You bring about a money stream to the financial industry by paying by credit card from the pocket of retailers. It’s a choice: do you want to contribute to the financial industry and yourself at the expense of the retailer?
Hi Mark, love your content. I’ve started using my credit card for most purchases including holidays, however my credit file takes a beating because when I do this…the credit card companies assume I’m relying on credit all the time. This makes my credit score go down. Any idea how to tackle this?.
But many debit cards charge a fee for "inactive" use. Withdrawing money doesn't count as a qualifying transaction..so what I do is use my debit card for small purchases that don't add up to worthy points had I don't them on a credit card regardless. Debit cards have their place, although most do not give you cash back, using them in certain contexts help avoid transaction, merchase & surcharge fees. It's not that simplistic..but the overall point is valid, to minimally use your debit card and on small purchases..not to stop using one altogether!
In Germany my bank accountant told me the exact same: When you purchase your stuff with your debit card, you have to pay a small transfer fee that adds up quickly. Paying with credit card on the other hand stores all the purchases and then transfers the money one time at the end of the month. This actually adds up.
Well i have an insurance for my debit card and if something happens they will solve it instead of me so i know its little expensive but just making sure on safety
If you're not a millionaire stay off the credit card. This only works if you have loads of cash. They do this to save their asset. The rich already have money allocated to paying them in full every month that is why they use credit card. Us poor sadly can't afford such luxury.
Credit cards are not bad! A lot of wealthy people tell you they are bad and to cut them up… in reality people are just not disciplined. Think of it as money you were going to spend anyways.
I see where it all went wrong for Americans, they use the UK method. Everywhere else in Europe people use mostly debit cards for their daily expenses. I use my credit card only for larger expenses and it is paid of automatically at the beginning of each month.
In my state of illinois in america you can dispute charges on your debit card. Some states in america you shouldn't even have a debit card because if someone drains your account the bank can refuse to refund you.
This is the same guy that tells you dont get a car loan… No one ever became a millionaire on credit card points. And dont forget… 97% of people carry a monthly balance on their credit card… NEVER use a credit card. For anything. Ever. You can also dispute the charges on your bank account if your card is lost or stolen.
I draw a certain amount of cash from the atm every week and try not to spend all of it. It's easier to be prudent because you can keep track of your spending much easier. It's little use paying off your credit card every month and saving unwanted interest charges if half the $h!t€ you bought during the previous month was un- necessary in the first place.
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I think people who are regularly earning a salary should only use credit cards. If you are paid by the hour, dont use cedit cards
Banks count on you to not pay off your card one day in time and then they rip you off. This could be a bank commercial. F credit cards I say.
You bring about a money stream to the financial industry by paying by credit card from the pocket of retailers. It’s a choice: do you want to contribute to the financial industry and yourself at the expense of the retailer?
Well, I thought debit was better, this guy is really good teacher.
This guy is good teacher.
While I agree, you can also dispute debit card fraud
Okay thank you
Hi Mark, love your content. I’ve started using my credit card for most purchases including holidays, however my credit file takes a beating because when I do this…the credit card companies assume I’m relying on credit all the time. This makes my credit score go down. Any idea how to tackle this?.
Alot of shops, cafes etc do not accept Amex
Dont let Dave Ramsey see this. 🤣
Should have turned the card a bit more. 😭
I agree but you have to be so disciplined
Bros card got yanked but he had to be nonchalant 🔥🔥🔥
does this work in germany
if I were you I would get a debit card
Credi Card companies aren't going to keep you around very long if they aren't making money off you.
Everything is about management. People with no money management skills, should not have a credit card at all.
If there is an issue with the credit carf it's not your money. Good luck if you paid for something using debit or there was fraud.
I have a debit card where i can also get cashback on some big brands like Starbucks! Completely free as well! Its well worth it
You're always best at using your own cash rather than using debt for daily spending. Also, just don't have too much in a current account
But many debit cards charge a fee for "inactive" use. Withdrawing money doesn't count as a qualifying transaction..so what I do is use my debit card for small purchases that don't add up to worthy points had I don't them on a credit card regardless. Debit cards have their place, although most do not give you cash back, using them in certain contexts help avoid transaction, merchase & surcharge fees. It's not that simplistic..but the overall point is valid, to minimally use your debit card and on small purchases..not to stop using one altogether!
In Germany my bank accountant told me the exact same: When you purchase your stuff with your debit card, you have to pay a small transfer fee that adds up quickly. Paying with credit card on the other hand stores all the purchases and then transfers the money one time at the end of the month. This actually adds up.
I want a mma fight with this guy vs dave ramsey
Well i have an insurance for my debit card and if something happens they will solve it instead of me so i know its little expensive but just making sure on safety
If you're not a millionaire stay off the credit card. This only works if you have loads of cash. They do this to save their asset. The rich already have money allocated to paying them in full every month that is why they use credit card. Us poor sadly can't afford such luxury.
I thought we could only use under 10% of our credit card to have good credit?
Cant you use a credit card while withdrawing cash too?
No one needs a credit card
Credit cards are not bad! A lot of wealthy people tell you they are bad and to cut them up… in reality people are just not disciplined. Think of it as money you were going to spend anyways.
I see where it all went wrong for Americans, they use the UK method. Everywhere else in Europe people use mostly debit cards for their daily expenses. I use my credit card only for larger expenses and it is paid of automatically at the beginning of each month.
Credit card is like alcohol, better to earn and spend that points is never worth ur financial risk.
In my state of illinois in america you can dispute charges on your debit card. Some states in america you shouldn't even have a debit card because if someone drains your account the bank can refuse to refund you.
why would ANYONE buy something using a credit card when they cannot afford it/pay it back in full?
Don’t tell Dave Ramsey.
This is the same guy that tells you dont get a car loan… No one ever became a millionaire on credit card points. And dont forget… 97% of people carry a monthly balance on their credit card… NEVER use a credit card. For anything. Ever. You can also dispute the charges on your bank account if your card is lost or stolen.
I'm about to stop using my debit
I draw a certain amount of cash from the atm every week and try not to spend all of it. It's easier to be prudent because you can keep track of your spending much easier. It's little use paying off your credit card every month and saving unwanted interest charges if half the $h!t€ you bought during the previous month was un- necessary in the first place.