My friend said "wow you have over $50k in credit available with all your cards". I told him exactly what you said "It wouldn't matter if I had $1 million in credit available, I wouldn't spend $1 more because I'd still have to pay it back". He couldn't understand this simple concept. Unreal.
You hit the nail on the head!!!!! We have people 30 plus years old/older that don't understand this concept. A sad example. My sister who is poor at managing money and don't take care of her car/cars in the past. Got my moms to co-sign for a car some 5 years ago. Somewhere between the second on third year on the payments. She(my sister) was late 60 days two different times. I just happened to LOOK AT MY MOMS CREDIT REPORT!!!! A car can be repoed at 60 days late. And I didn't include the late fees and charges my moms paid, because the car was in her name.
I love your first point Sebby! I didn't even delve back into credit cards until 1) I proved to myself that I can stick to a cash budget 2) Have my FICO increase to at least 695 3)Have a solid history of payments, whether utilities, rent, student loans, etc. Then I waited. And, voila, Chase offered me the Freedom. I followed your videos and within 2 months my credit score increased 16 points! Thank you Sebby!
Really liked this video, my #1 rule is don’t charge it unless you can pay your statement in full when it comes in. Years ago I called Amex and told them I had a CD coming due in 15 days and I was going to buy a new TBird convertible. I prepared them for a $35k charge. When I went to the car dealer and negotiated the deal, I handed him my Amex card. He obviously thought it would be declined so when the charge was okayed, he immediately dropped the price by $750 and allowed me to pay $2000 down and the balance in 15 days.
Basics: know your billing cycles, track sign up bonus minimum spends, think beyond Chase 5/24, diversify at least with Amex+UR, have a clear redemption in mind and constantly evaluate the options with your points for that ultimate goal.
My parents own 3 homes till this day they don't have a single credit card and refuse to get one. I in the other hand love the game! I have managed to ear many rewards with out paying any interest! I pay my cards off every single month! I also only spend what i can pay off and don't buy anything unnecessary!
This video is so on point! Some people just lack basic knowledge to know how to manage credit cards and they don't have initiative to research and understand how credit cards could work to their benefit.
Same thing with my girlfriend, she saw how much credit I have and said she wanted one to pay all her bills. Then I told her will you pay it back with your next paycheck then she gave me the confused look.
I'd say another one is to not succumb to peer pressure and sales pitches. Basically, don't get a certain card just because somebody cool has it, or others are talking about how great of a card it is. Think about what makes sense for you as an individual.
Complete your spend for the sign up bonus within two months or less (avoid the full 3 month allowance) AND verify completion by calling the credit card bank. There is no excuse to miss out on a bonus because you thought you had more time. Of course knowing what NECESSARY expenses you're going to use to complete your sign bonus on helps a lot, you should be running around trying to find spend opportunities. Those are the lessons, I've learned over the years...lol.
I have reached a plateau in my credit score. It was increasing steadily and now just stuck at around 760. A lot of my friends don't habe or use credit cards, while i have 5 cards. When I told this to them, they were shocked
Omg hit me hard right off the bat with #1. My friend was telling me she has no credit and I told her to get a secured card I SWEAR I COMPLETLY EXPLAINED EVERYTHING LIKE PAY IT OFF IN FULL!!! She got a card, maxed it out in 2 weeks buying stuff she didnt need (only $300 but still it's her only line), and she doesnt have the money to pay it back 🤣 I hecked up hard
Related to being organized, and having basic financial sense: have your monthly budget worked out. For me, this means having an app like mint or some system to keep track of monthly spending without much effort.
@Ask Sebby knowing what card to use when. After seeing how alike they are I had the dread of my spouse going to get groceries on an Amex blue preferred and pulling out an Amex cash magnet instead.
@@wagnerwong9966 Getting an EIN, basically seperate business and personal entities. Then apply for business line of credit applications and then take advantage of something like D&B. It sounds to simple on paper so I thought I'd ask.
Awesome video Seb. I like what you touched on about speaking with others about credit. I don't discuss it at all with my friends and family as they have absolutely no interest. What I do find on these TH-cam channels, online forums, and even some Vloggers is that they browbeat folks into the realm that they may not have as much interest in as we do. If a person wants to know and you choose to help, then educate but I see on these online forums a lot where a personal is totally comfortable with say a CapOne QuickSilver or a Double Cash, and even lately Citi (with the diminished benefits) being told how foolish they are for chasing cash back rather than points...they try to intimidate them by saying points are worth more without explaining that points are no where as simple as cash back even if you can derive more value from them. And just flat out tell them they're stupid for being with Citi. Respect a persons decision. If you have an opinion, that's fine, we all have one...but don't try to intimidate someone into doing something just because you find value in it. You nailed it with that one Seb because lots of folks do it as if it's their mission in life to set a the the reward compass true north for everyone they encounter.
Also, Sebby I managed to get the amex gold card and the magnet card as a student 😄 i’ll be getting all my bonuses through mandatory payments. If I upgrade to get the platinum, I should be getting my bonus as well. Based on what I’ve remembered. 6 cards and currently 3% UR
I love the content! Just got approved for the CSP as my third card with less than 6 months of credit history! Although my payment record is perfect and I guess they liked a few more things in my application. I would be interested if maybe you did a video going over what card issuers like to see for the high end cards. I'm actually a little surprised by the approval of my application just because most of the card channels all seem to be in agreement that Chase is quite hard to get approved for their high end cards but maybe I just read too much into it. Anyways thanks Sebby! Never would've been able to maximixe my spend without you!
I would also add keep the award hacking and CC churn techniques a secret. The fewer people that join/get referred to rewards cards, the fewer points devaluations there will be
Hey Sebby do you mind making a video comparing a secure card to a student card? Im a college student and I am not sure what to choose for my first credit card
I am 18 I have 7 credit cards. My parents don't like it when I talk to them about credit cards because I always on the lookout for the best credit cards but they stick with what they have Wich in my opinion are the worst Canadian credit cards. For example I have a credit card with no annual fee that gives 1.25% cash back but they stick with a credit card that has a high anual fee that they don't have to pay because they are loyal bank costumers it gives 3 point per dollar one point is 0.5¢. I have plans to get 4 more credit card when my credit score increases from those credit card applications and I find a job.
Nice meta coverage of credit cards and personal finance!! By the way you never answered the question is United Airlines is a Chase transfer partner??!?!?!?! LoL ;)
Hey Sebby, for habit #1, you’re effectively offering my friend advice to get more credit cards through your videos (he’s the one that has 17 credit cards and high annual fees). To give you an update on him, he took your advice on dropping his credit limits on all his cards at once (so he can get more credit cards with each institution) and it dropped his credit score by over 50 points. I think he has an addiction to getting credit cards. Any advice for him?
The only reason I can see a 50 point drop from a CL decrease is that he may have a balance and that utilization percent increased because of it. I have 12 and have my eye on several others. As long as his expected value offsets the annual fee, he should be fine. If it doesn't, downgrade to a no annual fee card. If his Credit Age is high and those cards are at least a year old and don't have a no annual fee version then transfer the CL to another card from the same bank and close the card.
So his response: 0% balance, but I decreased 17 cards all at once, some by 20k or more. The credit score models all saw this as negative activity and the score went down
@@sl2788 I mean, lowering credit limits to every card and some up to 20K is out of the norm. I don't have an answer to something like that since there aren't any DP's to compare that to. Things adjust over time so I'm sure his score will correct itself over time.
He said don't ask someone advice about picking your end goal. That is something that you have to figure out yourself. We watch him for advice because we already have an end goal in mind and his advice can help us achieve it in the most efficient way.
Just got Amex gold, if I shop at lets say a Publix (grocery store) and buy 50$ groceries and on same receipt a $50 store gift card will it pull up as a gift card to Amex and clawback rewards?
I really like your channel, but this video doesn't provide any "Highly Effective" tips to take your points game to the next level. These are basic, 101 tips.
My friend said "wow you have over $50k in credit available with all your cards". I told him exactly what you said "It wouldn't matter if I had $1 million in credit available, I wouldn't spend $1 more because I'd still have to pay it back". He couldn't understand this simple concept. Unreal.
Danny that hits deep. How do people not know this.
Some people are stupid.
You hit the nail on the head!!!!! We have people 30 plus years old/older that don't understand this concept.
A sad example. My sister who is poor at managing money and don't take care of her car/cars in the past.
Got my moms to co-sign for a car some 5 years ago. Somewhere between the second on third year on the payments. She(my sister) was late 60 days two different times. I just happened to LOOK AT MY MOMS CREDIT REPORT!!!! A car can be repoed at 60 days late. And I didn't include the late fees and charges my moms paid, because the car was in her name.
wow
Not arguing with people who hate credit cards is so underrated. Some people treat it like politics or religion, not math and finance!
I swear if this dude ever stops making videos I’m gonna end up going bankrupt
That’s sad.
Symbolic Bass you seem that way.
You forgot to say that they have to watch Ask Sebby religiously to get all this great info!
Good advice! 🤓
@@AskSebby Hey Sebby. Do you have any videos on how you manage your finances? What platform do you use, like intuit or something else?
CreditCardShifu: *Am I a joke to you?*
I love your first point Sebby! I didn't even delve back into credit cards until 1) I proved to myself that I can stick to a cash budget 2) Have my FICO increase to at least 695 3)Have a solid history of payments, whether utilities, rent, student loans, etc. Then I waited. And, voila, Chase offered me the Freedom. I followed your videos and within 2 months my credit score increased 16 points! Thank you Sebby!
I always make every single purchase on a credit card.
Why not get free perks with every purchase??
Really liked this video, my #1 rule is don’t charge it unless you can pay your statement in full when it comes in. Years ago I called Amex and told them I had a CD coming due in 15 days and I was going to buy a new TBird convertible. I prepared them for a $35k charge. When I went to the car dealer and negotiated the deal, I handed him my Amex card. He obviously thought it would be declined so when the charge was okayed, he immediately dropped the price by $750 and allowed me to pay $2000 down and the balance in 15 days.
Basics: know your billing cycles, track sign up bonus minimum spends, think beyond Chase 5/24, diversify at least with Amex+UR, have a clear redemption in mind and constantly evaluate the options with your points for that ultimate goal.
Pay your balance off in full every month.
The title had me like...Oooooooo-I’m watching. True list though! 💯 When Sebby basically starts calling people out I was like...😂👏💯
Sebby leveled up. Savage +10. Tech Support -15.
😂👏
My parents own 3 homes till this day they don't have a single credit card and refuse to get one. I in the other hand love the game! I have managed to ear many rewards with out paying any interest! I pay my cards off every single month! I also only spend what i can pay off and don't buy anything unnecessary!
I will be using your referral links for my next 3 cards and plastiq. Your vids are of quality content so I owe it to ya.
Thank you for your support! :)
This video is so on point! Some people just lack basic knowledge to know how to manage credit cards and they don't have initiative to research and understand how credit cards could work to their benefit.
Don’t talk to financially irresponsible people about credit cards.
I call it monetization mentality - how do you get the most from what you’re already gonna spend anyway.
HAHAH Im always trying to teach people about credit cards and strategies to save money lol
Just discovered your channel and found so much useful info! Thank you for your hard work!
You seem frustrated Sebby. I think you need to apply for another credit card. Some CC application therapy.
Perhaps a new Citi card....? 😏
I'm still recovering from Citi 🤢
😂😂😂😂
Thank you Sebby it's because of you my credit score jumped into the 800's. I get it now, thank you for the leadership on this channel.
Same thing with my girlfriend, she saw how much credit I have and said she wanted one to pay all her bills. Then I told her will you pay it back with your next paycheck then she gave me the confused look.
Thank you for all your videos, I really appreciate the work that you do for the community.
All of the quality content I come to expect. Keep it up Sebby!
Thanks! 🤓
I'd say another one is to not succumb to peer pressure and sales pitches. Basically, don't get a certain card just because somebody cool has it, or others are talking about how great of a card it is. Think about what makes sense for you as an individual.
Again. Love the responsible messaging. Liked!!.
Complete your spend for the sign up bonus within two months or less (avoid the full 3 month allowance) AND verify completion by calling the credit card bank. There is no excuse to miss out on a bonus because you thought you had more time. Of course knowing what NECESSARY expenses you're going to use to complete your sign bonus on helps a lot, you should be running around trying to find spend opportunities. Those are the lessons, I've learned over the years...lol.
I have reached a plateau in my credit score. It was increasing steadily and now just stuck at around 760. A lot of my friends don't habe or use credit cards, while i have 5 cards. When I told this to them, they were shocked
Lol i have 9
Omg hit me hard right off the bat with #1. My friend was telling me she has no credit and I told her to get a secured card I SWEAR I COMPLETLY EXPLAINED EVERYTHING LIKE PAY IT OFF IN FULL!!! She got a card, maxed it out in 2 weeks buying stuff she didnt need (only $300 but still it's her only line), and she doesnt have the money to pay it back 🤣 I hecked up hard
Omg I love that you said RAP & Software Engineering 🎤 🎶
LMAO at the "Use Google" habit. So true. I see some silly questions in video comments all the time.
Clearly Mandy has patience as her virtue
7:31
O
M
G
Please stop, I’m dying here.
Related to being organized, and having basic financial sense: have your monthly budget worked out. For me, this means having an app like mint or some system to keep track of monthly spending without much effort.
Excellent use of visual aids!
@Ask Sebby knowing what card to use when. After seeing how alike they are I had the dread of my spouse going to get groceries on an Amex blue preferred and pulling out an Amex cash magnet instead.
Label maker or tape a note on it! :)
I don't talk to people with bad credit about finance nor credit.
Sebby, I'm curious about what helps with building a credit score for a company? To get like a Chase Ink card?
What did Google say?
@@wagnerwong9966 Getting an EIN, basically seperate business and personal entities. Then apply for business line of credit applications and then take advantage of something like D&B.
It sounds to simple on paper so I thought I'd ask.
I was about to ask what YOLO was but Tok your advice and googled 😂😂
Good recommendations. Thanks
Awesome video Seb. I like what you touched on about speaking with others about credit. I don't discuss it at all with my friends and family as they have absolutely no interest. What I do find on these TH-cam channels, online forums, and even some Vloggers is that they browbeat folks into the realm that they may not have as much interest in as we do.
If a person wants to know and you choose to help, then educate but I see on these online forums a lot where a personal is totally comfortable with say a CapOne QuickSilver or a Double Cash, and even lately Citi (with the diminished benefits) being told how foolish they are for chasing cash back rather than points...they try to intimidate them by saying points are worth more without explaining that points are no where as simple as cash back even if you can derive more value from them. And just flat out tell them they're stupid for being with Citi.
Respect a persons decision. If you have an opinion, that's fine, we all have one...but don't try to intimidate someone into doing something just because you find value in it. You nailed it with that one Seb because lots of folks do it as if it's their mission in life to set a the the reward compass true north for everyone they encounter.
Friends don’t let friends drive drunk they get drunk and drive with them 😎
Hahahaha please do a video of SEBBY ANALOGIES !!!!!!
Have a friend that tells you what to do when you feel like redeeming travel
Also, Sebby I managed to get the amex gold card and the magnet card as a student 😄 i’ll be getting all my bonuses through mandatory payments. If I upgrade to get the platinum, I should be getting my bonus as well. Based on what I’ve remembered. 6 cards and currently 3% UR
I love the content! Just got approved for the CSP as my third card with less than 6 months of credit history! Although my payment record is perfect and I guess they liked a few more things in my application. I would be interested if maybe you did a video going over what card issuers like to see for the high end cards. I'm actually a little surprised by the approval of my application just because most of the card channels all seem to be in agreement that Chase is quite hard to get approved for their high end cards but maybe I just read too much into it. Anyways thanks Sebby! Never would've been able to maximixe my spend without you!
I would also add keep the award hacking and CC churn techniques a secret. The fewer people that join/get referred to rewards cards, the fewer points devaluations there will be
Hey Sebby do you mind making a video comparing a secure card to a student card? Im a college student and I am not sure what to choose for my first credit card
"7 Habits of Highly Effective Adults"
FTFY... 😂
How would you know that a friend has a 90% credit utilization rate and max'ed out cards? Why would anyone share that info with you in the first place?
Great tips ! Thanks so much !
Really good video bro!
Great advice. Don't be an enabler.
You're such an odd ball... I love it.
I am 18 I have 7 credit cards. My parents don't like it when I talk to them about credit cards because I always on the lookout for the best credit cards but they stick with what they have Wich in my opinion are the worst Canadian credit cards. For example I have a credit card with no annual fee that gives 1.25% cash back but they stick with a credit card that has a high anual fee that they don't have to pay because they are loyal bank costumers it gives 3 point per dollar one point is 0.5¢. I have plans to get 4 more credit card when my credit score increases from those credit card applications and I find a job.
Nice meta coverage of credit cards and personal finance!! By the way you never answered the question is United Airlines is a Chase transfer partner??!?!?!?! LoL ;)
Found your channel recently and subscribed 🥰
Hey Sebby, for habit #1, you’re effectively offering my friend advice to get more credit cards through your videos (he’s the one that has 17 credit cards and high annual fees).
To give you an update on him, he took your advice on dropping his credit limits on all his cards at once (so he can get more credit cards with each institution) and it dropped his credit score by over 50 points. I think he has an addiction to getting credit cards. Any advice for him?
The only reason I can see a 50 point drop from a CL decrease is that he may have a balance and that utilization percent increased because of it. I have 12 and have my eye on several others. As long as his expected value offsets the annual fee, he should be fine. If it doesn't, downgrade to a no annual fee card. If his Credit Age is high and those cards are at least a year old and don't have a no annual fee version then transfer the CL to another card from the same bank and close the card.
So his response: 0% balance, but I decreased 17 cards all at once, some by 20k or more. The credit score models all saw this as negative activity and the score went down
S L 😭😭😭
@@sl2788 I mean, lowering credit limits to every card and some up to 20K is out of the norm. I don't have an answer to something like that since there aren't any DP's to compare that to. Things adjust over time so I'm sure his score will correct itself over time.
Appreciate the advice! I’ll be sure to let him know.
The best vid! Love your channel! Going to SF soon. Want to meet you! Lol
Great video!
The alcohol part of first habit was sick.
Lol, love #5. That kills me, it hurts to read obvious questions.
How do you watch a youtube video?
@@javierb7404 I think you download an app on a iGoogle phone or something, check the samsung store.
@ChickenScratchRap That's just like, your opinion man.
AMAZING VIDEO SEB 🤙🤙🤙🤙🤙 LETS GOOOOOO SEB
Probably a silly question but Is there a website that list future credit cards release dates? I see new credit cards popping out lately
1st? 2nd? Let me watch the video now that I liked it🙈😂
Good video but at the end you say dont go to someone for advice but then why do we watch you for advice then?
He said don't ask someone advice about picking your end goal. That is something that you have to figure out yourself. We watch him for advice because we already have an end goal in mind and his advice can help us achieve it in the most efficient way.
@@KJId4nc3 makes sense thx
Just got Amex gold, if I shop at lets say a Publix (grocery store) and buy 50$ groceries and on same receipt a $50 store gift card will it pull up as a gift card to Amex and clawback rewards?
Seby,
What are your thoughts on selling miles at 1.2c/point ?
Excellent video. Is there alternatives for plastiq that charge less than 2.5 percent ?
I call it online bill pay.
Hey what credit cards is best when buying from amazon
Haha 😄 , good stuff... So true...
Plastiq has a promotion for 1.5%
How do you know about StackOverflow? LOL...software engineer eh?? me too :) :)
Dang Sebby, how long will you be on vacay? So jealous. Great video.
What I'm still trying to figure out is how he got the boxed alcohol WHILE on vacation
Gift from the St. Regis 😊
@@AskSebby Lucky! I can't even get fleas to give me a bite...
I really like your channel, but this video doesn't provide any "Highly Effective" tips to take your points game to the next level. These are basic, 101 tips.
7:33 I died.
Dang Sebby, you okay? You seemed irritated in this video. I agree though common sense is not so common keep the great value coming!!
I’m the type of person because I have 10 dollars doesn’t mean we I need to spend a dollar
I've offered alcohol to an alcoholic before.
Hello
i wonder why he mentioned college students in the example at the end lol
Haha... When you dropping that single Sebby?
👍🏻
Sebby Covey
🤓📚
I know what you were gonna say... don't talk about FICO. :)
That one I didn't understand, why don't talk about FICO?
@@victorandres9094 was just joking, he was gonna say fight club
Wow I'm slow lmao
if someone gives me a card with 10 million dollars, I'd consider maxing it out and declaring bankruptcy.
HELL YEAH
#7 is just a life rule lol
#8 Have friends, especially those are credit card savvy.
👍🏼😎👍🏼
Rant video....
#squuuuuuuuuuuuuad
First commenter
First!
🥇
Lol. That’s amazing. I never thought I would get a gold medal for such hard work!