Im 23, I have been using credit cards for about 1.5 years. Never paid any extra fees. Always payed full amount due. I prepay my bill to get my credit utilization ratio down to 10%. Goal is to get to 800+ credit score.
i agree, and also people are getting exploited by these financing systems since they end up paying huge money in interests . We need to awaken ourselves against this capitalistic ecosystem working against us.
I have been using a credit card for the past 11 years and haven't paid any extra fees. The rule is when you are purchasing a product the amount should be in your Bank then the purchase can be done CC
Why not use the debit card then? Doesn’t it fundamentally ensure this fact? (I’m genuinely curious why someone would want to use Credit Card over Debit Card)
@@me-heer if you use your credit card and pay the bills on time, your credit score will increase which leads to lower interest rates on your home loans, car loans etc. even a 0.5% lower interest rate results in 10s and thousands in savings... you'll also get some benefits say for ex : pts accumulation that gives free plane tickets etc. also like mentioned in the video, free airport lounge access, even cashbacks on some websites Flipkart/Amazon or in petrol bunks... But a thumb rule is as mentioned in the original comment... Don't spend what you don't have in your savings/current account using a credit card and you'll be good :)
@@me-heerThe interest you earn in the period of credit card cycle from your savings account is the key. It's not much but it definitely adds up as a positive.
Requesting a clear video on how to file a complaint to RBI or any other body if the proper authorities are refusing to close the credit card. Its a harrasment at its worst. Pls guide with your videos. Great work 😊
@@MillionDollarShow Wrong, even though people have cash in bank's saving account, people think using cash from credit card will give them 50 days of free credit which is wrong. If one is aware of hefty withdrawal fees, then I guess it's wise to use the cash from bank.
@@MillionDollarShowthe problem is with the charges assigned with the credit card withdrawal. PS. You don't need cash in bank account to withdraw from credit card. "Credit card"
The first thing/s I do when I get a credit card is *disabling ATM usage*, creating a calendar entry to notify me about due date and enabling auto-pay (if the card is issued by the bank where I have an existing savings account).
1. CC Cashback shud be from 1 to 5+% 2. All payments from CC, ensure to reach the annual spend to avoid annual charge. 3. Multiple cards for different payment platforms 4. Track every 2 weeks 5. Do not exceed my monthly cashflow 6. Negotiate charges, if any 7. Always TAD, no MAD 8. Do not go for EMI, unless with additional offer more than Interest free + processing fee, you lose Cashback for EMIs
Wait what ? Is this annual charge is related to annual spendings? Means if, I don't purchase anything with my cards then I have to pay charge or it's just a annual charge that companies take. Plz clarify
@@pavanmani3103 Some credit cards offer an annual fee waiver if you reach a specific yearly transaction threshold, that's what he is referring to. Let's say the threshold is 2 lakhs. So, if you spend 2 lakhs in a year, your annual charges will be waived
@@pavanmani3103 If you spend a minimum amount during the year, no charges will be charged. If you spend less than that amount, prescribed annual fee will be charged.
if You dont spend any amount with credit card then also you have to pay annual charge and if you spend more than the required cc condition amount like some cc have condition if you spend more than 2 lakh in a year with credit card then you dont have to pay the annual charge otherwise you have to pay if you dont spend or you spend less then the required condition amount given by cc @@pavanmani3103
I am using Credit Card since last 8 years and never paid a single Rs as charge or interest...Rules I follow 1) I do not spend the Money which I don't have. 2) I always pay the full amount before the due date. 3) I never withdraw cash from ATM using Credit Card. 4) I always try my best to keep utilization under 30 percent except any medical emergencies. That's how I built a very good Credit Score and increased the Credit limit more than 15 times than the first limit given 😊
I would love to listen to more of this series. Although I see many of my colleagues and friends using it, and they get pretty good cash back, I have never wanted to use one cause I had seen my dad. And deep down, I HATE CC. I despise it. No matter what and where I prefer using my own money. But recently, I am curious to understand how these work and the darkness in them. And the dark patterns. So, I would really love to hear more from you! Cheers :D
i have been using 10 credit cards since 3yrs now, have a monthly spend at an average of 1.5-2 lakhs and have not paid any charges apart from emi processing fee for no cost EMI only.
I am receiving my credit card tomorrow 😂🎉 . Three days back i said yes to the Diwali offer after denying multiple times earlier. Don't worry I'm gonna spend it wisely and read the brochure ❤ thanks zing
I would suggest checking if that leads to your reported limit getting reduced or not, I once did this with my ICICI bank credit card and they reported the reduced limit as the total limit in my statement. So just check it what they have reported to bureau as the total limit and utilization. I personally use onescore for this, you can also directly just check your report from bureau.
I use the credit card like a debit card, I immediately pay the bill back. I use the credit card for the cashbacks and rewards and to build a credit history. And when I am offered a credit card I only take it if it's LTF, because my spending is not that much to warrant paid credit cards.
I am making money 💰 out of cc because i don’t necessarily need a cc. I can pretty much buy anything via my debit card. I agreed to take cc only when i had a written confirmation from bank that it would be lifetime free,no min annual spends to waive off annual fee. Now i use it to buy free movie tickets,regularly use airport lounges and redeem points as real money in my account. Moral of the story-take credit cards only when it benefits you,not the bank 🏦
simple rules- Have the cash in your bank atleast equal to what your credit card limits are ( combined). Do not buy anything till your any previous emi is not over. Last but not least, always take "life time free cards, with no joining fee"
Good video and a great initiative by Team Zerodha.... I just loved the expression on participants faces when they learn about the charges / interest etc.... I am sure the video will help lots of people....
I have card fror last 4 years. Paid full always. Also I use like I have my sal account I make budget and start spending. When I spend and amount I spend I move that to my other account which I say as Credit card cash ac. So I do most spending via cc then debit card but mostly when cash is there somewhere. Also i track my expenses since I was in 10 and now its been 10 years now so I write down every thing and manage my expenses. 😂
As a personal finance enthusiast. I have 14 Credit Cards right now. Credit Utilisation under 1%, application for the 15th and 16th Cards is in progress, lol.
Ive never had a credit card and never will take one. I only buy things I can afford. And if I desperately need something expensive I'll save and buy the newer model when I have the amount.
I have a few questions, - say my credit limit is 50k, how much should I use my credit card? - Ideally when is the best time to pay my credit card bill? right after it is issued? - Is there things like, don't use it at an atm, things like that I should remember?
so you should not spend more than 15Kper month , when statement is generated between 1-15 days you should pay the bill . dont spend the amount that you dont have in your bank account to pay the bill
I have more then 10 ccs for more than 6 years. Mostly are without yearly fees. Few principles i keep in mind- Always make total due payment Only purchase things you would have purchased if you didn't owned cc Keep track of best offered cashbacks and offers If you have financial control then go for a cc else DON'T.
Im 30, I have been using credit cards for about 6 years. Never paid any extra fees. Always payed full amount due. My Credit Score is 800+ because my utilization is always in 30-40% range.
Credit card is good , if the amount due is paid on time as it enables to build credit limit, gets access to cashback, and other offers. lifetime free credit cards are best for salaried employees. But for small business for whom running credit is absolutely necessary credit is also helpful. At end of day, discipline is the key word for cc usage.
How to close a credit card account? Getting a CC is easy but closing a CC is very difficult. If there is some education content on that it would be helpful.
It is generally cheaper to buy anything on credit than cash these days especially seeing that even entry level cards offer 1% cashback! Might not be a lot but you will save at least 1% on EVERY transaction, that adds up over time. If you are good at controlling your spends and have enough backup cash to clear dues, you absolutely should get a card.
I have over 7 Credit Cards. I dont spend a lot. All of them are LTF. I also use them like debit cards , basically I instantly payback after using it. And avoid EMI's at all cost.
I withdrew the small cash amount from CC once and got charged for that the next billing cycle even after paying entire due amount. I raised a verbal complaint with the bank and then they waived it off. If I haven't noticed then it could have been months till they kept charging the fees. GST is charged on emi's which doesn't make sense and many doesn't notice.
Thanks for the video, what about these, No cost EMI CARDS, surcharge waiver, lounge access, rewards, cash back..... those fancy stuffs are real or trap?
i have one CREDIT CARD. NO EMI. NO Minimum Due thing. Credit Utilisation ratio around 25%. i track my credit score every month. i track all my expenses. No other loans. just using wisely.😊
Hi, your content is so good, remeber that South Indians and non Hindi speakers are also watching this... Even other country people also... Why not?? So please avoid using Hindi, (sometimes it is one full sentence), So that your content is delivered fully to the targets...
There are 2 types of people, ones who are financially responsible, and the others who aren't. Credit card users who jump into it without understanding what the credit card company is getting out of you , are the some ones who fall for nfts and cryptos
Axis atlas Spend 7.5L get 50-60k air miles. Enough for a Delhi Paris return ticket or 10-15 domestic flight tickets. Airport concierge, luxury taxi, and lounge access
2:10 I wasn't aware that I used to address a regular person as he. Which implies a man. It's better to use "they/them" instead of he. I saw this happening in this video as well. Maybe we can get it fixed in the next video. But overall great content, thanks 👍
Before taking credit card need to know full details how to use how to avoid interest and charges and use credit card only for rewards on purchases. Then it will be good
“Making the minimum payment is simply not worth it. You keep getting charged interest for the entire balance due.” Do you have a source for this claim? It sounds ridiculous if true. No other debt works this way. It’s called amortization for a reason, you’re killing the debt over time.
I have been using my credit card since 20 years, have not paid a single penny of extra interest till date. My credit card is free for lifetime and I use it when it is necessarily required or if I get some offer on that which is not applicable on my debit card. 😊 I like to remain free of debts no matter how much I earn I have a decipline.
At 05:18, I had one doubt: how did you increase your credit limit to 3.1 lakhs? I asked my bank, which is HDFC Bank, but they didn't listen at all. My credit score is 757. What should I do?
@@Zero1byZerodha ye pratik sir bhot bhari Bande hain.....abhi kuchh dino pehle inke personal YT Channel PR ka video dekha ....quite well researched and well delivered content tha .....I subscribed instantly.....but thought 🤔 he deserves more🙃.....Then I insisted Kamath brothers to hire him😁...but seriously this is such a great and much needed content,🙏😊..thanks team zerodha and Prateek sir
Its pretty sad ppl are not so financial literate, we are born to do mistakes, but our literacy helps us to limit and move ahead. No schools offer this financial literacy from begining, also ppl are addicted to their cards like crazy, life gets so dull for my cousins if they have to restrict themselves for their lifestyle expenses Also the content u made is super, keep it up guyz!!
All schools teach basic finance topics... people don't study and don't care, forget in sometime.. From interest calculation, profit /loss, inflation everything is taught in school... its your job to use that knowledge
3 credit cards, combined limit of over a million rupees. No default payment in last 9 years. 800+ credit score. In my opinion, credit card should only be used to manage cash flows & opportunity costs. Never use credit card for things/experiences beyond your means.
Make a video on ULIPs & traditional life insurance policies & traps. Commission given to agents & banks cross selling their products specially ULIPs when people apply for personal loan in SBI.
I pay my cc bill on every 1st month If my billing date is 5th, i pay on 1st,if my billing date is on 10th i pay on 1st ,by doing this i have increased my CIBIL score and always track my expense and always set one thing in mind that use credit card like debit card
Indian education system doesn't teach all this until and unless u r in that particular field, please make a nice online course so that everyone can understand all this, especially to students who are just getting graduated (The Gen-z kids)!!!
I have around 8 credit cards with around 10 lakh credit limit combined. What I spend? I usually use UPI. Credit cards only when required and most of the time pay it back as soon as I get the monthly bill on email. NO EMIs
Look who is talking.. Zerodha founder say 99% trade investors lose money comparing bank fds. Cred app helps in credit card payment deadlines. Thoughts about losing money in trading?
One factually incorrect point in the video. The interest is levied only on the outstanding balance (starting PDD+3) if the due is not paid by the Payment Due Date (PDD). It is to be noted that Interest on Cash withdrawals starts to get levied the moment you withdraw cash. This was implemented last year by all credit card issuers as part of RBI MDC implementation.
Hi, thanks for these awesome videos. I watch all of them and loving it. Please also have some informative videos on Index funds and other videos on Term insurance and health insurance beyond office provided insurance.
Before making a transaction using credit card, ask yourself whether you can pay the same amt using debit card. If the answer is yes, go ahead, else dont.
Im 23, I have been using credit cards for about 1.5 years. Never paid any extra fees. Always payed full amount due. I prepay my bill to get my credit utilization ratio down to 10%. Goal is to get to 800+ credit score.
Bro whats ur current credit score I am following the same method by the way
Does it really help, i pay the full amount every month but I do it at the last date @edwarddcosta7819 @@ABHISHEKLAHA-b5t
Is There is certain time to pay and get some extra credit and points?
In my bank app I don't see any bill generated. How can I pay the full amount due before hand?
@@Anu-hs2kuwhich bank app?
The issue is we are moving from saving culture to over spending culture
Thanks to western cultures 🥲
i agree, and also people are getting exploited by these financing systems since they end up paying huge money in interests . We need to awaken ourselves against this capitalistic ecosystem working against us.
Damn true 😞
Ft. The Americanization of India which is happing at a scary pace across all aspects.
It's all in our hands only, whether we choose to spend the money or save it.
I have been using a credit card for the past 11 years and haven't paid any extra fees. The rule is when you are purchasing a product the amount should be in your Bank then the purchase can be done CC
Me too.
Why not use the debit card then? Doesn’t it fundamentally ensure this fact? (I’m genuinely curious why someone would want to use Credit Card over Debit Card)
@@me-heer if you use your credit card and pay the bills on time, your credit score will increase which leads to lower interest rates on your home loans, car loans etc. even a 0.5% lower interest rate results in 10s and thousands in savings... you'll also get some benefits say for ex : pts accumulation that gives free plane tickets etc. also like mentioned in the video, free airport lounge access, even cashbacks on some websites Flipkart/Amazon or in petrol bunks... But a thumb rule is as mentioned in the original comment... Don't spend what you don't have in your savings/current account using a credit card and you'll be good :)
because for the same amount of spendings you are getting more rewards and benefits.@@me-heer
@@me-heerThe interest you earn in the period of credit card cycle from your savings account is the key. It's not much but it definitely adds up as a positive.
Requesting a clear video on how to file a complaint to RBI or any other body if the proper authorities are refusing to close the credit card. Its a harrasment at its worst. Pls guide with your videos. Great work 😊
RULE #1 - Never do cash withdrawals using credit card, instead use your own cash from the bank account.
💯💯
Nobody would withdraw from credit card unless they have a cash in Bank account.
Or if they were on a phone call and instead of a debit card they used their credit card at the ATM, accidentally @@MillionDollarShow
@@MillionDollarShow Wrong, even though people have cash in bank's saving account, people think using cash from credit card will give them 50 days of free credit which is wrong. If one is aware of hefty withdrawal fees, then I guess it's wise to use the cash from bank.
@@MillionDollarShowthe problem is with the charges assigned with the credit card withdrawal. PS. You don't need cash in bank account to withdraw from credit card. "Credit card"
Would Love To See DE-influence Online Coaches with No Experience Selling Bogus Courses!
Yes 👍
Yes
It’s definitely on the cards. I feel like the sole purpose of this channel is to diplomatically troll these Furus. 😂
ahemmm-sharan-ahemmmm!!
I am literally addicted to this channel. Thanks for all the personal finance videos!
The first thing/s I do when I get a credit card is *disabling ATM usage*, creating a calendar entry to notify me about due date and enabling auto-pay (if the card is issued by the bank where I have an existing savings account).
Amazing 🔥
me too
+1 to this always disable atm feature
You can enable autopay without having an account in the same bank, as well.
That's one is a perfect credit cards secret video! Minimum due repayment is eye opening for me. ❤ Thanks zing.
Any time! :)
1. CC Cashback shud be from 1 to 5+%
2. All payments from CC, ensure to reach the annual spend to avoid annual charge.
3. Multiple cards for different payment platforms
4. Track every 2 weeks
5. Do not exceed my monthly cashflow
6. Negotiate charges, if any
7. Always TAD, no MAD
8. Do not go for EMI, unless with additional offer more than Interest free + processing fee, you lose Cashback for EMIs
1. Don't get a credit card. Have a simpler life.
Wait what ? Is this annual charge is related to annual spendings? Means if, I don't purchase anything with my cards then I have to pay charge or it's just a annual charge that companies take. Plz clarify
@@pavanmani3103 Some credit cards offer an annual fee waiver if you reach a specific yearly transaction threshold, that's what he is referring to.
Let's say the threshold is 2 lakhs. So, if you spend 2 lakhs in a year, your annual charges will be waived
@@pavanmani3103 If you spend a minimum amount during the year, no charges will be charged. If you spend less than that amount, prescribed annual fee will be charged.
if You dont spend any amount with credit card then also you have to pay annual charge and if you spend more than the required cc condition amount like some cc have condition if you spend more than 2 lakh in a year with credit card then you dont have to pay the annual charge otherwise you have to pay if you dont spend or you spend less then the required condition amount given by cc @@pavanmani3103
why there is no ad in your channel. that feels a premium.
Facts everyone understands after getting stuck into credit card debt… amazing video!
I am using Credit Card since last 8 years and never paid a single Rs as charge or interest...Rules I follow
1) I do not spend the Money which I don't have.
2) I always pay the full amount before the due date.
3) I never withdraw cash from ATM using Credit Card.
4) I always try my best to keep utilization under 30 percent except any medical emergencies.
That's how I built a very good Credit Score and increased the Credit limit more than 15 times than the first limit given 😊
Topic request: It would be amazing, if you could teach how to research a stock/company to for non-business people like me.
Great suggestion! noted
+1. This is the only reason I never tried stocks. Only SIP for me.
You done a great job on this topic.
Please keep going in the same manner with the same energy.
When you are solo, the light behind your ears makes them glow.
Oh wow, this pay minimum due amount is really a scam by bank. Interesting video.
Exactly My Friend!
I would love to listen to more of this series. Although I see many of my colleagues and friends using it, and they get pretty good cash back, I have never wanted to use one cause I had seen my dad. And deep down, I HATE CC. I despise it. No matter what and where I prefer using my own money. But recently, I am curious to understand how these work and the darkness in them. And the dark patterns. So, I would really love to hear more from you! Cheers :D
Lot of people do not know exact usage and falling in debt trap so I like telling them all pros and cons to being awareness.
i have been using 10 credit cards since 3yrs now, have a monthly spend at an average of 1.5-2 lakhs and have not paid any charges apart from emi processing fee for no cost EMI only.
I am receiving my credit card tomorrow 😂🎉
.
Three days back i said yes to the Diwali offer after denying multiple times earlier. Don't worry I'm gonna spend it wisely and read the brochure ❤ thanks zing
Still I feel it creates a bad habit and it spirals
Just using CC as a replacement for Cash/UPI
Locked my utilisation to 30% of the credit limit for good!
I would suggest checking if that leads to your reported limit getting reduced or not, I once did this with my ICICI bank credit card and they reported the reduced limit as the total limit in my statement. So just check it what they have reported to bureau as the total limit and utilization. I personally use onescore for this, you can also directly just check your report from bureau.
I use the credit card like a debit card, I immediately pay the bill back. I use the credit card for the cashbacks and rewards and to build a credit history. And when I am offered a credit card I only take it if it's LTF, because my spending is not that much to warrant paid credit cards.
I am making money 💰 out of cc because i don’t necessarily need a cc. I can pretty much buy anything via my debit card. I agreed to take cc only when i had a written confirmation from bank that it would be lifetime free,no min annual spends to waive off annual fee. Now i use it to buy free movie tickets,regularly use airport lounges and redeem points as real money in my account. Moral of the story-take credit cards only when it benefits you,not the bank 🏦
simple rules-
Have the cash in your bank atleast equal to what your credit card limits are ( combined).
Do not buy anything till your any previous emi is not over.
Last but not least, always take "life time free cards, with no joining fee"
Good video and a great initiative by Team Zerodha.... I just loved the expression on participants faces when they learn about the charges / interest etc.... I am sure the video will help lots of people....
Credit Card Good habits
-Always pay in full
-Keep the credit card utilization under 30%
- Never use it for ATM cash withdrawals
Nice!
Amazing content & good awareness for using credit cards
I have card fror last 4 years. Paid full always. Also I use like I have my sal account I make budget and start spending. When I spend and amount I spend I move that to my other account which I say as Credit card cash ac. So I do most spending via cc then debit card but mostly when cash is there somewhere. Also i track my expenses since I was in 10 and now its been 10 years now so I write down every thing and manage my expenses. 😂
This is Superb Man. The format, ideas to express points.
As a personal finance enthusiast. I have 14 Credit Cards right now. Credit Utilisation under 1%, application for the 15th and 16th Cards is in progress, lol.
Thanx Prateek Sir! It gave me clarity on Credit Cards!
That's true.
It's very difficult nowadays to manage my 19 credit cards.
19????!!!
😮
@@Zero1byZerodha yes sir!
I am a card collector
Find me on LinkedIn and DM me would love to hear your story. Prateek Singh
Can you tell the cards name
Ive never had a credit card and never will take one. I only buy things I can afford. And if I desperately need something expensive I'll save and buy the newer model when I have the amount.
I have a few questions,
- say my credit limit is 50k, how much should I use my credit card?
- Ideally when is the best time to pay my credit card bill? right after it is issued?
- Is there things like, don't use it at an atm, things like that I should remember?
so you should not spend more than 15Kper month , when statement is generated between 1-15 days you should pay the bill . dont spend the amount that you dont have in your bank account to pay the bill
I have more then 10 ccs for more than 6 years. Mostly are without yearly fees. Few principles i keep in mind-
Always make total due payment
Only purchase things you would have purchased if you didn't owned cc
Keep track of best offered cashbacks and offers
If you have financial control then go for a cc else DON'T.
Im 30, I have been using credit cards for about 6 years. Never paid any extra fees. Always payed full amount due. My Credit Score is 800+ because my utilization is always in 30-40% range.
Excellent 👌
Credit card is good , if the amount due is paid on time as it enables to build credit limit, gets access to cashback, and other offers. lifetime free credit cards are best for salaried employees. But for small business for whom running credit is absolutely necessary credit is also helpful. At end of day, discipline is the key word for cc usage.
How to close a credit card account? Getting a CC is easy but closing a CC is very difficult. If there is some education content on that it would be helpful.
Does blocking your credit card not close the account?
@@amritborah2773 does that impact Credit Score?
It is generally cheaper to buy anything on credit than cash these days especially seeing that even entry level cards offer 1% cashback! Might not be a lot but you will save at least 1% on EVERY transaction, that adds up over time. If you are good at controlling your spends and have enough backup cash to clear dues, you absolutely should get a card.
Makes sense, for the disciplined and unleveraged credit cards give good advantages.
I have over 7 Credit Cards. I dont spend a lot. All of them are LTF. I also use them like debit cards , basically I instantly payback after using it. And avoid EMI's at all cost.
I withdrew the small cash amount from CC once and got charged for that the next billing cycle even after paying entire due amount. I raised a verbal complaint with the bank and then they waived it off. If I haven't noticed then it could have been months till they kept charging the fees.
GST is charged on emi's which doesn't make sense and many doesn't notice.
Thanks for the video, what about these, No cost EMI CARDS, surcharge waiver, lounge access, rewards, cash back..... those fancy stuffs are real or trap?
Who edit these videos, He is brilliant,
I like these kinds of short and crisp videos. Keep rocking guys
More to come! 🙌
The real finance influencers ❤
Thank you for this information
ICICI amazon credit card is good. No annual charges. I always pay the full bill amount before due date. Not paid any charges since last 7 years.
like this series so far
"you get bread points" got me! 🤣😆
😬😬 don’t know what you are talking about
i have one CREDIT CARD.
NO EMI.
NO Minimum Due thing.
Credit Utilisation ratio around 25%.
i track my credit score every month.
i track all my expenses.
No other loans.
just using wisely.😊
You scared the shit out of the first guy.
PS - Great content, please continue these kinda videos.
Hi, your content is so good, remeber that South Indians and non Hindi speakers are also watching this... Even other country people also... Why not?? So please avoid using Hindi, (sometimes it is one full sentence), So that your content is delivered fully to the targets...
IPO investing would make a nice topic
Indeed! Coming up soon
rural & tier 3 people understand how money works much better than metro and urban people, sir
There are 2 types of people, ones who are financially responsible, and the others who aren't.
Credit card users who jump into it without understanding what the credit card company is getting out of you , are the some ones who fall for nfts and cryptos
Absolutely commendable guys 👍👍🙏🕉🌻
Thanks for watching! :)
I think credit cards should carry stationary warning like cigarettes
What do you all suggest 🙂🙏🕉🌻👍
Axis atlas
Spend 7.5L get 50-60k air miles.
Enough for a Delhi Paris return ticket or 10-15 domestic flight tickets.
Airport concierge, luxury taxi, and lounge access
Wow that’s crazy
You forgot to mention, now even non-salaried people or students can get a credit card from top tier banks and this is more scarier 1:43
So true, so scary
@@Zero1byZerodha Btw loved the on point content, it’s so crisp and clear. Great insights in less time. 🎉
2:10 I wasn't aware that I used to address a regular person as he. Which implies a man. It's better to use "they/them" instead of he.
I saw this happening in this video as well. Maybe we can get it fixed in the next video.
But overall great content, thanks 👍
Before taking credit card need to know full details how to use how to avoid interest and charges and use credit card only for rewards on purchases. Then it will be good
Amazing video!
“Making the minimum payment is simply not worth it. You keep getting charged interest for the entire balance due.” Do you have a source for this claim? It sounds ridiculous if true. No other debt works this way. It’s called amortization for a reason, you’re killing the debt over time.
I have been using my credit card since 20 years, have not paid a single penny of extra interest till date. My credit card is free for lifetime and I use it when it is necessarily required or if I get some offer on that which is not applicable on my debit card. 😊 I like to remain free of debts no matter how much I earn I have a decipline.
Excellent! Proud of you
Which life timefree card have you been using for 20 years?
@@matthewgibson6261 ICICI platinum 👍
Great content guys. Way to go
I don't have a Credit Card yet, But if I were to choose I'd go for American Express Black Card 🙃
At 05:18, I had one doubt: how did you increase your credit limit to 3.1 lakhs? I asked my bank, which is HDFC Bank, but they didn't listen at all. My credit score is 757. What should I do?
I plan my finance 2 months ahead. I think I'm all good.
Yup, that’s the way to go!
I have a credit card and mostly use it for my software/app subscriptions like Adobe, Spotify etc. But again managing
Good going Jagdish!
Nice video keep up the good work
one card suits me.. the charges are just too lower compared to other credit cards, not to mention it's my first ever credit card.
Using Credit card now for 11 years! Never paid extra unknowingly!
Just Imagine How you Guys are making such Good videos , Kudos to team and pratik !!!!
Thank you so much 😀
@@Zero1byZerodha ye pratik sir bhot bhari Bande hain.....abhi kuchh dino pehle inke personal YT Channel PR ka video dekha ....quite well researched and well delivered content tha .....I subscribed instantly.....but thought 🤔 he deserves more🙃.....Then I insisted Kamath brothers to hire him😁...but seriously this is such a great and much needed content,🙏😊..thanks team zerodha and Prateek sir
I experienced all things recently and closing all my cards
Someone rightly said- Don't Buy anything on credit card that you can't buy using your debit card.
Please make a video about transaction charges and tax in F&O and how much impact it can put on your profit.
Its pretty sad ppl are not so financial literate, we are born to do mistakes, but our literacy helps us to limit and move ahead. No schools offer this financial literacy from begining, also ppl are addicted to their cards like crazy, life gets so dull for my cousins if they have to restrict themselves for their lifestyle expenses
Also the content u made is super, keep it up guyz!!
All schools teach basic finance topics... people don't study and don't care, forget in sometime..
From interest calculation, profit /loss, inflation everything is taught in school... its your job to use that knowledge
3 credit cards, combined limit of over a million rupees. No default payment in last 9 years. 800+ credit score.
In my opinion, credit card should only be used to manage cash flows & opportunity costs. Never use credit card for things/experiences beyond your means.
Would be great if you are coming with health insurance topic
Make a video on ULIPs & traditional life insurance policies & traps. Commission given to agents & banks cross selling their products specially ULIPs when people apply for personal loan in SBI.
Nice suggestion. Noted!
For some reasons my bank decided to give a credit card when I was a student.. when I had no fixed source of income..
I have 15 credit card. 14 are ltf
Didn't use them all
Only use one or two cards monthly with approx 2500-3000 total amount.
Please make a video some of the terminologies in stock market
I pay my cc bill on every 1st month
If my billing date is 5th, i pay on 1st,if my billing date is on 10th i pay on 1st ,by doing this i have increased my CIBIL score and always track my expense and always set one thing in mind that use credit card like debit card
How is that better than paying it on the due date for increasing the CIBIL score?
What if the due date is the 30th?
@@meghanaabhyankar9151 Always pay on the billing date and make sure that you use your maximum limit of 30%
Indian education system doesn't teach all this until and unless u r in that particular field, please make a nice online course so that everyone can understand all this, especially to students who are just getting graduated (The Gen-z kids)!!!
I have around 8 credit cards with around 10 lakh credit limit combined. What I spend? I usually use UPI. Credit cards only when required and most of the time pay it back as soon as I get the monthly bill on email. NO EMIs
That’s the way to go, kudos!
Look who is talking.. Zerodha founder say 99% trade investors lose money comparing bank fds. Cred app helps in credit card payment deadlines. Thoughts about losing money in trading?
Valuable information
Awesome content❤
One factually incorrect point in the video. The interest is levied only on the outstanding balance (starting PDD+3) if the due is not paid by the Payment Due Date (PDD). It is to be noted that Interest on Cash withdrawals starts to get levied the moment you withdraw cash. This was implemented last year by all credit card issuers as part of RBI MDC implementation.
Thank you bringing this up Rohit! Hope you liked the rest of the video and other episodes released :)
Idfcfirst bank CC don't levy Interest on cash withdrawal when you withdraw, till due date
great videos ..pleas make a video how to manage home loan
That’s a great suggestion! Have put it in the brainstorm sheet will discuss with the team next week :)
I disabled ATM withdrawal on my credit card . Also put limit for each type of transaction.. no tap to pay
Hi, thanks for these awesome videos. I watch all of them and loving it. Please also have some informative videos on Index funds and other videos on Term insurance and health insurance beyond office provided insurance.
Please explain about option trade
If I can't pay with my debit card, I won't buy it.
Credit card 💳 ❌ nai nai
Before making a transaction using credit card, ask yourself whether you can pay the same amt using debit card. If the answer is yes, go ahead, else dont.
How to track expenses? Which apps can track UPI payments and create category wise charts?
I have moneyback but need something that has good cashback on online and offline spends
Finally, I got my answer
make a video about tracking expenses every
month