Below is the Video Transcript:
License: Creative Commons.
Check out More: The truth about money back charge card fees.
the thing I like the most about the Costco anywhere Visa card is its simpleness it uses you 4% on gas purchases 3% on restaurants and travel 2% on I made it that far now let me cheat a bit hi people today were here to talk about charge card I have a 25-year love and hate relationship with charge card I am pretty pleased because I went to cash my what do you call this my 2020 credit card we used certificate amount its right here we can enter circles speak about all the time that charge card that offers you money back incentivizes spending and that holds true however were not here to talk about spending routines or anything were here just to concentrate on what can you do to get the most out of a charge card first lets talk about the types of credit theres mainly two kinds of credit secured credit and unsecured credit and charge card come from unsecured credit why it indicates that they have nothing to hold you versus normally the credit card rates tend to run a bit higher than lets state that of a lorry or a home mortgage next theres various kinds of charge card theres spreader cards that give you points line miles various kinds of rewards but theres one kind of charge card that is my preferred which is the money back credit cards since you get the money and you can do whatever you desire with it sure those regular flyer credit cards are great because if you invest enough then you get free flights somewhere or free hotels however at the end of the day youre restricted to how you invest your money theres solar cards or charge card like the GM card and Im still around however that card generally offered you money towards the purchase of your new card again it subjects you to invest the cash on what they desire so my favorite that Ive pertained to love is the money back card 90% of what costs this family is invested in this charge card and for that reason I anticipate a huge cash back at the end of the year and I just got this so Im pretty pleased yes its unfortunate that I invested a lot cash to get this little back however at the end of the day I did not pay a cent and interest at the end of the year so thats great to understand why I thought this video might be beneficial for a few of you a few of you more youthful people is since when I was 29 my credit report was 648 and I remember when a manager of San Diego saw me a vehicle saw me a brand name brand-new vehicle and I seemed like they did me a favor by letting me walk off with the $34,000 debt I was not a homeowner and that wasnt my most significant purchase I felt quite unique when accurate trusted me with that automobile and I financed it through Honda Motor Credit had a whooping four-point-eight it wasnt terrible however it wasnt the biggest I actually thought that 648 was a good credit history to offer you a big into brief intro not a beef introduction a short intro to credit courses from 800 to 900 is exceptional credit from 742 799 is really excellent from 672 739 is good from 580 to 669 is fair and from 250 to 579 is dangerous I comprehend that everybody is at a different phase in life some of you more youthful guys might not be as developed with credit so I can not expect a few of you to have accept your credit which is 800 and above so what Im gon na tell you is how the credit score is composed its 35% is payment history 30% is the amount you owe 50% is the length of credit rating 10% is credit open and 10% is type of credit you have I classifications theres theres a couple that you actually have control over your payment history you can manage that by paying on time the amount you owe you can control that by not investing more than you must the length of credit rating thats one that only features time so you can not actually manage that if youre in your 20s then you have less years of recognized credit but the category of credit open that when you can manage you should not enter into shops and get their credit cards just because they provide you a huge discount rate for that a person purchase and the last one the kinds of credit that you all maybe do not have complete control of it because if youre younger perhaps you have not had the chance to establish yourself by buying a home which is a really excellent type of credit theres a caution you need to pay him on time you can not carry any debt for the next month because thats purchasing into your money back reward at the end of the year I have not paid any interest in the last 15 15 years perhaps so at the end of the year whatever I get is clean now theres lots of retailers that use you cash back cards target gives you 5% on the purchases Amazon same thing its 5% of whatever you purchase an Amazon however at the end of the day the finest benefits come from what you purchase with them the important things I like the most about the Costco anywhere Visa card is its simplicity it provides you 4 percent on gas purchases three percent on dining establishments and travel two percent on made it that far now let me cheat a little bit on all purchases on Costco at Costco in Costco calm and then one percent of money back rewards on our other purchases so its very basic now theres a cap to a few of those suspense– is Im not gon na get that far into it now Im not gon na inform you how much it is since I think it will be in a dreadful taste but what I can inform you is that its two percent of my total expenditures for the year so yes it offers you 4 percent in particular things 3 percent 2 percent and 1 percent and other things but everything combined comes to very near to 2 percent so this is what I would like you to draw from this video is that credit cards are okay many of us need credit cards unless youre Dave Ramsey and if I were you is I will keep it as easy as possible by not having a lot of credit cards that is all for now if you like my video please smash that button and register for my channel trigger the notices it indicates a lot to me as more YouTube that you register for my channel my name is Juan Carlos see you next time [Music] .
Originally posted 2020-02-21 22:07:43.