Getting Your First Credit Card

Рет қаралды 359,385

Күн бұрын

If you’re thinking about getting your first credit card, watch this!
Best First Credit Cards: • What Credit Card to Ge...
How to Check Your FICO Credit Score for Free:
Your credit score is a rating of your credit risk and ability to repay loans. Discover offers a free service to check your score here: www.discover.com/free-credit-...
0:00 Intro
0:34 How Credit Cards Work
1:10 Annual Fees
1:40 Annual Percentage Rate (APR)
2:07 Foreign Transaction Fees
2:23 Rewards
2:42 Issuing Banks
3:57 Application Process
5:12 Setting Up Your Card
5:38 Billing Cycle Explained
6:27 Credit Card Debt
6:44 Should You Carry a Balance?
7:00 Getting Denied for a Credit Card
DISCLAIMER: The information provided by Five Minute Finance and from any communication related to Five Minute Finance is for education purposes only. The creator(s) of Five Minute Finance is not registered to provide investment advice and as such does not make any recommendation or endorsement as to any investment, advisor, or other service or product or to any material submitted by third parties or linked to this channel. Five Minute Finance does not hold itself out as providing any legal, financial, or other advice. No content provided by Five Minute Finance constitutes - or should be understood as constituting - advice and you should not rely on any material by Five Minute Finance to make (or refrain from making) any decision or take (or refrain from taking) any action. We make financial suggestions and it is up to our viewers to make their own decisions, or consult with a registered professional.
Music: www.bensound.com/royalty-free...

Пікірлер: 433

@kaikaiser7365 3 жыл бұрын

Bro…thank you…I literally just graduated straight out of high school, and there’s been so much going on with these financial issues that I have to deal with. I just feel like high school didn’t even prepare us for these type of situations, but thanks again for making this video.

@crystaljones9303 2 жыл бұрын

Yup, they don't really prepare you for stuff like that. they may briefly talk about taxes but never teach you thoroughly about it.

@miguelvazquez7941 2 жыл бұрын

Same here graduate of 2021 at 19 not even the slightest I thought about opening a credit card bc how scared I was. I’m still doing research and asking questions to understand how in the world I should handle a credit card with full responsibility.

@kes933 2 жыл бұрын

@@miguelvazquez7941 figure it out yet?

@miguelvazquez7941 2 жыл бұрын

@@kes933 yeah it’s easy asf. You just got to teach yourself in Financial Education credit cards are for small purchases like gas or groceries they are Liabilities and debt cards are for huge purchases like for example a pair shoes that cost $170. Most credit card have a limit of $1000 but be cautious of what you buy and how you spend it don’t go over %10 of that $1000 limit you can set yourself in bad debt. Hope this helped 👍🏽

@miguelvazquez7941 2 жыл бұрын

@@kes933 once you master in credit cards and have credit look into travel award points for free flights ✈️

@SuperPrem 3 жыл бұрын

I'm turning 13 as of the moment and binging videos on how to pay taxes and credit cards and stuff like that just to be prepared as I see alot of adults stressed about it. I love this channel and it gave me piece of mind on stuff like this.

@kmphysics 3 жыл бұрын

Keep thinking like that, you're already ahead of many kids (even adults) if you are thinking about taxes & credit cards at 13.

@baeder1634 2 жыл бұрын

That’s awesome lil bro keep it up

@dankaybangura6752 2 жыл бұрын

Wow, you are so smart. I wish I would have done what you’re doing when I was your age. Keep it up, seriously. You will be so prepared for adulthood. 👏🏾👏🏾👏🏾

@jec45 2 жыл бұрын

Smart man!

@GhanjaKhan1380 2 жыл бұрын

Troll

@zugz8632 Жыл бұрын

my dad split when I was 12 and my mom was bipolar ,never home, and kicked me out at 17. I never had anyone teach me anything about the real world. I've had to figure it all out on my own, slowly, one step at a time. Thank you for the video. I really appreciate it.

@alalal123421 Жыл бұрын

good on you for figuring things out bro, good luck

@JoshThewhiteDad 11 ай бұрын

Same, we gon get through this

@Shen1 10 ай бұрын

my dad and mom split up at 5 years old 😢

@S4V3GU1D3 10 ай бұрын

You got this❤️‍🔥

@Thou-tj7hd 4 ай бұрын

bot detected

@ellalakey4480 3 жыл бұрын

Just turned 18 and can’t wait to set myself up for a good financial future and start building credit Update : got my first college checking with chase, and am at a 702 for my score after 2 months.

@azzanporter4377 2 жыл бұрын

same here

@YasminxRivera 2 жыл бұрын

I have chase do you think I should open a credit card with them? I trust them and I love how easy it is to use im just nervous with opening a credit account

@ellalakey4480 2 жыл бұрын

@@YasminxRivera yeah I really recommend it. You can set up automatic payments too so you don’t have to worry about ever forgetting to pay it off.

@ellalakey4480 2 жыл бұрын

@Shoot you’ll probably need to at least open a checking acc, not sure how you could pay off the card if you don’t have a chase account.

@kaitlyndestura3102 2 жыл бұрын

Hi! How were you able to get it that high after 2 months? I’m planning on moving soon in about 6 months and still need to start a card, any tips?

@forlornangel010 Жыл бұрын

At 34 yrs old having no credit cuz no one could explain how to use a credit card to me in a way I understood so I never got one. But this video has helped me understand it so clearly. Just gotta look for the best one now.

@Honuel 4 жыл бұрын

This is the most underrated life saving channel

@hardjeffrey9543 2 жыл бұрын

Why is your pfp character head big

@TheSexy1049 2 жыл бұрын

Thanks

@princevasimalla 2 жыл бұрын

@@hardjeffrey9543 cause it's flattened to fit

@sidewalksurf800 3 жыл бұрын

I refused to even learn about a credit card until my mid-late 20s. My parents are not the most financially intelligent, but they weren’t totally reckless. Still, I watched their credit card debt affect them negatively, and helped them cut the cards up into pieces after declaring bankruptcy when I was 8. I didn’t get my first credit card until I could afford to not NEED one. until 2 weeks ago, 😆 And I’m 32, and checking around every corner, and not using this for anything I don’t buy on a weekly/monthly basis anyway! Thanks for the video!!

@AintPopular Жыл бұрын

Dude same

@coltons4696 11 ай бұрын

Same here bro

@FlotsamCarnage 9 ай бұрын

Same!! I'm 29, just got my first card, and I'm literally going to use it for just gas and TP 😅

@noahmckinney4268 2 жыл бұрын

This kind of video is EXACTLY what I was hoping to find. Thank you for taking the time to explain these things simply and clearly. I feel much more confidant about applying now. Great video!

@oxlum506 Жыл бұрын

You're the only one who put all the important information in a good list without over talking or mistake. Much appreciated 👌

@belishagibson4738 3 жыл бұрын

This helped me so much! I read my contract and was so confused. Thank you for your simple explanation of everything. 💙

@WDFTV 2 жыл бұрын

Loved the way he explained everything in simple terms and took the time to do so! Usually I get so confused because I dont 100% understand the language these finance videos use but this was great. I feel way more confident to move forward now. Thank you!

@angelspitt9586 Жыл бұрын

i’ve watched so many videos on yt and this is the only one that explained everything so clearly and nicely. thank you so much xoxo

@jamesharris8583 Жыл бұрын

So simple and concise. Thank you for posting this. I used it to help teach a lesson about credit cards to my HS freshmen.

@Vickysojkova 6 ай бұрын

i started with this video not having a clue about credit cards and left this video with no question and feeling educated about credit cards thank you so much

@MyDixieNormis 2 жыл бұрын

Thank you man I’ve had a few people try to explain this to me and I never really got it but you just laid it out and I fully understand now

@shebafabien 2 жыл бұрын

Best credit card video on youtube. You were so clear and precise. Thank you!

@MrTazslaya Жыл бұрын

Coming from a young college-aged kid, you helped me a lot. Thank you, you absolute legend

@kellarin Жыл бұрын

Great Video! I love that it was simple and strait to the point. Keep making great videos, bro.

@thomasmax4491 2 жыл бұрын

...This is literally a full course in one small video... Thank you!

@HarmScher 11 ай бұрын

I'm about to be 30 and have never had a credit card; even our economics class in HS had a whole half semester lesson on never getting credit cards because they're bad. But when I moved out, I realized you need a credit score to get approved even for apartments and stuff; I got around that bc of my roommate, and still have had trouble understanding credit cards. I tried to apply for chime as the safest option, but they told me I needed to let HR know and have them connected that way, which made me not want to do that bc wtf. This is the first video that actually makes sense to me, so thank you.

@kidkahuna9030 2 жыл бұрын

Great video, all the information that I was looking for in a short easy to understand video. Thank you!

@nazirsafi9836 Жыл бұрын

Informative, simple and to the point! Thanks!

@DestinysDimeLight Жыл бұрын

Such a great video! You hit every point on the head

@lipebflexin1125 3 жыл бұрын

Hey I have no credit and know nothing about credit cards so hopefully your channel goes a long way but still appreciate it

@CheySie 9 ай бұрын

You did a great job of explaining all the key things I needed to know. I'll be getting my first card soon and needed this. Thank you for this video!

@johnshadeslayer7589 7 ай бұрын

I watched several videos about credit cards before yours and by far you explained it the best I really appreciate it :)

@1PandaCutie 3 жыл бұрын

I was always told to never pay your credit card in full because that will hurt your credit instead of helping it which I never understood. Everyone that I talked to about credit cards told me to pay it little by little to show that you are responsible enough to pay your card on a schedule. So after watching this I’ve now become very confused.

@ade8890 2 жыл бұрын

I've received that same advice. You'll come to learn that it's full of shit. I used to make regular payments for the same reason. As soon as I started always paying in full, it actually went up by quite a bit. When applying for a mortgage they like to see no credit card debt. I don't think forcing yourself to make the payments in smaller portions makes any sense. Prolly some folk tale that started from credit card companies, so they can get some interest lol. What TRULY matters with credit score is that you don't appear to be a financial liability. If you're constantly using and paying off your credit card, that's plenty of evidence for the current credit score system.

@GBR9794 Жыл бұрын

Even better, pay it down before the closing date to keep it reported as 1% ~ 6% utilization. YMMV though since some banks process transfers like a snail.

@tobeblessed89 7 ай бұрын

Thank you this was very helpful. Your voice was just the right tone in this intimidating subject

@_MADMIKE_ 5 ай бұрын

Thank you for taking the time to make this video. It was a great introduction.

@maymo7299 Жыл бұрын

thank you this helped immensely!! Love the music and how straight to the point you are

@russellbrown3619 Жыл бұрын

Was looking for some basic help and got a full class. Ty, definitely gonna look into all the rates while applying.

@rachelb512 Жыл бұрын

Thank you!! Everyone else was presenting very complex info

@astrolance1 11 ай бұрын

this was a great video. straight to the point. keep it up!

@hustlealways-angikindslows4041 4 жыл бұрын

Nice video very helpful to someone who is just learning. Earned my sub keep up the good work!

@user-yh9oy2vz5z 2 жыл бұрын

Very well put together video I listened on my way to the bank to open first card

@dannygriffith9841 Жыл бұрын

Your video was very helpful and instructive, you made it sound easy with a lot of helpful tips and tricks about getting the frist credit card and score thx for the video 👍 keep it updating with the yearly changes

@anthonylatorre6592 Жыл бұрын

This was so helpful and simply explained, thanks!

@sunnychopper6663 3 жыл бұрын

Would love to see a video about your favorite budgeting apps and how you would use them.

@jessicagp Жыл бұрын

Just what I needed. Thank you!

@pgc4424 Жыл бұрын

Very helpful info. Thank you! Simple content that got to the point. You got a new subscriber!

@EliMernce 11 ай бұрын

This channel is a gem! Subscribed!

@randomnobody8956 2 жыл бұрын

Thank you for the information! 👍🏽

@mrselfimprovement0 Ай бұрын

thank you a lot; you've assisted me better understanding credit cards! STAY GREAT STAY CREATING N GETTING BETTER

@greywind6421 2 жыл бұрын

Thank you. This helped a lot with my anxiety of getting my first credit card :)

@miamurrieta6990 Жыл бұрын

Thank you for making this actually easy to understand for us beginners 😅😃

@metalbass211 3 жыл бұрын

Thanks for the advice !

@whodywhoo6122 3 жыл бұрын

Thanks for the advise it was very helpful ✅

@samshimi_k5040 Жыл бұрын

well simplified, and subscribed!

@nelsonhenriquez9574 2 жыл бұрын

thank you for this bro!

@theebelovedfavorlyn 2 жыл бұрын

This was really helpful! Thank you!

@linhfloraldiary9054 2 жыл бұрын

Thank you so much for this informative vid!

@gloriajoyce202 3 жыл бұрын

thank you, this was soooo useful

@user-be4fi4ld1l Жыл бұрын

Good video straight to the point I love it 😊😊😊

@ellesnider77 2 жыл бұрын

omg i’ve been looking for a simple guide like this for a n hour

@kyle4357 3 жыл бұрын

awesome video! so helpful

@jenaemcinnes8599 10 ай бұрын

Thanks king

@kelliemccann9463 3 жыл бұрын

Great video, thank you!!!

@jsiahc Жыл бұрын

super helpful , thank u!

@AllGenius4 Жыл бұрын

Thanks for making this video✌️

@lunathurrgood Жыл бұрын

Very helpful. Thank you 😊

@karinamarie407 Жыл бұрын

tysm for this fr so helpful

@maggiedrew853 Жыл бұрын

THANK YOU! This was so helpful

@JoyceeV. Жыл бұрын

Thank you! I’m turning 18 in a month and I’m so thankful for this video

@geneticfreezerburn 9 ай бұрын

Thank you for the information, though I don't have any plans on getting a credit card(this may change in the future) it's nice to know how to use one.

@cindyd4502 3 жыл бұрын

Thank you so much !

@kyra33333 7 ай бұрын

How did he smile the whole time? This man does not seem real. I am commenting as neither compliment nor as an insult.

@ourlittlejamboree 13 күн бұрын

Thank you for your video ❤❤❤

@murdaworthent8821 Жыл бұрын

Really appreciate hearing this info I'm 19 starting to learn abt credit definitely getting a like🙏

@josuejeremias2774 6 ай бұрын

this was a very nice explanation! thank you

@caris5944 Ай бұрын

Thank you!

@shiraliagrawal83 5 ай бұрын

Learned a lot from you.thank you

@KingOfMikes 3 жыл бұрын

God tier explanation ty

@younescha2359 3 жыл бұрын

great video thanks for sharing

@irinad9179 3 ай бұрын

Great instructions! Thank you !

@YourButHed 11 ай бұрын

Thank you. This is really helpful

@jonathancortes6312 2 жыл бұрын

Amazing explanation!

@ZAOutdoors Жыл бұрын

thank you. you explained it really well for me

@rosarose7025 2 жыл бұрын

I am a first gen immigrant college student so that means I have no parents guide or much help from them on these stuff. Your video have me some help. Thank you!

@dominiquevillarreal717 Жыл бұрын

Great video !!! Helped cleared so much

@paulabell2208 11 ай бұрын

U are Very helpful and knowledgeable thank you!

@danitzac.vargas1170 2 жыл бұрын

Thank you!!

@FloresFlights 4 ай бұрын

Thank you so much short and simple easy to understand video

@mohcinefettah6670 Жыл бұрын

Thank you for the valuable information👍

@bellasmith4956 3 жыл бұрын

Thank you!!!

@chiquitabanita727 2 ай бұрын

This was so helpful! I have never had a credit card and I've been terrified of applying because I don't know anything about them and was always told to never get one from my parents growing up. Anytime I;ve gone to a bank to get information, they just tell me what benefits they offer and don't go into detail about what I should know when getting one. Thank you so much for sharing this info.