5 Lies They Tell You About Credit Cards
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- čas přidán 10. 07. 2024
- Credit cards are interesting because they allow people to get what they want now, and pay for it later. Not just that but it’s normal, and almost everyone except weirdos like me recommends you get them.
But in this video, I’ll tell you 5 lies that you have been told about credit cards, and I hope this video helps you. I currently don’t own a single one.
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1. Qualification based on your Performance
- Credit cards almost feel like an exclusive group
- They invite you and they have to accept you
- So you feel like, this is awesome if I can qualify
Truth is:
- Banks collect information, they also buy information
- The exclusivity you feel or the good feeling beucase they said you qualify is all artificial
- When I was in college you can't imagine the amount of offers that I got for credit cards in the mail
Truth is:
- It's not because I’m good with money
- Its not beucase I’m responsible
- It is because they are making a bet, and the bet is, they can make money off me
Stats: 65% of students have credit card debt and 53% of those are worried about that debt
2. Building Credit
- Teacher told me, that I needed credit in order to buy a house
- And family members told me, that if I have no credit, I’m literally no one
- That’s kinda crazy but I get what they were saying
- I grabbed those same ideas, taught them to my mom, and got her to open up some credits also, so she too could be someone
Truth is: We say we need credit to buy things ( but what are those things really )
- House: Manuel underwriting ( that simple )
- Car: if you need a car and you don’t have money ( but something used, cheap, and reliable
- Stuff: save up or don’t buy ( those are options, you don’t have to get whatever you want, just because you can swipe a card )
Stats: people save an average of less than 4% while the Chinese save 44%
- Honestly, I think it is beucase we have so many safety nets
- And we really do depend on the government and believe they will fix everything
- I think that faith is not placed in the right place but time will tell and in the meme times history can also tell you
3. Free Points
- A lot of us think we are smarter and more rational than we actually are
- Most people don’t know what they spend money on
- They just know they paid off the bill
- That’s not good finance
The truth:
- The only way to get points is to spend money ( research shows people spend 12-18% more with plastic than with cash )
- Imagine keeping a snake around your house that can poison you, just because it keeps the rats at bay
- It's just not worth it
- And 2% of 100k is $2000 ( when are you going to get rich exactly )
Tip: you are so worried about points and credit and all this stuff
- But your savings are trash
- Your investments are trash
- And you want to spend your energy defending credit cards
For every 100 I spend on my investment I make $10 ( that’s a lot better isn’t it )
4. Proves you are good with Money
- I get this comment all the time
- Tommy you can't handle it, but I can
- You must have impulse problems
Truth:
- I had 13 credit cards
- A line of credit of over 30-50k I don’t remember
- Never paid any interest
- Made a ton of money from the signup bonus
- And in the end, I realized how stupid that game really was
5. Only irresponsible people complained ( just game the system )
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
Only reason you need credit is for things you can’t afford. Save cash don’t play the credit card game. A lot people don’t understand how credit actually works. Thanks for putting out this information
Exactly
This is my mail. It made its way right to my ears.
I like that 😎
👍 thanks for the episode Bro
🙌
You do leave money on the table if you pay 0 interest and control your spending. Like the mindful spending like ramit discusses. I know when I moved from NYC to upstate NY in the 2023 year I made like 300 dollars in cash back that went to my high yield savings account.
It's not a long term game with real gains. Basically not worth it
My boi you missing out credot cards are to discharge your debts cus gold and silver coin is no longer money , learn consumer law bro and teach it on your channel also learn about securities and securities exchange also known as bills of exchange
7:19 This is called a strawman, it is when you misrepresent the real argument with a weaker made up one because that is easier to take down.
The argument is leaving money on the table
The argument is not "this will make me rich"
It is poor form to continually misrepresent this money saving tip in the same video where you give other money saving advice, such as buying a beater car, you don't have to be dave ramsey, you can do both things
i dont think so, it's not a game worth playing. You spend more, take more risk and the prize is something you don't need/not worth it
I think it is totally valid for you to believe those studies that say both debit and credit cards make you spend more, I do too.