Credit Card Secrets Revealed | Deinfluencing
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- čas přidán 3. 08. 2024
- Let's explore how our generation is using credit cards, and identify the three most common traps that people fall into.
We'll also provide tips on how to avoid these traps and use your credit card responsibly. So whether you're new to credit cards or you've been using them for years, this video is for you.
00:00 Let's begin
00:43 Credit card industry overview
01:39 Should you own a credit card?
02:25 Credit card cash
03:02 Trap #1: EMI
04:11 Trap #2: Minimum amount due
04:59 Credit card utilization
06:10 Checklist to get a credit card
👋 Catch us on:
Instagram: zero1byzero...
#creditcards #zero1byzerodha
![What Credit Cards You Should Have by INCOME? [Detailed Review]](http://i.ytimg.com/vi/RsQFUJGXeHQ/mqdefault.jpg)
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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.
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 @@user-hx8km6ko5k
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?
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 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.
You done a great job on this topic.
Please keep going in the same manner with the same energy.
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
Facts everyone understands after getting stuck into credit card debt… amazing video!
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....
This is Superb Man. The format, ideas to express points.
Great content guys. Way to go
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.
That's one is a perfect credit cards secret video! Minimum due repayment is eye opening for me. ❤ Thanks zing.
Any time! :)
Amazing content & good awareness for using credit cards
I like these kinds of short and crisp videos. Keep rocking guys
More to come! 🙌
Oh wow, this pay minimum due amount is really a scam by bank. Interesting video.
Exactly My Friend!
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
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.
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 😊
The real finance influencers ❤
When you are solo, the light behind your ears makes them glow.
Amazing video!
Thanx Prateek Sir! It gave me clarity on Credit Cards!
like this series so far
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.
I've one credit card and one charge card. I get what you are trying to convey but I also feel that credit cards are actually great if used correctly. Like in my case, I never make EMI purchases and rather use it thinking it's a debit card. In my opinion the RBI should make it mandatory for banks to disclose their customers the details and meanings of banking jargons just like they do with Key facts statement. People also need to understand that all credit cards are not suitable for everybody, one must evaluate his or her lifestyle before getting a card. One thumb rule that everyone should follow is that no one should get a credit card just based on an Ad or a phone call, one must inspect it thoroughly.
Anyways, great video! Splendid and well delivered. 👌🏻
Nice video keep up the good work
Eye opener session 😢
Awesome content❤
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 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. 😂
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 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.
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
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 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.
Valuable information
You scared the shit out of the first guy.
PS - Great content, please continue these kinda videos.
Credit Card Good habits
-Always pay in full
-Keep the credit card utilization under 30%
- Never use it for ATM cash withdrawals
Nice!
Would be great if you are coming with health insurance topic
Finally, I got my answer
Absolutely commendable guys 👍👍🙏🕉🌻
Thanks for watching! :)
I think credit cards should carry stationary warning like cigarettes
What do you all suggest 🙂🙏🕉🌻👍
"you get bread points" got me! 🤣😆
😬😬 don’t know what you are talking about
Amazing content
Thank you :)
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.
IPO investing would make a nice topic
Indeed! Coming up soon
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 🏦
Please make a video about transaction charges and tax in F&O and how much impact it can put on your profit.
Please make a video some of the terminologies in stock market
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
3:33 friendly interview hai... 😂😂
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?
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"
I have a credit card and mostly use it for my software/app subscriptions like Adobe, Spotify etc. But again managing
Good going Jagdish!
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
Is the credit card utilisation calculated from the total given in a credit card or from a top limit set per month?
Ex. 3L is the total credit given in the card
I set up a max limit of 1L due to the fear of fraud. I ca increase anytime
Now the CCU is cal from 3L or 1L
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?
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.
I would want a video on buy now pay later version or online credit apps.
They basically opens account without proper consent. And how to deal with it. Please help
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.
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.
Thanks.
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 get more points and when to pay bills (like is there any certain ❤day or something like that to have little more points ?)
How to track expenses? Which apps can track UPI payments and create category wise charts?
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 👍
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.
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.
I disabled ATM withdrawal on my credit card . Also put limit for each type of transaction.. no tap to pay
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 👌
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.
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
Using Credit card now for 11 years! Never paid extra unknowingly!
Someone rightly said- Don't Buy anything on credit card that you can't buy using your debit card.
if i have like 4 cards and so hows the utilization ratio of 30 percent work it is different for all card or like all together of 4 cqrds
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.😊
Can we use credit card in upi
Like all payments through credit card not savings a/c??
Any idea
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
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!
Is it possible to make a vedio on mertis and demerits of overdraft (OD) that is being offered.
Is credit emi is included in 30 % below utilization, like if i had emi of 10k per month for total amount of 1lakh, does it effect my credit score??
Maybe a expense tracking ways as I use UPI, credit cards & split expenses I find it hard to mange it from different source, a simple excel would work but even how do I mange long term savings into expenses how do I manage investment tracking such as liquid funds etc, I FIND IT TOO HARD
rural & tier 3 people understand how money works much better than metro and urban people, sir
I experienced all things recently and closing all my cards
make a video about tracking expenses every
month
great
For some reasons my bank decided to give a credit card when I was a student.. when I had no fixed source of income..
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 :)
Need second part
If I spend more than 30% of total limit, in particular month , will my credit score impact for that month? How it will work ?
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. 🎉
These things..we already knew.
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...
To buy a home loan for both eligibilty and low-interest rate is buying a credit card ( especially to build a credit score ) mandatory! or else without a credit card can i get a home-loan ?
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
“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.
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
I plan my finance 2 months ahead. I think I'm all good.
Yup, that’s the way to go!
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
I knew if we withdraw cash from credit card ..but while withdrawing the cash i mistakenly withdrawn from credit card instead of debit card as they bith look the same