These Are the Credit Cards in Our Wallet!
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- Опубліковано 15 вер 2024
- These Are the Credit Cards in Our Wallet!
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Fun fact that Amazon card also comes out with a ton of promos that are really helpful.
The last one I had was from 10/01/2022 to the first of the year and the special was 10% back on all gas purchases
Dave Ramsey Is spinning in his chair.
I’m still on Team Ramsey here.
@@glennmorris6071 I’m not but I’m also disciplined with my spending. If I wasn’t disciplined then no CC would be the way to go. Be honest with yourself and you’ll find the right answer
Dave Ramsey is irrelevant to people who understand how to manage their own finances and invest.
Dave Ramsey just spit out his beans and rice.
Good discussion. Just a PSA that's it's possible to be a Financial Mutant™ and have many, many, credit cards...I'd even argue the most extreme Financial Mutants are big in the credit card game. It requires a decent amount of time to track them all but the golden rules are pay off statement balance every month (obviously) and make sure you're getting more value back than the annual fee. Lots of folks think it's bad for your credit score but to the contrary, it helps. The short-term, negligible ding for the hard-credit-pull is more than offset by the lower credit utilization ratio you'll have with the additional lines of credit (assuming your spend stays flat as you open new cards).
Somehow I knew they both would have the fidelity card!
2% back straight into stocks, way more important than a 6% back statement credit!
Capital One Venture X is a great one for frequent travelers. 2% base rate on everything, 5% on flights and 10% on hotels. $300 travel credit every year and $100 in anniversary points is equivalent to the annual fee. So as long as you travel at least once per year, you're basically getting a top tier travel card with no annual fee.
You get a $100 credit for either Global Entry or TSA Pre-Check reimbursement. The Capital One lounges are very nice. And there is no fee for additional users, so adding your spouse is free unlike the Chase Sapphire Reserve.
I use the COVX as my primary card for 90% of purchases and the Amazon card for anything I buy on Amazon. Thousands of dollars of value every year. Big fan of both!
The Ramsey team pulls the moral card like “oh don’t use rewards cause they’re funded by people who pay interest” , like they don’t wear Nike products or something made by people in sweat shops. Wish they’d stop the virtue signaling on credit cards.
I used to think that way as well. But the credit card companies are also making money off of transaction fees. They get a cut of the transaction and so do we with rewards. I consider the ridiculously high interest rates as a deterrent for carrying a balance. If they wanted everyone to go into debt and make money off the interest, they would lower the interest rates to incentivize paying interest. I did all my spending with cash for years and now that I know my budget inside and out, it would just be leaving money on the table by not using a credit card
Wow. That's the silliest anti-CC argument I've heard yet. Me not flying for free won't save other people a dime of their interest payments.
In Canada the Prime MasterCard is only 2.5%, wish we had 5% lol. A work around I've seen is buying Amazon (or any stores) gift cards at the grocery store (I get 4% there with Amex), and using that for Amazon and others. Definitely more annoying but still an option.
Can the Money Guy Show do a video on credit cards and explain actual point values and long term cost basis?
When are “premium” credit cards worth it?
How many credit cards are reasonable?
How much spending (in categories) is needed to make a card worth it?
Are redeemed travel points worth the equivalent 1¢ value?
Should you redeem cash value or use the points?
I understand high net worth individuals and career travelers using premium cards, which may cost $500+ annually. But how much does one need to spend for that to be worth it. I’m 27 and know multiple people who currently maintain multiple “premium” cards, but have they actually used them enough to justify the cost. If someone is only spending 20k annually on their card, rarely travels (always on the cheap), should they have fees of over $600+ ?
My friends have chase reserve, Amex gold, etc….
Perfect timing! I was quite disappointed with the lack of options offered by my "travel" cc rewards, so it's nice to get some ideas💡
Citi or Barclays American Airlines cards that get major bonus miles. We travel on major international trips every year business class on affiliate airlines ie Japan Air, Qatar Airways, British Air… at no charge. These tickets are $10,000 to $20,000 each. That is what we do and works with our wants and needs… 2-3 miles per $. We charge all utilities, grocery, gas everything…
2 percent cash is all i need. Not need to go broke chasing all these points. 😊
Fidelity Cash Card requires a min of 2,500 Points to Redeem.
Sofi offers 3% for 1yr after that it’s 2% on everything and no min to redeem. After Purchases Post, your Bonus Points Post, no waiting til the Statement Prints!
AMEX Blue Cash Rewards. 6% groceries, 3% on gas/streaming/ride share and tolls/parking
Yup. I use this for Groceries/Gas/Streaming. And a Debit for everything else. Keeps things simple.
I have 20 cards I carry $0 balances month to month. I average 3.9% back on all spend not including special offers or sign up bonuses.
Does this affect youre credit score with that many cards?
@@TaxinGigs my credit scores average between 790-805. Never had a missed payment, low utilization usually I have one card post a small balance. The only this hurting me is average age which is like 2.years, new inquiries I have 7 and mix of credit I have no other lines of credit.
@@TaxinGigs No the number of open accounts does not if they're all current, but opening more than one or two accounts a year will impact it, b/c hard credit inquiries stay on your credit for 2 years. Too many of those reduces your score.
@@djpuplex Thanks
@@ckotterman Thanks
Chase trifecta with Hyatt. 🤫
Paypal is Synchrony, but it's a 2x card everywhere AND 3x on any purchase through Paypal. That and Amazon Card are my 'store cards'
I have a Wyndham Business card, 8x on gas, I get Diamond Wyndham status, and It matches with Diamond status at Caesars Resorts.
Diamond Status with Caesars gets me a $100/year dining credit, which gets spent at Gordon Ramsey which nullifies the yearly fee.
I'd say avoid any general gimmick. 1%-2% isn't going to change anything. Do what works for you to keep things straight and organized
It's not difficult to have a couple of rewards cards. Set them up for automatic bill presentment and bill pay and you never run a balance and you rarely have to log in to look at them. Use an account integration service and you can see all the transactions in one place even if you're using multiple accounts.
Also an additional 1-2% is pretty non-trivial over the course of all your spending. I average over 3% cash back and spend about $30,000/year on my cards. That's a savings of around $1,000/year. What could you do with an additional $1,000/year?
Sure, it's not worth sweating over at check-out, but if you don't have the cards in your wallet, you'll never see those additional savings pile up.
Turning it around, if we shouldn't worry about 1-2%, why would we worry about paying 1%/year on a mutual fund expense ratio? Or 1-2%/year on financial advisory fees? Maybe because those expenses add up over time?
@@joelcorley3478 VERY well stated!
Walmart 5% card is one to mention
You only get that for a temporary amount of time. Look up the us bank shopper card.
I’m surprised no travel hacking cards
I got rid of my credit cards....it feels great.
AMERICAN EXPRESS ALL DAY!
Flex/Unlimited/Sapphire Preferred
so with these companies everyone does purchases through adding 3% when using a credit card, whats the next step verses going back to check writing?
I’m 20
And I’m hating myself for being so smart to be dumb when I was 18 I got 14 CC and I got up to 8k debt and now I’m 20 with 12k debt but not again grinding to pay it off but I’m not making shi and wish I knew someone to help me find a career path that I can instead of restaurant and retail and I now only have my first CC LGFCU and SECU NC and those are my credit union
If you have more than 3 or 4 credit cards then you have wrong the cards.
Making 600.00 a year to pay your bills.. why not. Nfcu at 1.75%
Where is the Citi custom cash card? lol
Smart
DISCOVER!
u end up spending around 12% more when using a card.(compared to cash).... so ur saving 2 to 5 but losing 12%
cash is king whenever possible...... debit card is the last resort....
Chase Sapphire Preferred …
Starbucks?!
Not your area of expertise unfortunately
Poop card
Lolol
: )
Can’t wait for the GOP to get the 30% sales taxes to abolish the IRS. My cash back would go $$$.
Lmao fail
Yeah that'll never happen and they know it. It's a political stunt so in 2024 they can run a bunch of ads saying "so and so voted against abolishing the income tax!"
@themoneyguy citi card does 4% at superhcargers also and charging stations now