Тёмный

CREDIT CARDS and BAD FINANCIAL HABITS | Why you should NOT USE credit cards? 

Akshat Shrivastava
Подписаться 2,1 млн
Просмотров 198 тыс.
50% 1

Credit cards - a magical solution for a lot of people to solve all their financial troubles.
But are credit cards actually that amazing?
In my opinion - NOT AT ALL.
This is not a personal attack on credit card users. If you are spending your money wisely, kudos to you!
But if you belong to the majority class of people who fall in the loop of credit card usage, please watch the whole video.
What credit cards usually do is make you inculcate bad financial habits and spend money on 'seemingly' necessary things. (Sorry to say, but no, you don't NEED that airport lounge access!)
In this video, I tell you 5 points why I think credit cards should not be used.
0:00 Introduction
01:30 Increase in expenses
05:32 Bad Debt
08:55 Credit Card Conveniences
12:20 How AMAZING are credit cards actually?
14:55 Credit Cards for Credit History
I hope that you get a clarity about this different perspective towards credit cards. This is not meant to bash anyone, but provide a holistic view of the issue.
If you want me to cover any specific topic, comment below, I will definitely shoot videos on them.! :)
*********************
I provide tips on how to grow professionally! Follow me on other social media channels:
Instagram: / akshat.world
LinkedIN: / akshatshrivastavainsead
_______________________
Attributions:
Stock Videos from Pixabay and Pexels
Logos: Wikipedia Commons

Опубликовано:

 

29 июн 2024

Поделиться:

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист
Посмотреть позже
Комментарии : 1,5 тыс.   
@shreyanshjha5144
@shreyanshjha5144 3 года назад
"If you buy things you do not need, soon you will have to sell things you need." Warren Buffett
@AkshatZayn
@AkshatZayn 3 года назад
Well said :)
@shubhangijoshi5777
@shubhangijoshi5777 3 года назад
Wow this video is an eye opener to all of us. The facts that you have presented are relevant and we all are well aware of that as well. But only thing is that we never observed them as you have mentioned. Woah ! Completely mind blown 👍🏻
@abhinabachatterjee4144
@abhinabachatterjee4144 2 года назад
@@AkshatZayn sorry you have made just a biased video...you have missed a very crucial point of having the free credit for one month and invest it for short term...if you are wise enough you can make money from it also....cheers!
@Sandeep-gb7ni
@Sandeep-gb7ni 3 года назад
After watching this video CRED's kunal shah be like: "mai kya karu phir? JOB chhod du? 😅
@harishchandramourya
@harishchandramourya 3 года назад
😂😂
@achaggi
@achaggi 2 года назад
:D :D :D
@rahulvishwakarma_ashok
@rahulvishwakarma_ashok 2 года назад
Hehehe
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@yadavdeepak8294
@yadavdeepak8294 2 года назад
@@sonamdeshpande7281 only true for 1-2% people
@TheJayeshmotwani1
@TheJayeshmotwani1 3 года назад
Listening to this video made me remember a quote I love about credit cards. "Credit cards are useful only for those who don't need credit. For everyone else it's the most expensive source of borrowing" Though I'm a frequent cc user, I loved the video as it rightly points out the psychology with which a cc should be used.
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
credit card usage is profitable to you as long as you use cc to buy things u required NOT when u buy things just to use cc !! this is damn important . for example,.. when I buy some items worth of 10,000 in a Mall and bill counter displays 5% CB with CC then inspite of having 10K cash , i prefer to use cc .
@drkunalsoni7
@drkunalsoni7 2 года назад
Very nice quote! 😁
@SavasKKS
@SavasKKS 5 месяцев назад
That´s how it works... they try to get you into a big buy. And you are thinking you saved some money... but in reality you lost money. All this cashback stuff is a part of this. @@sonamdeshpande7281
@vinayakbhat5753
@vinayakbhat5753 3 года назад
I could say, spending wisely with credit card and timely payment has lot of benefits like loads of cashbacks, reward points etc. All credit cards I hold are limetime free. Not even one single payment was missed from past 15 years for the 4 credit cards I hold.. Spend wisely, pay timely, Live well :-)
@aryangupta3498
@aryangupta3498 3 года назад
Do you have hdfc credit card will use it to book products and give you some commission?. If interested please reply
@himanshusolanki3799
@himanshusolanki3799 3 года назад
Which are those lifetime free cards? I'd like to join this lifetime free party too :p
@rajaking2789
@rajaking2789 3 года назад
Exactly
@vinayakbhat5753
@vinayakbhat5753 3 года назад
@@himanshusolanki3799 not sure everyone is eligible for life time. I am a salaried employee and while applying credit card they ask for salary slip. I hold HDFC regalia, Citibank rewards, icici bank platinum, icici bank Amazon pay, sbi simply save card. cards like Citi and sbi as annual fee waiver of you spend 30k and 1L respectively per year. Of all, I like Regalia for their offers and premium facilities.
@vinayakbhat5753
@vinayakbhat5753 3 года назад
@@iamvikaskumar wow. That's great.
@micagar2510
@micagar2510 3 года назад
The day when Indians realize that being rich is not using an iPhone at 25, but rather than owning a bungalow at 50, we will become a wealthy Nation.
@gauravarora790
@gauravarora790 3 года назад
Absolutely correct ‎😃
@jinfin221
@jinfin221 3 года назад
Bhai unke maarze 25 mein nahi lenge iPhone toh 60 mein lenge kya?
@micagar2510
@micagar2510 3 года назад
@@jinfin221 ok
@jinfin221
@jinfin221 3 года назад
@@micagar2510 Yes
@micagar2510
@micagar2510 3 года назад
@@jinfin221 ok
@rashianand9471
@rashianand9471 3 года назад
"Simplicity is the best way of being financially free"- one of the best lessons for the youth out there. Really loved the video! Indeed, your simplicity says a lot about your financial discipline and it's truely inspiring :))
@AkshatZayn
@AkshatZayn 3 года назад
Glad you liked it!
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
credit card usage is profitable to you as long as you use cc to buy things u required NOT when u buy things just to use cc !! this is damn important . for example,.. when I buy some items worth of 10,000 in a Mall and bill counter displays 5% CB with CC then inspite of having 10K cash , i prefer to use cc .
@darshanhosamani3524
@darshanhosamani3524 3 года назад
Conclusion sums up all the points a " money is more about psychology than finance itself" Best lines till date . Thank brother
@AkshatZayn
@AkshatZayn 3 года назад
:)
@Abhi0519
@Abhi0519 3 года назад
Your entire video has an inherent assumption that one doesn't have self control when using a credit card. If that is the assumption then such people would face much bigger issues in life than credit card debt. For logical people, it is an amazing service.
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
credit card usage is profitable to you as long as you use cc to buy things u required NOT when u buy things just to use cc !! this is damn important . for example,.. when I buy some items worth of 10,000 in a Mall and bill counter displays 5% CB with CC then inspite of having 10K cash , i prefer to use cc .
@andyc9902
@andyc9902 2 года назад
No
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
@@andyc9902 he is right ,. if u assume that u can't avoid compulsive buying if had a credit card ,., then u ll feel as if credit card will is a 'cheater ' BUT , if u use wisely then cc is really beneficial. for example -- spend some money (say rs 50000) using ur debit card for 1 month And spend similar amount of money in next 1 month . then, compare urself how much a cc is beneficial to u
@rohitmehta1216
@rohitmehta1216 3 года назад
When he said that i am one person going against billion dollar industry. He earned the like for honesty. 1 million subs in 2022. Keep the content rolling.
@AromalC
@AromalC 3 года назад
There are many such videos in youtube, this is not the only one.
@g.i.y.u
@g.i.y.u 2 года назад
Lol! That's how you win sympathy. 😂 "I don't know if I will be alive after posting this video. There are very powerful people who will go against me because I'm speaking the truth" 😂😂
@AromalC
@AromalC 2 года назад
@@g.i.y.u true 😀 . Techniques to increase youtube viewers.
@muralimahadevan4860
@muralimahadevan4860 2 года назад
I am with you on this. Finally someone has the courage to bell the cat.
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@tarunsisodia6462
@tarunsisodia6462 3 года назад
I want to have credit card but banks don’t give it to me... I think they cares to me more😅😅
@jaybose5110
@jaybose5110 3 года назад
I am 19. Yesterday I got one credit card from icici bank.
@akashtodkar5188
@akashtodkar5188 3 года назад
@@jaybose5110 how? Are you earning??
@ranabir8748
@ranabir8748 3 года назад
Bank ne rehem kar diya
@GHOSH.D.SHAAuMIEEK666
@GHOSH.D.SHAAuMIEEK666 3 года назад
SAME HERE BROTHER
@shashankjha81
@shashankjha81 3 года назад
@@jaybose5110 how?
@princysharma9307
@princysharma9307 3 года назад
You are a Gem :) Seriously loving all your videos as they are truly informative, intellectual, precise for people of all age groups especially youth. Can't thank you enough for making people 'Financial Literate'. You are an inspiration to me!
@AkshatZayn
@AkshatZayn 3 года назад
You are so welcome!
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
@@AkshatZayn when you -dont do compulsive buying and - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@basu_gobbi
@basu_gobbi 2 года назад
@@sonamdeshpande7281 its not bad idea when you have life time free credit cards.. in other cases you need to pay issuance and annual fees and this might be liability.
@Nieljuliet
@Nieljuliet 2 года назад
Having studied economics.. the way u break down economics into simple lay man language is good. Keep up the work gentleman 👍🏽
@mrinmayeedegaonkar5183
@mrinmayeedegaonkar5183 3 года назад
I absolutely love your content. I hope this video is never taken down :)
@karansingh3420
@karansingh3420 3 года назад
Have never used a credit card in my life. My arguments remain the same. I agree to all the points completely. Keep up the awesome work !!
@rishabhsaurabh6827
@rishabhsaurabh6827 3 года назад
Thanks for bringing out of box informative stuffs in your every video. Really liked the statement "Simplicity is the best way of being financially free"- Most applicable truth to the youth living on cities in current era.
@ramakrishnakrish5311
@ramakrishnakrish5311 2 года назад
Thank you. This argument of having credit card or not has been there for a long period in my family. I have shared this video to all my family members. Thank you.
@harshitsachan5736
@harshitsachan5736 3 года назад
In the meanwhile, I noticed that channel is growing super crazy.
@dhruvshah2781
@dhruvshah2781 3 года назад
Hey Akshat! Being from a business family, my dad always disregarded the use of credit cards with all this same minimalist viewpoints and tbh it helped me alot to gain financial freedom. Loved your video! Great content❤
@AkshatZayn
@AkshatZayn 3 года назад
Glad Dhruv :)
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@BENNETLANDSMANN
@BENNETLANDSMANN 3 года назад
What a serendipitous blessing that I found your channel 🙏
@neelamvalecha4837
@neelamvalecha4837 2 года назад
Makes lot of sense truly. Well done. Though I have a credit card but the pointers that you have raised are correct.
@priyanujborthakur5519
@priyanujborthakur5519 3 года назад
Hey Akshat, this was a real eye-opener for me. I received a credit card just 3 months back, and since then my behaviour changed from being a "saving-oriented" person to a "spending-oriented" one. Thanks for the video, really enjoyed it! Would love to know your journey to becoming a millionaire! :)
@AkshatZayn
@AkshatZayn 3 года назад
Will share :)
@priyanujborthakur5519
@priyanujborthakur5519 3 года назад
@@AkshatZayn Thank You! :)
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@ryostorm7892
@ryostorm7892 2 года назад
@@sonamdeshpande7281 it's all about having a cute cat 🐈 in your hand which will scratch when you don't pay attention or no cat at all. None never said it's bad but there's constant risk cuz of human nature if you can manage that it's good for you otherwise it's good for your credit card company No bad at all😂😂😂😂😂
@imaddictable
@imaddictable 3 года назад
This is actually quite a brave video Akshat. I also have always evaluated credit cards as a means of Corporate companies promoting consumerist culture. For the same reason I have never owned a credit card and will never own one in future. An example in which I have seen my friends who where dead against watching crappy movies at the theatre after getting the credit card started going to theatres every month to watch crappy movies simply because they were offered discounts. Also as you said in the video that we cannot compare our culture to that of the United States. In United States the social security is strong enough to take care of their people who are interested in consumerist culture. I would again say Kudos for this brave video.
@AkshatZayn
@AkshatZayn 3 года назад
Well said and thanks :)
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@jatinsapra9558
@jatinsapra9558 3 года назад
Your arguments did make me think about the consumeristic culture we are being pushed into. I found the points quite valid. Thank you and keep sharing such videos.
@ganeshshinde8018
@ganeshshinde8018 2 года назад
Last quote was lit!! Great video!
@govindrathi5632
@govindrathi5632 3 года назад
Your stuff is actually mentally stimulating man! I am just binge-watching it.
@drkk3199
@drkk3199 2 года назад
Me too actually I don't understand most of what he says as I'm illeterate in terms of finance.but somehow binge watching.
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@gulammohiddin5747
@gulammohiddin5747 2 года назад
@@sonamdeshpande7281 The nature of credit being readily available can give you a false sense of affordability that can change our spending habits. It completely depends on the person's spending habits and financial awareness. There is a reason why the interest rates on cc are so high and missed payments affect the credit score drastically.
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
@@gulammohiddin5747 if we want to enjoy some benefits, it's okay to keep "auto debit " option ON ., so that bill payment is not delayed . how would you feel when u do shopping of 20,000 in a Mall , bill counter displays 5% off with HDFC credit cards and u don't have a cc to avail the offer?!!
@gulammohiddin5747
@gulammohiddin5747 2 года назад
@@sonamdeshpande7281 Did you watch the video? He explains about this exact thing. You can bargain and get the same discount w/o cc. Well thats how you can get things done in India. In countries like US you rarely see anyone haggling for price.
@Pranzz
@Pranzz 3 года назад
That's why I always pay my bill as soon as I purchase anything via a credit card. Thus it exhibits Debit card like behaviour, restricting me from overspending, and gives me extra rewards as well. Also, my credit card has zero fees (be it annual or sign up). So its a win for me!
@RK-lq2ud
@RK-lq2ud Год назад
what card is that?
@k.subhashri3988
@k.subhashri3988 2 года назад
You have a very nice manner of explaining things. Great video!
@sanm8551
@sanm8551 2 года назад
First-ever honest videos on credit cards. Hats off to you.
@UsamaTariqRasheed
@UsamaTariqRasheed 3 года назад
All are perfectly agreeable arguments- Hands Down! Thank you :)
@AkshatZayn
@AkshatZayn 3 года назад
Glad :)
@mr71117
@mr71117 3 года назад
Thanks for the very informative video Akshat. From childhood, I always wondered why credit card companies offers discounts on very fancy services.
@meetsubhajit
@meetsubhajit 2 года назад
Thank you for the clarity 👍
@rupeshbhutada481
@rupeshbhutada481 2 года назад
Thanks Akshat. The simplicity with which you explain a topic is great! Look forward to more such awareness sessions..
@annie99ist
@annie99ist 3 года назад
As a 22 year old just starting out on her financial journey, this video is very helpful! Please come out with some videos for financial tips for young people like me, I would love to hear your suggestions on financial well being in your early 20s. 😊
@gopinathp5532
@gopinathp5532 3 года назад
Valid points it comes down to personal habits and one's self restrain .
@Errritesh
@Errritesh 3 года назад
The clarity was impeccable! Thanks Akshat...
@rohanbanerjee402
@rohanbanerjee402 8 месяцев назад
Excellent video and analysis! Thanks for making this video 🙏🏻
@shubhamkumar-ny5dh
@shubhamkumar-ny5dh 3 года назад
Hi Akshat, I totally agree with you. And I like your quote "Money is more about psychology". Let me tell you a story about credit cards. Earlier, when I got my first credit card, I use to buy vegetables, petrol, or using every time where I can find a swipe machine. I got lots of rewards points. Here is the trick of credit cards. So, I had 50000rs spends on credit card and I have 1 Lac in my account. In the back of my mind, I always thought I have lots of money and which leads me to buy more unnecessary stuff. And in last, I was the loser. So I stopped using credit cards after that.
@sahilpahwa5706
@sahilpahwa5706 3 года назад
Rest everything make a lot of sense . Kudos for non biased content
@AkshatZayn
@AkshatZayn 3 года назад
Thanks Sahil :)
@TheArticsoul
@TheArticsoul 2 года назад
The last point solved my doubt! Brilliant content!
@sameerwaghode6150
@sameerwaghode6150 2 года назад
It is good that you are taking a step forward where no one has stepped. Really liked the video and keep bringing such content. Thank you for this amazing video.
@nipunnv
@nipunnv 2 года назад
Actually one big advantage of credit card is in case of a fraud you will not lose money directly from bank account, which is what happens if a debit card is affected by fraud. While paying credit card bill you can alert customer care about fraudulent transactions hence can avoid paying for that transaction in the bill. So that amount that was affected by fraud will be safe in your account
@user-ul7mf4ry7e
@user-ul7mf4ry7e 2 года назад
Thanks for your comment,👆 Make sure you reach out ⤴️ for information and advice, I have a new investment plan on crypto investment📩
@kim-o-san
@kim-o-san 2 года назад
You hit the nail on the head. I too don't like credit cards. But given how lawless this country is, having a credit card protects your bank account from fraud. Banks really don't care if your account has been hacked and all your life savings stolen. A credit card provide at least one more layer between scamsters and your money. Ironically the best point has the least amount of likes.
@vsruls
@vsruls 3 года назад
I have always advocated the point of not using credit cards. Thank you for putting it out there for everyone to understand the spiral of credits.
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
credit card usage is profitable to you as long as you use cc to buy things u required NOT when u buy things just to use cc !! this is damn important . for example,.. when I buy some items worth of 10,000 in a Mall and bill counter displays 5% CB with CC then inspite of having 10K cash , i prefer to use cc .
@sraddhahazarika210
@sraddhahazarika210 3 года назад
I totally agree with this. Using credit cards leads to bad financial discipline and creates a vicious cycle of bad fund management. Thanks for taking this up!
@anantheswar1641
@anantheswar1641 3 года назад
Great to see you sharing your point of view!
@chinmaymishra6
@chinmaymishra6 3 года назад
Hey Akshat! This video was great and with the habit of consuming powerful content from you i'd request you to please make a video on the best platform to upskill oneself online..Thank you
@gauravsavarkar541
@gauravsavarkar541 3 года назад
Stumbled upon your videos oneday and dont regret a second of it 👍🏻
@AkshatZayn
@AkshatZayn 3 года назад
Glad to hear it!
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@qandajunction4347
@qandajunction4347 3 года назад
Last time i saw your channel it was 23k... now 43k ...... congratulations... Adding value to our lives👌👌
@NavDharmYug
@NavDharmYug 3 года назад
I have watched three four of your videos and thoroughly enjoyed watching them. Keep going.
@prabhakarans2899
@prabhakarans2899 3 года назад
"Money is more about psychology than finance itself". 💯 True. I will tell my own experience, in Jan 2021, I don't have any dues towards card's/loans,I thought I can save next month onwards from my salary but eventually by April I ended up with credit card dues of around 52k,I don't know how it became that much... it's all psychology...
@skand_tripathi
@skand_tripathi 3 года назад
Maybe your CC statement would help you identify how it became that much. You didn’t donate that money to the bank , you would have also consumed services or products in exchange. 🙏🏼 Being responsible.
@cadarsh80
@cadarsh80 3 года назад
Principal plus fine probably.
@prabhakarans2899
@prabhakarans2899 3 года назад
@@cadarsh80 agreed with you and with credit Cards we are tempting to spend, and also we have dam confidence on anyway it's going to pay after 40 to 50 day's na.
@raneshmitra8156
@raneshmitra8156 3 года назад
This is a great video l have ever seen in my life,we want more such kind of behaviour oriented video from you
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@kishannageshshanbhag4359
@kishannageshshanbhag4359 3 месяца назад
Great argument! 1. You think you are spending on needs but actually you have crossed the limits for example 1chps pack without a credit card but with one, I shall buy 3. 2. Unnecessary consumeristic, materialistic life which could be simpler. 3. One the name of discounts I shall buy higher than required leading to bad debts same as first but this is more focused towards non-essential things. I wanted entry-level phone but because I saw discounts I bought a mid-level or even high-level
@shibashiskundu8829
@shibashiskundu8829 11 месяцев назад
Really very enlightening!! Thank you!
@jinfin221
@jinfin221 3 года назад
You sound and look like such a simple positive person. I like it.
@AkshatZayn
@AkshatZayn 3 года назад
I appreciate that!
@jinfin221
@jinfin221 3 года назад
@@AkshatZayn Are you into crypto as well?
@minalwagh
@minalwagh 3 года назад
Amazing video Akshat! though I own a credit card, I believe it is in my nature to not indulge in frivolous spends. I think it is very important to keep in my mind that you need to repay the credit card money in a month. As you rightly said, its all about the psychology! However, I would like to point that card companies make their money mostly from the retailers. People pay the price only if they are revolvers or are paying annual membership fees (which can very easily be reversed nowadays). Keep up the good work! :)
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@shrushti7718
@shrushti7718 3 года назад
I really completely support this video. You took the courage to make this video, which in itself is awesome (:
@Bharathkumar-mp8xy
@Bharathkumar-mp8xy 2 года назад
There are very few people who genuinely give the right direction.Thanks a lot Akshat.
@shivkhakhar3273
@shivkhakhar3273 3 года назад
Thank you so much for listening to my suggestion. Thoroughly enjoyed watching this one! 😀 Edit: Can’t speak for all but atleast I am with you against this billion dollar industry after watching the video :)
@AkshatZayn
@AkshatZayn 3 года назад
Haha thanks :)
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@sandhyac7411
@sandhyac7411 3 года назад
Hello Akshat, kudos to all your efforts and time to research and convey some insightful thoughts in a simplified manner. Look forward to more such insightful videos👍🏻
@AkshatZayn
@AkshatZayn 3 года назад
Thanks a ton
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
credit card usage is profitable to you as long as you use cc to buy things u required NOT when u buy things just to use cc !! this is damn important . for example,.. when I buy some items worth of 10,000 in a Mall and bill counter displays 5% CB with CC then inspite of having 10K cash , i prefer to use cc .
@ninpipu
@ninpipu 2 года назад
Love your enthusiasm and knowledge :). Keep doing these kind of videos. Cheers
@mohitdhiman5604
@mohitdhiman5604 3 года назад
Your video will definitely break the internet one day, not sure if that video is going to be this one or one that'll come in future. I am already a fan. Good Luck.
@soniamehra2155
@soniamehra2155 3 года назад
Your content is really insightful. Can you please make a video on tax saving strategies
@AkshatZayn
@AkshatZayn 3 года назад
Yup, will do :)
@chanakyareddycherla9068
@chanakyareddycherla9068 3 года назад
Hii akshat, vegetable example in the video is an eye-opening fact. I Loved it.
@AkshatZayn
@AkshatZayn 3 года назад
Thank you so much 😀
@rohitladdu5873
@rohitladdu5873 3 года назад
Please put time stamp, I missed it
@abhayyadav0507
@abhayyadav0507 3 года назад
Hi Akshat, thanks for bringing simple & valuable content with good insights.
@mayukhchanda5805
@mayukhchanda5805 2 года назад
This is GOLD. more power to you.
@simranbatth2399
@simranbatth2399 3 года назад
Really just a couple of days back I had same conversation with my mom and she was also saying same thing that simplicity is best way of living debt and tension free. Kudos to you Akshat keep the good work. Wish you more success.👍
@AkshatZayn
@AkshatZayn 3 года назад
Love that!
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@mdzaid5925
@mdzaid5925 2 года назад
Point to be noted: Most of the debit card (with 500+ annual maintenance charge) do provide free launge acess. Food is free in airport launge. You might go well fed, but it's mostly cheap to take connecting flights with 5-6hrs difference. In this case, it's definitely good to go to launge.
@timajoseph
@timajoseph 2 года назад
Thank you for sharing. To affect changes in behavior is such an important point.
@anuragsrivastava3160
@anuragsrivastava3160 3 года назад
Good to hear sir touch in these topics ....
@vishalnihalani5134
@vishalnihalani5134 3 года назад
Thank you so much Akshat for such great content. The amount of informative opinion you bring on RU-vid is immense and it seriously gives many of us a peek into the something very important one should do in life
@updeshsachan328
@updeshsachan328 3 года назад
Unbiased, eye-opening and insightful!
@AkshatZayn
@AkshatZayn 3 года назад
Thank you :)
@KingKhan-bi7kb
@KingKhan-bi7kb 14 часов назад
I L
@farakangle7441
@farakangle7441 2 года назад
Kudos to you! Every time you come up with a video, you bring up a very intriguing topic, explain it with compelling evidences, and deliver useful insights. Learning a lot from you. Keep it up! Thanks a ton!
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@AnoojKrishnan
@AnoojKrishnan 2 года назад
The argument you put here is the exact argument I used to make. Now I just forward this video instead of arguing. Thanks for saving my time 😅
@neerclemons7199
@neerclemons7199 3 года назад
I stopped using credit card long back . I agree with you 100%
@kartikagarwal7928
@kartikagarwal7928 3 года назад
I hold 6 diff. credit cards, and use them very wisely. I know it’s playing with fire. Still I AGREE WITH YOU.
@mariaannettegonsalves3121
@mariaannettegonsalves3121 10 месяцев назад
Thank you for your detailed explanation on credit cards. Very useful.
@zoneofpradeep
@zoneofpradeep 2 года назад
Akshat, really bold of you to tell the truth! Thanks for the financial literacy here! 👍
@kkoolpatz
@kkoolpatz 3 года назад
Nice video. But its important to understand that it is addressed to general public. the 999 out of 1000 people. Answering at question at 10:31. Who pays for credit card conveniences? Credit card companies rely on you to use these conveniences to a point beyond what you can afford. such that you have monthly payments at high interest rates. However this is a double edged sword for the credit card company as well. There are those people as you said, one in a thousand, who spend using credit cards, to get benefits like reward points, insurance, risk free safe spending, availability of customer care etc. These are amazing benefits if you make your payments on time. A basic rule to follow is to have cash in bank at least as much as your credit limit, and then credit cards no longer attract unnecessary purchases, since you already have to money to pay for what you would have otherwise bought using credit cards. Secondly, Credit card in the US are needed to build credit. They arent in India. In the US if you dont have any credit, it is not considered a good thing. Note that having credit doesnt mean having loan. Having credit means having credibility that the banks would give you a loan if you wanted one. To build this credit, you need to have credit cards. the more the better.
@akshatagrawal6122
@akshatagrawal6122 3 года назад
Exactly, can't believe this guy is from Bain.
@AbhinavJolly
@AbhinavJolly 3 года назад
This video changed my perspective on credit. Thank you for putting this video out. Unbelievably simple and important.
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
when you -dont do compulsive buying - pay cc bill on time then, how exactly you are at loss ?? why using card is bad idea , tell me.
@sakkharb
@sakkharb 2 года назад
Loved this session, although I use a credit card, yet never had such deep understanding. Thank you a LOT for the teaching and value offered. And it feels a little different to watch your past videos, in a slightly softer tone, but one thing is common, you smile a lot, indicating you are enjoying the process.
@amannjain1963
@amannjain1963 2 года назад
Hi Akshat, Thank you for this video! To be honest, I watched a few videos on the benefits of credit cards, and I was buying one. Your perspective encouraged me to invest and control my unnecessary spending habits! Thank you, and keep making these videos; you're awesome at what you do!
@AnirudhJolly
@AnirudhJolly 3 года назад
Moral of the story, Earn First and then claim!
@AkshatZayn
@AkshatZayn 3 года назад
Thanks Anirudh :)
@chiraggupta009
@chiraggupta009 3 года назад
Great Video!!! I agree with every point. I feel that "The best way to manage your Credit Card bill is not to have one."😄
@AkshatZayn
@AkshatZayn 3 года назад
Absolutely!! :)
@pranavkmishra
@pranavkmishra 2 года назад
this is so true. I regularly track my expense and have seeen the expense rise with credit card as it gives the false hope that you have money in hand.
@vishalRPA
@vishalRPA 2 года назад
Really appreciate to see other side of credit card 👍
@gvivek2692
@gvivek2692 3 года назад
Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need, and the things you own, end up owning you
@ayushsrivastava9218
@ayushsrivastava9218 2 года назад
@albion you forgot the first rule
@AryanGupta-wx4bq
@AryanGupta-wx4bq 3 года назад
Hey akshat pls do a qna abt yourself as I want to take inspiration from the studies you have done and how you have such a nice nature
@AkshatZayn
@AkshatZayn 3 года назад
Will do :)
@rudrajadon345
@rudrajadon345 3 года назад
Indeed! Would love a QnA session 😊
@shantanughosal5217
@shantanughosal5217 3 года назад
Yup will be great
@rohitladdu5873
@rohitladdu5873 3 года назад
@@AkshatZayn yes yes please 🙏🏻
@nachiketdaithankar4405
@nachiketdaithankar4405 3 года назад
Yes. A detailed video on your personal journey would be great.
@lakshaybhati17
@lakshaybhati17 3 года назад
Akshat I totally agree with you. I don't support taking unnecessary debt in any aesthetically pleasing form, which is a slow poison, and like to stay away from spending uncontrollably. Investing correctly should be the way one should follow instead of fast credit which may sometimes be difficult to pay. Great video man.
@anandabhinav9205
@anandabhinav9205 2 года назад
Very nice point you have raised.
@dhruvagarwal7808
@dhruvagarwal7808 3 года назад
Hey Akshat, here's my theory about how CC companies make money. They actually profit off a user who misses their payments but has the potential to pay. Someone who never misses a payment schedule or someone who can't pay up at all are both loss making entities for them. I think that's why they lure you towards more spends so that when the user starts bordering on their "extra" purchases with essential spends like rent, groceries, investments, etc they will miss out on payments but not entirely lose their ability to pay. Am I close? (A bit unsure because I don't have any data on this)
@143kiruba
@143kiruba 2 года назад
Their main income is not from interest. It is the commission that they get from merchants when u swipe you card everytime.
@yadavdeepak8294
@yadavdeepak8294 2 года назад
cc company only give 97-98% to merchants (2-3% profit monthly)
@2207maddy
@2207maddy 2 года назад
@@143kiruba correct. They also avail this facility in spite of charges coz it saves them from carrying huge cash every day to deposit in bank and long waiting time. Money goes directly in bank. So its the vendor who shares a part of his profit for the convenience and time saving he gets.
@sachinlande7554
@sachinlande7554 3 года назад
Credit card is trap for most of the people, only few utilities it properly. I have not bought any CC in my 8 years of professional career and will not buy any in future too. Thanks Akshat for your efforts.
@AkshatZayn
@AkshatZayn 3 года назад
Great point!
@sambhavjain5954
@sambhavjain5954 2 года назад
Totally agree with you...you are such a humble and sensible person
@karteekkuna5987
@karteekkuna5987 2 года назад
I like your way of speaking, it is easy to understand for people who have normal knowledge at English pls keep continue in this way
@MegaRAVI777
@MegaRAVI777 3 года назад
This video reveals a lot about the credit card industry and their intention of driving consumerist culture to make insane profits. My friends also give the Airport lounge logic of using the credit cards. The credit card companies are so conniving that they subconsciously make us want to spend more. Thanks and lots of respect for making this video Akshat.
@AkshatZayn
@AkshatZayn 3 года назад
Thank you Ravi :)
@sonamdeshpande7281
@sonamdeshpande7281 2 года назад
credit card usage is profitable to you as long as you use cc to buy things u required NOT when u buy things just to use cc !! this is damn important . for example,.. when I buy some items worth of 10,000 in a Mall and bill counter displays 5% CB with CC then inspite of having 10K cash , i prefer to use cc .
@Chitrak.D
@Chitrak.D 3 года назад
Thank you, your video just confirmed the reasons for which I don't take credit cards. And if someone is minimalist and manages their finances well, they don't need any credit card. And you have some great content. ✨
@asmitaphadke361
@asmitaphadke361 Год назад
Akshat, wonderful insightful video !! Agree with you totally.
@tprasad7336
@tprasad7336 3 года назад
Hey, love your presentation of facts And the wise topics you choose to put light on. Thanks for the information/ insight
@yuvigemini
@yuvigemini 3 года назад
Economic Aspect is Solidly Drafted
@akshatsharma2064
@akshatsharma2064 Год назад
Sir I believe that if one treats his Credit Card as his Debit Card linked to his Savings A/c then it automatically solves all the problems related to debt and overspending. Also side by side that person can avail cashbacks, discounts and coupons wisely to get benefited by them.
@akshat444
@akshat444 Год назад
Appreciate your feedback 🔼 What'sap me with the number showing above for consultation and more profitable updates..
@itsme-hw5oo
@itsme-hw5oo 2 года назад
What an analysis man simply loved i totally agree
@sk-bc7nu
@sk-bc7nu 3 года назад
This video was very informative and helpful for me. THANK YOU SO MUCH!
Далее
His Passive Income is 2x of Expenses?
17:28
Просмотров 96 тыс.
Why Credit Cards Are A Scam - Honest Ads
4:55
Просмотров 4,6 млн
TOP Beginner Credit Card Mistakes to AVOID
14:21
Просмотров 734 тыс.
How CREDIT CARDs Make You Lose Your Money
13:45
Просмотров 160 тыс.
Dark Reality Of Going To US To Make More Money
19:29
Просмотров 1,3 млн
What to expect when you move abroad? | De-influencing
14:51
Top Private Job vs Top Government Job
17:55
Просмотров 2,4 млн