3 in my wallet, on in the car just for gas.
Believe it or not, ....I recently saw a video about a guy with like 1,400 + credit cards or somewhere
close to that EXTREME number of cards. His credit card limit is HUGE....way over a Million bucks !!
it is on youtube somewhere ..... gotta check it out ..... it is real.
On credit card utilization hack is to make a partial payment before the middle of the month. That way when the banks report your utilization to the credit unions they think you actually used less then you did. I try to pay off enough in the middle of the month to keep my utilization under 30%. Then pay off what's left at the end of the month.
Love credit cards. Been taking advantage of their rewards for a while. Now I'm looking at getting business credit cards to pay for renovations like you mentioned, hence why I watched your video!
Nice!! 🙌🏼
Well, that's dedication for sure. You gotta give credit where credit is due.
(that was an awful pun, I'm sorry)
A+ for your "interest" in credit card puns ;)
You have earned a hard like.
I will now be an authorized user to your like button.
Rim shot
I did something similar. I apply for every credit card that had 3 things (1. no annual fees 2. 0% till 2020 3. cash back sing in bonus) now I have 12 cards $70K+ in available credit and got over $3K cash back sing in bonus and I don't have to pay interest for all 2019.
Hey Armando - congrats on getting all those approvals! 😃💳💯 How many cards are you up to now that it's 2021?
Missing the Victoria Secrets credit card. All about those points.
ಠ_ಠ
Haha
It would be perfect for your girlfriend or future girlfriend 😆☹️🤩
Graham Stephan Victoria's Secret has some good men's colognes. Don't hate.
Idk what you’re all talking about but buying Victoria’s Secret is ALWAYS a win win
Graham is a financial genius
I am late watching this Graham, but I watched this twice. I am taking notes. I am rebuilding and this is great information I need and it is explained clearly. Thanks so much for sharing
Thanks!!
I would recommend getting the chase trifecta since you got the ink reservation. Both the Chase freedom and unlimited have zero annual fee and freedom gives you 5% on rotating categories. You can combine those points with the preferred
Contact Sam hacks for credit cards help and repair can reach them on telegram @ Samhackstech or on whatsApp +1(508)731-4125
Credit cards are like shoes in some ways; there are different kinds for different occasions. I actually did a video on this going through 12 or more of the best credit cards available on the market. This might prove very helpful.
Great video man!
Thanks!
I've been avoiding the AMEX gold and platinum since I prefer cards without annual fees. If the pros weigh out the cons I'll consider those later.
The Gold and Platinum are awesome for the points! Besides that, usually there are better cards out there. But it's worth it for the points.
I have one CC with almost no balance. I don't worship at the altar of credit scores. I save money to buy things and I don't have to worry about paying for them later. It's wonderfully freeing.
I had 2 credit cards and I bought a 2001 Deville for $375 at an impound auction. It needed a $2850 transmission rebuild. I got a third credit card with 0 interest for 12 months. I paid back the $2850 within 12 months.
I'm 20 and already have 3 credit cards with a score of 745. All because of this channel. I would love to buy this man some avocado toast
What company's
Carlos Luevano started with the journey capital one card and then got a discover card then a chase card
@@christianleone1770 Here's another tip if you didn't know. You can upgrade your cards. I upgraded my Journey to Quicksilver after a year and it only took a couple of minutes online.
For a real and fast credit repair assistance, look up FixMyCreditDoctor.Org] by looking up their site on google,They cleared my debts in credit cards and raised my FICO score by 207pts in days, they’re the best credit repair agency right now.
You should do a video of your version to Dave Ramsey’s baby steps or your steps to financial independence
That's a great idea!
"Top Ten UA-camrs I Hate" - Dave Ramsey
#7!
zenmarkdev why'd you hate him?
Dave Ramsey hates credit cards
Vegan Ambition - it's a joke on Dave Ramsey since he openly hates credit cards.
Dave Ramsey hates debt
Graham- You should use your left hand to cover up your card number, as that's the portion that contains your account number. The beginning bit doesn't matter as much, as it just tells people about the bank. :) Great video btw.
Thanks!! Will do next time 😬
I am 19 year old and have 2 credit cards. I use one only for gas and the other for everyday expenses. I always pays in full and I plan to get more cards when I get a higher income and get older.
Great Video. Keep in mind a lot of your card have AF 95 or more. So you need to balance between AF and the benefit the card brings. You can still get the Amex Gold for 50k before it expires!
I've tried to explain this over and over and over again to my mother but she cut 4-5 credit/store cards at the advice of our local bank officers, now she seems much more irresponsible to the beauro's for high utilization. Thanks for confirming that I am not crazy.
What a coincidence! I was just invited to spend the weekend in Rome and for the first time ever, I spent 136k in Delta miles to buy my ticket. I leave LAX on Wednesday and will return on Sunday. I kind of got a small high buying the plane ticket like that.
BTW, just uploaded vlog 4. Vlog 5 will be shot in Rome, because I can! AND, people are actually clicking on my Amazon links! Only three clicks total so far, but it is actually working. All because of your previous video saying most of us won't copy you.
Keep up the great videos!
Well done!! I'm still in the "hoarding points" phase...I gotta start using them more often, though. Will check out the vlog!
Just got a new card this weekend and yep the algorithm is still drunk because my score went up 9 points. I’m expecting it to jump even more soon. Thanks for the information Graham
I'm around 25 cards or so now. For most people it's hard to spend 5k+ without going in to debt and giving the value of the points back to the banks. Learning how to MS is the key.
Not ridiculous at all, I have about 11 also, but I cannot pass up the offers sometimes. I like to travel so the offers come in handy. You just have to have the discipline to not carry balances and pay on time [auto-pay]. Period.
You can make a lot of money through your credit cards and even pay your debt without upfront payment with cyberwolrd735 just a google search
Chase sapphire definitely has annual fees. Especially that reserve lol
LMAO! “So anyway, you guys. I’m off to spend some money on my credit cards...”
😜
I currently have two Discover cards, AmEx Cash Magnet, and a Mission Lane card I use just for auto bill pay and subscriptions. Just opening up my AmEx raised my score by 10 points.
great video Graham put cc set to auto pay your minimum as soon as you get it = never late. paying off in full doesn't increase your score, but it's just smart to manage your balances by keeping them low or paid.
Hi Graham, awesome video. 2 things though:
1. I thought the Wells Fargo Platinum Visa had $0 annual fee (but you say it is $25 fee in the video).
2. Can you really just "leave your credit cards alone" without doing anything? Won't they automatically be cancelled after a certain amount of time of inactivity?
Thanks in advance!
He has no time to answer you..peasant!
The thumbnail reminded me of YuGiOh.. don't ask why...
ps. those sapphire cards look sleek af!
Hahaha I totally see it
11 hmm I should step my game up. You really inspired me to get my first card and I'm almost at 700 credit score!
Well done!! After 700 it really starts going up significantly, especially after year 2 of building credit. Shouldn't be a problem to get you to 740-750 within another 5-8 months.
aha just want enough to get a nice mortgage which is why I researched and opened one, also your old videos convinced me!
Nice! I didn't realize this, but sometimes lenders will offer special incentives if your score is above 760. You'll get the best rate above 740 or so, but Chase gave me so many discounts with a score above 760.
Please how do you know how much credit you can have ? I'm 18 and have my first credit card ( for student, just start ) ? Do you know a software or a website for that please ? What I know it's that students can have 50 000 euros ( not dollars I'm in France ) of credit maximum. And sorry I didn't understand 'points' system too, what can you make with this ?
Most people don’t have he money to actually do this and will get in terrible debt with this method. Only a few people can do this because most people aren’t responsible enough. Dangerous for most.
You get stuff for free but don’t forget the initiation fees.. for example $550 for the Amex platinum, it adds up annually with other CHARGE cards
He forgot to tell you that the age of your credit changes the more credit cards you open. Because it’s not the age of your first credit card that matters it’s actually the average of all of them
Correct, but the more cards you have - the longer you have them - the less new credit will begin affecting your score.
i don't screw with points anymore ... I spend over $2mil/year on my credit card(s) and my primary card is the Fidelity Visa card ... it gives me unlimited 2% back ... IN CASH! That's just over $40,000/year ... Points, generally, give you back an equivalent of 1/4% to 1/2% back in value. My credit score? 827 ;)
Well done. At that point I’d take 2% cash back any day with that level of spend.
My wife and I LOVE your channel! We're here in Las Vegas and have been purchasing properties as rentals for years. I went to college for many years and ended up working my way out of debt (kinda like the doctor vs. plumber video you did) and HATED LIFE when I was your age! HATED IT!!! I was born dead-ass broke from a dead-ass-broke family in a dead-ass city hell, WA and lived in my car for over 3 years and I WISH I'd have lived my life like YOU did!
I got married for the 1st time in my 40's and we now have two kids and, unlike me and the family I come from, we don't care if our kids go to college or not. Sure, it eventually paid off for me (like the doctor) but the only reason it was worth it is 'cause I somehow kept the gun out of my mouth when I was in my 20's! Our kids? They'll inherit millions from us and THE MOST IMPORTANT THING is that they learn how to protect their money through wise investments and reasonable living. No living in their car, moving around the world chasing the cheese and dealing with unstable economies and praying for death like daddy did!
Our kids are too young to understand any of the concepts of your videos ... they still live in the child-stage of socialist "wonderland" but in 15 years from now I'll put your videos as the #1 education priority on their list for my daughters.
For my sons your videos will be #2 ... and #1 will be MGTOW videos!!!
Hi Graham, I noticed that you rotate between the Amex Platinum and the Chase Sapphire Reserve. I just wanted to suggest a neat optimization of your main card rotation by instead using a Chase Freedom Unlimited/Ink Business Unlimited in the place of the Amex Platinum.
By utilizing the 1.5% reward points on the Unlimited Cards you can transfer them to your reserve and redeem them for 1.5 cents per point. This nets you a nice 2.25% back for use on all travel rewards. This is the best combination on points to travel redemption hands down for regular spend.
Furthermore - the Ink Business Preferred that you have has a neat secret that many applicants miss. It offers 3x rewards on office supplies, telecom and social media advertising (up to a limit of 150,000 additional points per year).
This means - if you promote yourself on Google as a real estate agent using Google AdWords you can use the ink business to get 4.5% back on all of your expenditures there. (By again transferring to the reserve which has the highest redemption rate). If you spend enough to max out this limit it adds up to $6750 per year in rewards.
Personally, I operate Facebook ads and net this maximum annually and then usual 2.25% back on regular ad spend beyond the annual cap. Credit cards can fuel lifestyle when utilized right.
Hope you and any readers find that interesting - credit card rewards are serious business for small business owners or marketers in particular. Cheers.
This is amazing, Richard - thank you so much!
Graham Stephan Happy to help - we have a lot of shared interests in regards to financial management it seems and you’ve posted a lot of great content and tips over the months which I appreciated! 👍 wanted to take the time to give back in a meaningful way to you on a topic I’m well versed in.
I have one personal CC for convenience, which never has a revolving balance. My FICA score exceeds 800, but I have no need for credit, because I plan for my current mortgage to be my last, and I have no other debt. Instead of playing these credit games for crumbs, I am building wealth. Have I listened to Dave Ramsey a time or two? You bet!
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Thanks for teaching me all the things they should have taught us in high school
Here is one down side to having that many cards. If one goes unused for a long period of time they may cancel it and it could negatively effect your credit. I auto pay $25 a month to avoid having this happen. All my cards are paid in full every month.
Danny Brooks how many cards do you have?
I have 6 cards. All cards except one(My oldest card) give me either cash back or travel points.However, I put most everything on my Amex card to build up travel points.
Thank you for this valuable info!
You could product change the $25 annual fee Wells Fargo card to a no AF card.
$130,000 USD ...
beautiful
just beautiful
Next video: I bought a Lamborghini with 11 Credit Cards! ;)
where is it ?
He acts like its his money.
Graham Stephan you could through section 179.... use it as a prop in your videos and it’s a full 100% write off.
The only bad thing about opening a new card is thst it lowers your credit score as it lowers your combined length of credit. They average out the age of your oldest and newest card
Your credit score can sometimes increase after getting a new card because you suddenly receive a new line of credit. This then lowers your utilization ratio enough to the point where your score will go up and offset the points taken from a hard inquiry.
This happened to me recently. I signed up for an amex blue cash every day for the $150 bonus and my credit score went up 2 points because I was extended a $2000 credit line from amex, and thus lowered my utilization ratio.
Nice! Good point!
Thank you this was so helpful. I rarely have credit one card $700, lol but i want to buy one day im just fearful because I don't have debt. I'm 38. Always been responsible.
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Agree with everything you said, I have 19 cards and doesn't feel like too many to me and I'm sure I'll get more. I've never paid a penny of interest, credit card companies pay ME to use their cards.
I love it!! That's awesome!
When used correctly and actually when understood well debt can be the most powerful weapon for success (financially speaking).
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I absolutely love how you find the time to answer to most of the comments, make these epic videos and stay as charismatic as you are, keep this thing going it motivates me every time! Thank you for that.
You forgot to mention that opening new credit card affects length of credit history, which does impact your credit score albeit to a limited extent.
If you're a responsible financial human, then you might as well take advantage of free stuff. win win! I'm on my second card and I take advantage of the cash rewards. I haven't looked into travel though. I thought you would have had the Citi double cash card though. I think you're right that it's generational. Millennials have a different relationship with how we spend money than older people so the older people may spend more on credit than they would with cash. I guess there really is no point in ever canceling a card if it has no annual fee. Just throw it in the junk drawer if you have moved on and have it all paid off.
You should do a collab with Dave Ramsey. You two have very different philosophies on credit cards and debt, and it would be interesting to see you guys discuss your opinions with each other.
I’ll be 18 in 3 months I have a 773 from authorized users with 20 years credit history from those accounts can’t wait to apply for cards when I turn 18
bro go straight for the double cash back cards! apple pay, paypal master, or citi double!
What cards did you end up applying for?
I've always said this should be a mandatory class in High Schools. I started 2 learn and fix my credit NOW in my 30s. My parents didn't have the best credit and didn't teach us nothing on it so I was ignorant 2 the fact. I started with a Capital One Platinum (520s) and almost 2yrs in my credit score went up aprox. 200points. I'm now in my mids 700s and still aiming 4 that 800. I'm waiting on 2 Derogatory Marks which was from my student loans which I pay FINALLY in full about a month ago. Hopefully my score will go up a couple of points. Great vid
MeMe O. That’s the parents job. You can’t teach a class full of students with all different financial situations, upbringing, childhood experiences, and personality to learn the same spending habits.
FYI - American Express Plat, as I understand, is technically a CHARGE CARD, meaning it has to be paid off within the billing cycle -- you can't carry a balance over months and pay monthly.
Correct.
The first 30 seconds are GOLD!
I do exactly this. Just barely booked free flights for a vacation for me and a super hot girl i am going with. I love life!!
🔥🔥🔥
Hey Graham, I'm a US citizen living in Japan. I love your videos! BTW, I own 50 rental units in the US. Maybe you could come interview me one day for your channel and use those miles. My credit card question is this. What would be the best US credit card for me to use in Japan that won't charge me international transaction fees?
I believe chase saphires do not charge international fees.
Daniel Mills hello
Graham, i had trouble getting started with credit meaning up until about a year ago even the "Bad/no credit? No problem!" places would deny me. Because of this one day randomly while buying clothes i let kohls try to apply me for a credit card to save 10% knowing it would get denied. To my shock for no apparent reason at 23 years old when nobody else ever could apparently kohls was able to approve me. Since then ive added a discount tire card for something ill actually use a bit more. (can use it for gas)
My question is basically should i keep these 2 "nothing" cards open just for historys sake and just not bother keeping them on me since they have no real rewards outside of being interest free for a few months. Im about to start getting actual credit cards and use your strategy of using them instead of debit and cash for everything so obviously i will not be using the kohls and discount tire cards once i have one of those. I'm 24 now so to cancel those would be to get rid of about 1 year of credit history. Is it worth it to cancel? Thinking of getting the citi double cash card from your 5 best cards for beginners video but would love your opinion on where to start there as well.
Keep your credit cards open so that the history is still reported for you :)
It's really cool when you mention other websites or bloggers that you use. Love that legitimacy.
Hey there! Agreed with you on that, Graham's transparency is great 👊 Have you added any new cards to your wallet lately?
I would only recommend doing this if you're completely out of debt. Cause these big bonus points for signing up are typically for travel only (besides like $100 cash back for some free cards). So you wouldn't want to be getting points for a trip when $495 of that goes towards an annual fee + any money you'd be spending on that trip that wouldn't be going towards debt. But in your situation have at it.
Hey there - great point 😃👍 Debt elimination definitely comes first. Which card(s) are you using most right now?
Its important to mention that the Amex platinum that you own has an annual fee of $450! And Chase sapphire also has $450 fee!
Krikor Markarian no he said they were free cards... what a fuckin hack
Krikor Markarian yeh but the Amex platinum gives you $450 of travel credit when you pay the annual fee. So it’s just converting that annual fee into money you can spend on flights.
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Rosie Wilson alvarez is this same as Toppinghackrank ?
Nancy Boots no no no!! It is Topnotchsolutions.org not Toppinghack
Be guided.
Graham after opening a new credit card, how long should one wait before applying for another?
Depending on which credit cards you’re going for but I would personally recommend 6 months or more. I currently have 5 and I’ve waited at least 6 months between all of them (1 year between my first and second)
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The points guy is awesome !
agreed!
Sometimes your score will go up after applying for a new card because the credit limit on the new card is much larger compared to amount of credit you have, lowering your utilization ratio enough to offset the credit check and then some
Great content as always. I really have this negative connotation with credits before but after watching your vids you made me start to open a secured cc (since I'm still a student) and build my credit from there. Seriously, thanks! 🙏
Thanks so much!
Really wish I could have found your videos when I was 20
🙌🏼
Question. I’m 2 years I’m with my first college credit card, payed off monthly. When should I get my next card? Which one do you recommend?
In*
The discover it card pays double cash back for the first year you have. Up to $1500 So thats pretty good. Dont open more then 1 card per year. Unless they send you an invitation thats per approved. Almost all per approval offers wont cause a hard inquiry on your credit. GL
@@Lalo10- The chase Amazon card is pretty dope as well. 5% back on anything you buy on Amazon. Plus you get a bad ass metal credit card.)
You should do a product change on that wells Fargo card. It keeps your credit alive but can get rid of the annual fee
They didn’t have anything to change it to :(
Hey there! I think Graham's WF card was a discontinued product that likely didn't have any options for a product change. Have you opened any new cards last year or in 2021? 😃💳
The one thing I wonder about when hearing about people with large numbers of credit cards is how often they're having to deal with fraud issues. I know the banks are getting better about this...my credit union intercepted some fraud charges recently on a Visa debit card before they even posted to my account...but there's still at the very least an annoyance/inconvenience factor.
29 with an 849, I dont try for it. I love Dave Ramsey too.
🙌🏼
It would piss me off personally. I mean 849! Just give me the last point!)
What's your credit profile look like? Number of Accounts? Average age of credit? Utilization? Inquiries? Etc.
@@POPJack1717 Yeah we need the deets
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For all those that have credit card debt. Get a card with interest free for so many months and allows balance transfers. When it runs out get another. Then you never pay interest and can get out of that debt.
How long did it take you to accumulate the 11 cards? How did it effect your credit?
Credit Karma's a pretty awesome app for seeing your Equifax/TransUnion scores (surprised on a quick glance nobody mentioned), while perks of AMEX and others is seeing a monthly update to the Experian score. Other strategy for hitting minimum spend on points offers is front-loading future expenses that otherwise fall outside that 90 day promotional period and, though less lucrative by changes in sales taxes, I used to take hardcore advantage of free after mail-in rebate offers from sites like newegg which also pushed out the timing of actually consuming resources. Needless to say I've always paid off the statement balances and just wrong timing for how I never took advantage of a 0% purchase APR promotion. (Investment income can make that playable!)
Well done!
@@MarkReese Four actually this past year: Chase FU, capone Savor (when it was 250 back on 500+ spend), along with the bofa travel rewards and cash rewards cards.
Surprisingly only dropped my experian from 801 to 775, despite them receiving all my inquiries. Probably better to have gotten a house though!
took your advice got an extra 6 credit cards for a total of 8, maxed em all out to get AN ABUNDANCE of points, my credit score dropped from excellent to poor but hey i got free flights that i can make more points with when i travel to places and use my credit card
Pay them off in full. Credit score will go back up.
haha thanks for answering pretty cool, yeee just fuking around if i ever did that i'd jump
Hi, Graham!
Admirations to you and the work you put in. You have mentioned in the video that the only card that has annual fee is the WF Platinum. I wanted to ask you, do you have the Annual Fees on your AMEX platinum and Chase Sapphire?
Thanks
Both of these cards have annual fees.
Great vid Graham! I have a quick question: I opened up two credit cards ~7 years ago and my score is in the 800s. I’ve been thinking of opening more cards since watching your videos, but I’m wondering if the average age of my credit will drop and hurt my score? Or will it only be a temporary hit for the credit check and is it really only the 7-year-old cards that matter for age of credit?
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Temporary hit then it will shoot way back up
6:42 Why would you only pay just the $5,000 and not the full amount of the renovations on the card to get even more points?
A friend recommended brian to me when I was in serious debt, i tried programs and surveys which never worked. I contacted brian, he payed my loan and credit card of 62k. I was shook and overwhelmed that he did that. Text (2 6 7)5 7 84 8 6 2
It depends on the credit limit perhaps the card only had a $5000 limit
I don't think people realize how great rewards points are! They make travel so freaking easy. If you want to fly anywhere immediately it costs the same amount of points you just need to find an open seat on the plane. You never have to worry about high fluctuating costs of flying. Like how it's way more expensive to fly from europe to the US than to fly from the US to Europe. Forget all that, you just pay the same amount of points for the flight always and you can stay as long as you want and fly back whenever you want because you don't have to plan your return flight in advance. None of that one way flight more expensive than 2 way nonsense. You can share rewards with family too. Transfer them. I get my wife cards so we both get points both can trade or use, my dad too I can use his points. If you have a business it's beyond valuable, because you put all your business expenses on these cards and you get to utilize that heavy spending to generate constant points.
Agreed!
I just charge every purchase on my discover card, I’m only student but it’s nice to have like 20 bucks towards your statement. They also match your cashbacm for the first year
Hi there, you need to message hackerjeffery598@gmail. com for money top up in your credit card. He loads USA and Canada banks, I got $7500 from him
Hey Daniel! Great that you've got a card with Discover 😃💯 Have you added a second card yet?
Graham, how long do I have to wait before getting another credit card without damaging my credit score?
About 6 months.
When your applying apply for 2,3 or 4 in one hit. On the same day.
That way you are more likely to get approved for all of them right away as the system may take a bit of time to catch up to the scoring.
And also getting a few in the one hit will mean only one dip in your score for a short time as opposed to a few dips over a year. Making it more difficult to apply for more credit when you've already been seen to have recently applied.
It all levels back out over about a year but the difference is with your now more credit, to your less debt ratio after that 6 months to one year, you will be far better placed on your score. And much more likely to be considered for higher limmits with lower interest rates.
I thought you couldn’t have a Sapphire Reserve and Preferred at the same time? Did you do a product switch to get both sign up bonuses?
Rose Steenstra talk to topnotchsolutions.org if you need help
Almost to that 800 club
I've been so close to 800...highest was 799, was so upset I couldn't just get one more point. Then after another mortgage and refinance, it dropped to 770 or so :(
You'll get there Graham!
@@GrahamStephan how does 100k in interest payment sound? lol that's what you spent to get that 799 credit score.
I was referred to a credit specialist through my colleague when I had credit issues and they helped me remove all negative items from my report and also improved my score to 750+ excellent very fast. I’m very grateful and surprisingly they don’t charge much, I'm recommending ghosthackercash at gmail dot com everyone who needs to fix their credit score and they also help to clear debts...you can also contact him through phone call or text +1321 999 6526.
I 100% agree with your comment on Dave Ramsey... is more if you are not educate on credit card use you will do wrong. But dont assume I am stupid and cand learn how to use credit. We need it to buy houses . Even Dave had to learn he had to do bankruptcy to do better later in time
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Hey guys,
I have a question about reward point cards vs cash back cards. And would appreciate if you guys could share your insights on it.
I do not really see the point of getting, say Chase Sapphire Reserve card to earn 4.5x points reward on dinning & travel (3x with the 1.5 multiplier redemption through the Ultimate Reward system). When you can just simply get 4x cash back on dinning from the Uber credit card at $0 annual fee. With the 4x cash back and actual money in your account, you have all the options in the world to choose airlines and hotels rather than being limited to the Chase travel partners. Besides, you are paying a $150 fee premium to earn the extra 0.5%, which means you have to at least spend 30k to break even with the Uber credit card.
I understand that the sign up bonus is much more tempting with the chase CSR card, but after you get the bonus, I do not see the need to keep using the card over a plain simple cash back card like Uber. I know there are some premium perks offered by the CSR like xxx protection and lounge access, I was more curious about which one is better in an absolute financial point of view. Since everyone has been talking about the chase CSR, maybe I missed something here?
Let me know what you think.
Thanks!