"If You Use Your Credit Cards, You Do Not Want to be Rich. - Mark Cuban
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- เผยแพร่เมื่อ 10 ธ.ค. 2022
- "If You Use Your Credit Cards, You Do Not Want to be Rich. - Mark Cuban
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I've used credit cards for 40 years and not once paid any interest.
I bet ur a brokie
Dang I payed 18 cents interest last month.
Are you rich though?
Your an exception not the rule
Smart 👍 Me too since I got my 1st credit card 2 ya
I use my credit cards for cash back, and I pay them off every month. Never once paid interest. Credit cards also help build credit.
This guy knows. It’ll save you as long as you aren’t stupid
@8th account ?
@8th account um, idk if what I said went over your head, but you clearly had an answer to your own question so I was allowing you to answer it. And based on your comment history, you have a habit of challenging everyone into an argument. And a side of narcissism.
@8th account I just noticed you asked another person the same question. Seems like you're having a hard time understanding how cash back works. Not hard to understand that when spending money, it's nice to get money back that you can redeem via check, gift card, or use to lower account balance. 🤣 🤣
Exactly, credit is a game. You need credit for the score but need to pay off for no late fee or interest and keep a low usage. Also, don’t just spend to get cash back, but cash back on day to day purchases is better then using cash or debit card.
I still think that using a credit card and paying it off right away is the best way to do it. Gas, groceries, general purchases, etc.. Just don’t buy things you can’t afford to pay off.
Ok now this is is what I’m looking for so when u say paying it off what do u mean like as soon as I purchase ay credit card I like pay it off to where I don’t owe any money cuz Ik they give u ay limit to spend im finna be 18 in ay few days so I wanna start right you feel me
@@ThtkidmariiWell yes you can pay it off that way, that’s basically what they explained in the video- pay off your card “and then burn it”
I love how the two versions of "financial advice to get rich" given on TH-cam shorts are "don't accrue debt" and "debt is how rich people get wealthy".
I like that Dave did both & can speak from experience.
God knows Cuban isn’t pulling out the debit card when the check gets delivered
You should use credit everyday for liability protection/build up credit, just buy what you can really afford. If your credit card is stolen, it’s easier to recoup than debit, as Frank Abagnale said once (ex-FBI consultant whose life story inspired “Catch me if you can”).
Two very wise men right here
@@chicagodoorstep there is a fine line between wise and dumb they are just lucky enough to be on the right side. One went bankrupt doing the same thing he got rich on and the other was so broke he couldn’t open a bank account. Sometimes wealthy people are wealthy because they were to stupid to quit that they finally hit the investment lottery and got rich. Not saying they both don’t deserve what they have but when you really look at self made wealthy people they take risks even when they can’t afford to and most people can’t do that.
A friend of mine used a GM credit card for EVERYTHING. Mortgage, utilities bill, food, gas, trips. But paid the monthly bill in full. He got enough points that GM gave him a free car!
I use my credit card as my debit card and its automatically paid.. It's really not that difficult
what is your credit score if you don't mind me asking?
Use a credit card but don’t carry a balance
Mark cuban uses Amex though… he says it in an interview where his credit card got declined for a 140k champagne purchase
Well, Mark Cuban is already rich
He’s talking about how to build wealth from 0. He’s already a. Billionaire. Having credit card debt for him probably isn’t an issue for someone who already has money
Yea but also you literally need credit for almost anything that you can’t afford to pay cash for like cars, mortgage and so on so this concept don’t make much sense from what I’m gathering unless your trying to get out of debt unless somebody wants to try to explain it differently
How to be wealthy the Mark cuban way: step one: build a website when there is no competitors in the market step 2:get rich Step 3:give bad advice online
😂😂😂😂
I use cc on basically every transaction. But pay off every month. And get all the benefits. The real key is not to buy things you can’t afford, unless it’s an asset.
For anyone bragging about how they always pay off their credit cards on time, you are a part of the vast minority and credit card companies know it. Mark Cuban is addressing the 95% of people who use credit cards as “free money”
Only 35% of people carry a balance on their credit cards. This is straight up bad advice for 50-65% of people, and not very good advice for many of the rest.
So many people playing “credit card bingo” in line at the stores.
Gives me anxiety and it’s not even my debt ! 😬😳
I use credit cards to pay for everything and I pay my credit cards off every month. And I get cash back benefits so yeah, credit cards are bad if you’re spending more than you can pay off before you accrue interest. And bonus, my debit card info is never out there.
Exactly.. Plus just don't having debt won't help you get rich.. Having all your Money in your bank isn't going to progress anything. Paying off your high interest debt is the first thing you should do.. But where do you put it after. That's what this video needs
You can get cash back and rewards from debit cards
Live within your own means!
Live below your means.
live below your means
I love how he just spoke a lot without actually saying anything, nice vid.
I've used credit cards for everything I can pay for. Never cash. If they want to pay me an extra 1-2% and give me much more detailed tracking of spending without the risk of using a debit card, I'm good with that. I never treat it as credit, though. Just delayed payment. 40 years without an interest payment.
When are we getting to see a full episode with Cuban ?
Looking forward for it....
This is an old episode. You should be able to find the complete segment on TH-cam :)
I’m 23, have used a credit card for 2 years, and have never accrued a single cent of interest. My credit card bill is typically between $1200 and $1500 each month, and I’ve gained over $1000 in cash back in the time I’ve used it. My credit score isn’t 800 yet, but it’s within ten points of it.
Credit cards aren’t for everybody, and especially if you have trouble making payments on time or managing your debt, but if you’re responsible I just can’t see the issue with having and using a credit card outside of general precautionary purposes
Net worth matters far more than a credit score. I have never used debt outside of my student loans, which I regret. I'm not from a rich family at all, but through budgeting, investing and saving, I have a good sized net worth. I move at the speed of cash
@@Mysticbladegod there’s a reason wealthy people use credit instead of cash for almost all major and most minor purchases. Cash purchases destroy your net worth. If you’re good with cash, you should have no problem making payments on time (without accruing interest) and capitalizing on lending out your cash monthly
Just use the card for normal purchases, get an effective 2-3% discount on everything, and pay it off in full. This ain't hard, folks. 39-years for me, never paid a penny in interest or fees. And I'm a multimillionaire.
I always use my credit card for everything I can, but I ALWAYS pay the full balance every month, so I don't pay a single penny in interest, yet I gain 3% on every purchase I do with it, so this is how you use your CC and make money off of it.
What cc pays you 3% cash back on all purchases?
I pay it off every month. I’m a little rich.
Pay it before your statement date and your life will be interest free.
Exactly, dude rich so he never cared about building credit
The more accurate statement would be "if you carry a balance on credit cards at any point, you do not want to be rich." Absolutely nothing wrong with using a credit card for everything as long as you pay on time and in full each month. As long as you never pay interest on a credit card, they're actually paying you to use it.
Three fingers is the superior bowing technique
Using credit cards responsibly the right way is fine. They need to specify that. Running a total every month and letting it roll over to pay interest is what they’re suggesting to be against. Using a credit card to protect yourself from fraud rather than using a debit card that you are likely not able to dispute fraudulent charges on is a great perk for credit cards. Also cash back and discounts associated with the credit cards, miles, all that other stuff. Just pay it off every month and you’re not an interest farm for the banks 👍
The problem is not the product, it’s the behaviour of the people using the product.
It’s like saying guns are bad and should not exist… Then good luck defending your country!
My credit card gave me $400 USD back last year in cash back rewards... I paid no interest. Its about using credit cards with discipline and responsibly.
I never have a balance.. i use it for points.
The best way to get wealthy is to earn points.
The top two rules for credit card use are: 1) Don't spend money you don't have. Budget your expenses. 2) Pay your credit cards off in full every month. Never carry a balance.
If you can't follow those rules, then don't have a credit card. Responsible credit card use allows you to get 2-10% more purchasing power out of the money you do spend.
Wrong
You should listen to a podcast called ‘The Fine Print’.
Episode 2: The True Cost of Credit Card Rewards
Episode 7: The Dirty Truth Behind Your Credit Score
@@KK-ce2hf I have listened to & commented on both of those episodes. George does a great job parroting the Ramsey Solutions Team's talking points about credit score & credit card rewards. They're intentionally misdirecting/lying about them because Mr Ramsey hates credit cards & banks. It's okay to have that mentality if you have the financial discipline of a five year old & can't use a credit card responsibly. If you do have a little financial discipline, credit cards and having a good credit score will allow you to have more with paying less compared to cash.
Funny. My rewards points to the tune of 2G a year say otherwise.
The key to using credit cards is to not carry a balance. Pay them off each month. If you can't do that responsibly, then listen to mark.
That’s what I’ve done for 40 years. Medical situation put me where I need credit, I don’t have any.
Got to love how not once did either even think to follow up with what they actually use to pay for business expenses, travel expenses, personal expenses etc. its like just don’t use them..ignore the fact that they also never clarify what they mean is don’t carry a balance that you then pay interest on.
I've had 2 credits for 6 years now. I'm 25. 0 cent paid in interest. Pay off every cent every month and there's really no down side. Just have a maximum amount you are comfortable witu. For me I try not to go over bills+ $500. My limit is over 10k but I utilize about 10% ish.
I make 5% cash back for things I’m going to buy anyways…. And not paid a single penny in interests.
Dumb comment!! Credit cards are great tools of convenience and are just fine as long as they are used responsibly and paid off every month!!
Best advice I ever heard
I pay off my cards in full every billing statement and I make money by using them. I have never paid interest on a credit card
I'm trying, I'm trying
Assuming I start making more money and eventually start a business one day, then my plan is to eventually get rid of cards. But until then, it pays for my gas and emergencies assuming I can float the expenses.
Got a credit card a month ago to boost my credit since my house is almost done! Need the best credit score possible… it’s went up to 760 from 730! & I’ve earned 55$ in cash back! & no interest. Paid balance in full
Bless up mark
Dirvk
One love.
Been using credit cards for years while enjoying the perks (air-miles, cash back, discounts) and have never paid interests.
Credit cards helped raise mine and my wife’s credit scores without ever carrying any balance.
It’s an extremely simply tool. Use it only for purchases you were going to make anyways, (groceries, gas, bills, etc) and pay it off weekly. Never use a credit card, unless you ALREADY have the money in your checking account.
Just managed to get my cell phone contract cancelled today and £570 cancellation fee waived. That now saves me an extra 80 a month which I will now use towards my credit debt.
15-20% ? I have excellent credit and every card I have ever had was 23-28% . Completely insane. Can’t believe I ever fell into that trap
He use his credit card, and it got denied for a bottle of champagne
Yea, that was pretty funny.
You can use your credit card, just don't keep a balance.
My favorite restaurant sells gift cards every year, a $100 gift card sells for $75.
Credit cards usually have an introductory bonus. I open a new credit card and buy gift cards and pay the card off immediately.
The last card I opened offered $350 if you spent $2000 on the card the first 2 months.
I spent $2025 buying gift cards and got 27 $100 gift cards and applied the $350 to immediately payoff the credit card.
I got $2700 in gift cards and it cost me $1675. I got over $1000 in free food.
I do this every year.
Oh, yes, just get out of debt. Why didn’t I think of that?
You would think it’s a simple statement but there’s a lot of dumb people who spend more money than they have in their bank account
I have never paid a penny on interest. I have 5 credit cards at age 23 and i have all paid off except my most recent one which I only owe $500 and never go over $1000 ever. I collect the rewards dollars when i sign up and use the 12 or 15 month free internet after that I pay off the card and only charge it $1.50 a month and pay it off immediately just to keep the card active. Best way to show good credit for a house or whatever.
I don't want to be "rich" I want to be wealthy basically get my house and land paid for and save some $ every year and work till I die. The thought of retiring gives me the fantods!
Amen amen and amen again
this clip is a great illustration of how rich != smart. everything i charge on my credit card costs 1.5% less.
No issues, I just applied for 2 more cards.
Now I will have 15 cards of them from 12 different banks
If you pay your statement balance at the end of the month you don’t pay interest and you get 1-5% rewards if you have a good card
For the average American this is good advice… people spend more than they have… but if you use your credit card and pay in full everytime it’s worth it. Racking up points, increasing credit score for free. If you would’ve spent something with your debit, just do the same with your credit and pay in full.
I've never paid interest but I have for sure cashed out on free hotels and airline tickets. You just got to use them right.
Amen to that
I like that line I only keep one card and I only put a small limit on it no need to raise the stake on my credit worthiness get my a** in gear .
Does the US not have the same consumer protection that we have in UK re purchases over £100 made in full or partly by credit card? Here we have section 75 which makes credit card company equally liable with goods or service provider in event of a problem.
I went on a trip recently and the airport would not take cash, the sporting event I went to would not take cash, the cabs would not take cash etc.... How do we get around the upcoming ESG /social credit system being implemented?
What if you pay off your credit cards on time every time and use the points for travel? I’ve booked multiple trips, rental cars, flights, etc with points and I’ve never paid a late fee/interest payment
What about velocity banking?
For two men who didn’t grow up in the era where you need a credit score >750 just to become a renter in most major urban areas I can see how they could think that.
I think it all depends on how an individual controls the usage of a credit card. You cannot rely on money all the time though...
There are tons of purchases i would never trust a debit card with!!!
I use them to pay for everything and I buy supplies for my customers and that adds up to a lot of points which payed for our 3 week maui vacation. They are great if you pay them off every month. They are bad if you make the minimum payment. If you don’t have the money to buy something than don’t buy it.
Use a debit card to get hacked at a gas station 😂
I agree.
I have 5 credit cards
Pay after it’s pending
Never pay interest
Plus I get loans against my own money and make money
Savings interest is 4.5 -5
My loan is only 3 percent
I make 1%
My interest pays all my bills
i know what they mean but if you know how to use them, they're very useful tools. I've had my credit card for a little over a year. I spend $0.12 on gas once a month, pay it off ASAP, and I have a 748 fico score at 19.
...get a credit card with cash back rewards, use it like a debit card but pay it off the same day. Don't spend any credit you can't pay off.
You can't get big loans without a credit score and you can easily gain a few hundred dollars of rewards every month.
Get out of debt. Stay out of debt. 👌
Meanwhile Cuban probably has a credit card with no limit and uses it all the time
Why would he do that when he obviously has a boatload of cash
Go back and find the video about when the Mavs won the championship he talks about using his card to buy a $20,000 bottle of champagne. So yeah he has one. I’d guess Centurian card from Amex
@@KingStreetBrody Using cash is a PITA- carrying around wads of paper. Using a cc is not only a moneysaver, it's more convenient as well.
@@libertarian4323 I didn’t mean literal cash lol I meant cash/debit
I use them and pay them off. Its free money. I bought a $1500 pc after about 2 years. Not ince have I paid interest or been late.
I thought Dave was Crazy for saying never use them. Then i listened to his callers..... Its siund advice. We are the exceptions to the rule. Most people apparently can't have credit cards.
I literally only use it to build credit. It’s basically my debit card I only use what I have.
Robert Kiyosaki’s rich dad has enter the chat!
yea he never cared to use them for their rewards. pay it off soon as you get the statement then you dont have to worry. i gain 400 a year in rewards using walmart credit card . Gain 5% on grocery online pick up, 3% on walmart gas.
These people do not agree with rich dad poor dad
I thought all these rich people talk about how Dept is wealth and it's a good thing to have it
Good luck getting approved for a mortgage without credit history, heck even landlords run credit reports before they let people rent there nowadays!
I just use it for gas, groceries, everyday things that we need, pay it off cash. It’s not that hard.
Wrong. Just pay off the balance in full every month. Buy only what you can afford, live within your means but always use your credit cards to purchase everything. Then pay off the full balance each month. That way your purchases are secured, you build up excellent credit and you never pay a single cent of interest. I am 54, have had credit cars for 40 years and have never paid 1 cent of interest. Not 1 cent.
except you cant build credit without them. my score was going down when I had one card. i opened 3 more and added 100 points. this is for people that cant use them responsibly.
Why do all these high-net-worth individuals have different mindsets? Some of them said that debt is not good but some of them said that debt is good.
I pay my 2 credit cards down to zero every month. I only have 2 because I can't get cash rewards with one for my one item that I buy.
Credit cards are a valuable tool when used very sparingly.
Man Cuban definitely not using a debit card lol
MY credit card cashback from my business pays for my entire monthly personal bills off of money I'm spending on my business.
It's just a big game gotta know how to play
How do you build credit then?
Pay off monthly your credit card if you can afford it OR JUST Pay CASH or use your debit card.
So does this mean if i don’t and have never had a credit card to just never get one?
Try to rent a car without one or get a hotel room. But get out of debt and pay off your credit card every month
Credit cards are the definition of middle class. If you had the cash you wouldn’t use it
75% of wealthy people say get out of debt and stay out of debt. What did they say about CC use or using credit to build wealth?
They got wealthy from earning airline miles and rewards points.
@@felixzayas8190 LOL
I only have 5% utilization on mine, everything is documented and managed. I don’t understand the issue with them? I guess it depends on the person and their bad habits.
So far my credit card has made me well over 15 K in rewards ( cash back ) easy. Yes I buy on credit for almost everything. It gives me 30 days to let my line of credit ( mortgage ) drop and when they calculate the interest on that the mortgage payment is lower because the cash was in the account. So I save there as well. I would like to get more info as to Why Mark says not to have credit cards. If you are well disciplined you make them work for you.
Says the man who uses his Amex to buy a bottle of champagne for 70k
Ramsey say's...... Even if you pay your credit card balance in full every month it doesn't matter cut then anyway because people that use credit card " tend " to over spend because they know they have a large limlt.... I personally use mine like cash...I don't over spend. I buy just what i need only and pay in full month over month ! You gotta use whats between your ears .... And it not wax !
I need help . I’m trying