Why I Don't Use Debit Cards
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- เผยแพร่เมื่อ 20 พ.ค. 2024
- In this video, I will share why I rarely use debit cards. We will discuss three primary payment methods: debit cards, credit cards, and cash.
Which one is best for you?
The answer is not “one size fits all”
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I am not a financial advisor. The ideas presented in this video are personal opinions and for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
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I sincerely appreciate it!
man how'd you know
@@NateOBrien am sorry
Which is best now a credit card or debit card??
Cause many of ma friends advice me to use debit card!!
I wanna marry him
since I subscribed,I have always given a thumb up on every vedio I have watched.
Living in France, it's not common for us to have a credit card. I only have a debit card, like most people here, and if I don't have money, I don't buy anything, simple.
I use cash 95% of the time , the other 5% I use my debit card for online purchases and for paying my bills
I deeply came across this trustworthy vendor i got my 2 cc from *Ericroboti* on telegram
Same in Russia. Banks usually offer a cashback with debit cards so it's a way better to have a debit card here rather than a credit card.
In Europe you use a creditcard when there is no other pay option. It's an extra thing like buying something on an American website you would use the creditcard. You have to pay at the end of each month what you bought with the creditcard, Thats how it works in my country
Exactly. Americans tend to live on borrowed money which is odd.
Hi everyone. I was quite hesitant to create this video because I do not want the message to become skewed. Please consider watching the full video before making a judgement as to which payment method fits you best. For a while, I considered telling everyone to avoid credit cards but the truth is I myself use credit cards to make the majority of purchases throughout my everyday life. I have never paid $0.01 in credit card interest.
My advice -
If you want to use a credit card, you MUST follow these simple rules:
Pay your entire credit card bill IN FULL every month. Never run a balance on your card. The day that you cannot afford to pay your credit card bill is the day that you need to cut it into pieces.
Track your spending by using a simple budget to ensure that your spending habits do not change. I track my budget on a monthly basis.
nice video i was the one who commented about graham and your credit card beliefs
This could make my life so much better
I just got a quetion about how you can send 30%of your money To an acount that you use just for Spending on inportant stuff
Its very true. Everyone's situation is different. And everyone needs to evaluate what works best for them. Thanks for sharing an honest perspective
And if you need help creating a budget and tracking expenses, there’s a bunch of free apps that you can use to link to your account. Like Mint for example, you can link your bank accounts, retirement accounts, and even investment accounts
I do exactly the same
Don't spend what you don't have, simple as that.
Why don't they teach it in school!
Couldn't say it any better!
Andrew Horstman exactly. What I’ve always done
how about mortgages, business/student loans ...?
@@kaaajeee those are investments in assets. Usually something you can sell for more than you originally bought it for or use it to make more money than the original investment.
Credit score is not something used in all countries though. In France, they determine if you are eligible to get a loan (e.g., to buy a house) based on the ratio between your salary, your expenses and your savings. Basically, if every month you 'burn' all your money, you're perceived as riskier than someone earning less but consistently making deposits to a saving account. I feel in the US people tend to buy things they don't need with money they don't have... The only times I feel one should need a credit is when buying 'big' things (house, car, etc.). Not for a TV. I’m 26 with over 800 credit score, time was put into that to build it up by COGNITIVEHACKS
I use both credit and debit.
In the grand scheme of things all a credit card is, is a monthly payment...a payment that if you pay off can make life easier for you in the long run.
As far as debit cards go, it’s the mindset of “I’d rather be broke than in debt” which I also respect.
I can't trust myself with a credit card and I'm way too scared to get into serious debt so I do debit cards that way it's my money and I'm in control I feel much better that way
Exactly
Your 100% correct
We can do a chargeback on debit card as well, it's the same process as credit card.
click click banks do reimburse you
click click what if you don’t like credit cards
I find that tracking my CC balance day to day gives me a clearer picture of my spending - watching my balance GO UP rather than watching my bank account GO DOWN has a different psychological effect and prevents me from unnecessary spending. Of course I also budget and pay my balance in full every month!
Budgeting is what creates financial success!
I only use debit, if I don't have the money here and now, then I'm not buying. Feels like too much pressure to get everything paid on a deadline
Mackland's Motors if you have a capital one card, you can set it to pay off automatically. This probably works with other cards. Works well if you’re collecting the rewards!
I deeply came across this trustworthy vendor i got my 2 cc from *Ericroboti* on telegram
Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
"I literally run balance sheets for myself. Is that weird? I don't know." I love this guy. Glad to have discovered you and your work Nate. Big inspiration to see someone younger doing so well and spreading good information.
Thank you Connor
I literally saw this comment exactly when he said that on the video 😂
I use a mix of credit cards and cash. It works well for still getting points/benefits but controlling the areas of spending where I struggle with overspending.
Dave Ramsey’s method is for people who struggle with self-discipline 100%!!! Thank you for the video !!
it's actually very sensible & I agree with it in the context he says it in. But for those of us that are more disciplined & risk-loving, credit cards are the way to go
Self-discipline is arguably the most important thing a human being can learn. Therefore I totally believe credit cards are the right way to go in the end, as long as you have developed some form of discipline beforehand
I have 34 credit cards, about 120 grand in total credit (on all cards combined) and I live on a 960 SSDI check. Here is the kikcer...my Dept on the cards I pay off every month and not once paid 1¢ interest in my whole life! Dave Ramsey is for people who can't grow up
100% CORRECT!
@@vacationboyvideos how did you start it off? I'm currently on ssdi as well.
You’re 100% right it’s not a one size fits all thing. Some people are in the unfortunate situation where they HAVE to use credit cards even though they carry debt. You definitely have to be responsible and very diligent to use the strategies your suggesting, otherwise you could get into some trouble. Great video Nate👍🏾
Ay, man. New to your channel. I'm definitely learning a lot. It's not flashy. Not over the top. You're straight up honest with how stuff works and how it doesn't. Love it. Keep it up
Thank you Eric
Eric Himmelheber wait til you see his yellow dividend shirt! You’re in for a treat!
Credit scores are just a form of federal control, so if you want to continue living a good life? it’s important to have a high score. My house and vehicles are paid off, I have one Visa card for all purchases, which gives me air miles, and I pay it off monthly, but my score bounces between 800 and 820 without changing any of my patterns, so it’s manipulated for some reason. COGNITIVEHACKS made it stay at that range and getting it up
I just have debit card. And I am fine with it. Credit card scare me when I heard people has debt of $30,000 or $40,000 due to using Credit card. Thanks but no thanks. It's a No-no for me on using credit card.
Same here. I've never had a security/fraud issue with my bank debit card.
Gary Hall exactly just be smart, to not give out personal information, I ave a debt card, it’s way better and it’s your money that you are spending.
Dave Ramsey has left the chat 😂
Chris Invests - Personal Finance Videos 😂
The kid has a lot to learn but he's got a great head on his shoulders and a promising future for sure
@@JCam151 So what is the problem with his advice? Seems pretty sensible to me.
He's an idiot
@@jessieurena7583 So stop watching him, then. Or don't, because your watches, even hateful ones, and comments, even nasty ones, help him out so....keep up the good work!
Important to note: a credit score might not be as important in your country as it is in others
Totally agree. I think they does not even exists in my country.
I use cash 95% of the time , the other 5% I use my debit card for online purchases and for paying my bills
Right, in the Netherlands you can only get point which you can use to "buy" discounts for stuff. It also has no influence in getting a mortgage but it does in the UK for example.
Good one. In many countries landlords won't even have access to their tenants' financial records like credit score. That's wayyy too intrusive
A credit score is some flawed American system.
Credit cards are fine, just pay them off every month, ain't rocket science.
Uh no, just only use zero percent cards, that way it doesn’t hurt to carry a balance :)
iv never understood why people pay of credit cards.
Optic500 pay off? Because the interest rates are high. Unless they’re zero percent cards, it’s really dumb to carry high interest balances.
MrGiggity890 yeah but then you rack up debt which you have to eventually pay off duhhhh 🤦🏼♂️🤦🏼♂️
Elgan Powell wut
I love how you approached this topic by mentioning differing opinions.
Great advice and you explain everything in a very concise manner, no financial mumbo jumbo! Thank you this was very informative and enjoyable. You got yourself a new subscriber...best YT recommendation!
Credit is basically ALWAYS the best way to go.
That is... if you can control your spending! Great video Nate!
The only problem: 90% of people can't control their spending... (Not the viewers of this channel though!)
It all comes down to self-awareness!!!
I’m on Graham’s side, I never use a debt card and very rarely use cash anymore. But to make it work you must always pay off the statement balance in full at the end of the month and make the connection in your mind that if you use a credit card you must have the money to pay for what you buy.
Great video. kudos on laying down the pros and cons of both sides: Using a debit card or a credit card, against not using one or the other. There are definitely benefits and liabilities on how you ise them, you just have to find your balance.
I stumbled across your TH-cam channel a couple of days ago and have learned a lot. I'm 60 years old, make a decent living, but have never, ever, bothered to track my daily spending. This past weekend, I created a spreadsheet and tracked my spending habits from the past six months and was shocked at how much money I frivolously spend on Starbucks, Amazon, and entertainment. So thank you for opening my eyes and helping me be more financially aware. BTW: I love your channel's content.
I like hearing all the point of views of a subject. Thanks.
Thanks Adam
I haven't used a debit card for purchases apart from my barber and rent in about 5years. I do credit card always and pay them off at the end of the month, A credit line of 15,000 and use about 1000 a month.
This is the first video I saw from you and at the end of it I liked and subscribed.
We want and NEED more videos like this! Big, big like! Good Job Brother!
Your advice has assisted me greatly, thanks Nate!
I love using debit card but sometimes when you don’t use your money in the but they say it overdraft protection.
Went *cashless and debitless* for the past couple of years and it's been great. Taking full advantage of credit card sign-up bonuses, the protection against fraudulent activity and upping my credit score!
Just be careful! Good luck
Isn’t it just one signup bonus per credt card? How are you taking advantage of “bonuses”? do you have multiple?
@@joelmiller2601 yes that's right, one bonus per card. In the span of one year you can obtain multiple cards easily (with good credit)
I read the first sentence and thought you'd say you grew your own food 😂
Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
You're so smart! i honestly don't like the concept of credit cards, my family had a bad history of it, but you change that perspective for me, great video!!!
Shai keep looking for knowledge and you'll soon be in the position that will make you financially free!!
Always love your videos . So educational!!!
Damn why he have to come for Art History majors like that 😂💀
Great advice Nate! We have a business podcast located in Sacramento, if you are ever in the area we would love to have you as a guest!
I've been using mainly credit cards since discovering your channel. Helped me so much as I just started working. You are amazing. Don't let any mean comments tell you otherwise.
Thank you Beth. Comments like yours convince me to keep making videos
Amazing insights into the usage persona. Great work.
Using cash I feel more my expenses and I don't do dumb purchases💪
Same here. Can't just swipe.
You are a smart person. Keep it up. You totally get it.
I use that method when I am trying to save up or purchase something I do not need!
@@KrazyVideoChick That means you're using your Debit card which is pretty much like cash
This is a great idea as it can definitely feel more difficult to hand over the cash as opposed to swiping a card.
I definitely say use a credit card if you can manage your money effectively and efficiently. Don't be irresponsible and go into credit card debt. It is completely unavoidable and up to the specific person's choices! Great video.
The key is to keep a budget
Excellent video! Your view of credit cards is very balanced and level headed. Credit cards are very dangerous, but they do have some benefits too. I agree that having a credit card should depend on your financial situation and ability to handle it responsibly.
For the first time after about a year I fully understand how credit/debit cards work i had to subscribe🔥
Have used credit a credit card since its inception (I was actual living BC {before credit cards}) and I use the points exclusively for air fares. 💵 💵 💵 💵 💵
Ken! You are the man! Appreciate the comment. Cards have really come a long way over the years
Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
Can you make a video on credit card bonuses ? I consider myself a responsible credit card owner and I love love to hear your tips !
What company do you use? You can always talk to them of the benefits that comes with it
Love your videos Nate. Very helpful. What about the data aspect of this whole situation. Every time you use a debit or credit card, your purchases are being tracked. Not to be super paranoid, but I think there are plenty of your viewers who would agree that this is not cool. Cash looks more attractive to me after knowing about my data information.
Good points on debit and credit card use.
Credit card= stay under 6% utilization or 10 % of the total amount on the card you be good
*GREAT VIDEO NATE* Don’t let Dave Ramsey know you made this video, LOL! There are definitely benefits to using a credit card vs. a debit card, but the real important thing you MUST DO is have a budget and make sure that your budget ALWAYS WINS. That is what I teach on my own channel. Do this and you will win. GREAT VIDEO NATE! 😎👍🏻
Budgeting is key
Nate O'Brien yep! If you don’t budget, you will lose with BOTH DEBIT and CREDIT! 👌
So helpful and thank you!
Much love from India 😄
I switched to using my credit card to help raise my credit score, thanks for the insight!
Debit Cards are an easy way for someone to get direct access to your checking accnt
Nah. Not with chip and pin. Oh wait, US doesn't really have those yet... damn
@@katielo.8451 sike I just got my debbit and it has pin and chip were converting to it slowly but surely
There is no money in my account so :)
Sure, if you don't have a pincode. Which everyone has in Europe. Even pinless purchases have relatively low maximums.
@@katielo.8451 We do, It can still get compromised lmfao
At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month,It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by COGNITIVEHACKS lol, i didn't made it myself
Hey Nate, what is the voice mic clip you use? Is it an amazon purchase?
I actually liked this someone who finally encourages debit cards if thats more suitable simply. Thank you for also explaining the con of a debit card.
I've never had any issues using a credit, I use it in emergency situations and to reap the rewards benefits.
Using plastic definitely causes me to spend more though because cost becomes a nonissue. Not much, but maybe a couple snacks/eating out here and there
Not an expert but you probably wanna save up your emergency fund instead of using the credit card as your emergency fund. 17% interest ain't no joke.
@@clvn9ja I definitely agree about the emergency fund, but I haven't had any issues using it so far. It's basically like a debit card (to me) with no over draft fees, just gotta get down to $0 before the next billing cycle.
The way I see it, I might as well get extra money for all my regular purchases if I can
For me I personally try to put as much on my credit card for the points and building credit, but since I only have a $1,000 limit I only go up to 200-300 dollars per month on it and the rest is debit card. I want to get to the point where I have enough credit to put all my monthly expenses on it.
Why only $200-$300 if you have a $1000 limit?
Great tips Chris!
@@lotto5742 If you use less of the credit available you are showing the cc company/banks that you can deal with credit responsibly and not use it all up. That is what I am doing to build credit. It is called credit utilization ratio and it is good to have it below 30%.
you can pay your cc more than once a month
Pay it off multiple times a month...
that is a lot learned! thank you Nate!
Not sure if companies still do this, but I have a credit card through my auto/renters insurance that's connected to a CD. It's essentially a "beginner's card" to either start building credit or fixing credit. I think the minimum on the CD was $250, so I was just using it for gas and Netflix because that was a nice small amount to pay off in full each month. I've been able to build up my credit score and became comfortable opening up another card with a very high limit (that I've never hit, at the most I've only used an eighth of the amount for a car repair). The I usually cash in the reward points and put the money in either my savings or checking account.
One of the best decisions I ever made was to cut up the credit cards. With a credit card it felt like i had all this money at my disposal but with a debit card I know i don't. Now every purchase I make is thought about more carefully before buying.
Exactly 💯
I paid off debt following Dave Ramsey but also use my credit card for the cash back reward. Imagine spending $700 and getting $7 back as opposed to using your debit card and getting nothing. I do pay mine off almost immediately if not before I make the purchase with the credit card.
You pay the credit card at the same time you use it?
There are plenty of no fee 2% cards. You could easily be getting $14 back actually or even more.
Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny COGNITIVEHACKS to my friends and people I know regarding any credit situations
Your points are valid but a lot of people including myself get carried away with credit cards and can't pay back on time and get themselves into loads of debt
VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but COGNITIVEHACKS info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well
I literally have a credit card solely i just use it only for emergency times situation but only to buy things that i need practically, well thank you nate for this video, really learned a lot from this, hope other guys out there learned from this too 🤗
Never stop making these vids plsss
I won’t
5:37 that's why there's 3d verification and you can freeze your card from your phone
Spot on Nate!!!
Hey Nate! I want to know how you create your background?
I’m using credit cards primarily right now to leverage my credit score so I can scale my Ecom business
trufiend138 Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
I do use credit cards of grocery stores. At the end of the month I get cash back and can use it for more food.
I find this so helpful and your channel is truly life changing!! 🙌
Thank you David!
Hi Chris, I think an analogy to explain my thoughts would be that a square is a rectangle but a rectangle may not always be a square... The point that I wanted to make is that it's perfectly fine for anyone to use a debit card regardless of their financial situation. Many wealthy people use debit cards. There is nothing wrong with it! My point was that credit cards should really only be used by people who are proactive in regards to their finances.
Nate O'Brien yes I definitely got that message from your video. I'm starting to become proactive with finances but it's definitely a journey! And I feel like I need your channel for that support since most of my friends like to spend lol
Love the video Nate! Dave Ramsey deals with totally irresponsible people who are in serious debt with credit cards. Kinda makes him look like he hates them, but I did see a video where he was teaching fiscal responsibility and said, make sure you have the cash backing you to pay off large balances in order to avoid interest. Keep up the good work!
when you are single: you don't need a debt card guys. use credit card
when you finally grow up and become a mature man with wife and kids: cut off your credit cards and look for financial independence and never let anyone tell you how you should live your financial life (regarding companies like visa, master card, american express and so on)
Credit cards dont dictate your life at all. In fact, credit cards give you more financial freedom as they allow you to leverage your money
If it has a loan, it’s not your money
@@YESHAYA_ duh, thats obvious. Just use someone else's money to make your OWN money. Its like asking your neighbor if you can borrow their screwdriver, using it to fix your own things, then giving it back
Visa and MasterCard don’t lend anyone any money. They are not banks. American Express is a charge card if you don’t pay they close your account. Not a bank either. You clearly don’t know much about credit cards.
@@angeljaimes9703 I don't think most of the average population knows how to "leverage" their money.....or even understand the concept at all which is why credit cards are a time bomb in their hands.
And the interest rates credit card charges.......unless u are some kind of small business that pay off ur debts on time every month.
Thanks for the video. I would probably use much more frequently a credit card if I lived in the US. In Europe “credit score” does not mean anything.
Thanks for all the info. I can and always pay off my credit card each month since I dont put allot of credit items on the card. Plus I dont buy something with my credit card if I dont have the money in the bank to pay it off end of each month. So I am using it kind of like a Debit card just that it is a delayed payment each month.
When i go to get groceries, gas, or out to eat, I always use cash or checks. I have never used a Debit card since I am writing checks when I shop. Same goes with my credit card even though it is better protected, I usually dont carry my credit card out when shopping to also possibly prevent scammers from getting the card number and information.
If I do get bonus points or a little cash back is kind of a small bonus using my credit card. All in all this has worked out for me quite well.
I use cash when paying up front.
I use my credit card when paying online.
I use my debit card only when I need emergency cash from my bank atm.
Always keep your credit/debit card in an RFID blocking sleeve.
Art History dig had me dying
You know it’s true
@@NateOBrien Hey man, one of my friends got a BA in art history and makes mid six-figures
My dude deserves WAYYYY more subs!! Let’s get him to 1M!!
Done
Great Video! I have always loved to learn about finances and I enjoy to listen to someone like you even if you are half my age. 👍🏼👍🏼👍🏼
Keep up the great work!
Thank you Luiso!
Thank you a lot for your suggestions and tips to save money. I'm struggling with small amount of income. I don't have kids, debts either so I'd like to know or suggest one video topic. How to increase save or even make more money aside your income or financial habits tips
i stopped using cash after getting robbed for the third time.
I also started conceal carry after, but better safe than sorry. If someone steals my debit card, i can cancel it before they are able to use. Cant cancel cash...
As for credit cards...havent had one of those since i had three of them change their supposedly fixed interest without notifying me, going from 18.99% interest, to 22.66, 25.99, and the worst one, 29.99% interest...
I trust Congress more than i trust credit card companies these days...
I like your thinking wolfy
Only old ppl and criminals use cash
@@speedrunsandmemes not quite true, i still refer using cash to pay my electric and cable bills, because getting double and triple charged for 1 month, and then spending 4 months fighting to get the wrongly taken money back is a pain in the ASS.
Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
Thanks! Really enjoyed this!
Happy to hear it!
You did Dave Ramsey! That makes me so happy!!
I had $20,000 in credit card debt 13 years ago because I was buying things I didn’t need. I saw it as money and not borrowed money. After that I swore off credit cards for quite a bit of time and just got a reward credit card again last year. Credit cards are the way to go if you’re financially responsible. I use my credit card for bills/groceries/etc basically everything I would use my debit card for anyway and I get rewards. I do pay my card off twice a month and keep it current. I also do have an emergency fund so I can pay back my credit card when they come up.
Hi Grace,
I think credit cards are something that people should avoid until they have a solid grasp on their finances. I’m glad to see that you are going in the right direction
Good job Grace. There's no need to pay it off twice a month though. Just wait until the statement is cut or pay it off by the due date. You just have to track it once a month. If you want to keep paying twice a month, that's fine...but, there's no need to. Once a month is fine.
cjack202003 I put a lot on the card so I prefer to pay every payday vs one huge payment. Also I have a joint checking account with my husband so I don’t have to worry about the money being spent. I also have scheduled my mortgage payments where I pay 1/2 the payment every payday. It makes our finances worry-free for us.
Might follow what you did Grace👍 but where do you deposit your emergency fund? And how can you transfer to pay off your credit card?
@@jojo-fj7lw I have a savings account for my emergency fund. To pay my credit card I just transfer it directly from my checking account.
Nate, It is amazing how much you know at your young age. I am 62 years old and when I was your age I had no clue about what you are talking about in this video. I off course have over the years learned the lessons that you are trying to teach in this video. I hope that young people pay attention to the message you are delivering in this video. I suspect that you will be very successful in your finances in the years to come. Great video, thank you for putting it out!
Omg what kind of credit card are u using to get a free flight??? I’ve been using this same credit card for about 3 years now (only one I’ve ever had & I only use it to build my credit & get cash back,.. never paid a penny in interest either) and they only give me 3% cash back on gas or groceries or something else ... I would love to know which one is good in getting flights or better cash back deals !! 🤨 I’m so interested.
I loved that you mentioned graham :D I love his videos
Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
I have debit card with 1% cashback and it's awesome. Also I can choose up to 3 categories with increased cashback. So I prefer using debit card.
Same here.
Nate, can you make a video of how to take advantage of credit cards? like to getting miles? THANKS
I will do this! Stay tuned
@Dream FI Thanks for taking the time to explain this. I just want to know the tricks some people do to outsmart the Credit Card companies / Banks. I happen to love the feeling of not being fooled or tricked by those companies.
Marisol Mena they're a scam, don't bother
You should look up Graham Stephan he talks about his process!
Look up Graham Stephan’s channel and Ask Sebby-he goes into detail on how to maximize credit cards rewards/points for travel and always advises not to carry a balance!
If I wanted to cancel my bank of America credit card in order to get a better one, would it affect my credit score? Or should I just not use it at all, and only use the new one? ( also will that affect my score from cancelling or not using the old credit card?)
Exactly my point of view on this topic. I would add - it is trickier to do my budget with credit cards because I have to make sure to apply spending in the correct months and pay them off timely, regardless of when it is due. I use credit cards in all of the big purchases that I have to spend and pay it off within 1-2 weeks and definitely within that month I budget that expense for. I still use debit card for restaurant and groceries because it’s easy to blow my budget on it
right on, bro! unless the business establishment only accepts cash, i RARELY pay with cash ever since i was old enough to get my own credit card/debit card. and now that i exercise more control with my spending habits and live below my means, i use a rewards-based credit card to pay for everything, and then pay off the balance every month to avoid interest changes. never carry a balance!
I havent used a credit card in years & i still have a high credit score.
Your so right !
Nate, what do you think about Chinese non-wallet WeChat/Alipay system?
P.S. thank you for this video!
Taking a credit card out early set me up for credit usage later. I get about $800 back a year from cash back now.
Great to hear!
@@NateOBrien good video! Don't be scared to let everyone know the best way to do something. I point out that if they can't manage it, then it might not be for them, but that it is the most optimal way to use the resources at our disposal.
@@will-financialliteracy-fin9369 which credit cards would you recommend, mate?
Cheers;)
@@roricarr so the two best ones I have right now are both from AMEX but I don't think I can link them without getting flagged for spam. I just need to hurry up and make my cash back video I guess...
Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
can we get an apartment tour please 🙏 , but besides that nice video
It’s coming! I ha e a few more things to set up
Nate O'Brien yessss
He is living in a closet. What is there to see?
@@speedrunsandmemes part of being a minimalist
There is one time I was very glad I had a debit card, and that is when I set up my online banking on a new laptop. Chase wanted to use my debit card number and track it with my phone number, and voila, I was all set up on the new device. However, I have since moved, have a new phone number, an I have no idea how Chase will react to my new situation, (I doubt Chase will react positively to any of my life changes), but I no longer need a debit card. Not worth the risks. I would appreciate your insight. Thanks.
Awesome young man!
“Cash diet” lol
You say exactly what my parents told me
Someone posted this guy *@Darkjacob* on *telegram* yesterday and I tried him he is real..thank you very much for this help full information about the credit card & Debit Card with high balance thanks bro 💯
You forgot to mention if somebody steals your debt card and wants get cash out they’re gonna need a PIN number to do so even if they go to that bank, the teller asks for information that only you would know. At least that’s how my bank works.
The could still use it for online payments