STOP Using Your Credit Cards Like This | YouTube Short
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- Опубліковано 24 сер 2024
- #shorts #finance #creditcards
If you're using one credit card or debit card for ALL of your purchases, you are setting yourself up for FAILURE and committing a big financial mistake.
Here's an advice to consider on how to use your credit cards moving forward
- A very low number
- Say twenty bucks
- Two thousand
- 0_0
Credit limit of 2k is pretty low. You usually start around 1.2k-3k unless it’s a secured credit card.
do you not know what a credit card is?
@@ethanwells1230 do you have 2000$ for online service?
@@ethanwells1230 Why is that matters. He say small amount, and for him small amount is 2k, thats it.
as far as a credit limit goes 2k is very low.
Bruh losing 2000 dollars would be the death of me, literally.
Damn you must be very broke
You must be slow
Would you prefer to loose ~10k or 2k?
That's why you pay with only credit cards. Credit cards have zero liability unlike debit cards that leave you liable for $50 after 2 business days and if you don't reporting within that time period, you are liable for the amount stolen
You can inform the cc company within 3 days of any unknown or suspicious use or transaction to get out of any trouble.
@@LX.727 no but nobody wants to loose 2k either most of us don’t come from rich parents we can mooch off of
Whether $1k or $10k, most card companies don’t hold you accountable for unauthorized purchases.
Amazing how no one mentions this....
@@dmlagrange Ya Kevin is basically out of touch.
@@captainseyepatch3879 It may be a old reupload from normal vids to yt shorts
"Most"..... might be the keyword there champ
It's not souch the credit card fraud that's the problem it's the personal information that comes with it. That's why going buying a gift credit card is even a better way to go it has no connection to ones banking information and so the personal data isn't stolen as well.
I have zero credit cards and zero debt. Cutting the cord when I was done with the debt was the best thing I ever did.
why not pay off the credit card in full every month?
then you can still get the benefit of improving your credit score.
No credit cards will lead to no credit scores. No credit cards means no loans approvals for cars or a mortgage etc
You need to establish credit history if you ever want to get a loan on big purchases that are beyond your savings
@@effebey7538listen to Dave Ramsey
If you find yourself unable to control your spending and using credit cards irresponsibly, then that's the best thing you could have done. Good job
"I recommend that everybody have atleat a million dollars"
What a good advice. I never knew that. Thanks 🤣
Hell yes. Govt can print trillions and allow lotteries to be in the billions. Why the F not?
@@RaceAgnstTme is it a joke ? because we don't want to have economy as great as Zimbabwe.
@@user-fo9kt3rq3d that’ll be 900 Billion Zimbabwean Dollars please.
@@thenightcorereaper that’s not even 1 penny bro
"one with a very low limit, lets say 2k"
Then there's me with a credit card with a $200 limit😭😂
Hahaha mine has 500, close enough ☠️
and thats coo get n save
Mine is $12 💀
(1k in my money)
That’s smart, if you’re only using it for emergencies or to build your credit then $200 limit is typically enough.
For real
"I recommend everyone have 2 filthy rich parents"
😂😂
@@guy7310hire me or stfu
Fairly odd parents
Everything is on line these days. 🙄
My god how broke and stupid the population has become… if $2K is a lot of money to you guys, I don’t even know what planet you exist on… it’s not even a lot to most foreigners from countries you call poorer than yourselves… where do you guys work??? Part-time McDonalds? Part-time Gas stations? Cmon… $2K is NOT a lot of money… at all… and if you have problems with $2K, I am sorry but you need to do some SERIOUS soul searching and educate yourself… if you’re over 25 years old and don’t have $2K to your name, you need to grow up… the only exception is if you are broke because you are actively in a short-term transition phase from one career to the next and have spent your savings acquiring the new better paying career/are currently starting in it and expecting a return on the investment within no more than 1 year time, etc… otherwise, if you’re just cruising in life and can’t find $2K to your name, you have serious issues… even then, you should have at least $10K in a retirement account after 25 years of age… preferably more but even if you’re switching careers you shouldn’t be broke-broke… if you are, you are wasting the American opportunity completely… there is so much money in this country it is practically sloshing around shoving itself down my throat, I don’t know how you guys have a problem with $2K… seriously inspect your lifestyle and career and education and spiritual health… news flash, you can’t buy happiness with instant gratification, and I don’t know of any way to end up that broke unless you’re actively investing in a grind towards a better future… if you’re just sitting there day to day not doing ish then you need to grow up and get off your ass and work OR stop complaining about being broke and accept that you’re a lazy slob that deserves nothing more than to be broke…
*“She restored my finances.”*
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I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon. Give this a try and attain good-returns.
Give this a try and attain weaIth. Get to her
Elizabeth Green Hunts
Scam
Kevin actually makes my monthly wage look like just a monthly subscription
That's what employees are, to people like this... a monthly subscription lmao!
Your credit limit needs to be above 300% of your maximum monthly spending. Go above 33% of your limit and your credit score suffers. Now I think that most people on average income spend up to $666.67 online shopping per month. $2000 is a great starting figure to train yourself to control your spending
Well, if you put it that way, workers are paid on monthly subcription by the owners
Doesn't matter look at Howard Hughes. Rich people aren't any happier than anyone else. If you're content with your life that matter more than anything in this world, than to be constantly looking over your back and wondering if you'll keep what you have.
I make 3000 dollars a year 💀
I feel like he’s about to ask me to give him 30% of my monthly wage in perpetuity
You are paying him even more through his products.
@@Bikram11822
Is he?
Well, if you pay your credit card back on time you're golden.
no only until he's paid off and then it goes down to 3%
Exactly!!
"You're not responsible for online credit card hacking, and credit companies don't hold you liable for those charges."
“A very low number. Let’s say, a small loan of a million dollars.” Lol
You gotta get your life together if $2000 is comparable to 1M
@@blakesking6615 do you aspire to be daft on purpose or do you seriously just lack the ability to recognize a joke?
@@blakesking6615 hear me out we broke
@@blakesking6615 I pray for you
Would you still hire SBF for your company
This is the same guy that said people that only work forty hours would never work for him.
Not online wtf😂
I don’t see a problem 🤷🏾♂️he likes People that would work OT and put in the hard work
@@redscorpion9325 he quit after working 3 days at an ice cream shop because he had too much pride to pick up gum!
If you were a ceo would you want lazy people working for you?
The best way to protect yourself is to stay away from people like Kevin. The honest to God truth
Not going to lie, but we are actually really proud to have an employee like you as part of the team. The job is done so gracefully and neatly. Very well done, dear MYSTICFLIP . First of all. Thank you for making the work environment so friendly and taking your responsibility seriously and completing the work gracefully! You deserve so much.
Thank You Kevin O'Leary for that Information about Credit Cards ❤
Even if it gets hacked, credit card companies will not charge you once you report it. It doesn’t really matter
The thing he’s warning against is really using debit cards. If someone hacks your debit, they can drain your bank account.
@@zacharybrown1486 my debit got hacked years ago. My bank returned the money back to me, it’s the same as credit cards
These people haven't a clue. Tell them to look at their debit cards again. VISA written in large letters.
"very low limit"
"Let's say $2000"
Lost of reality
That’s a relatively low limit, my lowest is 600$. I have 5 credit cards
@@EpiclyFamous I godda say, this is probably an 18 y/o like me, 2000$ at 18 to casually spend “online” sound alien like
It is low when you get in your 20s. My lowest limit is about 1200$. They give you $800 credit lines on payment apps nowadays (it’s basically a credit card).
you should only be spending about 10% of your limit. so if you only spend 200, 2k is a good limit. limit is not equal to how much you spend
@@TrevA102 true. i use one credit card to just keep track of my spending (fuel, eating out, etc) because the app is nice at giving a breakdown.
The way you protect yourself is call the bank and tell them it’s fraud.
"A very low number. Like 2.000"
Me: good one.
Well you should never spend more than 10% of the limit so realistically you’d only be spending 200 of it
@@eelx And you think this is somewhat close I can spent?
With the little money I earn, I can be happy if I have a positive number at the end of each month,
The student credit card from Discover has a limit of 1500. 2000 credit limit is very low.
i mean usually the lowest starting credit is 500. im just confused because i remember 3 years ago when i had my first credit card with a 1000 limit, i accidently went over well over 1000 since i forgot to pay. I realized a month later and paid in full but still that's damaged my credit score to this day. I'm not sure why my credit card allowed me to go significantly above my limit, so i'm not sure about the validity of mr wonderful's statement here
U clearly don’t understand credit
Coming from the guy that said “Your money is safe with FTX”…… In good on the advice
You shouldn't put decentralizes money on a centralized Platform 🙂... What is iven the point of that 🙄
He got 15 mil for saying that. Dude made moneys.
Value an idea by merit, not by who said it.
@@jonathanplamondon1719 to be fair anyone puting decentralized currency in a centralized Platform is an idiot
Creditcards the correct one gets you intrest on the money put on it , if used wisely and pay intrest on costs back asap gets you also a good credit rating which influences allot in daily life
I recommend everyone being financially responsible
If someone hit me for 2Thousand I’d be royally fucked 🤣🤣
Another way to protect yourself is to max out your credit cards that way when they get hacked they can’t spend shit
Actual good advice thank you
Bro really ended debt by using debt
You were supposed to destroy the debt not join it!!
@@CrypticCobra your confusing
@@vray48 you are confused by a simple starwars reference?
You know damn well he looks at his high limit cards and laughs when he tells you to have one with a 2k limit
Because he’s a millionaire
ikr mf's that think a 2k limit is low don't need any credit card advice
@@Shawndjt nah I think u really have no understanding of money. A limit isn't supposed to be used completely. On average u spend 33% of ur limit and 666 usd per month isn't that much.
@@number1clownontheinternet not per month
@@Shawndjt actually the average in the us. (He's from America)
Even though the credit card companies don't hold you accountable, it's inconvenient when your card info gets compromised. I've been using merchant-specific virtual cards online when I can. So if your card information gets compromised at one site, it can't be used anywhere else. It also theoretically could be possible to track down which website's info was hacked.
When I was 21, I was declined for a Sears credit card because I hadn't established credit. Now, 45 years later, I'm a financially independent retiree and Sears is just about out of business. I guess they weren't a good judge of character.
Ahhh, One credit card for sex , One credit card for business, I get it
One for blackjack, one for hookers 😂
No, no, no, no, noooooo!!! Not *credit card* for sex. *Pre-paid* card for sex!!! (The wife still sees the credit card bill.) If you never learned which card to use for sex, we as a country need to teach better *financial literacy* in the schools.
Paying? For sex?
Someone should tell Kevin that we have virtual cards now
I thought tha same years ago, and I think I am not specially intelligent
Do they have virtual cards in the US ?
@@diegobarbosa2900 yeah, and most places don’t use them. Easy to access information. As a cashier, that information is stored in the computer and heaven forbid someone hacks in. This is with any card though, physical or digital
@lolseagull exactly my point. However, there are ways to help prevent it from happening. Very simple, once you know how
@lolseagull simple, really. Have a gun on site
Dave Ramsey sees this video, head explodes immediately afterwards
Love how he genuinely thinks he’s giving good advice
Just to clarify by saying this i don’t mean the advice is bad i just meant to say it was not anything revolutionary plus if you have that kind of money it would be very simple to do this
He is if you have money.
It is good advise. If you’re just on a debit card you are really losing out. Good on you if you know you don’t have the self control to not overspend but for those who can control themselves a CC is nothing more than a debit that gives you some cash back
it is though
this is good advice
poor
The guy: "just keep 2000$ in your credit card so if if it get hacked and stolen, no problem "
Me who just lost 2000 $, Emotional and physical damage.
Well gotta say personally I’d rather be 2k in debt than 10k
@@goldtyphlosion7537 well just saying for some peaplr 2k is not Small number either
Just say you dont know how a credit card works
Yeah that’s not how a credit card works lmao.
You clearly don’t understand how a credit card works
When referencing corporate America, he said “They don’t really care about you as they make it seem” realest thing he said...I’ve seen experienced it first hand in the DMV. Black ppl aren’t really respected in corporate America. Glad that he was able to get out of there and become his own boss MYSTICFLIP
1st rule of credit cards, don’t spend what you can’t pay back immediately. They aren’t setup to be long term loan options, the interest payments will kill most people.
Losing 2000 dollar would probably end in me being homeless
Its not your money to begin with, its the banks. You aren't responsible for losing that money.
Get some bread then bozo
@@joshuathomas6222depends on how you got scammed tho
@@parexep994 It really doens't lol. Well I suppose it could depending on if the way you lost it was just... spending it yourself and claiming it was a scam. Can't just buy shit and pretend it's fraud, that's how you end up in jail for credit fraud.
Imagine *somehow* hacking into Kevin’s Credit Card and seeing 6k in the savings.
what about that $15m from FTX?
@@edrader smart investment, it quadrupled in value
Credit cards don't connect to the bank...
Too bad any credit card worth having has fraud protection
That's an obsolete advice, that, at its best days, was working for those who were wealthy enough to begin with. For those building themselves up in the modern age, I recommend having digital debit cards. You can generate as many as you want for different online services, and change them regularly, all while never falling into the trap of using money that you don't have. That's how I got out of debt and was able to start saving.
If something happens to your card, or it gets hacked, that’s why it’s good to call them immediately to let them know that the card was stolen. It’s the banks money.
Him: They cannot spend over $2000. So just let it go.
Me: Call the custumer service and claim back all the money.
Not as easy as that. My aunt got robbed for 5000 AED and contacted customer service and the bank multiple times but nothing worked
@@Adamieus0 Well, here in the USA, there's federal law that limits your liability to $50 if your credit cards are used illegally.
5 credit cards
One for on line purchases
One for groceries
One for big ticket
One for vacation
One just because.
Never use more than one card per month.
Never carry a balance to the next month
"Now I forgot to mention you have to be financially stable in order to pay off both cards so your credit score won't be dramatically impacted "
maybe the joke goin over my head or sum but iont think this something he needs to say. it seems obvious
You'll only have issues paying off your credit card if you're spending what you can't pay back...
You build credit over time.. If you have $30,000 in total credit and you put $3000 on a card that's 10% utilization that doesn't hurt your score.. you gotta learn how it works and calculated
If you're not financially stable you shouldn't even consider getting a credit card
or just not have a credit card and save the money that would be spent on interest
Credit isn't your money, you have no liability no matter the limit.
True ^ You will only possibly be liable for up to $50. Report the fraudulent purchases ASAP and you're good
Every credit/debit card that I have had fraudulent charges on over the years has been from making “in-person” purchases (mostly gas station), not online.
In India, card hacking is a thing of the past. Tons of security features make it impossible to hack cards unless you do something really stupid. Mobile OTPs for every transaction online, card control for every type of trn, whether online or via pos. So we here follow:
2 cards, each with billing cycles 15 days apart from each other. And use each card up to 15 days from the time of your billing cycle starts. So with each card you get a larger credit period. Free.
The way this man said a $2,000 limit is low. Man I'm lucky to get a $1,000 limit for the high end.
Get your credit up
i mean, 2000 isnt even enough to pay a months rent for me so id say its kinda low
@@oddmerlin9797 bro you spend more than 2k on rent??
@@Nope.You. yep, where i am rent for an appartment is usually between 2000 - 4000
@@oddmerlin9797 It may not be enough for house rent. But HouseRent is Nearly 30-50% of what family earns in entire month, Isn't that a lot of money to dispute with?
he finna bankrupt me
Let me tell you to not own any credit card at all.
@@cocomojo1858 no owning credit cards is a very good way to build up your credit. Just don’t use it for big purchases like a pc but more like clothing or groceries
@@cocomojo1858 that's how you end up on the streets
@@RajuMoorpani you will end up on the streets only if you don't pay the loans you couldn't afford at the first place.
I recommend PAYPAL, thats how you protect yourself online.....
Happy to hear hacking credit cards has become mandatory. One should always think about the threat.
The thing about credit cards is it’s not your money to begin with, if someone steals your information then you can get your card shut down and refunded your money. Get a card that’s very transparent and gives you alerts when you spend a dime on anything. That’s how you’ll be able to catch fraudulent charges
I’ve never had an issue with my debit card, 3 times it has been cloned and every time they have gotten me my money back.
@@Putri-nl2ggyeah idk why there’s this general rumor that credit cards have more protection. It’s all the same banks investigating the fraud and bailing you out. Doesn’t make much of difference if it’s through a credit card or debit card.
Visa, AMEX, Discover, and Mastercard all have the same term agreements when you use there cards wether it’s a debit or credit card. You’re not responsible for the fraudulent charge and you will be refunded as soon as possible for the fraudulent charge
That’s why I have my debit card. I also have a spending limit on it and I have alerts for anything that I buy or anyone “ unauthorized” activity
"Sir your salary is 10 million a month we can't do $2000."
Sounds like a skill issue
You missed his point. If 2K is too much for you, call your bank and lower it to whatever suits you. Im not a big fan of Mr. wonderful, but he does make good points on many things. The FTX scam, should be a lesson, what those guys do and say are 2 different things. Meaning, you need to use your judgment.
juice wrld
I recommend virtual cards for online purchases, and mobile payments with your phone for physical ones.
Interesting take since my bank personally calls me if they see any unusual purchases. They ask if I authorised the purchase. Simple. You can even stop your credit card at your bank online.
I recommend getting into twice the debt.
Just pay it off every month
something that works for me is to put EVERYTHING on one card.. utilities, groceries etc... your going to spend money on those things anyway.. put it all on autopay.. then, you pay it off through your checking account every month.. this helps build credibility AND earn max rewards that are offered through the card... also, you can request credit limit increases every few months as long as you don't have any late payments and are in good standing with the card company... doing that last part also helps raise your credit score...
@@derekwilliams3093 I have no idea what you're talking about. In my country a credit cart is a card with which you pay and then you get an invoice. I don't know how this would build credibility of give you some kind of reward. It's just an easy way of loaning money for the month and I don't see how that would help a business unless you're a couple of weeks from some serious cash flow and need liquidity NOW
@Trade_Center1what’s the point of trading when you can just get into MORE debt? You all a bunch of boomers!
Just don’t spend more than what you actually have 😂😂
Just dispute the transaction if it’s get hacked since it’s bank money. 😂
Also why does he think you can't get your card stolen from in person transactions? The only time my card info has ever been stolen was in person
@@900DonkeyPunches Because a physical card being stolen is much more avoidable than an online card getting hacked. Both are avoidable but keeping your physical credit card safe is easier as it only requires you to be responsible and careful. Also, robbery in broad daylight is less common than getting hacked online so i’d agree with kevin’s advice.
@@Zed-xl9nv I didn't say getting your card physically stolen, I said getting your card info stolen
@@Zed-xl9nv card skimmers are a thing. You can be careful and notice them, but they do exist. I will agree with you on the fact though that it's much easier to protect yourself physically than virtually. If a company you buy from get hacked, you have no input on preventing your credit card information from being stolen.
@@deuslapis5247 fr i went to a shady gas station and boom next is $500 gone
This is a big difference between Kevin and Dave Ramsey. I’m on Kevin’s side on this one. It doesn’t matter if what you have is a credit card or cash. If a you misbehave with money, you will always be broke. We need more people to help educate on how to behave with money.
I recommend all the big companies do all the charity and donations, since all money goes to them. Workers could not afford to give donations anymore.
Here in Portugal we just generate a virtual card, with the proper amount, to buy online!
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very smart!
Yeah... I think this exists pretty much everywhere, it's just a recent thing
Same in Bulgaria, long live revolut
We used to have systems like that in the USA but they've all be cancelled over the years. My favorite was BoA's ShopSafe.
Most of my smaller purchases are in person (food, gas, entertainment) most of my big purchases are online (technology, clothes, gym equipment, collectibles) lol
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Or a car
Credit card companies say you are protected from online fraud and you are liable for 50. But what he says makes sense.
Not necessary. I’m not responsible for any fraudulent charges in any circumstances
Meanwhile me having no credit card cuz cash is simple: you got 20 bucks your limit is 20 bucks
Getting a credit card is important to help build your credit score. In general, with a credit card, you can get new gadgets (phone/laptops etc) and pay monthly with 0 down payment and 0% over 24 or 36 months. The difficult part is being disciplined with your spending. Use your card for expenses and pay on time, don't pay interest. You don't pay a penny more if you pay on time, that's the part most people have difficulty with, paying on time IE not overspending
Bruh, if you use a credit card responsibly, you actually make money from it. I use mine and pay it off before the interest hits every month, and I get cash back on those purchases. Then i take that cash back and do all my Christmas shopping, vacations, etc. I went to the D.R. last year and didn't spend a dime of my own money cause of all the rewards.
Doing that is a good way to never build a good credit score, as long as you a responsible with the card you don't have to pay interest. A credit card can even save you money, if you have one that gives you 12-36 months interest free (not hard to get with a decent credit score) you could buy a car in full at the dealership instead of paying the dealership any interest as you pay it off overtime.
Credit is king in todays world
These people are coping hard af.
An easier way is to setup a confirmation on your bank app so you need to approve it on the app before any money is taken out of your account
He said Credit cards, Not ATM cards
@@kcstott same thing Kerry, most of them can be setup so you need to put in an approval code from your phone.
Nah the problem is, if the hacker/scammer has all your card info, especially if you've bought from them before. They can still bypass that confirmation system, and the bank wont give a shit when they steal from you. So might as well take extra measures.
Eg. If you buy a product for 5 dollars from any website, let's say a website disguised as ebay or anything.
If they manage to charge 5 dollars from you, they will have ur card info n the bank has already approved their site, they will be able to charge 5000dollars, without the banking informing you.
Summary:
This technique can be hacked and the bank won't take responsibility if scammers do that.
It doesn't matter that you're super careful about the websites you buy from, you're still better off with a low card limit.
@@MazdaRX7007 Except it's credit, they are stealing from the bank. All you do it report it as fraud and you are not charged. It's incredibly simple.
@@CrypticCobra < this guy gets it.
People can get your card info even on in-person purchases. To protect your card online there are a few better ways out there.
Do people not realize that credit cards come with 0 liability protection? If your cards is used for fraudulent charges, you’re not liable and the credit card will refund you…
When someone doesn't know how credit cards work 😂
If you notify the bank in a reasonable amount of time after finding out about theft on a credit card, the maximum they will charge you is $50, if at all. That is what credit cards are for to begin with. It is one layer away from your actual money.
On the contrary, Dave Ramsey recommends just paying cash you or using debit. If no money, theñ no buying using debt and remaining financially free.
He is acting like Walmart, Target, Home Depot, Kmart….etc never got hacked before. It literally happens every couple of years
I have been doing that from last years. It takes me off my anxiety, one has 600 limit and other is platinum.
Which one would you recommend for FTX?
Hell, I have 10 credit cards so I can pay one off with the others. Interest is up to 33%!!! Highway robbery and loan sharking......
I have no credit cards. I pay cash for everything. If I can’t pay cash for something I don’t buy it. I went to Financial Peace University (Dave Ramsey) after my husband died and after the 9 weeks were over my mindset about money completely changed. Best thing I ever did.
Another option is a prepaid credit card, only transfer the money you’re about to spend online, spend it, keep the balance just above some minimum like $50.
Credit cards are insured you're not losing anything and your card is most likely to get copied when used in person.
Exactly correct.
He is from a different generation lol
You lose credit no?
Hardly happens.
You proclaimed the poor to be blessed, Lord Jesus, for the kingdom of heaven is given to them.
Fill us generously with Thy gifts. Teach us to put our trust in the Father and to seek His kingdom first of all rather than imitate the powerful and envy the rich.
Me who create 1 pay virtual card every time i pay on internet :|
If your Cc gets hacked your have 0% liability and it will be reversed. Debit cards not so much. Safeguard those things.
Dispute everything on your credit report in bad standing that was a one time expense (medical or something like that, not open lines of credit.) Many times places dont have anything you signed, especially 3rd party collections, or they are two lazy to submit it to the credit bureau within the 30 days. Therefore it gets removed. If they sell it and it gets reposted, do it again. It eventually stops after 2 or 3 times.
I recommend you simply use credit card security options to adjust purchase limits as required because it's 2022
Dave Ramsey would have a fit about your recommendation. 😂I agree with you. I don’t want my debit card with MY money out there any more than it has to.
Ramsey is right about many things, but he's out of touch on credit cards. I understand he caters towards people who struggle with self control, but any responsible adult can and should use credit cards for their various rewards and benefits without ever paying a dime of interest. Credit cards themselves are not the problem, it's people's impulse control and lack of accountability that get them in trouble
MY Daughter did that.
She was very good at using $500 limit card and paid it off monthly. She did so well the company INCREASED the amount. She did not ask for it. Damned if you do, and damned if you don't. Go figure!!!
@@muriel8922I mean if they increase the amount it decreases your utilization which helps bump up your credit score.
in the security world, i must say it doesnt matter if you use your credit card online or offline. you always run the risk of data breaches and credit card swipers. Just dont stress out about it if you are using a credit card at all. If you use a credit card and someone steals the number, you dont lose anything if you tell the credit company your card was compromised.
Another good tip is to max out your cards yourself so the thieves have nothing to spend
My bank wouldn't give me 200€ credit card lol. 😂😂😂
Some actual good advices
1. Set limit on your credit card for usage and only change it when you need the extra and change it back afterwards.
2. Keep international transactions off.
3. Turn on 2/3 factor auth.
4. Don't give your credit card to anyone(eg in restaurants) and use it yourself for swiping etc.
5. Stick something on the numbers so that no one can see them.
Some cards don’t have the numbers on them. I’d say instead of #6, try to make your main card one of those. All the others are valid quality advice. Oleary’s advice too though. You should do all these things. And freeze your credit.
#1. Use virtual credit cards. They allow you to set a one time transaction with a unique credit card number and closes right after. Next purchase it generates a new cc# and limit, while your real card is hiding in the background.
None of this is necessary. Credit cards have $0 fraud liability. Just one of the reasons I stopped using debit cards and use credit cards for everything.
I recommend you get only one credit card and keep limit low, raise it only when making big purchase and immediately after that set it back to low
Banks know statically that on average, a person spends 60% of their credit card limit, despite their capacity to pay it back. The credit limits they approve are based on those stats. Keeping people in debt is the key objective. People who pay down or clear their cc debt each money are actually a liability to banks. The best credit card, is none at all.
"People who use credit cards dont want to be rich" - Mark Cuban
Debit, thank you god.
Yeah I hate building my credit score so I can take loans in the future to build business.
@@therattleinthebook397 you do you, boo. Meanwhile, 90 percent of rich people get rich by doing the opposite of that.
@@ericchapman8956 can you elaborate? Every so often I hear a wild statement that shocks me
@@ianvanessen2166 according to the S and P and a study done by the Ramsey Group, around 90 percent of millionaires became millionaires by staying out of debt. Of the 100 million credit card holders in this country, over half are at or below the poverty line. There are a few more studies that suggest credit score and total wealth have no correlation. In an interview with Dave Ramsey, Mark Cuban speaks on how credit cards are some of the largest inhibitors of wealth. Many people get credit cards with the intentions of paying them off immediately in order to build credit, but most people who use a credit card owe between 1000 and 7000 dollars at staggeringly high interest rates. Credit card companies do a very good job at manipulating people to use them and when we spend money we cant see, we spend more. Thats a fact. The largest wealth building tool is not your credit score, its your income and when you're paying off debt with interest, you are not building wealth. Ive seen the same videos youve probably seen, get a loan, use the money to get rich, pay off the loan, but in the majory of case thats proved not to work. The math that they give you is correct but it doesn't factor risk. The Ramsey group did a study of over 10,000 millionaires and virtually none of them made money that way.
Yes my debit card was hacked twice online and once at the pump. So this is actually good advice
My advice...have 2 accounts...one account that has a debit card attached to it that you deposit funds you will spend..second no card attached...thats what i do..refuse to ever have a credit card...not paying interest not going into debt for impulsive purchases..if i cant pay for it..i go without
I feel like people are missing the point. I think what he’s trying to say is to use a credit card as a “buffer”. Use that card to pay subscriptions every month then when the card has a balance immediately pay it off. Then if someone gets the card, they get a credit balance and not your entire BANK ACCOUNT.
That is my setup, 1 card has a 25000 limit and the other has a 5k limit. They both have 2% cash back rewards. I don’t use them for every transaction but I use them for a lot and always pay the statement balance at the end of the month so no interest. You definitely need to only charge what you can pay off at the end of the month.
This is actually pretty good advice, but also odd because a 2000 limit can be high for some people.
Those people are mismanaging their life if 2k is high.
Unless it’s ur first credit card and you have no history nor normal paying job
@@mikhacoffman4522 ez im a college student. But Im not in debt, im just broke.
this is retarded, all credit card companies back you up and reimburse if it was hacked
@@mikhacoffman4522 The average american goes homeless from losing $500
@@eastonzombiekiller Unlikely, the average American earns about 55k per year,
Bruh just called my net worth “A very low Number”. Dayum! 🔥 🔥
Considering you’re never liable for fraud on credit cards, this seems pretty pointless.
If your credit card number is stolen you can just have it refunded and a new card sent out. Debit card transactions can take up to months to get your actual money back.
I'm to poor to have a credit card. I'm lucky I even have a bank account.
Hahahaha, I’m laughing at 5 in the morning!!!
I hope God makes u rich
Me too lol
Kev also recommends that if you get drunk and kill someone in a boating "accident", you let your wife/girlfriend take the fall for it
Kevin, that's duplicitous. You're protecting banks, not individuals.
This man's worth hundreds of millions and doesn't know that credit card companies cannot hold you liable for fraud by law, or that most people get notifications for every purchase on their card.
I love how he completely ignores his role in the FTX debacle and tries feeding me full-blown crap.
What he said in this video was very logical
@tevynthomas agreed but he screwed many people over for advertising for ftx. I don't believe anything he'd says at this point
It's very funny that to him, $2,000 is a LOW limit
I’m assuming you don’t have a credit card
Because it is …
He's saying because Kevin is rich af 😆
Damn I’m pretty broke myself but have great credit. Y’all make me feel amazing saying 2,000 isn’t a low limit.
Because it is a low limit idiot. It’s the starting limit most people get for getting their first card
I recommend only having credit cards who follow the law and don't hold customers accountable for fraud in the first place.