Higher standards, lower limits is actually protecting consumers from themselves. Let’s not pretend credit cards don’t have negative consequences when used improperly, many Americans financial situation is terrible because their misuse of credit cards.
I'm glad the banks are setting higher standards for people to qualify for credit cards. There is just way too much credit card debt in this country. The easy money train has definitely come to a stop.
I don't have any. Talking to some people, they tell me they're paying almost 30 percent interest rate! It would be better not to have one, if you have to pay that much in interest!
If you don’t own a home, car, rent or even in certain jobs you absolutely do need it to build very good credit, just don’t be dumb. That’s why ppl on Reddit is flocking to creditcard subreddit for basic answers about credit card and your hearing more ppl asking about them
@@Albert-777 I’m one of those people as well. At the same time I would like to build my credit so I can have a better chance at buying a house. Though I’m being more responsible than I was before. I don’t use credit if I know I don’t have the cash already to pay off the balance. Also the key is to keep your credit utilization below 30%. And the LAST thing I’ll ever do is to rely on credit cards. I always have liquid cash for an emergency.
Pick your poison. Debt = leverage, which is part of wealth building, if you learn how to do it responsibly. I'd much rather have credit card debt which I can transfer to other cards with 0%/12-18mos interest balance transfer offers, than medical debt or home mortgage debt, where they can take your stuff if you fall significantly behind. Credit is not something to rely on, but something to use strategically to get more value for your money. And that's not even using cards for travel hacking, which is a whole other universe of low cost high value flights/hotels. Takes some homework, but it's def possible to learn this stuff.
If you are struggling getting approved, it may be a good idea to try collateral backed credit cards. Also, the interest rate doesn’t matter because it is always zero percent if paid on time.
Well that is the way a credit card should be used. Always paid off to avoid interest. As a way to create a layer of protection from the money in your bank account. I would never use my debit card to pay for anything.
@@bigred9428Yes… only use the credit card for what you can pay for in total at the end of the month. Pay the full amount due at the end of every month, not just the minimum or anything less than the full amount. You won’t need to carry as much cash, you won’t pay any interest and your credit score will go up. Better credit scores will help with a wide variety of stuff because some businesses and landlords see it as you are trustworthy.
Wonderful and such an intelligent report! Having the cash set aside first before using them for purchases makes credit cards a safe choice with cash back benefits! Thank you!
Why do you worry about interest rate if you pay them off on time? The reason for stricter requirements to get a credit cards because people are drowning in credit card debts and has no way to them off.
@ the thing about credit card is that they don’t see the money coming out. They don’t feel anything, so they just spend and spend. Once the bill comes, it is too late.
@ , yep, they don’t have a way of keeping track of covering their cc spending. I use YNAB for my budgeting. It’s $115 per year, but it helps me keep track of all my spending and I can always cover my credit card charges because I don’t charge what I can’t pay for.
My wife and I have two credit cards. We are what is called by the credit card industry deadbeat cardholders. That is. For the last seven or eight years we've always paid our credit card off fully every month. It means we get all the convenience, we get the perks like flight miles or just playing a check at the end of the year, and yet we pay no interest. At all. I have to admit that I would not be surprised if that eventually comes to an end. If that happened, I would become cash only, and places that don't accept cash would simply not get my business. And I'm at a phase in my life where nothing that I absolutely need s to be acquired from a business that doesn't take cash. Except maybe Amazon. 🤣
@mjw710mjw8 what's kind of comical about that is it used to be that if you got caught doing that The card company would take away your ability to use their card for purchases. But actually support businesses right to do that. However. I only think they should have that right if they also allow you to pay with cash.
I have BOTH Capital One AND Discover cards (along with a card from Chase that directly competes with Discover) so the way the merger plays out will affect my credit card portfolio going into 2025.
In my opinion, I think we will not get any rate cuts until something financially or psychologically breaks in the market. I believe the fed is trying to give it's self room to act when it's appropriate to, however, wall street is trying to bully the fed into a corner. Wall street wants lower rates to boost market valuations at the cost of higher inflation for the average middle class consumer. As how unpopular my opinion may be, I think the market and the economy needs to go through a recession to reset everyones sky high expectations and fix the psychological around the inflation argument.for me Bitcoin is the ultimate defence against a tyrannical government.r.. I would like to thank Kerrie Farrell community for being my source of crypto education as I comfortably earned 12.7 BTC. So now I'm ready for New Year...
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
Terrible companies like Synchrony will make you get yourself together and be more intentional and particular about your specific credit card choices real fast.
I paid for my roof and 2 air-conditioners via synchrony. What happened with your experience? I was so afraid of something going wrong with the zero interest that I paid both lines off 2 months before I would be charged interest on the whole thing. My experience was smooth and I was thankful for the 24 month no interest.
Synchrony has some real issues. It takes Bank of America 13 days to be able to pay them electronically. I have no other credit card that is over 3 days most or two. I keep synchrony because the Verizon card gives me a significant discount and it is not really a problem for me to pay it 15 days in advance. In fact, I'll leave it on my calendar. They caught me several times when I tried to pay electronically from Bank of America and found out when I was paying a week ahead that it wouldn't make it there. But now that I've settled into a routine, it is okay. And it's not like I have a poor credit rating with a FICO well above 800
@@Adiscretefirm My Discover card is my oldest card and I like Discover just the way it is. I do not want it to merge with Capital One. Capital One has bucketed me for some reason. I have Chase, AX, BOA, NFCU, TDBank, WF cards. Never been "bucketed" by them and have very good experiences will all of those banks. But Capital One is known to bucket customers. Never had a default or any issues on my credit history nor public records. Whatever Capital One is doing to me, it makes no sense to me and I want Discover to stay away from Capital One as it has a quirky reputation for unfairly bucketing customers. Once you're in that bucket, by every indication and by customer reviews, you can never climb out.
@Adiscretefirm I replied directly to your question but my answer was deleted. Hmmn, I guess someone didn't like my "bucketing" answer. And considering that Discover is my oldest card, then yes I do have to "do business with them" if they merge.
@sunlight4169 holding a free card you buy a coffee with once a year is hardly doing business and how much older is it than your second? If you're new to the game there isn't much difference between 3 and 4 years, if you have been around 13 and 16 isn't going to kill your scores
Capital 1 and Discover are the 4th and 6th biggest credit card issuers, but only the 9th and 27th biggest banks. I don't think they are going to have trouble getting approved for the merger and they will be barely larger than Chase in cards alone, this is nowhere near a monopoly
Just stumbled onto this video, enjoyed it, now subscribed. The information that is out there is awesome. I am glad you are sharing it and people are listening. it's time we consumers started understanding more and taking our power back.
Bernie Sanders has written up a bill for the Congress to approve and for Trump to sign into law. Now we will see if old Donald lied about that promise too. He has already started backpedaling about reducing prices on groceries.
@EarthBound6 no he didn't he said it won't be immediate because it takes a quarter for companies cost to come down. Maybe you don't understand how it works ?
Donald Trump’s promises about limiting credit card interest to 10% was an empty promise to get more votes. You will never hear Trump mention this again because he knows this will never happen and he will never mention this again.
No he said out of his own mouth that lowering groceries prices is harder than he thought and won’t be easy yet told no one what his plan is because he has no plan . I wish he would be unfortunately he won’t do anything.
@ all politicians and governments lie to voters. Donald Trump is a capitalist member of the bipartisan oligarchy that rule over Americans. Trump supporters are learning the hard way that they have no representation in congress or the presidency. Voters do not win elections, donors do. Take a look at Trump’s biggest donors because they will determine what Trump will accomplish during his term. American workers must end their infatuation with wealthy people and recognise them as their enemies and predators.
I have no credit at age 77. Bankrupted by a crooked judge in 2014. I have 3 squares and a roof over my head, a very senior dog, a semi-feral cat and life is great. The banksters stole half my retirement money in 2007-8. I laugh when my credit union offered free credit monitoring and my credit report complains I have the lowest score possible. I have money set aside for my burial. After 5 marriages and a lifing together with a lady I will be a man going it alone, MGTOW in action.
Great video! Thank you Cal for excellent content. I’m a senior and you never stop learning I’ve seen the Klarna and chime and really didn’t understand what they were. I understand it now. Blessing and success for you and your family!
I will never pay a fee to have a card. Looking at you American Express. If Apple goes with Chase I dont know if I want that either. I will say that Chase will never get a fee payment from me. I had a business with WAMU that Chase took over. When Chase started charging for my account if irritated me. When they start increasing it I closed it.
Right to Repair is a step in the direction of helping consumers have more of a leg to stand on. My advice to any consumer is Always buy the buisness/commercial product. Consumer grade=crappy Commercial/business grade=will work well and be a value...
I have several store cards that I used for big ticket items [dishwasher, wood chipper, ipad], paid them off quickly, a couple were zero interest. Only have a visa for online purchases and road trips that only has a low 1000.00 limit which keeps a low balance. Using cc’s for points or cash back is like thinking you can beat the house in Vegas. You're going to lose.
@@davidbrooks8809 Exactly! Unused credit cards help your debt to income ratio (which actually increases your scores) and also helps establish your credit history.
Don’t close a credit card that you have had for years . Buy gas every month and pay it off same month . The longer you have a credit card the higher your credit score . Close the card and your score drops .
People should commit to paying back their credit balances no matter what. If the credit card companies didn’t gouge the hell out of us with insane interest rates maybe folks would be more willing to pay back loans in full.
I think more people will start becoming more creative with financing larger purchases and projects and avoiding or at least limiting their use of credit.
Smartest thing I ever did was pay off CCs. It took years but I also paid off home and car. Finally at 67 I was able to retire. Stupidest thing I ever did was applying for a CC in my 20s.
Im a huge hater of the capital one discover merger. Cause if u burned discover then u also by default are not gonna be eligible for capital one cards. So if u are trying to rebuild Goodluck cause those will be off the market for a decade or a lifetime
Remember, for every chime and klarna, there's a Yotta and Ugami. New Fintech companies are a GAMBLE. Just ask anyone that's banked with yotta since 2020. Be VERY careful where u put your money, and what cards u get.
My daughter's mom is always talking to me about paying back her credit card debt, either she's a couple payments away from paying it off or she's just one payment from paying it off. Either way this has been going on for years that I've been knowing her. I've never had a credit card because I don't trust myself with them.
I see no evidence that consumers are being protected from these corporate consolidations. They don't want competition and could care less about the consumer. They just want your money.
@@calbartonJust recently found your channel. Excellent informative content however I find the constant zooming in and out and flashing that occurs between scenes very distracting. Makes it hard to watch. It will be an interesting year for sure.
Could not finish video due to frequent flashing and clicking. FYI, it is likely too much for anyone with: migraine, autism, sensory issues, epilepsy, ptsd, or nervous system/visual disorders in general. Might increase your target audience without it? 🍀
My Fico dropped 60 points just checking out of curiosity what borrowing money costs. They think I'm going to make a loan so they drop my score. My other scores went from 827 to 800. I paid zero in interest in 2024. Debt free.
A lower credit line will make your score dip monthly when you use the card. Win for banks. They use lower scores as a reason to charge us more interest. Criminals.
Folks let me tell you this for your own safety and to prevent at least half of the harm of Credit Cards. USE SECURED CARDS. These cards require you to spend a certain amount of your up-front money so that when you're using the card, you are essentially just using at least some of the money you have pre-allocated to the cards. This is also seen as the more attractive option to the banks as well, as it means they only have to grant you a little additional credit with much less risk of default.
Im not seeing the down side here. If you have lousy credit you should not be given credit or loans. Lower limits for mediocre credit protects the card holder from himself.
Video Timestamps: 0:00 - Predictions for credit card changes in 2025 1:06 - Rising credit card rejection rates explained 2:20 - New fintech credit cards entering the market 6:10 - Impact of Capital One and Discover merger 7:14 - Potential loss of travel points and deals 9:03 - Goldman Sachs selling Apple Card portfolio 10:31 - Chase may take over Apple Card
A lot of good stuff thanks! I'll be checking out the links... although I see they all look like affiliate links there may be something useful. I will be reading the fine print. Your "DiY Credit Repair" however looks like crap. You even say "hard inquiry alerts & ID theft protection" which is hardly "Repair" LOL... and a 2 week trial is useless for those services that are available for free.
Bernie Sanders has written up a bill to see if Trump will sign it assuming that Republicans allow it to make it through Congress and actually get to him. Bernie is going to write up bills for all of Trump’s campaign promises to get him and the Republicans to have to go on record to either enact them or not. Trump is already backpedaling on lowering the prices on groceries which he himself stated in his Time interview, that he won because of “the groceries”. Time will tell.
I can't stand these credit cards i put 2100.00 on my credit card last month i paid it on January 1st its the 11th today and i already got a notice too use it or loose it how can they do this
ummmmmmmmm, cap1 and discover already merged. think it was over a year ago. that whole segment is not even on point for dates much less touching on the 'having to learn a new interface'
If the FTC blocks the CapitalOne/Discover merger, they can sue the government, and have the courts allow the merger to go through. The courts will have the final say, not the FTC.
One commentator said that refusing credit to consumers protects consumers. Well, I think that outlawing the issuing of credit would protect financial companies from themselves. Wouldn't you agree? Let's protect everyone from themselves.
I was just looking and my credit card is not very far from the 1980's. My MC statement shows 18.49%. From a Jan 1983 NY Times article "Two years ago, the standard financing rate on most credit cards was 18 percent. Since then, annual charges on Mastercard and Visa accounts offered by most major banks have risen to 19.8 percent".
Stop using credit cards and stop taking out loans. Get your life straighten out. Save your money. Having less material things is better. Automobiles are a bad investment. Stop envying over a car. They're all pos at the end of the day.
Also I feel it is more secure. Although I had a restaurant change me double the actual bill and I fought it twice and the bank sided with the restaurant because it was he said she said. It didn’t matter even that this was outside what it should have been and outside my patterns. I learned that I could still be ripped off by an employee saying one thing and doing another. Never only get your receipts via email. Always get it in hand. Never been back to that restaurant and of course left nasty review stating exactly what happened. I was so angry I wanted to picket in front of the restaurant but thought better of it.
Bad news, cost have risen faster than wages... Some people go into credit card debt just to survive... But i guess you don't care unless it happens to you, and that says enough about you...
@@JiveBoogie Most people only know high wage earners with large credit card debt. Being below povery level while also carrying a balance would be brutal.
@victic2277 Yes, i agree that if you have left over money, you should be saving it! But not everyone has left over money, which means they either can't save, or worse, they have to use credit to survive. If we worked half as hard identifying the problem as we do ignoring it, it wouldn't cost people their lives...
It’s the results of bidenomics! People are forced to over extend themselves and find themselves deep in debt with very high interest rates stuck using the cards to survive. Thanks Brandon!
he he it's over. . Credit cards no want people without money, and people with money no want credit card, no compromise, reasons are very strong and proofed. so it's mean no more, ha ha adios to a lot of people leaving without any work
Higher standards, lower limits is actually protecting consumers from themselves. Let’s not pretend credit cards don’t have negative consequences when used improperly, many Americans financial situation is terrible because their misuse of credit cards.
I Agree, This is only a good thing for the consumers.
Right on!
Not saying you’re wrong but that’s definitely not the only issue. Another issue is their ridiculous percentage rates that they can change at any time.
Dave Ramsey would definitely agree.
No interest if paid off every month.
I'm glad the banks are setting higher standards for people to qualify for credit cards. There is just way too much credit card debt in this country. The easy money train has definitely come to a stop.
I don't have any. Talking to some people, they tell me they're paying almost 30 percent interest rate! It would be better not to have one, if you have to pay that much in interest!
If you don’t own a home, car, rent or even in certain jobs you absolutely do need it to build very good credit, just don’t be dumb. That’s why ppl on Reddit is flocking to creditcard subreddit for basic answers about credit card and your hearing more ppl asking about them
I grew up in a time when 90% of people could not qualify for a credit card.
The best way to appreciate credit is, not to use it to purchase liabilities. This is a guaranteed recipe for staying poor.
No credit card, no debt, ever
True, for those who can’t handle credit responsibly.
@@wturner777not necessarily,some people like to pay cash only,debit.
@@Albert-777 I’m one of those people as well. At the same time I would like to build my credit so I can have a better chance at buying a house. Though I’m being more responsible than I was before. I don’t use credit if I know I don’t have the cash already to pay off the balance. Also the key is to keep your credit utilization below 30%. And the LAST thing I’ll ever do is to rely on credit cards. I always have liquid cash for an emergency.
Pick your poison. Debt = leverage, which is part of wealth building, if you learn how to do it responsibly. I'd much rather have credit card debt which I can transfer to other cards with 0%/12-18mos interest balance transfer offers, than medical debt or home mortgage debt, where they can take your stuff if you fall significantly behind. Credit is not something to rely on, but something to use strategically to get more value for your money. And that's not even using cards for travel hacking, which is a whole other universe of low cost high value flights/hotels. Takes some homework, but it's def possible to learn this stuff.
@@wturner777 yeah, I get it.👍🏼
35.99% interest rate thay can keep there cards
If you are struggling getting approved, it may be a good idea to try collateral backed credit cards. Also, the interest rate doesn’t matter because it is always zero percent if paid on time.
Hahahaha 😂😂. Ok Then.
Don't you mean if entirely paid off at the end of the cycle? If you only pay a portion, you are still charged interest on the rest of the balance.
Ummmm, what? 😂
Well that is the way a credit card should be used. Always paid off to avoid interest. As a way to create a layer of protection from the money in your bank account. I would never use my debit card to pay for anything.
@@bigred9428Yes… only use the credit card for what you can pay for in total at the end of the month. Pay the full amount due at the end of every month, not just the minimum or anything less than the full amount. You won’t need to carry as much cash, you won’t pay any interest and your credit score will go up. Better credit scores will help with a wide variety of stuff because some businesses and landlords see it as you are trustworthy.
Wonderful and such an intelligent report! Having the cash set aside first before using them for purchases makes credit cards a safe choice with cash back benefits! Thank you!
Why do you worry about interest rate if you pay them off on time? The reason for stricter requirements to get a credit cards because people are drowning in credit card debts and has no way to them off.
Some people are using credit cards to deal with higher costs but their income has remain stagnant. Other people simply buy stuff they don't need.
@ the thing about credit card is that they don’t see the money coming out. They don’t feel anything, so they just spend and spend. Once the bill comes, it is too late.
@ , yep, they don’t have a way of keeping track of covering their cc spending. I use YNAB for my budgeting. It’s $115 per year, but it helps me keep track of all my spending and I can always cover my credit card charges because I don’t charge what I can’t pay for.
It would absolutely be a good thing if people who don’t have good money skills have less access to credit.
They will still be screwed yiu need credit for a lot of things now. If you avoid revolving credit then you are screwed. Just be more responsible
My wife and I have two credit cards. We are what is called by the credit card industry deadbeat cardholders. That is. For the last seven or eight years we've always paid our credit card off fully every month. It means we get all the convenience, we get the perks like flight miles or just playing a check at the end of the year, and yet we pay no interest. At all.
I have to admit that I would not be surprised if that eventually comes to an end. If that happened, I would become cash only, and places that don't accept cash would simply not get my business. And I'm at a phase in my life where nothing that I absolutely need s to be acquired from a business that doesn't take cash. Except maybe Amazon. 🤣
Way to go!
Your no deadbeat. The company still makes money on your usage.
@stevekovacs4093 yeah. That's a comical part. The businesses pay a fee. And that's good enough for me. 👍
Alot of businesses are pushing the fee for card usage on the customer by charging a 1%-3% fee at point of sale
@mjw710mjw8 what's kind of comical about that is it used to be that if you got caught doing that The card company would take away your ability to use their card for purchases. But actually support businesses right to do that. However. I only think they should have that right if they also allow you to pay with cash.
I have BOTH Capital One AND Discover cards (along with a card from Chase that directly competes with Discover) so the way the merger plays out will affect my credit card portfolio going into 2025.
same i also have discover & cap1
Same with me but I haven't used those cards in years.
In my opinion, I think we will not get any rate cuts until something financially or psychologically breaks in the market. I believe the fed is trying to give it's self room to act when it's appropriate to, however, wall street is trying to bully the fed into a corner. Wall street wants lower rates to boost market valuations at the cost of higher inflation for the average middle class consumer. As how unpopular my opinion may be, I think the market and the economy needs to go through a recession to reset everyones sky high expectations and fix the psychological around the inflation argument.for me Bitcoin is the ultimate defence against a tyrannical government.r.. I would like to thank Kerrie Farrell community for being my source of crypto education as I comfortably earned 12.7 BTC. So now I'm ready for New Year...
her full bio is on the web showcasing her expertise..
As a beginner, it's essential for you to have a mentor to keep you accountable.
I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service..
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
The fact that i got to learn and earn from her program is everything to me think about it, it's a win win for both ways..
Terrible companies like Synchrony will make you get yourself together and be more intentional and particular about your specific credit card choices real fast.
I paid for my roof and 2 air-conditioners via synchrony. What happened with your experience? I was so afraid of something going wrong with the zero interest that I paid both lines off 2 months before I would be charged interest on the whole thing. My experience was smooth and I was thankful for the 24 month no interest.
@@catpaladin1I pay my balance each month. I have never had a problem, either.
Signing up for 0% rates means that you need to be smart in pay it off before the hook gets you
Synchrony has some real issues. It takes Bank of America 13 days to be able to pay them electronically. I have no other credit card that is over 3 days most or two. I keep synchrony because the Verizon card gives me a significant discount and it is not really a problem for me to pay it 15 days in advance. In fact, I'll leave it on my calendar. They caught me several times when I tried to pay electronically from Bank of America and found out when I was paying a week ahead that it wouldn't make it there. But now that I've settled into a routine, it is okay. And it's not like I have a poor credit rating with a FICO well above 800
I cannot stand Capital One. I hope there is no merger.
Same. Hope the deal is blocked
Why? You don't have to do business with them now or later whether they merge with Discover or not. Who do you hope buys Discover?
@@Adiscretefirm My Discover card is my oldest card and I like Discover just the way it is. I do not want it to merge with Capital One. Capital One has bucketed me for some reason. I have Chase, AX, BOA, NFCU, TDBank, WF cards. Never been "bucketed" by them and have very good experiences will all of those banks. But Capital One is known to bucket customers. Never had a default or any issues on my credit history nor public records. Whatever Capital One is doing to me, it makes no sense to me and I want Discover to stay away from Capital One as it has a quirky reputation for unfairly bucketing customers. Once you're in that bucket, by every indication and by customer reviews, you can never climb out.
@Adiscretefirm I replied directly to your question but my answer was deleted. Hmmn, I guess someone didn't like my "bucketing" answer. And considering that Discover is my oldest card, then yes I do have to "do business with them" if they merge.
@sunlight4169 holding a free card you buy a coffee with once a year is hardly doing business and how much older is it than your second? If you're new to the game there isn't much difference between 3 and 4 years, if you have been around 13 and 16 isn't going to kill your scores
Capital 1 and Discover are the 4th and 6th biggest credit card issuers, but only the 9th and 27th biggest banks. I don't think they are going to have trouble getting approved for the merger and they will be barely larger than Chase in cards alone, this is nowhere near a monopoly
Just stumbled onto this video, enjoyed it, now subscribed. The information that is out there is awesome. I am glad you are sharing it and people are listening. it's time we consumers started understanding more and taking our power back.
If you miss payments I WOULDNT lend you a cent.
Trump said he wants credit card interest capped at 10% 🤡 hope he keeps his promises
Bernie Sanders has written up a bill for the Congress to approve and for Trump to sign into law. Now we will see if old Donald lied about that promise too. He has already started backpedaling about reducing prices on groceries.
@EarthBound6 no he didn't he said it won't be immediate because it takes a quarter for companies cost to come down. Maybe you don't understand how it works ?
Donald Trump’s promises about limiting credit card interest to 10% was an empty promise to get more votes. You will never hear Trump mention this again because he knows this will never happen and he will never mention this again.
No he said out of his own mouth that lowering groceries prices is harder than he thought and won’t be easy yet told no one what his plan is because he has no plan . I wish he would be unfortunately he won’t do anything.
@ all politicians and governments lie to voters. Donald Trump is a capitalist member of the bipartisan oligarchy that rule over Americans. Trump supporters are learning the hard way that they have no representation in congress or the presidency. Voters do not win elections, donors do. Take a look at Trump’s biggest donors because they will determine what Trump will accomplish during his term. American workers must end their infatuation with wealthy people and recognise them as their enemies and predators.
If you have sub prime credit educate yourself on how to fix your credit and make a game plan. Your life will become a lot better once you do
That's the video that we should watch
I have no credit at age 77. Bankrupted by a crooked judge in 2014. I have 3 squares and a roof over my head, a very senior dog, a semi-feral cat and life is great. The banksters stole half my retirement money in 2007-8. I laugh when my credit union offered free credit monitoring and my credit report complains I have the lowest score possible. I have money set aside for my burial. After 5 marriages and a lifing together with a lady I will be a man going it alone, MGTOW in action.
MGTOW, hmm. Try retirement in the Philippines. I have been here a decade and it is great.
Great video! Thank you Cal for excellent content. I’m a senior and you never stop learning I’ve seen the Klarna and chime and really didn’t understand what they were. I understand it now. Blessing and success for you and your family!
I will never pay a fee to have a card. Looking at you American Express. If Apple goes with Chase I dont know if I want that either. I will say that Chase will never get a fee payment from me. I had a business with WAMU that Chase took over. When Chase started charging for my account if irritated me. When they start increasing it I closed it.
The consumer can’t catch a break! 😢
Exactly 💯
Tariffs. War. Border. A break is about to be an unknown thing
The consumer will never get a break. Banks always win.
@ not if they don’t have any money. OUR MONEY 🙄
Right to Repair is a step in the direction of helping consumers have more of a leg to stand on.
My advice to any consumer is Always buy the buisness/commercial product. Consumer grade=crappy
Commercial/business grade=will work well and be a value...
I have several store cards that I used for big ticket items [dishwasher, wood chipper, ipad], paid them off quickly, a couple were zero interest. Only have a visa for online purchases and road trips that only has a low 1000.00 limit which keeps a low balance. Using cc’s for points or cash back is like thinking you can beat the house in Vegas. You're going to lose.
I can’t stand how these credit card companies lure people in too start rejecting them. I started closing my cards after I paid them off.
Clothing your cards messes up your credit history
@@davidbrooks8809 Exactly! Unused credit cards help your debt to income ratio (which actually increases your scores) and also helps establish your credit history.
NEVER close a credit card account. That is why I have 45 year credit history and a 800+ rating. Just use them wisely.
Don’t close a credit card that you have had for years . Buy gas every month and pay it off same month . The longer you have a credit card the higher your credit score . Close the card and your score drops .
@davidbrooks8809 wrong if you have to much available credit that hurts your score.
Thank you
People should commit to paying back their credit balances no matter what. If the credit card companies didn’t gouge the hell out of us with insane interest rates maybe folks would be more willing to pay back loans in full.
I can't watch the rest. The flashing you put in your video is giving me vertigo.
Thank you for the feedback
I think more people will start becoming more creative with financing larger purchases and projects and avoiding or at least limiting their use of credit.
Smartest thing I ever did was pay off CCs. It took years but I also paid off home and car. Finally at 67 I was able to retire. Stupidest thing I ever did was applying for a CC in my 20s.
We won't be using credit cards in the future. That is the biggest shake up.
Great video. Thanks
Yes, change is coming!
Im a huge hater of the capital one discover merger. Cause if u burned discover then u also by default are not gonna be eligible for capital one cards. So if u are trying to rebuild Goodluck cause those will be off the market for a decade or a lifetime
Remember, for every chime and klarna, there's a Yotta and Ugami. New Fintech companies are a GAMBLE. Just ask anyone that's banked with yotta since 2020. Be VERY careful where u put your money, and what cards u get.
What are consumer protections, pros and cons of using fintech credit cards⁉️
My daughter's mom is always talking to me about paying back her credit card debt, either she's a couple payments away from paying it off or she's just one payment from paying it off. Either way this has been going on for years that I've been knowing her. I've never had a credit card because I don't trust myself with them.
I see no evidence that consumers are being protected from these corporate consolidations. They don't want competition and could care less about the consumer. They just want your money.
The government needs to put an end to all of these monopolies.
Credit cards are good to use for travel insurance and 1 yr free upgrade on warranties bought with the card! Save all receipts.
In the 70's my parents had one and only used in emergencies. Also, you couldnt get a Sears card unless you had a house.
Love your videos. The sound effects are a bit too redundant and distracting. Other than that the production value is fantastic. 💜
Ok, I'll make sure they're lowered or off for future uploads. Thank you!
@calbarton thank you for you're amazing content! 💜
@@calbartonJust recently found your channel. Excellent informative content however I find the constant zooming in and out and flashing that occurs between scenes very distracting. Makes it hard to watch. It will be an interesting year for sure.
Ok noted ✅️. Thanks for the feedback.
@@calbarton
Is the GM rewards card being sold to another company if should I get rid of this card.
Got capital one?
Make one minimum payment and then they max your interest rate!
Could not finish video due to frequent flashing and clicking. FYI, it is likely too much for anyone with: migraine, autism, sensory issues, epilepsy, ptsd, or nervous system/visual disorders in general. Might increase your target audience without it? 🍀
I had to go back to see the flashing you mentioned. Strangely, I never noticed it the first time I watched it, but you are absolutely correct!
The flashing and clicking is annoying. I had to end the video early too.
I appreciate your good information but all the flashing lights and quick edits are triggering a migraine .
My Fico dropped 60 points just checking out of curiosity what borrowing money costs. They think I'm going to make a loan so they drop my score. My other scores went from 827 to 800. I paid zero in interest in 2024. Debt free.
Capital One just want to cut cost and have less competition.
25% rate is for high risk borrowers. Some large % won't pay it back.
So not true. The credit card companies have a monopoly on interest rates.
Why such loud back ground noise. And why be in such a hurry?
Spend what you can afford, period!
I've been rejected for a credit card recently, and now I know why! Those tighter standards are no joke. 😔
A lower credit line will make your score dip monthly when you use the card. Win for banks. They use lower scores as a reason to charge us more interest. Criminals.
I have both capital 1 and discover credit cards. I wonder how this merger will look
Folks let me tell you this for your own safety and to prevent at least half of the harm of Credit Cards.
USE SECURED CARDS. These cards require you to spend a certain amount of your up-front money so that when you're using the card, you are essentially just using at least some of the money you have pre-allocated to the cards. This is also seen as the more attractive option to the banks as well, as it means they only have to grant you a little additional credit with much less risk of default.
Subbed.
I got no debt other than my mortgage. 750 Experian, 790 TU and Eq. No damn bank wanks to drive me a credit card for the bonuses
Im not seeing the down side here. If you have lousy credit you should not be given credit or loans. Lower limits for mediocre credit protects the card holder from himself.
Credit ? Maybe the Gov Inc could teach us bout that! There all doing such a damn good job
Personally I like Capital One I'm not going to blame society for my misgivings😅😅
Been with capital one for 10 years now and they've been good to me as well. At the end of the day, we all have different experiences 🤷♂️
I love 💕 Capital one also they gave me a chance and I’m forever grateful 😊
Same, fam. Same.
I do not have one credit card. If I cannot pay for something in cash. Then I cannot afford it. Living beyond your mean with CCs.
I can see people walking away given the bullcrap interest rates and fees.
Video Timestamps:
0:00 - Predictions for credit card changes in 2025
1:06 - Rising credit card rejection rates explained
2:20 - New fintech credit cards entering the market
6:10 - Impact of Capital One and Discover merger
7:14 - Potential loss of travel points and deals
9:03 - Goldman Sachs selling Apple Card portfolio
10:31 - Chase may take over Apple Card
Sure hope they don't merge. I don’t like capital one either.
when you said some apple card holders will get pushed out .
is that mean that their accounts will be closed and made to either finished paying it off?
In the new economy we will not deal with credit...
Why would I want or need a credit card??😊
“Fresh” what does that mean?
A lot of good stuff thanks! I'll be checking out the links... although I see they all look like affiliate links there may be something useful. I will be reading the fine print.
Your "DiY Credit Repair" however looks like crap. You even say "hard inquiry alerts & ID theft protection" which is hardly "Repair" LOL... and a 2 week trial is useless for those services that are available for free.
Oh so we're going by your predictions okay😮😅
I thought Trump said he was going to limit c/c interest to 10%
Bernie Sanders has written up a bill to see if Trump will sign it assuming that Republicans allow it to make it through Congress and actually get to him. Bernie is going to write up bills for all of Trump’s campaign promises to get him and the Republicans to have to go on record to either enact them or not. Trump is already backpedaling on lowering the prices on groceries which he himself stated in his Time interview, that he won because of “the groceries”. Time will tell.
Trump is a Transactional fiend.............Who donates more money to Trump! You or the Credit card industry?
I can't stand these credit cards i put 2100.00 on my credit card last month i paid it on January 1st its the 11th today and i already got a notice too use it or loose it how can they do this
Comparing debt to income ratio Uncle Sam wouldn't qualify for a credit card.
ummmmmmmmm, cap1 and discover already merged. think it was over a year ago. that whole segment is not even on point for dates much less touching on the 'having to learn a new interface'
If the FTC blocks the CapitalOne/Discover merger, they can sue the government, and have the courts allow the merger to go through. The courts will have the final say, not the FTC.
One commentator said that refusing credit to consumers protects consumers.
Well, I think that outlawing the issuing of credit would protect financial companies from themselves. Wouldn't you agree? Let's protect everyone from themselves.
Interest rates are not record highs that is a lie.
Yes they are
@ LOL no they aren’t do you know what interest rates were in the late 70s and early 80s?
I was just looking and my credit card is not very far from the 1980's. My MC statement shows 18.49%. From a Jan 1983 NY Times article "Two years ago, the standard financing rate on most credit cards was 18 percent. Since then, annual charges on Mastercard and Visa accounts offered by most major banks have risen to 19.8 percent".
Nooooooo
Hi how long do think this will last?
This sound like a commercial that will eventually shed its reality and Rip you off.
Stop using credit cards and stop taking out loans. Get your life straighten out. Save your money. Having less material things is better. Automobiles are a bad investment. Stop envying over a car. They're all pos at the end of the day.
The credit card buy now and pay later is an addiction. Manage your expenses and your debt. Don't be a fool!
I don’t care about rewards. I don’t spend enough money. I use the Apple Card for its simplicity and lack of fees . Hope that doesn’t change
Also I feel it is more secure. Although I had a restaurant change me double the actual bill and I fought it twice and the bank sided with the restaurant because it was he said she said. It didn’t matter even that this was outside what it should have been and outside my patterns. I learned that I could still be ripped off by an employee saying one thing and doing another. Never only get your receipts via email. Always get it in hand. Never been back to that restaurant and of course left nasty review stating exactly what happened. I was so angry I wanted to picket in front of the restaurant but thought better of it.
4 years of bidenomics
I bet Apple will go with Capital One or AMEX.
You can get a lower interest rate from a loan shark.😂😂😂
I don’t chime and current will be as big as you say.
Both companies are Trash 🗑️😂
Stack your Sats and XRP
No capital 1 please. I know they’re all bad.
There loosing because they jacked up interest rates during an inflation crazy
Great news. People who can't control the spending should not get a credit card. Not given them, credit card is the best thing to do.
Bad news, cost have risen faster than wages... Some people go into credit card debt just to survive... But i guess you don't care unless it happens to you, and that says enough about you...
@@JiveBoogie gotta be responsible. Always have to have an emergency fund.
@@JiveBoogie Most people only know high wage earners with large credit card debt. Being below povery level while also carrying a balance would be brutal.
@antilogism yup...
@victic2277 Yes, i agree that if you have left over money, you should be saving it! But not everyone has left over money, which means they either can't save, or worse, they have to use credit to survive. If we worked half as hard identifying the problem as we do ignoring it, it wouldn't cost people their lives...
hey cal barton, it seems your selling another credit card product while trashing other products. sell sell sell bro
It’s the results of bidenomics! People are forced to over extend themselves and find themselves deep in debt with very high interest rates stuck using the cards to survive. Thanks Brandon!
I would much rather, it's borrowing money and get a twenty-four percent risk free returns on my money
It is I applied for ihg card got denied 3 times
Good thing I don't use credit cards
Credit cards are a huge scam. These Banksters are evil.
he he it's over. . Credit cards no want people without money, and people with money no want credit card, no compromise, reasons are very strong and proofed. so it's mean no more, ha ha adios to a lot of people leaving without any work
So Goldman is mad they couldn’t be predators on us ? Gtfoh
Yep that was exactly it. Apple was getting all the benefits.
@ but the Apple Card account helps you. Why was that a problem?