Credit Cards VS Debit Cards: What is the Difference?
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- Опубліковано 26 чер 2024
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Credit Cards VS Debit Cards, which is a better option for your spending habits? We answer that question in this video, looking at rewards, fraud protection, ATM use and the effect on your credit score.
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Nothing wrong with a basic video. The way the school system fails to teach high school kids the basics of personal finance, this type of material is useful.
I have a feeling this video will blow up big...let's see
I Guess Not
Great video for beginners! A large majority of young people don't know there even is a difference! I will definitely be sharing with some of my younger friends on social media. Keep up the good work Credit Shifu!!!
I'm glad you stressed the fraud liability. it shows the power of a credit card as a layer of protection between you and your money
That thumbnail is CLEAN!!
Your voice is soft but in the intro/exit/intermission, the music BLARES SIX TIMES LOUDER before going back to your soft voice. Have you looked at the audio waveform?
I hope the new editor you hire understands volume balancing better than the current one.
In this video, I had to turn the volume down, turn the volume up, turn the volume down, turn the volume up... then close the video without watching the rest (or giving you full watch time). Are you listening, Credit Shifu?
Your waveform should be so consistent that you can't be able to visualize the talking separate from the music.
There is a difference in protection for debit vs credit cards. Take that Dave Ramsey
Just some feedback, I think the background music doesn't fit the video. Because you can barely hear it, it's actually kind of annoying. It would be better to remove it or find a more suitable one.
Good feedback!
One thing that needs to be said is about
processing networks, the networks that connect the ATM or merchants’ point of sale systems to the cardholder’s bank. With credit cards there’s only four worldwide Visa, MasterCard, American Express and Discover. With debit cards there are so many networks example being Nyce, Cirrus and Plus are debit processing networks in the United States that operate in individual countries. Often a debit card issued one country won’t work outside of that country. The ATM or point of sale system needs to be able to connect to a network that is compatible to connect to a cardholder’s bank. For international travel this is another reason that a credit card holds a big advantage over a debit card. This too is changing as many debit cards issued in the United States and Canada use the Visa or MasterCard networks to allow for international and online transactions.
good intel!
Bro! I Love the quality of this video! I hope you keep these up! :D
Great comparison video! Thanks for sharing!
Excellent vid. while I was rebuilding my credit, I used that discover 1% cashback debit card. I maxed out that spend every month!
I also got the American express Serve prepaid card for 1% cashback. it's free in Texas, so there was no monthly fee for me!
Now I'm using my credit cards much more responsibly as I continue to rebuild my credit
Great video
Good overview of debit versus credit cards.
Just commenting to support content
$60,000 sign up bonus huh 😂🤣
Great explanation in the video!
Had somebody come in the bank I work at the other day and was talking about how he only uses credit cards simply for the rewards. I asked them if they knew who you were and they said yes!
I work at Chase and we were lowkey trash-talking about the new changes to the Chase Sapphire Reserve (pls don't tell my manager)
15:22 The Chase Sapphire Preferred is offering a $60,000 signup bonus? Where can i get that?
Yes, in India most of us are new to credit cards and overspend ultimately defaulting on credit cards. That's why some banks here name their Credit Card and Debit Card offerings similarly. Like for example ICICI bank has both a CC as well as DC called Coral. The benefits then like airport lounge access are similar on both of them.
Hey Shifu, have you heard of a "cash back" Debit Card called the Aspiration Card offering 5% cash back categories. I hope you will give it a look 💳
I live in Canada and my debit card earns points that I can redeem for movie tickets or discounts at select restaurants.
Question - can a credit card be used like a debit card i.e have your own money in there and only use that? or do people only use it to borrow money and repay it?
I’m a credit card guy, and I always pay in full. Also I love booking through United with my Mileage Plus Explorer Card and owing 0 dollars each way for my checked bag. Also I enjoy getting 2x the rewards on restaurants and getting 25% off United Airlines inflight purchases like Wi-Fi or entertainment
On the topic of spending more on credit than debit: Am I alone in treating my monthly income or lowest limit, whichever is lower, as I would my checking account for debit? Is there a reason for this?
Hey credit shifu, I just got my first secured credit card with no credit history at all. On the first month my CK reported I was at 711? Is that correct?
Ben can you do a video about buying and selling tradelines? (Basically selling AU slots on your accounts)
That's actually a thing?!
roxcyn yes it is. The purpose of it is to allow people with low scores to piggyback off of your score to allow them to get a card in their own name. I’m sure it’s definitely a grey area, but it’s not technically illegal, hence why I would love Ben to go more in depth about it. Or Sebby. Whoever does it first I guess.
@@scarroll625 - Have you done that before?
roxcyn I looked into selling my profile (775 FICO, 5% utilization, 200k total limit), but the sites that “buy” these tradelines want like 10 years + AAOA which mine is currently at 3.5 years.
Most primium chequeing accounts in Canada wave anual fees on high end credit cards. If that's not enough these chequeing accounts allow you to keep a minimum balance to wave the mouthly fee on the chequeing account.
Hi, I want to increase my credit score from 753 but I am not sore how. I have 1 credit card and 1 denied credit card application from a year ago. I only use 10% of my credit at any time. What do you suggest?
Could I build a credit score in the US with utilities repayment history vs applying for credit facilities?
You can, using Experian Boost for example, but it is not as fast. You could also consider self lender etc
My debit card comes with cash back rewards but only at select stores and only up to like $10 or $20 at those stores, each month btw. But it's places I don't go to so kinda sucks
If you get a Discover Bank account, their debit card has 1% cash back on everything. I don't think there's a limit on it, if it is, I'm sure it's really high
I have a Discover Bank account, I like it alot
@@StewartLucrative - I just did a video on it. I don't personally have their checking, but I do have their savings, CD, and credit card accounts. It looks like a good option.
HI Ben,
If you have already establish credit, but are missing “monthly loan” like a mortgage or a “car note”, do you think that “self lending” would be a good option to improve on that category?
Thank you
Crypto.com's crypto debit card has a lot of benefits
I still see people using cash , I also use cash too?
I would think it was transparent to differentiate between the debit and credit card, but I presume the making of this video people need additional clarification! 🤣🤣🤣
First!
Indians don't use credit cards like how Americans don't use debit cards.
SECOND!!
When you can only recycle your content so much : debit card vs credit card
Mike Kirkpatrick I’m not even mad lol it takes a lot of work to pump out all this content it’s hard work
We do always have new subscribers coming to the channel, so we have to cater to them as well. So there is always a clash between what new people and super experiences people want
The Credit Shifu we appreciate your content brotha