10 Things You Should NEVER Do With a CREDIT CARD

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In this video we look at 10 things you should never do with a credit card. These include things like cash advances, but also adding authorized users you don't trust, missing minimum payments etc...
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Опубликовано:

28 июл 2024

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Комментарии : 216

@chiefbozx 4 года назад

for those with bad internet: 1: never miss a payment 2: never allow a charge-off 3: never take a cash advance 4: never max it out 5: never add an authorized user who you don't totally trust 6: never forget travel notifications (except amex!) 7: never use a credit card for easily financeable items 8: never make purchases that incur transaction fees (possible exception for clearing sign-on bonuses) 9: never use a credit card when applying for a mortgage 10: never use a credit card to pay other loans

@deborahanderson4211 4 года назад

I’ve always got money off of my credit cards and paid them

@imaaduddin7715 4 года назад

Thank you!

@advianjoseph 4 года назад

Wow! this video is referring to me 5 years ago, when I was that person who didn't know anything about Credit cards, how to utilize my credit, and did pretty much everything that Ben is talking about not to do 😄. I came across Your and Ask Sebby's channels 3 years ago, and owe my knowledge of Credit cards and Credit Utilization to You and Sebby. Thank you for making all these great educational videos.

@Anthony-ym6iz 4 года назад

In reference to making minimum pavement: I would urge people to avoid spending on anything other than the absolute basics until they have at least 6 months worth of living costs in the bank and available. A credit card should not be there as a back stop for the unforeseen events that happen in life. Of course, I realise that that's not easy for a lot of people, but my ex-girlfriend had a great saying.... '2 cars on the drive, no food in the fridge'.

@jollama 2 года назад

Ah yes never make minimum pavement

@Surfer041 Год назад

@@jollama Ben preaches beating the banks at their own game by reaping the rewards of good CCs and Charge Cards. Pay in full 3 days before the due date. So simple. If it's not already in your checking account, you can't afford whatever you're buying.

@jollama Год назад

@@Surfer041 The hell are you telling me that for?

@Surfer041 Год назад

@@jollama my bad that was meant as a general post, not a reply. My mistake.

@moe5415 4 года назад

Crack Dealer had me 💀🤣😂🤣😂🤣🤣🤣🤣but he’s not lying.

@alli9328 4 года назад

I know right 🤣😂🤣

@tomcat124us 4 года назад

😂

@frankmartinez1656 4 года назад

I already can’t wait for that part to come up lol 😂😂😂

@technologyweknow313 4 года назад

🙌🏻😂

@quincyh7139 4 года назад

Hold up hold up, how do you find stock images of a crack deal going down?!? ijs😂😆🤣😆😂😆🤣 Like what company was like we need to film what it’s like to buy crack to deter people from doing it.😂😆🤣😆😂😆🤣

@ianpauloabrogar6339 4 года назад

I’m really thankful for all of your videos I’ve watched, I really had a bad credit score but after 6 months it turns to a very good credit rating and had increased my credit limits. Thank you so much credit shifu!

@hectorbeltran8822 4 года назад

Your videos really helped me out a lot thank you

@carlospulpo4205 4 года назад

Another note on the cash advances, many banks have a provision in the terms and conditions that explains how payments are applied. Typically the payment will apply to the lowest interest bearing part of the balance. For example, if you take a $1000 cash advance @ 24% and make a purchase for $1000 @ 19.9% bringing your total card balance to $2000. When you make a payment of lets say $100 it will apply to the 19.9% part of the balance! This enables the card issuing bank to charge you 24% rate against the entire $1000 cash advance for that period!

@ammooth1592 4 года назад

This 📹 is 1 of your best reviews👌.

@g3ner1c 4 года назад

Great video, love your content. Been starting to get into finances more since shelter in place. My only comment is on the last item. The only exception I see is if you're getting a balance transfer card with 0% interest for 12-18 months, and only if you know you can pay off that balance by the end of that time. Otherwise great content, keep up the work

@clifford629 2 года назад

Most balance transfers have a one time 3% balance transfer fee to transfer it in the first place. So it's still better than 20%+ APR, but worse than 0% financing.

@lmorris1953 4 года назад

All the ones you listed are pretty important and that was informative. But the one I will never do an M never done is use my credit card to get cash advances from the ATM machine. I think most people don’t realize that there’s interest payments start right away.

@dwalker6868 2 года назад

Thank you for the information

@frankreyes5082 4 года назад

GREAT INFO THANKS, Also call and tell them to disable cash advance because some transactions go through as cash advance

@killer2600 3 года назад

You need to correct those places you shop that do that or stop using a credit card to pay for things that can't be paid with a credit card but can with a debit card e.g. loans and money orders.

@gd2341 4 года назад

Yay, was wondering where you were !!

@elyk46 4 года назад

The way you said "You may want some cash for, you know, various things" instantly makes me think drugs. LMAO

@colin1818 4 года назад

I need some money for my....pharmacy visit.

@thetechlibrarian 2 года назад

ahh man if they where worth a damn they would at least have a squat reader.

@financialenthusiast2611 4 года назад

Cool video!!

@FinanceDaily 4 года назад

What do you think about M1 finance borrow feature! If you haven't it's a huge video topic! 3.5% - 2% borrowing rates

@YouAREyoubeYou 4 года назад

I take cash advances but it through navy federal credit union, which doesn’t cost a fee. I pif every month so it’s no problem.

@MarioRioMcBride Год назад

I appreciate this video. I know new to the game in the credit world. I just want to let you know even if you use credit card to pay light bill it is the same fee when using a debit card too. At least out here in Illinois the fee is only a $1. The only way you pay without a fee if you have it setup directly to your bank. Just want to let you know. I think it because of the inflation idk 🤷‍♂️

@donniebrasco7725 4 года назад

JUST SUBSCRIBED

@isteven563 4 года назад

Please do a review on ur opinion on the playstation visa card.

@Holdeenio 4 года назад

Hey Ben, Would you provide some further insight into how this "authorised user" thing works in the USA 🇺🇸? In the UK, you can add anyone over 18 as an additional cardholder or supplementary card holder with Amex, but this has no link to that users credit report. They may perform AML checks at the request stage, but even that is optional. Thanks,

@jollama 2 года назад

You’re not getting an answer

@christopherjohn5575 4 года назад

Dope ass advice! 👍🏻

@quincyh7139 4 года назад

Especially about not buying dope😂😆🤣

@CaseyBurnsInvesting 4 года назад

11. The Dave Ramsey: ✂️ 💳

@flyingscalpel7 4 года назад

It's so dumb in my opinion. He tailors to the masses, though. Most people run up cards to no avail. I think if you have the ability to twist pfi into a math game rather than a habit game, you can easily win. It's value that you're leaving on a table, I consider any value available to me to be mine and if I don't utilize then I bleed cash money. I'm a penny pincher and I approve of this message lol

@mortalhordewarrior9285 4 года назад

Okay and so Graham, Dave, and now credit Shifu! You have good taste friend lmao

@YouAREyoubeYou 4 года назад

Dave is lying and I guarantee he has a Centurion card.

@multimeter2859 3 года назад

@@YouAREyoubeYou You think Amex sent him a black card just as a joke to see if he'd take it?

@killer2600 3 года назад

#11 of things you should never do with a credit card? i.e. You should never get rid of a credit card? I gotta say, although I have and use credit, I'm with Dave Ramsey. You can easily get in a mess when you borrow money.

@AndyinMTL 4 года назад

Great video as always! But one little question.... How did you manage to have a credit card (TD) in the first place if you didn't have a US SSN, to begin with???

@TheCreditShifu 4 года назад

Just a bank account,

@adrukker 4 года назад

I think the information about travel notifications is a little out of date. I traveled a few years ago to the Cayman Islands and attempted to contact my credit card companies before (Capital One, I think, and maybe some others) and they said you no longer need to tell them you will be traveling. Traveling is not suspicious, but they can easily detect strange activity like simultaneously using the card in the Cayman Islands and in Massachusetts (which happened to my dad).

@Zodiase 4 года назад

I just noticed that aggressive hair light for the first time 💡

@northernchaotic7196 4 года назад

Gee thanks-- now I cant stop looking at it! Lol

@patrickquinn8079 4 года назад

Should I pay off my statement before I get the bill? The difference is between a 0% and 4% utilization. Is it good to have at least a little utilization reported or should I pay it off before the bill comes

@RAN20097 4 года назад

The only major bill that have the fee is electric of I think 2.90 I know it's under 3 dollars.

@jamessuehs5877 4 года назад

Ahhh I wish I found you before 2016 when I absolutely destroyed my credit 😩😩

@jollama 2 года назад

Imagine destroying your credit

@TomsLife9 4 года назад

I think the cash advance is the worst...there's a straight up fee for doing it and then an immediate high interest rate on it

@vacationboyvideos 4 года назад

Can a charge off be a positive thing?? With a charge off can the original lender take you to court and put a judgment and lean on your house?

@chrochetfan7274 3 года назад

Had an Amazon prime store card closed automatically because of payment issues.... money was in the checking account, got some late fees on the card.. funny thing is I paid the $60 and it never reported as a late payment 😂

@stevenagudelo5301 4 года назад

Can you do a video on the best way to help you rebuild your credit please?

@jollama 2 года назад

Imagine having to rebuild credit

@TheJonathanRamirez 4 года назад

Don't forget to smash the like button fam.

@pkris2237 4 года назад

With discover credit card you can take some cash in stores as cash back with no fees

@tinataylor4203 3 года назад

P Kris thanks didn’t know that

@alenpaul2523 4 года назад

First I thought u used a bad green screen . But understand that was a light behind u .

@floydparr8006 4 года назад

I slightly disagree on 8. I will incur transaction fees when I get back more in rewards. I have one utility bill that I pay every month by credit card because of that.

@scarling9367 Год назад

I factor that in already in. Both of my utilities have a flat transaction fee for credit AND debit card transactions. Im already getting dinged for using a card.

@SamTankko 4 года назад

This sounds very rookie but is paying for gas with credit card a “Easy Financeable Item”? Or will it actually help build my credit?

@dugroz 4 года назад

Paying for gas with a CC is a very good choice, as long as you pay off the balance of the card withing the grace period (usually 25 days, roughly).

@killer2600 3 года назад

I'd like to know how one can finance gas outside of using a credit card. Also using a credit card to pay for gas is very common as you usually can't pay cash at the pump.

@landenew 3 года назад

@@killer2600 you can go inside usually and pay cash. probably already knew that but just making sure

@armytruth6860 4 года назад

The craack dealer had me laughing

@SegaDisneyUniverse 4 года назад

Got my first credit card about a year ago through my bank with a $500 limit. Never spent more than half my limit and always paid my minimum balance on time but wasn't always able to pay back in full within the same month, only bits at a time. Will I still have a good credit score?

@SegaDisneyUniverse 4 года назад

Oh and never took cash out.

@cbridges1202 4 года назад

Low CC utilization is 🔑. Only use what u can pay back within your due date. Credit goes up when utilization is low 0-7%.

@JDelta87 4 года назад

Background music needs to come down just a bit. It overpowers your voice at times.

@Infernitysx 4 года назад

what is this music...

@TheGlassbro 4 года назад

10 has a small caveat. I used a 0% APR for 18 months card to pay for my MBA. My company reimburses after grades. So I kinda used it as a loan.

@NikkyElso 4 года назад

I do that all the time woth my best buy card. New computer, new audio system for my car, 70in TV. i figure out what 0% financing terms are available amd calculate how much a month I can afford and use it. It has yet to bite me in the ass so far but you still gotta be careful with it.

@richardnegron9728 4 года назад

Have a question I was denied a card chase unlimited card because of a bankruptcy in 2011, but I have a capital one card, and three other cards with told 35,000 in credit how can clear that bankruptcy from my credit history let me know thanks

@luxurycardstore 4 года назад

Some bankruptcies stay on your credit for 10 years. Wait another year.

@tinataylor4203 3 года назад

richard negron I’ve stopped getting credit at 35,000 cause I’ve read it can trigger a financial review. Don’t need them in my business an would never use it all anyway.

@jonnyOysters 4 года назад

I don't have a credit card.... Lol don't know why I'm watching. Still interesting noneless. Lol

@eddiemoney9371 4 года назад

Can’t you charge as much as you want as long as you pay the balance by the statement date?

@koi3554 4 года назад

I think that's called a charge card, credit cards always have limits

@eddiemoney9371 4 года назад

I’m talking about a Discover card

@philburch1970 4 года назад

One additional thing never to do: Consolidate your debt with a loan (or balance transfer) and then run the cards right back up again.

@harv6871 4 года назад

Thanks for the information, background music is horrible!!

@juanc5149 4 года назад

This guy looks like British Ben from Gen films/Star Wars channel.

@tin_man_kwt 4 года назад

But then what if u need to take money out of an atm with a credit card. What should I do?

@TheCreditShifu 4 года назад

Use a debit card

@tin_man_kwt 4 года назад

@@TheCreditShifu my bank does not have a debit card

@TheCreditShifu 4 года назад

Very few banks don't issue a debit card. Are you sure you know the difference between a credit card and a debit card? If your bank really doesn't issue a debit card (which is incredibly unusual) then just get an account with a different bank

@tin_man_kwt 4 года назад

@@TheCreditShifu thanks

@luxurycardstore 4 года назад

@@tin_man_kwt Then you have the wrong bank. It's your money - choose wisely!

@troymcguffey8801 4 года назад

What country are you orginally from?

@TheCreditShifu 4 года назад

Hong Kong

@brianhumphreys1660 3 года назад

What if you max it out and pay it in full before any interest is accrued?

@tcgtpl 3 года назад

This was specifically addressed @5:08. If you do option 4 - Pay your credit card before the statement close date, your credit utilization % won’t be as big & your credit score won’t be as negatively affected if the max limit was reached on an individual card. Credit utilization considers your overall credit usage but also looks at individual card limits as well, and that % is determined when credit card companies report to the credit bureaus, which is when your statement closes.

@jollama 2 года назад

You’re not getting an answer

@brianhumphreys1660 2 года назад

@@jollama nine months later I kinda figured

@Surfer041 Год назад

Using a credit card or cash advance on a credit card is the absolute worst thing you can do to pay another loan

@tajerasmith31 3 года назад

Is TD bank a good bank?

@jollama 2 года назад

You’re not getting an answer

@johneverts6976 4 года назад

never use your credit card for purchases that you can't pay straight.

@thenick3216 4 года назад

It is ok to make small purchases if you pay the balance immediately. The key is to check your balances, if you have any, daily and make a payment on same day you make a purchase. Amex allows immediate payments.

@dannyphoenix1127 4 года назад

I agree with "Never use a credit card for cash advances".

@felenov 3 года назад

I don't go into the negatives. Ever. Banks hate me. I have a good credit history but everyone knows I am not taking out any.

@princessmeganelsa1901 2 года назад

Why i Keep my balance LOW amount $$ lol paid off my bank back on first month!! 🙃🙂

@cellsheet 4 года назад

My chase freedom minimum is nearly $120 just for the record. :(

@thenick3216 4 года назад

That's because it is Freedom for Chase, not you.

@dcrump 4 года назад

Or backyard basketball court I bought ? 😂

@edwinharper5746 4 года назад

Use a credit card to bond someone out of jail. Instant cash advance

@multimeter2859 3 года назад

Gun stores also charge fees for using credit cards. I was sad to learn that lol.

@killer2600 3 года назад

You need to shop somewhere better, the stores I support don't charge extra. For an upside, paying cash reduces the paper trail which is something you may want considering the current popular opinion on firecrackers.

@multimeter2859 3 года назад

@@killer2600 I hadn't thought about that. Thanks bro.

@BertiferousRex 4 года назад

My local deli charges 3% for using a credit card.

@NikkyElso 4 года назад

I just don't patronize businesses that charge credit card fees, or even if they don'ttake AMEX. Even most small businesses I've been to accept amex (and right now I get a statement credit for patronizing small businesses so 👏)

@luckygirlfromtheislands7592 4 года назад

@Elso .... I’ll pay the fee at small family owned business only if it’s reasonable and the customer service is great...

@jollama 2 года назад

@@luckygirlfromtheislands7592 Imagine paying unnecessary fees

@Surfer041 Год назад

Cash advance. Suckers payday loan.

@kyrylobutenko 4 года назад

How did u manage to get a Ukrainian ATM footage? :D

@TheCreditShifu 4 года назад

It’s from videoblocks

@JoseFernandez-wu8pj 2 года назад

“YOU WOULD HAVE TO BE AN IDIOT”. AMERICANS: HOLD MY COFFEE.

@guaparra2 4 года назад

so where are you from again?

@jollama 2 года назад

You’re not getting an answer

@AlexKillzMC 4 года назад

Hiii :)

@crxracer805 4 года назад

Is that a green screen?

@TheCreditShifu 4 года назад

@Anything_Anthony 4 года назад

Apple Card also now has special financing for Apple products. No reason to open a pointless Barclaycard

@chris2007a 4 года назад

Have you heard of anyone ever getting denied a job because of a bad credit score? I never have.

@quincyh7139 4 года назад

I was! I pasted the TSA test and everything when they checked my credit at the time, they sent me a letter saying they couldn’t hire me due to my score.

@kymberlycourage 4 года назад

Q H is that legal? Here, in the UK that’s not allowed.

@luxurycardstore 4 года назад

@@kymberlycourageIt sucks but is definitely legal in the good ole USA

@tinataylor4203 3 года назад

Q H unbelievable that’s terrible. I knew they could check but not actually hire for that reason is ridiculous. Sorry that happened to you.

@quincyh7139 3 года назад

Tina Taylor not a problem I went on to get a great job in the Hospital industry that Taught me so much and I was so grateful. So I wasn’t to hurt but at the time I really didn’t understand, but I’m glad it was for the better.

@user-ue5nl7mf3l 2 года назад

Yo Credit Kung Fu What do you do if your cocaine dealer or local prostitute won't accept credit card payments?

@TheCreditShifu 2 года назад

Thats what crypto is for…

@stefansperb816 4 года назад

Yoooooo first

@jogonz5833 4 года назад

I paid $0.74 for a cash advance

@jollama 2 года назад

Imagine using a cash advance

@geraldquintos4421 4 года назад

Crack dealer lmaooo of course hahaha

@alexbigkid Месяц назад

Can I pay my Visa with my Mastercard? 😂

@jamarmoore5567 3 года назад

You shouldn’t have paid them it will just go away

@bobcat-tz3wg 4 года назад

Drop the background music; very distracting

@azael3342 4 года назад

@bobcat-tz3wg 4 года назад

Yes

@_srnao 4 года назад

He just needs to lower it a bit

@NoName-mg2yj 4 года назад

Its an autism test

@clarasteve6114 4 года назад

hello

@jacielespinosa-severo7134 4 года назад

You should work on your thumbnails

@jollama 2 года назад

That’s what you’re concerned about?

@lestatstaton7856 4 года назад

If only my utilities was a 3% fee, then I could use USB Cash+ 5% and still make profit. Nope, 5% fee. Bastards.

@NathansNostalgia 4 года назад

#11 - Never use a Credit Card to cut butter.

@andrewhenley2161 4 года назад

Or to open the door to someone’s house, unless it’s your own and you locked yourself out

@NathansNostalgia 4 года назад

@@andrewhenley2161 Dang! I didn't even think about that! Ha ha

@ambrosejoseph4843 4 года назад

cash advances......nnnnooooooooooooooooooooooooooo

@jamarmoore5567 3 года назад

This video Is for the UK i don’t think you know how finically irresponsible we are in the U.S. lol

@oreally8605 4 года назад

Cash advance is the worst.

@jogonz5833 4 года назад

I've paid $0.74 for a $195 cash advance

@jollama 2 года назад

@@jogonz5833 Imagine getting a cash advance

@isteven563 4 года назад

first 300 views woo

@deborahanderson4211 4 года назад

I’m going to get rid of all of mine! That should be the first thing

@roboticvenom1935 4 года назад

Why? Now you're losing out on all of the huge potential rewards

@deborahanderson4211 4 года назад

Let me miss it!😂

@roboticvenom1935 4 года назад

@@deborahanderson4211 But why? Do you have a high yield savings account too?

@jollama 2 года назад

@@roboticvenom1935 You’re not getting an answer

@roboticvenom1935 2 года назад

@@jollama correct.

@Sovnarkom 4 года назад

chop up insects

@xabierlanda8998 4 года назад

I been following you for a while, but today I found something I don’t like at all, you make 3 stop videos publicly, so if you counting in this path I will click 👎🏻 is up to you, this not a threat, is I found you control that and making money of it.

@TheCreditShifu 4 года назад

“3 stop videos” what does that mean?

@xabierlanda8998 4 года назад

The Credit Shifu commercials adds in the middle of the video, normally you have better control of them like others who choose not to interrupt the video, for adds. This one surprise me with 3 .

@TheCreditShifu 4 года назад

Xabier Landa sorry bro, but this is my job. Gotta pay the bills.

@xabierlanda8998 4 года назад

The Credit Shifu I respect that my brother, but sometimes is annoying, I can’t care less at the beginning, but 3 is to much, I lost concentrating in the whole video. And the main idea is keeping people interested to and your videos. Is my thoughts. Thanks for responding me. ✌🏼✌🏼✌🏼

@TheCreditShifu 4 года назад

Xabier Landa you probably don’t normally see them on my videos because I often do videos shorter than 10 mins. YT only allows mid roll ads on videos longer than 10 mins, but at tells end of July that is actually going down to 8 mins

@ABMW-tech 4 года назад

It is best.. not to have one:)

@TheCreditShifu 4 года назад

That isn’t the case. Responsible use of credit cards can do two things for you 1. Build your credit score so you can get the best rates on mortgages and loans etc... 2. Earn points from spending so you can fly first class and stay in five star hotels for free

@jollama 2 года назад

Someone likes to pay for things that can be free/heavily discounted