40 years ago my grandfather taught me how to use credit cards without paying any interest. I have NEVER paid a single penny of interest following his advice. 1. Get a check book register 2. "Load" a budget amount [like you would deposit funds in your checking account] 3. Deduct every credit card purchase from that amount as if you had written a check 4. You will NOT exceed your budget and you will automatically have the funds to pay your credit cards without interest. Result: you get all the bonuses, and benefits of the credit cards without the dangers and those fall to your bottom line automatically.
glad to find someone else out there who is as cash back/points crazy as i am. recently applied for 'amex blue cash' (also referred to as 'old blue cash' or 'OBC' card for work purposes since our annual groceries spending is about $50K. this card earns 1% on first $6,500 of 'everyday spending' (groceries, gas and drugstores) then above $6,500 to $50,000 earns 5%. so anticipated cash back after 1 year spending will be $2,240. on this card alone.
Pretty good deal for that really high groceries spending. I buy groceries for personal so I will hardly break $6500 on groceries. So... then that card is an effective 4.48% if you go all the way up to $50k.
PNC Cash card for 4% on gas. Citi Double Cash for 2% on everything else. Capital One for 1.5% overseas to avoid foreign transaction fees. 5% is nice but it's spread too thin among too many different cards. It will take too long to hit the minimum withdrawal amount on each card. I cash out more often and use that money for investments. Intensity beats extensity every time.
my mentality towards credit cards is simple. i look at it as another one of my bank accounts. i dont think about how much of my credit limit i have left to spend, i think about how much of my budget i have spent that week. i found thinking of finances on a weekly basis keeps tighter to a budget than thinking monthly, it eliminates the possibility of thinking "if i go over this week, im not worried, ill cqtch it up newxt week or the week after" to me a credit card is just me spending my money in a secured way, ie. the fact that its credit is just a security blanket against fraud, it doesnt make me feel its insulated from spending my bank account
Great mentality to have and probably a required one if you want to be successful in using credit cards. I also do not use a credit card as credit and rather just pay it all off in full every month. Weekly budget is great if keeping track works for you. I actually do not keep a budget myself as I just sort of eyeball it because my emergency funds easily covers any spikes there could be. That and my normal mode of operation is pretty frugal. =D
Thats kinda what i mean. I dont have a written budget, i just figure if if x amount covers my expenses a week, then y amount is wts left, i make sure my expendature of that portion is always less than the full amount
Jon XVI Yeah, sounds good. To me it seems keeping a budget is necessary for some but I find it a huge time sink. So if you have enough of a buffer, you can save time by not budgeting.
I suppose really the greatest factor in not needing to budget and financial security is just realizing things dont make a person happy, and thus not feeling the impulse to buy things for no reason
amex blue cash everyday offers 3% back at super markets, and groceries, 2% at gas stations and department stores. 1% everything else. but the key with amex is they have all kinds of extra discountsnand promotionals they always offer customers. i got 10% back on all my amazon holiday shopping with the standard blue cardthis year.
Yup! The Amex Blue is a great way to go for 2017 for people who spends less than $247/ month on groceries. But then there are better choices at gas stations. Good point about the discounts, I'll have to check those out myself and see what they offer.
Discover it is pretty awesome bc it's a $50 credit after your first purchase and then 5% cash back AND its doubled at the end of your first year. Can't beat 10% cash back
+Ben Paniagua Well, there's something I don't know how to do. I've heard of buying visa gift cards or Amazon payments or Blue Bird specials but all of those no longer work so I don't even mention it.
Nice I did not know about the US Bank card. Just to add The Penfed Platinum Cash gets you 5% on gas and the Amex Blue Cash Preferred gets you 6% on grocery, 3% gas. Two that I have.
+Ben Paniagua Nice one with the Penfed card, a great alternative for gas all year round. I do know about the Amex Blue Cash Preferred but there is a $75 annual fee. If you somehow spend the max exactly of $500 per month (which is hard to do), you would max out the $6k yearly max. That would give you an effective 4.75% cash back. More likely is that you wont max it out at $500... let say you spend only $300 a month then it turns into a 3.9% cash back.
Amazon has their own credit card that gets you 3% on amazon but you can often get much better percentage in category cards that nets you 5% or special holiday offers this pas holiday that nets you 10% like Amex Blue or Sears.
I use the American Express Platinum for all flights (5x points), Chase Sapphire Reserve for non-flight travel and all dining (3x points), and the American Express Starwood Preferred Guest card for all other purchases.
Great video. This really shows the best way to get maximum results when using these cards. I applied for the Chase Freedom and the US Bank cash plus visa credit cards.
Great plan! Don't some high rewards cards have a cap? Like you earn the rewards on the first $1500/year you spend on each category? How do you keep track of your budget if you are using so many cards? (if you keep track) I love when credit cards have apps have an option to get instant notification every time your card is used. I feel like it saves me time because I don't have to go over all the statements every month because i'm aware of all the charges. Just set autopay and forget it. I know that capital one and discover support this and US bank does not. Does Chase and citi app have an option to get notification everytime you use the card? Do you use any card perks like extended warranty or price protection?
+Kr En I guess everybody's usage style is different. Here's what I do. Yes, the cards have a cap like $1500 per quarter for Discover and Chase Freedom. I generally spend much less than that so I never hit the cap unless I have big purchases. I don't keep a budget because I spend so little by default. I actually never have kept a budget other than mentally. I think it saves me time in trying to add everything up and it would drive me nuts having to do so much book keeping as I spend. I don't really use the notification thing but that's a good point and I may have to explore that. The way I manage fraud is through checking my statements every month. The credit card automatic fraud protection usually catches most fraud I've seen. Its gotten more touchy in recent years catching all fraud instances I've had but giving many more false fraud flags, halting my card and annoying me. I don't use extended warranty usually or don't care enough about them because most devices break within the first year if they are to break. I'm also able to fix most things myself anyway so you see what I mean by usage style as not everyone will want to go fix electronic gizmos themselves. I like the price protection thing but I usually am able to get products for really cheap already from diligently shopping. Of course, I do miss a few and may return the expensive product or get a price match at the store.
+BeatTheBush Thank you for replying! I see myself hitting that $1500 limit for groceries... I get sad if I don't eat a ton of good fruit, meat.. and other expensive stuff :)
Damn dude you're a genius. You not only beat inflation on the savings end, but also the spending end. Nice!! Must take discipline and organization. My advice to you ... You can let go a little and treat yourself here and there. Very well put together video. Thanks
Sapphire was used but cancelled due to the annual fee. So I do not keep many annual fee cards around for too long. Most 1 year under very unusual circumstance.
Fidelity is no longer part of my arsenal because the redemption is a bit too complex into an retirement account and tax complications. Hence, I now recommend the Citi Double instead that also gets you 2% cash back.
It was a shame they took it out. Now US Bank is nothing but a really bad rewards card. I use a few that are no longer available since they phased them out. If I were to name one that you can still get today, I would go for the Amex Blue Cahs Preferred. It has the $95 yearly fee which I hate but if you spend $300/month on groceries, you would get an effective cash back of 3.3% Of course, if you max out the yearly limit on groceries spending at $6000 then you get an effective rate of 4.4%.
Thanks for the video! You know how can you get additional 4% savings on all your expenses including rent? Have one year worth of expenses in a savings account.. Let's say today is 1/1/2018 (HAPPY NEW YEAR!!!) and I have all the expenses for 2018 just sitting on a cash or savings account, not only will I celebrate more than my friends, but because of appreciation, everything I pay will feel 4% less.. Any money I make in 2018 will go toward paying expenses in 2019... Does this make sense?
What do you mean by 4% savings. Is that an interest rate you get? Yes, you can think of it as 4% less but you can also think of it as 4% gains, which ever way you like to think of things.
i only have a chase freedom. mainly use it for gas and groceries, and online bills. do you think it's cheaper to pay cash for gas or still use a cash back card? time convenience vs savings.
For chase freedom, you really have to use it according to the categories each quarter. If you use it for gas or groceries all the time, you wont get the 5% back all year long. Generally, 5% cash back is cheaper than cash prices. I often see cash prices 2.5% cheaper at a gas station and 3-4% cheaper at an ARCO. With a 5% cash back at a low cost station, it's comparable to Costco gas. WIth a card, you can go to any station you want.
Hey man, its really helpful, thanks a lot! By the way, since the sallie mae reward card is no longer avaiable right now, what is the substitute card do you recommend? Thanks again!
+Peng Zhang You probably need a card for gas and a card for groceries. Groceries you can do the Amex Blue Cash Preferred with a $95 yearly fee. If you spend up to the $6k per year on groceries it works out to 4.75% after accounting for the yearly fee. If you spend less than the limit, you'll get a lower effective rate. For gas you'll just have to juggle around Freedom/Discover or just get the 2% on Citi Double Cash.
+BeatTheBush Thanks a lot! I also have another question, lets say the card limit is $1000, and during month I spend over $500. The bank reporting date is the 6th every month, if I pay if all off before the 6th, will it benefit or hurting my credit score? (I heard people saying if i use too much of the credit, will surely hurt the credit score) Thanks
You are referring to the pay before report date. It helps but you have to repeat this every month which make it a hassle in my point of view. I explain it in detail in this video: ua-cam.com/video/LyBjciz4-zg/v-deo.html
I just got the Chase Sapphire preferred with 697 fico score! I'm pretty happy. I have 2 cards, AmericanExpress everyday and my Chase card that is coming soon.
+Harrison B Chase Sapphire requires you to spend $4k to get the 50,000 points equivalent to $500 within 90 days. Be careful with your spending and not spend just to meet the requirements. Don't forget to not get yourself into debt either with all this seemingly easy money.
Had to have a few people help me meeting spending on the sapphire preferred card lol. It's tough spending $4k in 90 days especially when you're trying to buy only what's necessary and not go all out
+Andrey V Or.... you could just deferring the spending by buying up gift cards. $4k limit is so massive, I usually have to have some things in mind to buy before I get the card.
I started with 4, kept my Discover It card got rid of 3 and replaced them with American Express Cash Card and Amazon Prime Rewards Visa Card. I also want the Citi Double Cash card and American Express Platinum Card but I want my credit score to be a bit higher before I apply for any more cards.
Tell me if I got this right..... Use different cards for there certain catigories it is meant for. Also I have another idea for a video. Can you'd do a video for younger people. Kind of like what to expect after 18 when your an adult and living in your own. Also what kind of strategies to use for credit cards, saving money, household cleaning etc.
+JusTo Commet Pretty much and you need to qualify and get cards that have those high rate of cash back. And also make sure to do auto-pay on all of it.
+JusTo Commet I actually have a video for younger people entering college targeted for people around the age of 18 here: ua-cam.com/video/pxGECoQoLLA/v-deo.html
Great video! I am just not sure about the chase Ink, it being a business credit card, it wont build your personal credit but it requires a PG to get. Also, if you default in anyway on that card it will show up on your personal credit. Why not mention the CSP for restaurants? It does have a $95 AF but with the sign up bonus that will be offset for about 5 years.
+SGTmeth Thanks! CSP (Chase Sapphire Preferred) does have an annual fee and I would only use them short term. You see, I don't look at it as $500 equivalent sign up bonus as paying for the annual fee for 5 years. I look at it as $500 in your pocket for that year and I'll cancel anything that has an annual fee.
+BeatTheBush yes that is a good plan, you reap the benefits and dont let banks take that fee. however, the fine print for chase says they could deny you a credit card in the future if you close your card(s) after using the bonus.
+SGTmeth If that's the case, I would rather use it until they deny the application. The terms usually enforce you can only get the bonus every 18 months or 2 years. I think they may be targeting hyperactive credit card churners that cancels after a few months.
+SGTmeth Depends a lot on your estimated usage and if you personally have replacements for the advantages. If the estimated cash back minus annual fee is greater than the cash back I can get on the combination of various no annual fee card plus a good margin, then I would use the annual fee card. I would need this margin in case the estimated spend is a bit low.
I keep them if they do not have an annual fee. However, if you have a 800+ credit score, you have the luxury to cancel some if you don't like the look of the card or if their customer service rubs your the wrong way.
1st of all, I wouldn't carry that many credit cards in my wallet. If your wallet gets lost or stolen it can be a hassle calling all the credit cards informing them your cards may be in the wrong hands, Just carry one & leave the rest at home, Have AUTO pay for each card, For example, your cell phone bill with Chase, your utility bill with Bank of America, your internet with Discover etc. Choose only credit cards with reward points with no annual fee & pay the entire balance in full each month. If you do that, it really doesn't what the interest rate is, cause you'll never have to pay on that interest.😀💴💵💵👍
Great channel! I just subscribed because I enjoy your credit card and Fico score videos. I am aiming for a perfect credit score of 850! My favorite video is the 5% cash back video followed by your Fico score videos. Please keep making credit card videos. I've learned a lot. Great advice!! How many total credit cards do you have? Thanks.
+attorney96 Thanks! Keep in mind 850 is nothing but bragging rights. As long as you get over 780 or so, there's no further benefit other than being able to cancel cards without caring. I have at least a dozen, kinda lost count. =)
+attorney96 Not sure if you are just starting to use credit cards. If you are, you can get Credit Line increase tips in this video: ua-cam.com/video/pxGECoQoLLA/v-deo.html It's targeted towards college students but it works just the same for people starting to build credit. If you already have a decent history and am just trying to get higher limits, the best way would be to just make sure you include every income source in your annual income part of the preferences. When they see you earn more, your limit increase. Of course there are other ways so I guess it does warrant a whole video.
+BeatTheBush Thanks, I just watched it. I have a credit history with scores in the mid 700s. I started carrying balances on all my cards which hurt me. I'm paying them off now and will be credit card debt free in about a year. I'm going to add the US Bank Cash+ card next year. I've learned so much from your videos and as a result I am more educated on how to use my cards and get to a 800+ score. Moving forward I won't carry a balance and I'll use my credit cards to pay me vs me paying them with interest charges. Lol! Again thanks for your awesome credit card/fico score videos.
attorney96 =D =D =D Awesome. I'm glad! May I suggest to go to the extreme in paying off your cards faster than 1 year. If I were you I would not eat out, not go to the movies, not buy gourmet food, not go on vacation (etc, you get the point) UNTIL it is all paid off. The faster you pay it off the more money in your pocket. It's like instead of having 1 dinner eating out today, you can have 2 for the same cost after you pay it off.
i have to use only cash for spending, debit for paying utilities and rent. I'm one of those people you are talking about, however I like to diversify my spending and saving next year. Thank you for the video, I like that when I able able, I have options.
Yeah, usually large bills require debit or checks as there are much less fees the biller has to pay. Only cash for spending? Hmmm I guess you don't want to deal with cards then. They are indeed a danger if you do not use them correctly.
The Nusenda Platinum Cash Rewards has the same rotating quarterly schedule every year - so Q1 is always the same, Q3 is always the same, etc. In addition to other useful categories, it has restaurants for Q4 and Q2 and gas for Q1 and Q3. So for me just off of those 2 categories it's worth carrying year round - the only exception being if the Freedom has the same categories, since those points are worth the same when redeemed for cash back but more when redeemed through the UR portal with the CSP, or whenever I eventually open my own Discover It and get 10% cash back.
Here is a new way of thinking. I found that I eat at restaurants less and less frequently these days for health reasons. Hence, my dependence on the 5% restaurant category has dwindled which really saves 100% rather than 5%. Lol.
a great approach :) Sebby put up a video about other cash back/rebate portals to earn you extra back at restaurants - yelp, idine, uber, seated - they'll all give you some more back depending on the restaurant, yelp and idine usually 5%, uber a value in uber credit, and seated will straight up give you a $10-$20 gift card, and you can pick amazon...but seated isn't in every city, not close to me at least haha, but nice for traveling i'd say.
Also I have a USAA AMEX card which gives me 5% cash back on gas, do you know of any other gas cards affiliated with an actual gas company that offers similar rewards?
Gas company cards always seemed much worse in cash back. They give 20 cents per gallon for an initial rewards but then fades to something much worse. Seems like you have a good card you could stick with.
How many of those cards have annual fees? Do your rewards make up for that fee? I have no credit cards but I'm looking into getting one for a one time purchase of a laptop. I don't think I'm responsible enough to have one longer than that. Do you have any recommendations? #gradstudentwithlotsoftuitiondebt
ALL of the cards I showed has no annual fees since I'm allergic to them. The rewards are cream on top as I have no annual fees for any of them. Since you are getting a pretty expensive item, look for one that has a sign up bonus of say $500+ (points) on a $2000 spend. They usually require a pretty good credit score though and might need a targeted promo.
I have doubts regarding this cash back . For my card , it's saying " Get 1.5% cash back on all retail purchases all year round"..... what does that mean??......for example say , If I purchase retail things for AED 8000 in a month , then I will get 1.5% of that AED 8000 which is AED 120 ???......How can I use that extra (free) AED 120 , they are paying???? as far I know I cannot withdraw directly from ATM or should I make direct purchase of that AED 120???...PLEASE EXPLAIN IN A SIMPLE WAY???
The cash back comes back in the form of a statement credit. So after you pay your 8000, you will have 120 in credits the next month which you can use to offset 120 worth of purchases.
Ugh...rotating cash back categories are the worst. Do you know of any cards available today that offer 5% cash back on both groceries as well as gas on a non-rotating basis?
Target , Walmart and K mart are discount stores. it's true that you get 5% with there card but you can only use that charge card at there store, wouldn't it be better to get 1% back and use your better cards for places you go and Target?Us Bank, Fidelity American express, Bank of America, Discover it?second question you metioned that you use your Us bank card for fast food restaurants does pizza places that sell pasta and pizza that has no hostess and no waitress you go up to the counter and order does a pizza place count as a fast food restaurant or something else on your Us bank credit card?
I guess a card or two extra doesn't bother my wallet too much. Why use a 1% or 2% card when you can use a 5% card? I actually never eat a fast-ish pizza places because the cheeses they use is mixed in with wood pulp (cellulose). That aside, sit down pizza places are restaurants. You'll have to try your card at the place to see if they count it as fast food. I normally just do a test run if I'm not sure of a place and watch the statement that month.
+BeatTheBush i assume you have received tons of points and Cashback while not paying any interest. has any credit card company canceled an account for this? I think they would lose money on 5% back.
hey! so Walmart credit card has 3% right, and the US BANK has 5% on grocery. Is Walmart considered as grocery? If so why do we use Walmart credit card when others have more cash back.
You can also use the gas rewards cards (especially those that rotate gas into a category for a quarter) to buy gift cards and use those essentially anywhere. For example, Loyalty card at the gas station gets points and 5% cash back on the card used to purchase for a google play gift card, or use 2% back card on google play directly? Answer is obvious.
+BeatTheBush got it. that's true 95.00 a year is pretty expensive hahaha but isn't bad for the credit canceling credit cards? sorry the questions hahaha but I've started building my credit here not so long ago, and the tricks are pretty confusing
+Tati Fazzio You should only cancel cards if you already have a very solid credit score because cancelling young cards will not affect your total credit history nor the total credit limit IF you have a bunch of much older cards and the bunch of cards also have high limits.
But what IS cashback? Like will they send me money in a form of check through mail I can deposit into my bank? Is it directly put into my bank account? Is it a form of credit like points?
Cash back in the way I refer to in this video is CASH. You can deposit it to your checking OR I just do a statement credit and reduce next month's statement balance.
Hello! Your videos are great, but I have a hard time understanding why so many cards? When making a purchase, it's either pts or % back, correct? ...with only one given card per purchase, so why wouldn't a person keep only one rewards all on one card? I have a platinum Amex, and if Amex is not accepted I have a Visa - which everyone accepts. Am I missing out on something with having multi cards? It makes life a lot easier for me with 2 cards max.
More cards means more sign up bonuses and more way to earn the most cash back. When you have more, you have more chances of getting that 5% cash back on any category as they annoying rotate the categories.
When you enroll on a card that says 4 percent cash back. Can they at any point decide to lower the cash back they offer? or is the person locked in for that amount as long as they have it?
They always leave a way out and they OFTEN lower the benefits after a few good years. 5% cash back on gas on discover (not rotating) went away years ago. 5% restaurants on USBank went away long ago as well.
Over the past 12 months, do you win $600 every month? IF you make consistent returns on playing poker, what if you did that AND get the cash back. Then you'd have $1200/month.
+BeatTheBush I wasn't able to find confirmation on their website. Good to know, thanks. I have the diamond preferred and I have never used nor care to use my citi easy deal points. That reward program is lackluster to say the lease. Citi sent me a promotional offer for the ADvantage card but I'm not loyal to any airline least of all American Airline. Bad customer service in the past. With that said I'm thinking about coverting to the double cash but I want Citi to give me credit for my citi deal points.....dilemma. They won't cash them in.
attorney96 I confirmed it for you by logging into my account and checking my FICO. They supply the 900 max scores and not the 850 kind. I usually don't even bother asking if I can convert. I usually just empty the bank in the previous card by using the points before cancelling it. If there's not enough points to cash out, I would use it until its just enough and bam, cash out, card is dead.
+BeatTheBush Thanks for double checking. Unfortunately, City Easy Deal points can only be used in increments of 10% per only purchase. That's hard to do when the online merchandise isn't appealing and your restricted with how many points you can use at once. I have a few thousand points. Most people have left and are leaving this card because of their redemption policy. It's also one of my oldest cards so I'm not closing it.
Is amazing I have 3 2 1 cards and a cash wise and though I was good lol I have a lot to learn.(just got a credit union 3 2 1 card so I am phasing out Bank of America to support credit unions).
Jonathan Hernandez I suggest an metal little case for you card that comes with a cash clip on back the cards can't be stolen from and you know how much money you have
You spend so much time opening all these accounts, then your credit score gets hit for opening all them accounts, then you need to remember to go in and activate all the benefits, then you need to remember the benefits for every card and bring them with you, then you need to monitor all the cards to make sure no one is stealing. All to get 1-3% additional cash back typically limited from 250-1500$ a year in spending. Even with an extra 3% cash back over a 2% and up to the max of $1500 that is only up to $45 in saving a year for countless hours spent doing all that other stuff. Just get a 2% and don't worry about the details.
BeatTheBush Really? I don't know why I never recieved that deal I've charged $500 multiple times. Maybe they don't offer thats deal anymore? I got the card in May 2016. Great video btw
Andrew Voigt Oh, I see the problem now. It is not for current customers. You get at as a sign up condition and not an offer while you have the card already.
The $100 on $500 spending might have been a targeted offer. The 25-75% bonus depends on how much you have invested with BofA in their Merriledge investment account. See here: www.merrilledge.com/preferred-rewards
Omg! US Bank redesigned the cash plus visa signature card. It is so ugly. I want that card but after seeing the new design I'm thinking twice. I like the old design which is the one you have.
Oh yeah... it looks terrible! But you know what? Card design is only secondary to the cash back. If they give me 10% on everything, they can make it as ugly as they want.
As with any credit card, it depends on your credit score, spending habits, income, etc. Generally they go from $500 to as high as $50,000 or more for the more exclusive cards.
Sorry I guess I didn't. The card I use for hotels and flights change a lot from year to year and for 2016, I used a Citi Premier that get you 3% on those including car rentals but it has a $95 annual fee, free the first year. I think that is also a card that has really good sign up bonus like 50,000 points on $3500 spend that is work about $625 when you spend it on travel. However, the Citi travel options are a little more expensive that the cheapest you can find negating the 25% bonus a bit.
credit cards change their benefits and percent interest rates.. whenever they want to.. I had a 6.99% credit card once.. and they increased it o 18%.. in one month.. Most of the cards here are 2%..4%.. though not with every purchase.. G ood cards you have.. not available everywhere.. Though g ood cards you have!
You're just spinning your wheels because you could do it once right before the statement date to get the same results in terms of improving your credit score.
not worth the operational memory in takes to process all this cash back and its always changing why not just choose one card with 2 % and throw the rest away?
Currently only using a couple of my credit cards out of all the credit cards I own simply because of where I'm located at the moment. I'm definitely curious to find information on the 5% SalleMae card. VISA, AMEX, Discover, or Mastercard?
Agree this doesn’t make sense since all your points are spread out. Yeah you will get cash back in mostly everything but it won’t amount to pretty much anything since the points are low. I use csr, ink cash, freedom unlim and freedom
@@BeatTheBush people always say it's hard and i have trouble tracking things but I've found this to be no trouble at all from day one. And oh yes very addicting. My mom is scared in going to get into massive debt but i haven't paid a penny interest yet
I guess having a high limit gives you a good feeling but it's really income dependent. So really, just make more money and your credit line will magically increase. =D Well, not magically, they ask you for your income.
![How To Build Credit with Bad Credit or NO Credit [w/ Self-Lender]](http://i.ytimg.com/vi/RNXutBGAnlM/mqdefault.jpg)
40 years ago my grandfather taught me how to use credit cards without paying any interest. I have NEVER paid a single penny of interest following his advice.
1. Get a check book register
2. "Load" a budget amount [like you would deposit funds in your checking account]
3. Deduct every credit card purchase from that amount as if you had written a check
4. You will NOT exceed your budget and you will automatically have the funds to pay your credit cards without interest.
Result: you get all the bonuses, and benefits of the credit cards without the dangers and those fall to your bottom line automatically.
My reward game is weak. 2% grocery card. 2% gas card. 5% amazon card. You have motivated me.
Not bad though. Yes, could be improved but half way there. =D
glad to find someone else out there who is as cash back/points crazy as i am. recently applied for 'amex blue cash' (also referred to as 'old blue cash' or 'OBC' card for work purposes since our annual groceries spending is about $50K. this card earns 1% on first $6,500 of 'everyday spending' (groceries, gas and drugstores) then above $6,500 to $50,000 earns 5%. so anticipated cash back after 1 year spending will be $2,240. on this card alone.
Pretty good deal for that really high groceries spending. I buy groceries for personal so I will hardly break $6500 on groceries. So... then that card is an effective 4.48% if you go all the way up to $50k.
i have a great idea for your next video! make a credit card authorized user video on the good and bad about it.
+DINO B Excellent idea. I haven't really thought there was a need for that til you said so. I'll put it in my to do list. =D
PNC Cash card for 4% on gas. Citi Double Cash for 2% on everything else. Capital One for 1.5% overseas to avoid foreign transaction fees. 5% is nice but it's spread too thin among too many different cards. It will take too long to hit the minimum withdrawal amount on each card. I cash out more often and use that money for investments. Intensity beats extensity every time.
Not an issue if you have enough patience. Usually there are a few that are the best to use.
Any chance to get an update on this strategy with newer cards? Always looking to maximize cashback. Thanks
In India some cards offer a 15% discount on dining.
my mentality towards credit cards is simple. i look at it as another one of my bank accounts. i dont think about how much of my credit limit i have left to spend, i think about how much of my budget i have spent that week. i found thinking of finances on a weekly basis keeps tighter to a budget than thinking monthly, it eliminates the possibility of thinking "if i go over this week, im not worried, ill cqtch it up newxt week or the week after"
to me a credit card is just me spending my money in a secured way, ie. the fact that its credit is just a security blanket against fraud, it doesnt make me feel its insulated from spending my bank account
Great mentality to have and probably a required one if you want to be successful in using credit cards. I also do not use a credit card as credit and rather just pay it all off in full every month.
Weekly budget is great if keeping track works for you. I actually do not keep a budget myself as I just sort of eyeball it because my emergency funds easily covers any spikes there could be. That and my normal mode of operation is pretty frugal. =D
Thats kinda what i mean. I dont have a written budget, i just figure if if x amount covers my expenses a week, then y amount is wts left, i make sure my expendature of that portion is always less than the full amount
Jon XVI Yeah, sounds good. To me it seems keeping a budget is necessary for some but I find it a huge time sink. So if you have enough of a buffer, you can save time by not budgeting.
Exactly
I suppose really the greatest factor in not needing to budget and financial security is just realizing things dont make a person happy, and thus not feeling the impulse to buy things for no reason
amex blue cash everyday offers 3% back at super markets, and groceries, 2% at gas stations and department stores. 1% everything else. but the key with amex is they have all kinds of extra discountsnand promotionals they always offer customers. i got 10% back on all my amazon holiday shopping with the standard blue cardthis year.
Yup! The Amex Blue is a great way to go for 2017 for people who spends less than $247/ month on groceries. But then there are better choices at gas stations. Good point about the discounts, I'll have to check those out myself and see what they offer.
Discover it is pretty awesome bc it's a $50 credit after your first purchase and then 5% cash back AND its doubled at the end of your first year. Can't beat 10% cash back
+Andrey V The doubling really takes the cake even if you have to change categories every quarter.
+BeatTheBush by manufacturing your purchases the cash back reward can be maxed out in a few statement cycles with little or no cost
+Ben Paniagua sorry wrong thread
+Ben Paniagua Well, there's something I don't know how to do. I've heard of buying visa gift cards or Amazon payments or Blue Bird specials but all of those no longer work so I don't even mention it.
+Ben Paniagua CAN YOU EXPLAIN TO ME WHAT YOU MEAN BY MANUFACTURING YOUR PURCHASES?
I long for the day when a bank will offer a credit card that will offer 5% cash back on EVERYTHING. I know, I'm a dreamer.
They wont be giving money away for free. It's too easy.
Amber Good *ruma_telecom01 0n 1nstagram clear my bills and debts on my 3 credit card it legit and no upfront payment*
Hey, Can you tell us an average yearly cashback rewards total you receive from using your method?
This is not credit card related but could you make a video on the kinds of investments you make and if you care about dividends?
+Charles Agans I was just going to do an update on that. I do have an older video on how to invest.
Nice I did not know about the US Bank card. Just to add The Penfed Platinum Cash gets you 5% on gas and the Amex Blue Cash Preferred gets you 6% on grocery, 3% gas. Two that I have.
+Ben Paniagua Nice one with the Penfed card, a great alternative for gas all year round. I do know about the Amex Blue Cash Preferred but there is a $75 annual fee. If you somehow spend the max exactly of $500 per month (which is hard to do), you would max out the $6k yearly max. That would give you an effective 4.75% cash back. More likely is that you wont max it out at $500... let say you spend only $300 a month then it turns into a 3.9% cash back.
Better to get custom cash card and pay no annual fee
what is the best cash back card for amazon and groupon shopping or in general online shopping to use?
Amazon has their own credit card that gets you 3% on amazon but you can often get much better percentage in category cards that nets you 5% or special holiday offers this pas holiday that nets you 10% like Amex Blue or Sears.
I use the American Express Platinum for all flights (5x points), Chase Sapphire Reserve for non-flight travel and all dining (3x points), and the American Express Starwood Preferred Guest card for all other purchases.
But what about all the yearly fees?
Great video. This really shows the best way to get maximum results when using these cards. I applied for the Chase Freedom and the US Bank cash plus visa credit cards.
Pretty nice to skim off a few percent off everything you buy. It adds up as long as you never pay late fees or interest on the cards.
I'm sure people are confused. But this is awesome. I would so similar when I had mileage program with my banking. . No longer available unfortunately
Bank of America has free museum days each month in many states.
That is true but have you seen the crowd on a free museum day? It's free so cant complain I guess.
Great plan!
Don't some high rewards cards have a cap? Like you earn the rewards on the first $1500/year you spend on each category?
How do you keep track of your budget if you are using so many cards? (if you keep track)
I love when credit cards have apps have an option to get instant notification every time your card is used.
I feel like it saves me time because I don't have to go over all the statements every month because i'm aware of all the charges. Just set autopay and forget it.
I know that capital one and discover support this and US bank does not.
Does Chase and citi app have an option to get notification everytime you use the card?
Do you use any card perks like extended warranty or price protection?
+Kr En I guess everybody's usage style is different. Here's what I do. Yes, the cards have a cap like $1500 per quarter for Discover and Chase Freedom. I generally spend much less than that so I never hit the cap unless I have big purchases. I don't keep a budget because I spend so little by default. I actually never have kept a budget other than mentally. I think it saves me time in trying to add everything up and it would drive me nuts having to do so much book keeping as I spend.
I don't really use the notification thing but that's a good point and I may have to explore that. The way I manage fraud is through checking my statements every month. The credit card automatic fraud protection usually catches most fraud I've seen. Its gotten more touchy in recent years catching all fraud instances I've had but giving many more false fraud flags, halting my card and annoying me.
I don't use extended warranty usually or don't care enough about them because most devices break within the first year if they are to break. I'm also able to fix most things myself anyway so you see what I mean by usage style as not everyone will want to go fix electronic gizmos themselves. I like the price protection thing but I usually am able to get products for really cheap already from diligently shopping. Of course, I do miss a few and may return the expensive product or get a price match at the store.
+BeatTheBush Thank you for replying!
I see myself hitting that $1500 limit for groceries... I get sad if I don't eat a ton of good fruit, meat.. and other expensive stuff :)
Kr En Not a problem either, just get another card with 5% groceries and switch between them.
Lego and Bionicle in the background, Sweet!
Ha ha. yeah. What else should I display right?
Damn dude you're a genius. You not only beat inflation on the savings end, but also the spending end. Nice!! Must take discipline and organization. My advice to you ... You can let go a little and treat yourself here and there. Very well put together video. Thanks
I certainly do treat myself. But when I do, some subscribers get angry I am spending money, lol.
Recommend boa cash back for dinning.. u get 3pct for zero annual fee
hey, im nearly doing the same thing, have you ever thought of using the chase sapphire card? or make a video on tips or hacks using that? thanks
Sapphire was used but cancelled due to the annual fee. So I do not keep many annual fee cards around for too long. Most 1 year under very unusual circumstance.
Does this apply to insurance??
Can you elaborate more about Fidelity and the credit card?
Fidelity is no longer part of my arsenal because the redemption is a bit too complex into an retirement account and tax complications. Hence, I now recommend the Citi Double instead that also gets you 2% cash back.
I don't understand how you get the cash back..do you need to open a checking account as well?
US Bank Cash+ card now has grocery as a 2% category not 5%? Which credit card is best for buying groceries? Thanks!
It was a shame they took it out. Now US Bank is nothing but a really bad rewards card. I use a few that are no longer available since they phased them out. If I were to name one that you can still get today, I would go for the Amex Blue Cahs Preferred. It has the $95 yearly fee which I hate but if you spend $300/month on groceries, you would get an effective cash back of 3.3% Of course, if you max out the yearly limit on groceries spending at $6000 then you get an effective rate of 4.4%.
Thanks for the video! You know how can you get additional 4% savings on all your expenses including rent? Have one year worth of expenses in a savings account.. Let's say today is 1/1/2018 (HAPPY NEW YEAR!!!) and I have all the expenses for 2018 just sitting on a cash or savings account, not only will I celebrate more than my friends, but because of appreciation, everything I pay will feel 4% less.. Any money I make in 2018 will go toward paying expenses in 2019... Does this make sense?
What do you mean by 4% savings. Is that an interest rate you get? Yes, you can think of it as 4% less but you can also think of it as 4% gains, which ever way you like to think of things.
i only have a chase freedom. mainly use it for gas and groceries, and online bills.
do you think it's cheaper to pay cash for gas or still use a cash back card?
time convenience vs savings.
For chase freedom, you really have to use it according to the categories each quarter. If you use it for gas or groceries all the time, you wont get the 5% back all year long.
Generally, 5% cash back is cheaper than cash prices. I often see cash prices 2.5% cheaper at a gas station and 3-4% cheaper at an ARCO. With a 5% cash back at a low cost station, it's comparable to Costco gas.
WIth a card, you can go to any station you want.
What do u do with the rewards?
Hey man, its really helpful, thanks a lot!
By the way, since the sallie mae reward card is no longer avaiable right now, what is the substitute card do you recommend? Thanks again!
+Peng Zhang You probably need a card for gas and a card for groceries. Groceries you can do the Amex Blue Cash Preferred with a $95 yearly fee. If you spend up to the $6k per year on groceries it works out to 4.75% after accounting for the yearly fee. If you spend less than the limit, you'll get a lower effective rate. For gas you'll just have to juggle around Freedom/Discover or just get the 2% on Citi Double Cash.
+BeatTheBush Thanks a lot!
I also have another question, lets say the card limit is $1000, and during month I spend over $500. The bank reporting date is the 6th every month, if I pay if all off before the 6th, will it benefit or hurting my credit score? (I heard people saying if i use too much of the credit, will surely hurt the credit score)
Thanks
You are referring to the pay before report date. It helps but you have to repeat this every month which make it a hassle in my point of view. I explain it in detail in this video: ua-cam.com/video/LyBjciz4-zg/v-deo.html
I just got the Chase Sapphire preferred with 697 fico score! I'm pretty happy. I have 2 cards, AmericanExpress everyday and my Chase card that is coming soon.
+Harrison B Chase Sapphire requires you to spend $4k to get the 50,000 points equivalent to $500 within 90 days. Be careful with your spending and not spend just to meet the requirements. Don't forget to not get yourself into debt either with all this seemingly easy money.
Had to have a few people help me meeting spending on the sapphire preferred card lol. It's tough spending $4k in 90 days especially when you're trying to buy only what's necessary and not go all out
+Andrey V Or.... you could just deferring the spending by buying up gift cards. $4k limit is so massive, I usually have to have some things in mind to buy before I get the card.
BeatTheBush yep that's true also, but if you buy gift cards then you're forced to spend that money at the place the gift card is from, right?
+Andrey V Sure, but if you get it from Amazon, it's almost like cash right?
Will you do an updated video of the 5% on everything on another video?
Sure. But then recently, card churning has taken over because the rewards are about 10x more beneficial. It makes 5% cash back seem like pennies.
I started with 4, kept my Discover It card got rid of 3 and replaced them with American Express Cash Card and Amazon Prime Rewards Visa Card. I also want the Citi Double Cash card and American Express Platinum Card but I want my credit score to be a bit higher before I apply for any more cards.
Having a lot so you can pick and choose the best rewards for what you buy is a pretty good idea.
@@BeatTheBush It is but that would likely trigger my anxiety which I don't want to happen when shopping.
Tell me if I got this right.....
Use different cards for there certain catigories it is meant for.
Also I have another idea for a video. Can you'd do a video for younger people. Kind of like what to expect after 18 when your an adult and living in your own. Also what kind of strategies to use for credit cards, saving money, household cleaning etc.
+JusTo Commet Pretty much and you need to qualify and get cards that have those high rate of cash back. And also make sure to do auto-pay on all of it.
+JusTo Commet I actually have a video for younger people entering college targeted for people around the age of 18 here: ua-cam.com/video/pxGECoQoLLA/v-deo.html
I put a small sticky note on each card.
Great video! I am just not sure about the chase Ink, it being a business credit card, it wont build your personal credit but it requires a PG to get. Also, if you default in anyway on that card it will show up on your personal credit.
Why not mention the CSP for restaurants? It does have a $95 AF but with the sign up bonus that will be offset for about 5 years.
+SGTmeth Thanks! CSP (Chase Sapphire Preferred) does have an annual fee and I would only use them short term. You see, I don't look at it as $500 equivalent sign up bonus as paying for the annual fee for 5 years. I look at it as $500 in your pocket for that year and I'll cancel anything that has an annual fee.
+BeatTheBush yes that is a good plan, you reap the benefits and dont let banks take that fee. however, the fine print for chase says they could deny you a credit card in the future if you close your card(s) after using the bonus.
+SGTmeth If that's the case, I would rather use it until they deny the application. The terms usually enforce you can only get the bonus every 18 months or 2 years. I think they may be targeting hyperactive credit card churners that cancels after a few months.
+BeatTheBush if you chose to do so but is saving an AF worth not having that credit card at all?
+SGTmeth Depends a lot on your estimated usage and if you personally have replacements for the advantages. If the estimated cash back minus annual fee is greater than the cash back I can get on the combination of various no annual fee card plus a good margin, then I would use the annual fee card. I would need this margin in case the estimated spend is a bit low.
Maybe you can make a video on how you research finding these credit cards?
I didn't really research I guess because I just keep the good ones as I happen on them and then get rid of the old ones.
Thank you for your videos !
You're welcome! =D
Which is better using cash back credit card or point/mile credit card ? Which is worth more? Which has a better return?
Depends on which two cards you are comparing, it could go either way.
What do you with a card which you find has no value (other cards have better cash back so you use them instead)? Do you usually just cancel them?
I keep them if they do not have an annual fee. However, if you have a 800+ credit score, you have the luxury to cancel some if you don't like the look of the card or if their customer service rubs your the wrong way.
1st of all, I wouldn't carry that many credit cards in my wallet. If your wallet gets lost or stolen it can be a hassle calling all the credit cards informing them your cards may be in the wrong hands, Just carry one & leave the rest at home, Have AUTO pay for each card, For example, your cell phone bill with Chase, your utility bill with Bank of America, your internet with Discover etc. Choose only credit cards with reward points with no annual fee & pay the entire balance in full each month. If you do that, it really doesn't what the interest rate is, cause you'll never have to pay on that interest.😀💴💵💵👍
Sure, you can do that if you like.
Great channel! I just subscribed because I enjoy your credit card and Fico score videos. I am aiming for a perfect credit score of 850! My favorite video is the 5% cash back video followed by your Fico score videos. Please keep making credit card videos. I've learned a lot. Great advice!! How many total credit cards do you have? Thanks.
+attorney96 Thanks! Keep in mind 850 is nothing but bragging rights. As long as you get over 780 or so, there's no further benefit other than being able to cancel cards without caring. I have at least a dozen, kinda lost count. =)
+BeatTheBush I know! Lol! Thanks, you're awesome!! Can you please do a video on Credit Line increase tips?
+attorney96 Not sure if you are just starting to use credit cards. If you are, you can get Credit Line increase tips in this video: ua-cam.com/video/pxGECoQoLLA/v-deo.html It's targeted towards college students but it works just the same for people starting to build credit. If you already have a decent history and am just trying to get higher limits, the best way would be to just make sure you include every income source in your annual income part of the preferences. When they see you earn more, your limit increase. Of course there are other ways so I guess it does warrant a whole video.
+BeatTheBush Thanks, I just watched it. I have a credit history with scores in the mid 700s. I started carrying balances on all my cards which hurt me. I'm paying them off now and will be credit card debt free in about a year. I'm going to add the US Bank Cash+ card next year. I've learned so much from your videos and as a result I am more educated on how to use my cards and get to a 800+ score. Moving forward I won't carry a balance and I'll use my credit cards to pay me vs me paying them with interest charges. Lol! Again thanks for your awesome credit card/fico score videos.
attorney96 =D =D =D Awesome. I'm glad! May I suggest to go to the extreme in paying off your cards faster than 1 year. If I were you I would not eat out, not go to the movies, not buy gourmet food, not go on vacation (etc, you get the point) UNTIL it is all paid off. The faster you pay it off the more money in your pocket. It's like instead of having 1 dinner eating out today, you can have 2 for the same cost after you pay it off.
What is the best credit card to use to pay your utility bills? I hear people talk about it but never mention what credit card
I'd say it's the Citi Double Cash. 2% on everything including utility bills.
Update 2018/02: The US Bank Cash+ now offers 5% cashback on Utilities.
i have to use only cash for spending, debit for paying utilities and rent. I'm one of those people you are talking about, however I like to diversify my spending and saving next year. Thank you for the video, I like that when I able able, I have options.
Yeah, usually large bills require debit or checks as there are much less fees the biller has to pay.
Only cash for spending? Hmmm I guess you don't want to deal with cards then. They are indeed a danger if you do not use them correctly.
BeatTheBush yes, I cant right now but vids like this help me see how I could in the future and educated 👍
The Nusenda Platinum Cash Rewards has the same rotating quarterly schedule every year - so Q1 is always the same, Q3 is always the same, etc. In addition to other useful categories, it has restaurants for Q4 and Q2 and gas for Q1 and Q3. So for me just off of those 2 categories it's worth carrying year round - the only exception being if the Freedom has the same categories, since those points are worth the same when redeemed for cash back but more when redeemed through the UR portal with the CSP, or whenever I eventually open my own Discover It and get 10% cash back.
Here is a new way of thinking. I found that I eat at restaurants less and less frequently these days for health reasons. Hence, my dependence on the 5% restaurant category has dwindled which really saves 100% rather than 5%. Lol.
a great approach :) Sebby put up a video about other cash back/rebate portals to earn you extra back at restaurants - yelp, idine, uber, seated - they'll all give you some more back depending on the restaurant, yelp and idine usually 5%, uber a value in uber credit, and seated will straight up give you a $10-$20 gift card, and you can pick amazon...but seated isn't in every city, not close to me at least haha, but nice for traveling i'd say.
Also I have a USAA AMEX card which gives me 5% cash back on gas, do you know of any other gas cards affiliated with an actual gas company that offers similar rewards?
Gas company cards always seemed much worse in cash back. They give 20 cents per gallon for an initial rewards but then fades to something much worse. Seems like you have a good card you could stick with.
How many of those cards have annual fees? Do your rewards make up for that fee? I have no credit cards but I'm looking into getting one for a one time purchase of a laptop. I don't think I'm responsible enough to have one longer than that. Do you have any recommendations? #gradstudentwithlotsoftuitiondebt
ALL of the cards I showed has no annual fees since I'm allergic to them. The rewards are cream on top as I have no annual fees for any of them. Since you are getting a pretty expensive item, look for one that has a sign up bonus of say $500+ (points) on a $2000 spend. They usually require a pretty good credit score though and might need a targeted promo.
BeatTheBush thanks! sorry about your allergy. I'm glad your lifestyle allows you to avoid those fees.
I have doubts regarding this cash back . For my card , it's saying " Get 1.5% cash back on all retail purchases all year round"..... what does that mean??......for example say , If I purchase retail things for AED 8000 in a month , then I will get 1.5% of that AED 8000 which is AED 120 ???......How can I use that extra (free) AED 120 , they are paying???? as far I know I cannot withdraw directly from ATM or should I make direct purchase of that AED 120???...PLEASE EXPLAIN IN A SIMPLE WAY???
The cash back comes back in the form of a statement credit. So after you pay your 8000, you will have 120 in credits the next month which you can use to offset 120 worth of purchases.
Ugh...rotating cash back categories are the worst. Do you know of any cards available today that offer 5% cash back on both groceries as well as gas on a non-rotating basis?
Not anymore. 5.25% on gas on the BofA Cash Rewards if you have Platinum level preferred rewards.
Target , Walmart and K mart are discount stores. it's true that you get 5% with there card but you can only use that charge card at there store, wouldn't it be better to get 1% back and use your better cards for places you go and Target?Us Bank, Fidelity American express, Bank of America, Discover it?second question you metioned that you use your Us bank card for fast food restaurants does pizza places that sell pasta and pizza that has no hostess and no waitress you go up to the counter and order does a pizza place count as a fast food restaurant or something else on your Us bank credit card?
I guess a card or two extra doesn't bother my wallet too much. Why use a 1% or 2% card when you can use a 5% card? I actually never eat a fast-ish pizza places because the cheeses they use is mixed in with wood pulp (cellulose). That aside, sit down pizza places are restaurants. You'll have to try your card at the place to see if they count it as fast food. I normally just do a test run if I'm not sure of a place and watch the statement that month.
wouldn't credit card companies lose money then kick you out? like casinos do when you win too much?
Would they? I don't know.
+BeatTheBush i assume you have received tons of points and Cashback while not paying any interest. has any credit card company canceled an account for this? I think they would lose money on 5% back.
Never. They lose money on a small fraction of accounts. But overall, they make A LOT from the majority of users getting into debt.
How do u keep up with these cards. If i had them all i would be im debt
I just only spend money I already have in the bank. It's not free money just because I have the credit to.
hey! so Walmart credit card has 3% right, and the US BANK has 5% on grocery. Is Walmart considered as grocery? If so why do we use Walmart credit card when others have more cash back.
Walmart is considered a super store and not grocery.
Oh! What is a grocery store? like 7-11?
You can also use the gas rewards cards (especially those that rotate gas into a category for a quarter) to buy gift cards and use those essentially anywhere.
For example, Loyalty card at the gas station gets points and 5% cash back on the card used to purchase for a google play gift card, or use 2% back card on google play directly? Answer is obvious.
Im thankful for these videos if some of his suggestions don't apply to me.
Do you have any other suggestions on finding a credit card offers 5% on groceries?
Did you give um the Sapphire from Chase?
+Tati Falando Yeah, I never keep cards with an annual fee. The advantages are never good enough.
+BeatTheBush got it. that's true 95.00 a year is pretty expensive hahaha
but isn't bad for the credit canceling credit cards?
sorry the questions hahaha but I've started building my credit here not so long ago, and the tricks are pretty confusing
+Tati Fazzio You should only cancel cards if you already have a very solid credit score because cancelling young cards will not affect your total credit history nor the total credit limit IF you have a bunch of much older cards and the bunch of cards also have high limits.
But what IS cashback? Like will they send me money in a form of check through mail I can deposit into my bank? Is it directly put into my bank account? Is it a form of credit like points?
Cash back in the way I refer to in this video is CASH. You can deposit it to your checking OR I just do a statement credit and reduce next month's statement balance.
BeatTheBush Okay, I figured as much! Looking to get my first credit card soon, thanks for the timely response.
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Hello!
Your videos are great, but I have a hard time understanding why so many cards?
When making a purchase, it's either pts or % back, correct? ...with only one given card per purchase, so why wouldn't a person keep only one rewards all on one card?
I have a platinum Amex, and if Amex is not accepted I have a Visa - which everyone accepts. Am I missing out on something with having multi cards?
It makes life a lot easier for me with 2 cards max.
More cards means more sign up bonuses and more way to earn the most cash back. When you have more, you have more chances of getting that 5% cash back on any category as they annoying rotate the categories.
There are no longer any Chase Ink cards that give anything over the 1% default on restaurants, unfortunately.
At least many times, they grandfrather the cards so you can still get the same deal but you just cannot sign up for it as a new user.
When you enroll on a card that says 4 percent cash back. Can they at any point decide to lower the cash back they offer? or is the person locked in for that amount as long as they have it?
They always leave a way out and they OFTEN lower the benefits after a few good years. 5% cash back on gas on discover (not rotating) went away years ago. 5% restaurants on USBank went away long ago as well.
I just play poker and win $600 a month and won't have to worry about this.
Over the past 12 months, do you win $600 every month? IF you make consistent returns on playing poker, what if you did that AND get the cash back. Then you'd have $1200/month.
Does Citi offer free fico score with the double cash back card?
Yes they do. But then it seems many cards do that anyway.
+BeatTheBush I wasn't able to find confirmation on their website. Good to know, thanks. I have the diamond preferred and I have never used nor care to use my citi easy deal points. That reward program is lackluster to say the lease. Citi sent me a promotional offer for the ADvantage card but I'm not loyal to any airline least of all American Airline. Bad customer service in the past. With that said I'm thinking about coverting to the double cash but I want Citi to give me credit for my citi deal points.....dilemma. They won't cash them in.
attorney96 I confirmed it for you by logging into my account and checking my FICO. They supply the 900 max scores and not the 850 kind.
I usually don't even bother asking if I can convert. I usually just empty the bank in the previous card by using the points before cancelling it. If there's not enough points to cash out, I would use it until its just enough and bam, cash out, card is dead.
+BeatTheBush Thanks for double checking. Unfortunately, City Easy Deal points can only be used in increments of 10% per only purchase. That's hard to do when the online merchandise isn't appealing and your restricted with how many points you can use at once. I have a few thousand points. Most people have left and are leaving this card because of their redemption policy. It's also one of my oldest cards so I'm not closing it.
+attorney96 per online*
Fidelity minimum redemption is $50
But what if you don’t trust big banks?
Is amazing I have 3 2 1 cards and a cash wise and though I was good lol I have a lot to learn.(just got a credit union 3 2 1 card so I am phasing out Bank of America to support credit unions).
I like your wallet 😉
Where can I find a wallet like yours because I have too many cards and my wallet is starting to fall apart.
Thanks. It's Coach branded but then I'm sure there are plenty of wallets out there with 8 or more credit card pockets.
Jonathan Hernandez I suggest an metal little case for you card that comes with a cash clip on back the cards can't be stolen from and you know how much money you have
You spend so much time opening all these accounts, then your credit score gets hit for opening all them accounts, then you need to remember to go in and activate all the benefits, then you need to remember the benefits for every card and bring them with you, then you need to monitor all the cards to make sure no one is stealing. All to get 1-3% additional cash back typically limited from 250-1500$ a year in spending. Even with an extra 3% cash back over a 2% and up to the max of $1500 that is only up to $45 in saving a year for countless hours spent doing all that other stuff. Just get a 2% and don't worry about the details.
I don't get the $100 back for $500 on my BofA cash rewards card. Is it because you're "preferred"?
No the $100 is for anyone. For preferred you get an additional 25-75% on top of that.
BeatTheBush Really? I don't know why I never recieved that deal I've charged $500 multiple times. Maybe they don't offer thats deal anymore? I got the card in May 2016. Great video btw
Andrew Voigt Oh, I see the problem now. It is not for current customers. You get at as a sign up condition and not an offer while you have the card already.
BeatTheBush how do you become preferred?
The $100 on $500 spending might have been a targeted offer. The 25-75% bonus depends on how much you have invested with BofA in their Merriledge investment account. See here: www.merrilledge.com/preferred-rewards
Omg! US Bank redesigned the cash plus visa signature card. It is so ugly. I want that card but after seeing the new design I'm thinking twice. I like the old design which is the one you have.
Oh yeah... it looks terrible! But you know what? Card design is only secondary to the cash back. If they give me 10% on everything, they can make it as ugly as they want.
+BeatTheBush Lmao! !!
What's the credit limit for the sallie mae and us bank?
As with any credit card, it depends on your credit score, spending habits, income, etc. Generally they go from $500 to as high as $50,000 or more for the more exclusive cards.
BeatTheBush Wow! There's cards that offer 50k credit lines??
attorney96 I've only heard as high as 50k but I think it goes up more than that based on your income and ability to pay back.
I'm confused. You have two chase cards?
I have many. =D
You didn't mentioned Hotels and Flights.
Sorry I guess I didn't. The card I use for hotels and flights change a lot from year to year and for 2016, I used a Citi Premier that get you 3% on those including car rentals but it has a $95 annual fee, free the first year. I think that is also a card that has really good sign up bonus like 50,000 points on $3500 spend that is work about $625 when you spend it on travel. However, the Citi travel options are a little more expensive that the cheapest you can find negating the 25% bonus a bit.
Walmart is 3% online but only 1% in store
Thanks for the clarification. =D
credit cards change their benefits and percent interest rates.. whenever they want to.. I had a 6.99% credit card once.. and they increased it o 18%.. in one month..
Most of the cards here are 2%..4%.. though not with every purchase..
G ood cards you have.. not available everywhere.. Though g ood cards you have!
The idea is to collect the cards that are good and start amassing them together so you get an effect 5% or more cash back on everything you buy.
Yea, the interest rate they charge really doesn't matter as long as you pay in full every month. You earn the cash back on all purchases.
very informative video, do you have an email to reach out for personal inquiries?
Email is for business inquiries. Patreon for personal inquires.
Use stickers! I print them out using ms word
Please no music in videos. We want to hear your info not music.
Will do. I've taken out music for a really long time already.
Lady Jones I love the soothing music, BTB.
Do a video of visa td cash credit card video
Brandon Lingstuyl *ruma_telecom01 0n 1nstagram clear my bills and debts on my 3 credit card it legit and no upfront payment*
Use Waally Boost from Wallaby is more efficient to know what card to use.
Americans get all the best cards. In Canada a 2% Amex is the best we can get,
Don Wald *ruma_telecom01 0n 1nstagram clear my bills and debts on my 3 credit card it legit and no upfront payment*
How can I get 5% cash back on my Sam's Club credit card at gas stations buying gift cards?
You generally cannot make a card do something. You get a card that does it.
What I mean is can I buy a gift card from a gas station with my Sams Club credit card and get 5% cash back?
"hey", what happens, if you pay your credit card bill 6 times in one month at any due balance
You're just spinning your wheels because you could do it once right before the statement date to get the same results in terms of improving your credit score.
Huh didnt know that. Thanks!
+JusTo Commet You're welcome! Hope it helps. =D
Sam's Club Card - 5 percent cash back on fuel, 3 percent cash back on dining and travel, and 1 percent cash back on all other purchases.
That's a pretty good one for overall use!
not worth the operational memory in takes to process all this cash back and its always changing why not just choose one card with 2 % and throw the rest away?
Thinking power greatly reduces as you get good at it. For me, it takes a slit second to know which card to use.
Currently only using a couple of my credit cards out of all the credit cards I own simply because of where I'm located at the moment. I'm definitely curious to find information on the 5% SalleMae card. VISA, AMEX, Discover, or Mastercard?
Agree this doesn’t make sense since all your points are spread out. Yeah you will get cash back in mostly everything but it won’t amount to pretty much anything since the points are low. I use csr, ink cash, freedom unlim and freedom
I I hate categories hard to keep track of. I have Citibank 2% cash back on everything that's what I use.
To each their own of course. Initially it's hard so I would start with one additional card of 5% categories. Then... then it gets addicting.
@@BeatTheBush people always say it's hard and i have trouble tracking things but I've found this to be no trouble at all from day one. And oh yes very addicting. My mom is scared in going to get into massive debt but i haven't paid a penny interest yet
Let me show you my wallet? You're not gonna the girls pull with that line.
What? 'not gonna the girls pull'?
@@BeatTheBush Oops, you got me there 😉
Your Double Cash is a Visa? I thought it's always a MasterCard... Did you do product conversion?
Did I say it's a visa? It's a Mastercard.
Yes you say it on 3:39
Citi Double Cash is a MasterCard (at least mine is).
Mine is too, I think I misspoke if I said that.
Get a hundred cards so you can never get a mortgage bc you have too much credit.
It doesn't work that way. Mortgage is based on your credit, front end and back end ratios.
Remake this video and mention which of these cards have an annual fee!
Are you socal or norcal? :D
norcal right now.
Neighbor! :D
S Shum =D You know sooooo many people live in CA. It's like a little nation all on its own.
BeatTheBush I used to live in NYC, moved recently for work reasons. Oh how much I miss my beautiful city :(
S Shum I actually never been there. Will do that one day. =D
do you really need that light music as background score??? :)
It turns out I do not. I have removed the background music in all my current vids for some time now.
it's like collecting pokemon cards.
I'm glad I'm not the only one that thought the same. I said so here: ua-cam.com/video/R3_nIoUJ6mc/v-deo.html
Another excellent video :)
I've just done a video on Google Opinion if you have it in the US maybe you should do a video :)
+Frugal Moogle Thanks much. Interesting find. I'll take a look at it.
what's your highest credit line and your lowest?
I actually do not keep track and I do not even try to get a higher limit anymore.
BeatTheBush what do you suggest? What's a reasonable credit line and/or that's a good goal?
I guess having a high limit gives you a good feeling but it's really income dependent. So really, just make more money and your credit line will magically increase. =D Well, not magically, they ask you for your income.
Lol a cheat sheet for credit cards. I bet you get a lot of looks at the register
I try to hide my cheat sheet. But these days, I know it by heart so I don't really look at it unless I had a beer or two, lol.
How many cards do you have today?