What Credit Card Companies Don't Want YOU To Know! (For Real)

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ProudMoney - Credit Cards & Personal Finance

Жыл бұрын

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@ProudMoney Жыл бұрын

Support our channel by choosing your next credit card using one of the card links at: - BEST: www.proudmoney.com/best-credit-cards-on-the-market/ - CASH BACK: www.proudmoney.com/best-cash-back-credit-cards/ - TRAVEL: www.proudmoney.com/best-travel-credit-cards/ - BONUS: www.proudmoney.com/best-credit-card-bonus-offers/ - BALANCE TRANSFER: www.proudmoney.com/best-balance-transfer-credit-cards/ - GAS: www.proudmoney.com/best-gas-credit-cards/ - BEST AMEX CARDS: www.proudmoney.com/best-american-express-credit-cards/ - BEST CHASE CARDS: www.proudmoney.com/best-chase-credit-cards/ - BEST CITI CARDS: www.proudmoney.com/best-citi-credit-cards/ - BEST CAP ONE CARDS: www.proudmoney.com/best-capital-one-credit-cards/ - BUSINESS: www.proudmoney.com/best-business-credit-cards/ - FAIR CREDIT: www.proudmoney.com/credit-cards-for-fair-credit/ - BAD CREDIT: www.proudmoney.com/best-credit-cards-for-bad-credit-unsecured-secured/ (We'll get compensated if you're approved, and we thank you kindly.) Other ways to support this channel: - Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.) - Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=68388c1c-9593-48a6-8872-7052db78d937 . NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!

@pineyforkpress Жыл бұрын

Amex member since 1984. When I call them, they bend over backwards to assist me.

@SpencerJohnsonOfficial Жыл бұрын

I have no clue when/where the myth started that you have to carry a small balance month to month to have a high credit score, but it's crazy that this belief is still as prominent as it is. It's so important to always pay off your cards ON-TIME and IN-FULL every month, so definitely never carry a balance for your credit score's sake... it won't work how you planned! These are all great things to keep in mind, so good work on this one Adam!

@berryzedzero Жыл бұрын

I heard you’re discussing your possible exit from the game on your next livestream?!

@77Joseph777 Жыл бұрын

Although you can implement this method by utilizing the grace period. If you use a 1000$ but pay it down to 20$ before reporting. You’d allow 20$ to be reported and that 20$ is in grace period, then immediately pay off. Repeat process. (It’s paramount to understand the grace period and how it works on each card)

@SpencerJohnsonOfficial Жыл бұрын

@@77Joseph777 Right. Paying your cards early but (before the statement close date) but leaving a balance until your payment due date is always fine, but leaving it past the due date is never what you want to do.

@SpencerJohnsonOfficial Жыл бұрын

@@berryzedzero I wonder where that rumor came from 🤷🏼‍♂

@antman674 Жыл бұрын

I think a lot of people get "carrying a balance" confused with utilization and the closing/due date window. And they just kind of run with it without ever understanding the system. I was even confused for a while how that all works, so I get it. But i also know there are some people who insist you should actually carry a balance, and that's just flat out wrong.

@pittroadsixzeroseven Жыл бұрын

Something I like to do is purchase items after the closing date for your statement. Gives you a month before you receive your bill and a month to pay it.

@Spinattitude Жыл бұрын

You forgot to add that metal cards are a distraction from the actual value proposition a card offers.

@ProudMoney Жыл бұрын

Ha, good one!

@johnkim163 Жыл бұрын

IMO American Express is a unicorn since they make $$ from their merchants first and actually encourage you to pay off your balance every month. Their customer service people bend over backwards to help you. A great expose on all the other banks who are making $$ off their membership.

@Adiscretefirm Жыл бұрын

They do have excellent service, but the former charge cards have the highest annual fees in their segments.

@antman674 Жыл бұрын

Their customer service is top notch for sure!

@this-is-big-john Жыл бұрын

@@Adiscretefirm exactly which is why I find amex so great! Theyre upfront about how they'll make their money

@Adiscretefirm Жыл бұрын

@@this-is-big-john I don't think charging interest is not upfront, and Amex is perfectly happy with people carrying balances on even the Gold and Platinum now. I am just pointing at that you pay for that service in a way that cannot be avoided like interest can, and if you aren't maximizing the benefits then 4% on a Gold may yield less than 3% on a no fee alternative. If you are using Uber and the restaurants covered it can be great , or if you can charge a bunch of reimbursed dinners and travel you can accumulate massive, valuable points with little to no personal spend and the AF doesn't matter much.

@this-is-big-john Жыл бұрын

@@Adiscretefirm exactly amex isnt for everyone

@jamesodell3064 Жыл бұрын

I made my son an authorized user at 15 when he went to Germany with is class. A couple of days after turning 18 he applied for and received a credit card and his credit score was in the high 700s. His credit score hit 800 when he was 19. He did not deserve that credit score since he had only worked summer jobs but at 22 he has yet to pay interest. If his credit utilization is high he pays before before his closing date.

@kalani1987 Жыл бұрын

Did your son actually use his card as an authorized user, or just being a AU jumped his score? Thanks

@g.t.richardson6311 Жыл бұрын

@@kalani1987 did same for my kids, they’d use it for books at college and groceries after moved off campus We had a deal, no pizza or beer charges or it’s shut down immediately Never an issue

@kws5354 Жыл бұрын

I am what is called a credit card free loader. I pay off my balance in full twice a month and I collect rewards. I haven't paid interest in years. It was just recently brought to my attention that the credit card companies do not like that one bit.

@ICantBreve Жыл бұрын

Same. I have never paid interest on any of my CCs since day one. They especially dont like when you apply for a new CC and receive an intro cash back offer ($200 back on your first $700 in purchases for example), and then close your acct and do it all over again lol. I've done this every 2yrs or so. My credit score takes a small dip but then goes back up in a one or 2.

@joanneabrams6481 Жыл бұрын

They call us deadbeats.

@JakoWako Жыл бұрын

Nah, they’re still getting anywhere from 3-7% in merchant processing fees for all of your charges and they don’t have to worry about you skipping payment. This is where most of their revenue comes from.

@pninja1 Жыл бұрын

That's a common misconception. They make most of their revenue from merchant fees. The more you swipe, the more money they make. And if you pay the balance in full every month, you're profitable for them. If you carry a balance and pay interest, that gets put back into rewards system to encourage more swipes from the folks that pay in full every month.

@kws5354 Жыл бұрын

I pay the credit card bill twice a month because our money comes in twice a month. It helps me keep a better grip on our money. Paying the bill is quite easy I take my phone out I open up the app and I transfer the money oo the credit card. the whole process takes me about 10 seconds.

@jayr3698 Жыл бұрын

The best use of no interest is to use Amex plan charge card vs credit cardit with a no fee promotion. Thiss does not impact credit utilization but allows you to have money for major purchases.

@justimagine2403 Жыл бұрын

23.99% interest rate. Miss a payment. 29.99% interest rate.

@jamesbaker1270 Жыл бұрын

Most educational video Ive scene from you so far soaked up a lot of knowledge more than usual

@quikjfpv1665 Жыл бұрын

Great video. Love that you went over several misconceptions like not having to pay interest.

@cardojp Жыл бұрын

This is a good list that you put together, especially number 9. I swear everyone always think you have to keep a balance to have a good score. Great content as always, thanks Adam!!!

@kujas Жыл бұрын

This is certainly a video to come back to as a yearly reminder

@ag-om6nr Жыл бұрын

Excellent advice ! Please listen to this gentlman !

@dianecelento4974 Жыл бұрын

Love this advice! Thank you

@yodogg1779 Жыл бұрын

Thank you for this video. It really cleared up some questions I had.

@jacquelinemanzano9328 Жыл бұрын

Thank you for sharing this info.

@higiniomorales459 Жыл бұрын

I'm very self conscious whenever I use my credit cards, mainly because I look at them as though they're debit cards. So I'm mindful to not overspend, and I make a early full payment every Friday. When you look at them as debit cards, one tends to never use them unless you have the money in your bank account to pay it off at a moments notice. It will also be wise to call the credit card companies and ask them to remove the cash advance option or at least lower the balance as far as possible. Should help keep any temptations in check, also since the balance is low if you make certain transactions that will be charged as cash advances, the card will be declined because of the insufficient low cash advance balance.

@antman674 Жыл бұрын

Same here. Im probably even more cautious with my credit card since I know im going to be paying it all off at some point throughout the month (usually multiple times per month) and it kinda stings extra when you go to make that payment on the stuff you already purchased the week before or whatever. Whereas with a debit card, you swipe the card and then thats it. You dont have that second sting at the end of the month lol. Once you get into the routine of always paying off your card(s) every month, you really do see it just like cash. I think a lot of people who aren't into credit cards have a hard time understanding that.

@BlackJesus8463 Жыл бұрын

Team Cashback would never forget about rewards! ✌

@jacquelinemanzano9328 Жыл бұрын

Thank you .

@eugenesimmons8554 Жыл бұрын

Always like your videos! Always helpful! Can you talk about Business lines of credit? What’s good or bad? What credit card company is best? Tia!!

@thetechtrons3778 Жыл бұрын

Thank you for this video

@ImStillStealingSteel Жыл бұрын

3:28 U know Adam is definitely referring this about Synchrony

@chrisbrown8748 Жыл бұрын

Great video as always👍🏽👍🏽

@17thUnicorn Жыл бұрын

Great video 👍!!

@SledgeIncTeam Жыл бұрын

Good info Adam!

@ProudMoney Жыл бұрын

Thanks!

@Pickles1864 Жыл бұрын

Correction #1 Pay statement in full every month, not the current balance. This way, you're effectively one month behind and not accruing interest.

@ProudMoney Жыл бұрын

I'm not sure if is me you are correcting, but, yes, only necessary to pay full statement balance each time, not the current balance (unless of course the statement balance and current balance are the same amount).

@Pickles1864 Жыл бұрын

How Credit Cards Work "Billing Cycle" and "Grace Period" @ckinfotainment3836 This is how it works at least so far with my experience and glad I found this video to help understand it.

@aaronlee4913 Жыл бұрын

@@Pickles1864 I always pay the current balance off before the closing date otherwise the balance will show on your credit report might affect your credit score if you make some huge purchases.

@Dethneko Жыл бұрын

For number 9, it's always been my understanding that if you have zero balance then there's nothing to report to the credit boroughs, and thus no increase to your credit score. The caveat: You pay it in full, but will inevitably have to buy something (e.g groceries or a tank of gas). Whatever it is will create a balance, and that balance will have zero interest because of the grace period. You carry a balance just by using your card.

@isabell.etkind9765 Жыл бұрын

Credit card companies report a zero balance too.

@xlerb2286 Жыл бұрын

As someone that hasn't paid a dime of CC interest in many, many years, thank you for the subsidy ;)

@thedude5040 Жыл бұрын

I monthly use 30-90% of my credit card limit every month. It doesnt affect credit scores. When I had a house built in 2021, the bank literally didnt care because Ive never paid interest on a credit card. My mortgage is at 3.25%. The only credit card fees I regularly incure are foreign transactions. Because I keep my checking account with $20k usually the exchange fees are forgiven, depends on what currency I had to exchange.

@im2bused Жыл бұрын

This is good basic information, but definitely NOT a any secrets! Pretty much what everyone should know BEFORE they get their first card.

@costanza7117 Жыл бұрын

i used to work at chase as a collections specialist, here are a few pointers: 1) always ask for a late fee reversal, you accrue 1 credit every 12 months. 2)chase wont ever lower your interest rates 3) never use a debt settlement company. they will put your money into an escrow account and wait for your accounts to become delinquent. they then keep all the earned interest and try to settle with the credit card companies. chase settlements range from 5-10%. 4)chase wont give you a grace period to make a payment but they do have a lot of different plans to help you

@Theturbobooster Жыл бұрын

Im trying to get a credit card with chase my scores almost 700 but man its hard got declined twice any idea if it has to be 700 exactly or does it have to be higher?

@dianecelento4974 Жыл бұрын

My mistake was to pay 20% of my chase account of what I owed. Wish I knew they would have settled for 5-10%. Great advice!

@infantrycaptain9224 Жыл бұрын

Great channel.Thanks,Adam!👍

@ProudMoney Жыл бұрын

Thanks!

@Tristin471 4 ай бұрын

#7 is why gas stations commonly give a discounted price to cash buyers (around 10 cents a gallon, or so).

@GBU61 Жыл бұрын

Credit cards have two dates to trick the customer. The due date, then a few days later, the end of the billing cycle. So the average Joe pays on the due date, then makes purchases without realizing any charges between those dates are eligible for finance charges if they clear the pending status. What I do is make the minimum payment prior to the due date, then wait for the final day of the billing cycle and pay it off. Credit card companies know most people do not read the fine print, so they can slip in all sorts of things to try to charge the consumer.

@g.t.richardson6311 Жыл бұрын

That is bs In that situation the customer would pay zero interest as long as previous months balance was paid in full If it was not paid in full than you are correct

@GBU61 Жыл бұрын

@@g.t.richardson6311 I was talking about anyone who does not pay the balance in full. My point is if someone pays the balance on the due date, there could be charges that accrue before the end of the billing cycle. My card has a 4 day gap this month. So what I do is make sure the minimum is paid but make sure it is clear at the end of the billing cycle. You are correct when stating if you pay it off you won’t have a minimum the next month, but most people carry a balance so it can become a huge problem.

@g.t.richardson6311 Жыл бұрын

@@GBU61 ok thanks I see your point

@annmariemeise1306 9 ай бұрын

@@g.t.richardson6311Po

@MichaelB-od3xh 9 ай бұрын

@@GBU61 Sorry this makes no sense. To raise your credit score you need to make sure that when your statement comes out you SHOULD have less than 10% left on your credit limit to pay. For example if you have a $500 limit make sure you only owe $50 or less by the time the billing cycle ends. But don't pay it completely off or your credit utilization will be 0 which will be reported to the 3 credit bureaus soon after. If you only have a $25 balance let's say that would be a 5% utilization which is great to get reported to the bureaus. Then a couple days before the due date pay your WHOLE balance off in full. After the due date, rinse and repeat.

@antman674 Жыл бұрын

I worked with a guy a while back who tried to tell me that you should carry a balance of 30% from month to month to increase your credit score. He even pulled the card that he had a friend who worked in a bank who told him that. I tried to tell him that either he misunderstood or she doesnt know what she is talking about. But he wasnt having any of it. He knew he was right. I wonder whatever happened to that guy 😅

@ProudMoney Жыл бұрын

Tough to change people's minds when they know they are right! 😃

@Theturbobooster Жыл бұрын

Maybe he turned into a watermelon and got ate up by the last human😂😂😂😂😂😂

@mitchell.9632 Жыл бұрын

Number two and number six are points I highlight. Still say number fifteen should be illegal.

@jacquelinemanzano9328 Жыл бұрын

By the way, Late Payments on a consumer credit report is illegal pursuant to >>>15 USC §1681a (2)EXCLUSIONS.-Except as provided in paragraph (3), the term “consumer report” DOES NOT INCLUDE- (A)subject to section 1681s-3 of this title, any- (i)report containing information solely as to transactions or experiences between the consumer and the person making the report; Utilization is a private affair, period.

@Phillylima Жыл бұрын

Hey when you do watch this video at the end can make it last just another seconds longer. Thanks

@ReconPro Жыл бұрын

Hi Adam! 👍

@ProudMoney Жыл бұрын

👋

@kinniejamerson3794 Жыл бұрын

I don't pay any interest because I've been paying my credit cards off every month for about the last 3 years . I let about $50-$100 report to the 3 credit bureau's for each credit card In order to keep my utilization low And then I pay them off completely two days after my closing dates. My average credit score Across the three bureau's has gone From less than 500 to the high 700's. So that's my 2 cents on whether to pay your credit cards off every month or to carry A balance. I got this strategy from Proud money so thank you sir!👍🏿

@onionhead4090 Жыл бұрын

I’ve noticed after the holidays… I run up credit card and score decreases but because I pay balances back down to zero in four month period, takes longer for score to bounce back? I may drop 30 points in December but it comes. Back SLOWLY in drips of 3-4 points.

@bluecranium Жыл бұрын

Number 15 - if you miss a single payment or are late on a payment, some store cards will also demand all of the interest on the entire purchase immediately. Happened to me twice - one was a processing error, the other was a "glitch" they said. Noticed the entirety of interest added to the monthly payment on the first card & the second store card demanded the entire remaining balance IN FULL + INTEREST the next month. Don't fall for these schemes, especially at furniture & electronics retailers 8:38

@dennisbaker1003 Жыл бұрын

You need to clarify that BANKS issue credit cards and banks issue these rules and practices. VISA and MASTERCARD do NOT issue credit cards - they only process the transaction. AMEX owns a bank, so they can issue a credit card

@jenniferw8963 7 ай бұрын

I charged like $6k on a credit card this month to get sign up bonus. Paid it off full in cash the same month, without blinking an eye. For me I really dont' spend more. There was no pain. Ewverything I bought was a necessity. I'm low income as well. (Was a bunch of home repairs).

@DLO0622 Жыл бұрын

It seems like as long as you pay off your bill in full before its due, you won't pay interest, but if thats the case, why do different companies have different grace period lengths? Is there some that will charge you interest if you pay in full last minute?

@ProudMoney Жыл бұрын

No, the grace period just tells you how long you'll have to pay your full bill without paying interest, but bottom line is paying by the due date.

@williamhughey6875 Жыл бұрын

Thrse things are good to know, but what we really need is how be creative in paying down the debt, or get the debt reduced.

@pinkiepie1656 Жыл бұрын

Um....you pay it. Not rocket science.

@texasgirl6000 10 ай бұрын

@@pinkiepie1656, 😂👍

@galaxiedance3135 3 ай бұрын

My one credit card, it's only use is for paying my monthly car wash pass. that's $20/month. That is always the only thing that I use it for. Either way.. another good point each month. Another card is just for my $38/month cell phone bill. Another good point. I never even have the cards with me. I don't remember the numbers. They're only for that.

@coziii.1829 7 ай бұрын

My limit to spend a month is at most 7,000 I use a credit card card so each month my savings gain interest. So basically I’m living off my interest

@BadCarbNoDonut Жыл бұрын

You definitely do have to carry a balance on cards to get improve your credit. Every time I use 0% or 1% o my total available credit, my credit rating goes down. If I use at least 2%, my rating stays the same or goes up. I have tested this many times.

@LaChanceuse 10 ай бұрын

Using a higher percentage does not equal carrying a balance. You could pay everything possible with your card, thus, increasing your usage; If you pay off the FULL amount by the due date, every time, your score will increase.

@BadCarbNoDonut 10 ай бұрын

@@LaChanceuse I didn't mean that. Those are 2 separate thoughts. Sorry for the confusion. They are also both true. Also, your score may go up when you do good things, but that rarely is the case for me. If I do something good, I am often punished by Experian. I don't know about the others because we are hardly ever allowed to see those scores for some reason.

@ritagilmer5389 Жыл бұрын

Thank you for the post, very informative. I’m trying to pay off my credit cards…successfully on some. I wanted to close those accounts I don’t have a balance on. Why is it bad business to close out cards you’ve paid out on time? I don’t understand. Thank you.

@zethcader6478 Жыл бұрын

Closing a card will remove the history it had on your overall credit score, of course only if you closed it in good standing. I.E. Paying off the entire balance, otherwise it will negativity affect your score and wont disappear. However if you are focusing on repaying cards, this shouldn't be a concern to you at this stage. I would say close them once you've paid them off. The history of closed cards will still be on your score for 10 years (again, if closed in good standing).

@ORGANIXFARMERINC Жыл бұрын

Hey thanks for the video. Question-you don’t need to leave a balance to improve your credit card score. But doesn’t it mean your statement will show zero and therefore not show a payment history for that month in return if you miss a payment they calculate the hit to credit based off how many missed to how many payments on time. I pay 10 cards every month with a low balance on all chase used to show payment history now they changed it. Every two years I have 240 on time payments

@ProudMoney Жыл бұрын

You lost me halfway through your question. But when I say pay your balance in full to avoid paying interest, I am talking about the statement balance, which is what you owed at the end of the last statement period. That amount has already been reported to credit bureaus so paying it all off and not paying interest is the way to go. Also, any charges you have made since the end of the last statement period will still be on the card if you are paying the statement balance, so you aren't necessarily ever going to a current balance of zero. not sure if this answers your question.

@ORGANIXFARMERINC Жыл бұрын

Thanks for your reply. You are hitting the nail on the head. but to some people they may assume to always keep the credit card at zero dollars. The statement (you don’t need to carry a credit card balance to improve your score) can be interpreted differently. I think emphasizing payment history, by trying to always have a balance on your credit cards of course making sure you don’t pay interest on the statement amount is good for credit in general to show good on time payments for credit history. If you are late on 1 payment or more I’ve read that it’s calculated on how many good to bad payments. Sorry I just think it’s important for people to understand I’m just ranting on about it. I know some with credit cards for a couple years who still don’t have a clue how statements work or anything it’s frustrating lol

@familypokemongamingchannel9936 Жыл бұрын

I’ve paid interest after paying off the balance monthly. They said it was based on daily interest not monthly

@ProudMoney Жыл бұрын

If you had to pay interest in a certain month but then pay off the full balance the next month, there can be residual interest because, yes, they calculate interest daily, so you might still get small interest charges in that case. But if the card is paid in full every month repeatedly, that does not happen.

@robertladdieanderson6085 Жыл бұрын

hey there! hope all is well! i’ve got numerous credit cards that i never use. will the CC company drop me without warning or will they send me up a flare first?

@ProudMoney Жыл бұрын

Usually they will warn you but sometimes they close accounts and never say a word.

@mitchellmullins6650 Жыл бұрын

At this point in time, I have been led to believe that if I pay off a card they can cancel it at any point. Thus in a store I can try to use it and find out it`s cancelled and people behind me snickering.

@ProudMoney Жыл бұрын

It is possible, but card companies don't want to put you in that position. But they will protect their own interests before yours!

@mitchellmullins6650 Жыл бұрын

@Shawn Appreciate the reply. I wish I could use it 2-3 times a year, but with the economy I can`t. Thanks

@Theturbobooster Жыл бұрын

@Shawn so with capital one i have a 2nd one i just got can i just use it 3 times a year to boost my score?

@wickedbird1538 Жыл бұрын

😮😮Some merchants will give me a discount for cash or check. I also rotate 2 cards so that I get the longest period of time without paying interest. I pay in full EVERY month. (I don’t use credit if I don’t have enough cash to pay off the card.

@gs11372g Жыл бұрын

how to close Barclay's credit card?

@williamw8546 Жыл бұрын

how long do I have to wait for a higher tier cad after I got a entry level card? Like I have CFU and US bank shopper rewards but I want CSP and UAR

@ProudMoney Жыл бұрын

Probably a year from when you got the cards you mentioned, and your chances will be better if you have decent income, as those other cards will have at least a $5000 credit limit.

@DDee-oi6kn Жыл бұрын

I haven't had a credit card for 20 years - none! My advice to young people - if you can't afford it, don't buy it! You become a slave to credit card companies. Save your money if you really want something.

@joemunch58 Жыл бұрын

How do you make electronic payments?

@johndoes5643 10 ай бұрын

@@joemunch58 debit card !!! 😕

@whothou 10 ай бұрын

or just use a credit card and learn proper financial discipline so that you only spend what you actually have even while using a credit card. Then reap the benefits of credit cards. Waste to not use CC...As long as you have discipline you only have net gain.

@DDee-oi6kn 10 ай бұрын

@@whothou People have no discipline when it comes to CC. They think they are a bottomless pit and they are definitely a pit.

@texasgirl6000 10 ай бұрын

@@DDee-oi6kn, only when you abuse it and have no financial discipline.

@jamesramirez5276 Жыл бұрын

I have ZERO interest For 15 months on my 4 Credit Cards. I ONLY do FREE interest credit cards! I do have Excellent credit tho….and I do Pay them off before the 15 months or i transfer my balance to another Free interest credit card!

@Theturbobooster Жыл бұрын

850 credit???????😳😳😶😶

@dieseldown Жыл бұрын

I have a company that will take my money out the bank quicklyand hold my funds for 14 days to use it, why is that? I plan on paying this one off immediately.

@tedfisk1211 Жыл бұрын

Figure out what the billing cutoff date is and after that date, go buy something really expensive and then pay the card off at or before the paydate. That way you are using THEIR money for 40-45 days, not yours and you are paying no interest.

@TheyCalledMeT Жыл бұрын

imagine 30k cc debt at 30% interest ...

@thetechtrons3778 Жыл бұрын

What about hot dogs being sandwiches? Since this wasn't included, do they actually WANT you to know that?

@ProudMoney Жыл бұрын

The industry is always changing 😃

@laurab9518 Жыл бұрын

I keep my cards cut up so I can’t spend money. And every few months I call and say my card was lost. I get a new one, use it so it doesn’t close and then cut it up again and paid it off. So far this is working as my credit score is high, not borrowing and instead I have savings Accts

@ProudMoney Жыл бұрын

That is an interesting strategy!

@Alexa-uk8lj Жыл бұрын

I just got off the phone with Transunion and was told 5:46 to keep a small balance because 0% utilization has negative impact on your score

@zethcader6478 Жыл бұрын

You want to show that you are using the card by holding a balance after the statement closing date, however straight after that you should pay off the card to avoid interest rates.

@MichaelB-od3xh 9 ай бұрын

@@zethcader6478 Not straight after that because your due date is usually 25 days AFTER the statement closing date. So you want to use the card as you want after the statement date(approx 3 weeks) until a couple days before due date and then pay it all off in full.

@tonymouannes Жыл бұрын

Stire cards can be really bad. When I was shopping for a laptop, bestbuy had a 0% financing offer. When you look for the details it tells you that it's a credit card. Then I decided to read the fine prints and found the horror. When you carry a balance, even if it's a 0 interest financing, you lose the grace period on all purchases and when you pay the card, it pays the 0% interest first. So if you finance a 1000$ laptop for a year and then go buy a 20$ accessory a week later, you'll be stuck paying interest on that 20$ from the day of purchase to the day you pay of the 0% financing, even if you pay the card 20$ the same day to cover the transaction. Ofcourse they don't say like that, so miet people won't even get it, even if they read the fine print. And ofcourse, it's differed interest. That store card is trap if someone often shops there and wants to finance a bigger purchase.

@thecapableplanet7885 Жыл бұрын

What you want in that case is a card that says you have 0% interest on all purchases for like 12 months or whatever the cards that say 0% on a particular purchase Are usually only for that one purchase that you initially made, so yeah most cards like that, if you make even a one dollar purchase, it treats it like a regular credit card and you end up paying the entire balance

@tonymouannes Жыл бұрын

@The Capable Planet but the problem is that store cards are made to he used every time you go to that store and not a one-time line of credit. You can't open a store card for the big purchase and another one for regular purchases. So it's a pretty scammy scheme.

@cubajonesie Жыл бұрын

So do store-only cards count towards the Chase 5/24 rule?

@ProudMoney Жыл бұрын

Yes.

@JC-ph9vr Жыл бұрын

✌🏻🤟🏻👊🏻

@darkeyez1630 Жыл бұрын

For everyone supplementing my rewards, thanks.

@phillipdeck933 Жыл бұрын

I have a question, l have accumulated rewards and not yet used them. If credit card decides to close my account ( l don't foresee that will happen but it can happen) will l lose the rewards or they can pay me out?

@77Joseph777 Жыл бұрын

If it’s closed period they generally take the points with them but I think I’ve heard they may give you time to spend before closing. If they are points I would use them eventually because they to can get devalued, cash back is cash back.

@zethcader6478 Жыл бұрын

Genuinely curious, what makes you think you're going to have your card closed on you?

@phillipdeck933 Жыл бұрын

@@zethcader6478 l read reviews some account holders complaining they closed their account for no reason, l just wanted to know what happens to the rewards if they closed your account it's really a curious question l don't anticipate it will happen to me but still it can happen.

@ewhite1546 Жыл бұрын

Jason talked to me and let me know he's back in. All other accounts are fake

@Rokka340 Жыл бұрын

I found out all these the hard way so I had a credit card plastictomy and haven't had credit cards for the past 6 years. I even had a credit card with an interest rate of 39.9% APR and I wasn't aware because I didn't understand the logistics of how they were ripping me off every month. Life is much better and free without them. You become better at managing your finances.Yepeeee.

@amazinglats6020 Жыл бұрын

Credit cards are just a tool, almost like food. If you overindulge and use it wrong it makes you fat.

@user-um7nd9rq1d Жыл бұрын

Is there minimum spend that should be put on a card to keep it going? Putting fifty bucks a montha on a 10k card can't be good for thier business right?

@77Joseph777 Жыл бұрын

It’s more or less about showing the card algorithms that the card is still being used. Now if you were to request a credit limit increase on that same card, they would most likely deny that request due to insufficient spend on card.

@JaySmith-pv2mw Жыл бұрын

I use one credit card for all my purchases because it has the most cash back. When the balance reaches 40-50% of my credit limit, I make a payment. I make usually two payments per billing cycle. The credit card company has just started reducing my available credit when I do this. They say it's a flag for money laundering. I've never heard of this before. Anybody else?

@g.t.richardson6311 Жыл бұрын

Never

@josephmaschak8652 Жыл бұрын

I've been making payments biweekly for at least 15 years without an issue. That's when I get paid and so that's when they get paid.

@jacquelinemanzano9328 Жыл бұрын

Creditors , including Cred Card Companies are subject to the Discrimination Law, if they shut off and close your line of credit. It's YOUR credit NOT theirs. Pursuant to; The Equal Credit Opportunity act, protects us against Discrimination when we exercise our rights. 15 USC 1691a (3) Scope of prohibition (a)ACTIVITIES CONSTITUTING DISCRIMINATION It shall be unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction-(3) because the applicant has in good faith exercised any right under this chapter.

@jeromehenry4484 Жыл бұрын

What is your exact definition of "discriminate" ?

@Theturbobooster Жыл бұрын

Is it good to pay say 25 of my balance and another 25 before the due date so 50$ total which is i paid 25 2 days after statement date i believe and gonna do another 25 or more before the due date next month

@im2bused Жыл бұрын

Pay off your balance every month. There is no need to play games.

@zethcader6478 Жыл бұрын

This depends on how much debt you are in. We cant answer any questions about how much money you should be paying because we have no idea how much the bank wants you to pay. But generally, its best to pay off a credit card balance in full each month.

@markflour Жыл бұрын

I took a 0-interest for 12 month offer from chase bank and discovered that as I continued to use the card but pay off charges in same month. Chase bank used my purchase payments to pay off the 0-interest rate loan then charged high interest rates on purchases.They hid the interest rate charges on a pdf I needed to download to find them. Aren't they required to honor the 12-month 0 interest rate loan? So far, 3 times they've refused to show my how they calculated how much money they applied to the loan instead of toward monthly purchases. Aren't they required to show me how much I owe and what they're charging me for?

@ProudMoney Жыл бұрын

Hmmm, not sure I follow, sounds like you need to make a phone call to have it explained

@markflour Жыл бұрын

@@ProudMoney Thanks I called but they're not telling me what they've done. I'm going to submit a complaint to the Consumer Financial Protection Bureau. That'll force them to explain what thjey did and create a public record.

@badgerden7080 Жыл бұрын

I don't mess with credit cards anymore. My brother (who I rarely agree with on anything), once said that "credit cards are the worst thing ever invented". I wholeheartedly agree with him. Truer words have never been spoken.

@reubenmorris487 Жыл бұрын

@Kurt M. People don't understand what credit cards offer...which is mostly why they're structured the way they are.

@Theturbobooster Жыл бұрын

Then how do u expect to build credit with no credit card at all or any way to do so hmm hmm?

@mscorrell Жыл бұрын

I use debit card mainly.

@jamesodell3064 Жыл бұрын

I use a credit card. You have more legal protections using a credit card then a debit card. Just pay the entire balance during the grace period.

@googlex3894 8 ай бұрын

@@jamesodell3064 so you’re saying using a credit card is like using a debit card, but with extra steps? And some more security?

@coziii.1829 7 ай бұрын

I was a cash person but with the cash back I use cards now Plus paying at end of month lets your cash gain that 4.5 interest each month. Also each month on card I get about 100 bucks back or just carry it till I want to use it . I have 1,000 cash back on one if I use it now .

@RETUSAF1995 Жыл бұрын

Last time i used a credit card was June 2001.

@duelaelalma3428 Жыл бұрын

@cccccccc98428 Жыл бұрын

@kurtrussell5228 Жыл бұрын

@justogmula4627 Жыл бұрын

@Jwdude123 3 ай бұрын

#9 is not correct

@tylern3696 3 ай бұрын

Please explain. I’m quite certain paying off your balance in full every month does not damage your credit score. Credit card companies report your statement balance at the end of the monthly cycle, which is usually several weeks before payment is due. Your utilization is ending statement balance, divided by total credit line. it is possible that if you paid off the credit cards before the end of the monthly cycle and your utilization was at 0% for months or years, that could look weird and affect your credit score in a negative way. Paying off your balance in full does not. I’ve never paid interest except for one month on a new card when I forgot to set up auto pay, and my score is very high. Paying interest on a credit card is never a good idea.

@Prodigal1 Жыл бұрын

All pretty obvious . Nothing new here.

@babybabibaby Жыл бұрын

Who is Jason???

@berryzedzero Жыл бұрын

A man who left the game behind

@berryzedzero Жыл бұрын

@@CheekyBird790 loyalty is earned and never given freely.

@AnnieinKC Жыл бұрын

Doesn't your #9 contradict the "credit score was dinged b/c you're not utilizating your credit" ?

@fogrunr5075 Жыл бұрын

Let a low utilization % REPORT on the Statement Date. 9% or less utilization is ideal. The Statement Balance is reported. Pay it IN FULL as soon as it reports. The Statement Balance becomes $0. The $0 balance is reported. No balance is carried. Therefore no interest is charged. The interest-free Grace Period is maintained.

@karlsmith2451 2 ай бұрын

Truth is banks or credit card companies by law really didnt lend people any money. Where is the exchange dollar for dollar? And their signature?

@berryzedzero Жыл бұрын

Credit card companies don't know I refuse to go back to the game. I'm out!

@Aj-me8mo Жыл бұрын

You’re missing out! Guess you don’t like free money and free trips

@berryzedzero Жыл бұрын

@@Aj-me8mo i can pay my own way

@lopezov709 Жыл бұрын

@berryzedzero good for you. Now go and pay your way and stop wasting your time on a KZfaq comment sections.

@berryzedzero Жыл бұрын

@@lopezov709 that's crazy

@jh26pt2 Жыл бұрын

I’d rather not play any of these games with credit cards/issuers. We use debit cards only. It works great for us.

@jonesbunny Жыл бұрын

And your a Dummy😂

@wayneharvey6626 Жыл бұрын

Danger. Read up on why.

@RETUSAF1995 Жыл бұрын

@@jonesbunny UR the dummy for using debt cards. Stop buying crap you can't afford and don't need.

@jh26pt2 Жыл бұрын

@@wayneharvey6626 Credit cards sure are. Good point.

@g.t.richardson6311 Жыл бұрын

I play their game and haven’t paid a dime in interest in 30+ years Charge regular things, tally it up on Monday, pay balance in full Wednesday every week Get enough points for a 50$ gift card 10-11 times a year

@teachermike4831 Жыл бұрын

Your focus is misdirected. My knowledge of finance is extensive. The entire financial system is under direct control by not the "companies" but by the entity that literally OWNS the USD and most 1st and 2nd world nations' currencies as well. Credit Card instruments were literally manufactured as wealth extraction tools just as amortized loans and on and on. The entity utilizes the entire banking system worldwide as a global tool for wealth extraction. Keep in mind that the B.I.S. and Fed R were literally put into existence not by any nation but by the global entity that controls the world financial system. This video is a misdirection of truth.

@coachhannah2403 Жыл бұрын

Stuff and nonsense. Your antisemitism is obvious, and just plain sad.

@teachermike4831 Жыл бұрын

@@coachhannah2403 Your reply shows your lack of knowledge and understanding. Research the book by Edward G. Griffin. The creatures of Jekhyl island to begin your journey of global truth. Also, learn of the formation of the B.I. S., Fed R., and IMF. My knowledge is extensive spanning 12 years consisting of over 5,000 hours of research. I am 67 year old and from the USA involved in both medicine and finance. My statements are completely accurate.

@VictorMartinez-zf6dt Жыл бұрын

😂

@teachermike4831 Жыл бұрын

@@VictorMartinez-zf6dt Nice reply. What the fuck does it mean. Jeez. How old are you.

@zethcader6478 Жыл бұрын

I'll have whatever you're smoking. Sounds like some good stuff.

@warriortokarev Жыл бұрын

I hate disliking videos. But this video should of been titled common sense credit card companies dont want you to know. Like who was the audience for this? Middle school kids?

@zethcader6478 Жыл бұрын

When I started getting into using a credit card I had no idea about any of this, I only got my knowledge from how my parents used credit cards, which isn't necessarily the best source. Videos like this have lead me to a better understanding and help me use the card to my advantage rather than as a profit tool for the banks.

@warriortokarev Жыл бұрын

@@zethcader6478 so you would agree their are multiple videos out there like this and that this is now common knowledge?

@zethcader6478 Жыл бұрын

@@warriortokarev If this knowledge is so common, why don't many people know it?