Credit Cards are for POOR People?!

Let's debunk the myth that "credit cards are for poor people."
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[@454lin]

It’s all about how you strategize. The secret is to only use your credit card based on the liquid cash you have available 💳

[@stephiegiselle]

Amen!!!

[@svenstormbringer]

People who don't understand that credit cards should be PAID IN FULL every month should not be using them

[@tarawalton6778]

@@svenstormbringer The ABSOLUTE TRUTH!!

[@easterbuny2226]

common sense

[@TheTechnoFI]

100% if you can't transfer the full amount to pay off the purchase then you can't afford it so you can't buy it with a credit card. The only time you could argue about overspending is in an emergency where you have no other option. In that event you put all available spare cash to get rid of that debt.

[@fordmi79]

I find that most people who can’t wrap their heads around the fact that credit does not equal debt are not the best financially. They’re often the same people who laugh at my aging paid off vehicles parked outside my house as they get in their leased CLAs or 3 series and head back to their overpriced apartments. 🤷‍♂️

[@_2315_]

Leased CLA? If their leasing that means there credit is better then the average joe. Overpriced apartment ? Hm that just depends where your living, inner city or in the woods. LA or TX. Overpriced apartments doesn’t have anything to do with credit 😂 getting approved for a overpriced apartment probably means you have excellent credit lol.

[@karatheythemharkins2393]

@@_2315_ yes, here in DC a 1 br is about 3k a month but a cheep house is 6 or 7 figures, yet am kicking myself now a couple decades ago could have bought almost a mansion in a ruralpart of the country for 100k, so it depends what the market says, in nice urban areas often renting wins

[@nichtsistkostenlos6565]

@@_2315_ Good credit doesn't mean you're making sound decisions financially. You could have excellent credit just making your minimum payments every month paying interest on depreciating assets and not saving anything for retirement. I don't consider credit scores to be a particularly good indicator of financial health. It's more of an indicator to credit providers about whether you're likely to the make the payments or not.

[@oldgreg315]

Except credit DOES equal debt, Michael.. ..and I'll also laugh at your vehicles parked in the driveway and not in the garage

[@thejokerspeaks]

I've never heard anyone say, "Get your money down, and your debt up." I make enough in cash back alone to fund our Roth IRAs, never mind travel credit. If that is a poor man's game, I'll happily take it!

[@g.p.5018]

I pretty much pay all my monthly expenses on credit cards which i pay off every month..expenses i would have to pay anyways so why not use them for points

[@cjhan47]

As well as all the benefits that come with it like extended warranties. These things are valuable and so many are sleeping on them.

[@robloxscriptingandbuilding7816]

Best comment ever!!!

[@lillians.4384]

EXACTLY!! I do the same! While racking on on all the cash back rewards n points 🤫😁 lol

[@karatheythemharkins2393]

Just make sure you are not charged a few percent, although that is perfect for any initial spend

[@Seongjinkim]

Why would anyone NOT use credit over debit? It’s essentially an additional security layer...plus you get some perks (points, miles, lounge access etc.) No clue why some prefer debit over credit.

[@AdamKY8]

Many people are horrible with money management that’s why

[@naughtyorgneiss]

Because they're dumb

[@acidgolem2132]

I would usually use a debit card when I want to buy something that is over my credit limit, other times credit all the way

[@brandonholm5812]

Acidgolem213 I can’t even use my debit card for large purchases because the bank has a daily spend limit on it, while on my credit card I can spend tens of thousands of dollars in one transaction with no issue. Plus the cash back or points rack up fast with those large purchases. That being said, I did get a fairly large credit limit, you can maybe ask the bank for an increase if your credit score is good enough.

[@Jjf109nine]

An ais I have one and use it everywhere

[@ashermitchell2794]

Brian Evans' message is almost word-for-word the talking points of Dave Ramsey. Hilarious.

[@____2080_____]

And Dave is full of excrement. Pure and simple. One day, someday a freedom of information act will expose the debt he took out to become a financial guru. Every single business owner the world has ever known has used in leverage the credit System to build wealth. It is the fundamental feature of capitalism.

[@parabellum1002]

Dave says to never use credit and calls the FICO score the I love debt score. Dave’s target audience is the lower income demographic and those that don’t understand debt or credit.

[@walkermorales337]

@@muletowndumpsters there are multiple cards that give cash back with or without perks without having an annual fee. The citi double cash back card gives 2% back on everything, so by exclusively using that card (and using it responsibly of course) you can basically increase your income by 1-2 percent which isn’t much, but it helps. You could also get the Visa card from fidelity which also gives 2% back on everything if it is put into a brokerage account with fidelity first. This card comes with a few nice benefits, has no fees, and it can help people invest money if they are living just below their yearly income or it can help them save money whole their building an emergency fund.

[@joemama69448]

21 cards, zero debt. I'm certainly not rich but in 2019 I earned an extra $5k measurable value in points and cashback.

[@FigWidIt]

Thats awesome man. I agree, using and maximizing credit cards is definitely a game and I'm guessing most "poor" people just don't want to learn the game lol

[@joemama69448]

@Anna Jordan and they probably never will. I stopped trying to initiate people into the game because most people don't have the discipline to stay out of debt. Credit Cards are like playing with fire, it's easy for someone to get burned.

[@daisyz3575]

Logan Scott, you need a channel ASAP

[@joemama69448]

@@daisyz3575 Haha I thought about it but I dont have anything to offer that hasn't been covered by other youtubers.

[@joemama69448]

@Anna Jordan that's a good strategy!

[@SolidLiquidFox]

The simple rule of not spending beyond your means is key on this hobby. Be opportunistic and strategize when a large purchase is coming to get a SUB. This hobby is pretty straightforward if you dont go pokemon hunter and try to catch them all.

[@AnotherDayOfBeauty]

I paid my car insurance, phone bill, monthly gas expenses, and other bills on my jet blue card. By the end of every year, I have enough miles to travel to my native country for free or with a small cash addition. I don't see what's wrong with that. I paid for that card on time and never paid interest charges. 😋

[@CityLifeinAmerica]

$11 for me! I love it. I get to travel pretty nice for

[@edwink1467]

Exactly. You would have spent those money regardless. Why not get something in return?

[@dperin00011]

Bc people that don't have the ability to say no to themselves if they have access to money or a LOC can't relate to someone that has self control... They think if they are bad with money then you are also bad with money. Their perception is everything...

[@helenayoung4064]

@@edwink1467 right

[@joymae]

I have 3 credit cards and I’m not poor. If you are poor you most likely do not have credit to get a decent credit card approved. The trick is to use credit cards to build wealth. As you become more wealthy the wealthy loan out to those who need to borrow. Great video!

[@rogerarteaga2665]

Not necessarily true. I make decent wage and have about 12 credit lines. I also have paid my balances each month or if not a minimum and my utilization is below 20%. I don't make a 6 figure salary I'm just not a moron and spend money I know I don't have enough to cover for. It's literally how responsible you are with your money that's all. I'll say this I wasn't responsible with credit at 18 years old lol.

[@Derbb]

@@rogerarteaga2665 I am, currently sitting at a 741 at 18. being put on auth user with my parents helped a lot, Got my first credit card April 8th 2020, the discover it student card w a 1500$ limit. At the start of this month I got the Citi Double Cash back, with a $3800 limit... Currently at a $5300 limit across all my accounts. When I got my Citi Double Cash back card Experian said I had 724, TransUnion through discover says 741, but that numbers more recent. My next move is likely towards Amex. It's all about budgeting, discipline, and living below your means The credit game isn't hard, people's irresponsibility when it comes to them is what makes it hard for them 🤐

[@Derbb]

@@rogerarteaga2665 I keep my utilization at statement closing under 8% every month. Forget 30%, 20%, even 10% I'm trying to hit the 850

[@rogerarteaga2665]

@@Derbb That's cool back in 2006 there wasn't a lot of finances taught and my wage was at like 7.75 an hour. 4 years ago I decided to get back on the credit game and I've for sure gotten a lot better with it now. You're right in regards to your other comment credit isn't really that hard to build. Hitting 850 you'll have to grab a mortgage or several loans to prove yourself more but a lot of people have hit it anyway. I hit my top tier with the AMEX business gold extremely happy with it. Plastiq was also a great help in signup bonuses If more income comes my way over time which will most likely happen due to inflation I'll just grab the Platinum. I never really liked Chase but I do have that nice Amazon prime signature card. Honestly, once you're satisfied in the credit card game not much else to it except adjusting to cards and certain changes. For example, I had the uber card and now I only use it for uber and uber eats since it's trash.

[@jwaynecitizen]

@Anna Jordan wealthy people have knowledge and access to debt tools that poor people don't. So yes they would finance that $40K car at 3% because the $40K they have in cash, assets would be the better word, is earning them 5%.

[@chrislopez5287]

Debit cards absolutely can make you go into debt. Overdrafts have killed many bank accounts. Most of the time the transactions dissapear right before being posted to your account allowing you to spend money you already spent for a day or two.

[@jacobgordillo6476]

That's a good point. The financial and emotional toll of an overdraft used to stress me out so badly. Now that I'm older, making more money and know about how to use credit (thanks to folks like Sebby) I get paid by the bank every month instead of flushing those fees down the toilet.

[@lillians.4384]

Omg I know!! I would ALWAYS get sooo confused on when it actually cleared. Or sometimes the transaction would go into pending status then be released BACK into my account, then I’d use it thinking I had it when I really didn’t THEN......here comes Mr. Overdraft Fee 😞 .........(whispering) thank god for credit cards

[@artificialstyle998]

Most poor people don't even have a bank account let alone a credit card.

[@Blakhawk1703]

i don't know how they live then. lol

[@JoseDiaz-pl5kk]

@@Blakhawk1703 cash and money orders

[@notavailable9113]

Right wow imagine having to get a payday loan from a rinky dink check cashing place and get vanilla cards from the 7/11 🤢🤮id be sick !

[@docsays]

- yup many poor folks use check chasing shops and prepaid cards which charge fees. they are referred to as the "unbanked"

[@jwaynecitizen]

@@notavailable9113 I suggested to my cousin who lives paycheck to paycheck to make budget and get a credit card as a bridge between checks. Told me I was crazy. Well their car broke down and they went and got a payday loan because of course they don't have an emergency fund or any credit.

[@docsays]

This was an excellent video! I love the research-based perspective. Here's my story: Early in life i wasn't financially literate, so abused credit cards and racked up alot of debt. Thus, i thought cards were the "Devil". Cut em up, and used cash only, Dave Ramsey style. As my knowledge increased and my debt decreased, i realized an important truth: Credit cards are a tool. And like any tool, they can help you or hurt you. Now I still use cashback debit cards, but i also use credit cards (responsibly). Bottom line, credit cards offer greater protection, warranties, securities, and convenience. With a no AF cash back setup, i can get an extra $100 - 150 per mth for my everyday spend: utilities, groceries, gas, etc. To me that is my passive income!

[@jazzbassist]

Old comment, but I love what you said about CCs being a tool. Kinda like using a Sawzall. It'll cut almost anything with ease; however you can definitely hurt yourself if you are not careful. If you're scared of the Sawzall, there are plenty of oldschool handsaws to use!

[@markplymale]

I got into credit cards after I built up my income and assets but I wish I had just started using them sooner. Great video!

[@ThePixel-Man]

Same here!

[@lyfeoffaz195]

Totally agree with you

[@richard1113]

Thank you Sebby. As always you present facts and logic rather than emotional arguments. You completely dismantled the argument that "credit cards are for poor people".

[@boondoggle4820]

That commenter lost credibility when he said that you’re getting a “measly” couple hundred dollars of points every year. “Measly”? You could easily buy groceries for a month with the “measly” amount that you accrue in points just for using your card for regular bills and expenses.

[@JacksonWelch]

As a software guy I just like optimizing everything.

[@creditplug]

I disagree with “credit is the poor mans game” ....I earn thousands per week from credit without spending a dime. It’s all about how you use it. Spending more than what you have on credit card 💳 leads to debt. Using a credit card like it’s a debit card, no problem.

[@Broneck01]

How do you earn thousands per week with credit cards? MS?

[@4doorsmorewhors]

Thousands per week ? How can you think someone is going to believe that?

[@ahinds100]

@@Broneck01 Probably by putting business expenses on the card and then using the company revenue to pay off the card. All of the cashback/points/rewards would be pure profit if that's the case.

[@KittyOzzyZiggy3895]

Probably uses the credit card money if he has more then one credit card company he probably uses all credit card limits to invest in stocks Bitcoin or started a profitable business he invested the credit cards

[@SnoopSimmonsSound]

Exactly!!!!!!

[@james-p]

Just commenting on some other comments downthread. Here’s the thing about Dave Ramsey: He is 100% right… _for his audience._ Have you ever heard his show? People call him up and they have like $50K, $75K, $100K in credit card balances! Presumably by that point accruing interest at the default rate of 29.99%. Some idiot calls who bought his “dream truck” (dream _truck?_ ) for $65K, trading in his perfectly serviceable vehicle that he still owed $25K on, and now he has $90K in debt on a stupid pickup truck ferchrissakes. So Dave is right-on, _for his audience._ They should do what he says, exactly. Cut up every card, work their bloomin’ arses off and pay down every dime, _and never touch credit again._ It’s kind of like AA for shopping addicts. I’m flying to Paris next year, Business Class (Classe Affaire, as Air France like to say). The ticket cost me nothing but MR and UR points, +tax. I looked up my itinerary and it’s a $4,300.00 ticket. I’m reasonably well-employed, but still, $4,300 bucks is a lot of money! Had I used a debit card, I’d be flying in Steerage (Moo!) and paying $1,000 out of pocket for the privilege. So yeah, I pay for everything I can with a credit card. I mean, I see where it goes wrong for shopping addicts. On that trip to Paris, I’m staying in a reasonably-priced hotel. I _could_ stay at the Ritz for the whole two weeks. I could just Put On the Ritz, baby! - any of a number of my cards have the credit limit for it - and worry about that €20K hotel bill later. I’m sure it would be quite an experience and get lots of Insta-likes. _But I won’t._ But yeah, it can be annoying when somebody with a spending problem tells those of us who don’t that we’re doing it all wrong.

[@docsays]

very well said. its like telling a former alcoholic telling non-alcoholics to never have a glass of wine, even once an while.

[@betruetoyourself7162]

I agree with both of you. I couldn’t believe the first time I heard that you can roll negative equity into a new car. I didn’t even know it was possible. First time I heard a caller saying that, I was like really? Sad thing is, when I told other people around me, they were not surprised.

[@xmochix604]

We are higher income, we use a whole lot of credit cards at 0% and zero interest loans promos to let our cash sit in investments . Once the promo ends we pay off.

[@recoilrider2833]

Why am I addicted to this channel? I literally found it because of the offer I received for the Platinum Amex and now I can't stop watching it. Thank you Sebby for all the information.

[@Unclebuns72]

I have 12 cards. And 117,000 limit My scores are all in 800s now. I only use 2 of these cards. The others I take out every 6 months and put $1 on them to keep them active. Most of my cards have gotten me $200, $300 or $500 welcome bonuses. I will get 10 more cards in about a year. I never pay interest or late fees. I’d never be in the 800’s score wise if I only had 2 cards.

[@docsays]

truth. i only use 2-3 of out of 7 cc's in any given mth. having my cards and responsible usage has got my scores up from mid 600s to mid 700s.

[@markbeiser]

I have a number of KZbin channel memberships, and spread them out between the cards I never use, with autopay set up on all of them. Keeps them from going inactive, and generates "on time" payments on every card every month, without me having to even think about them. Occasionally the credit limit will automatically increase on some of them too, so bonus.

[@esonon5210]

Ways that companies counter act this is by adding fees to CC users. Gas stations typically offer "discounts" to people who pay with cash.

[@Holdeenio]

I appreciate channels like Sebby's because it provides some financial education. If this education were avaliable from school age, people would understand how credit works long before they're eligible for it themselves - that's the best way to prevent people getting into debt - not hoping people will abstain.

[@amb-yz9ee]

This is simply a Dave Ramseyism, it’s so crazy how his pernicious thought has permeated almost all financial discussions on the internet.

[@andyh4464]

His audience is lower on the IQ and self control scale. That advice is good for that demographic. Credit card companies make tons of money off those types of people. It seems hard for us to imagine what it's like not having the self control to pay off the statement every month but trust me tons of people can't help themselves.

[@thegardencity92]

Kinda sounded like a troll post to me

[@betruetoyourself7162]

Andy H I listen to Dave Ramsey. His overall thing is to live within your means. I think that is a great idea. I pay no credit card interest and try to use points as much as I can using the cards I have. I don’t have to take everything Dave says as gospel. I don’t feel like my iq is so much lower, but thanks for your opinion. Sebby, you rock.

[@andyh4464]

Be True To Yourself some people don’t need a guy on the internet to tell them to live within their means, for some it’s just common sense.

[@betruetoyourself7162]

Andy H Yes, you are right, some people just have common sense and don’t need any advice or coaching. So I guess you feel all Dave’s listeners just have too low an iq to know it. I don’t know everything, so I watch you tube videos to learn. And maybe encourage others? The world is stressing enough, I want to try to be kind, or at least kinder than I have been in my past life. 😢 I hope you have a nice night and good luck to you.

[@danielb3863]

I stopped having conversations with none cc users years ago. CCs are one of those things that when people have a negative view its for life. Move on.

[@lillians.4384]

EXACTLY! No need to waste your breathe

[@q.l5480]

I really like how you responded to that guy. Classy and informative.

[@Kingwboxing]

Use credit cards based on the money available in your bank accounts.

[@MOGGS1942]

Being in debt to a credit card company means sleepless nights. Only use one if you intend to pay off the full amount every month, thereby avoiding huge interest charges. Set up a direct debit with your bank, and that way you never forget to pay on time. Used properly, and wisely, the credit card is a good friend to have.

[@AskSebby]

Or even push payments once a week if you're worried about "feeling the pain" -- this causes you to see your credit card usage directly like your debit card.

[@jazzbassist]

"One of the more productive ways of me wasting my time". LOL Sebastian is one of the funniest dudes I watch, and he's not even trying. I love these vids, I learn so much and get laughs to boot.

[@wandaclarke9975]

I just found one of your videos and started binge watching. Wow! I have learned so much. Thank you for dropping so much knowledge. I will be watching more.

[@AskSebby]

Thank you! :)

[@erich7861]

Ive subscribed you for a while now and the amount of thumbnails of you pretending to cut a card has definitely increased lol.

[@AskSebby]

The credit crunch and 2020 is too stressful 😫

[@zappyeats2579]

I really related to the guy that paid for his painting with his credit card. I once did the same thing and used my credit card to pay for a painting I bought at target.

[@markbeiser]

🤣

[@ez2boy]

Wow that's the dumbest comment I've ever heard.. I'm not rich but I pay off all my cards: 0 debt whatsoever. Also I've already crossed pacific ocean twice in buisiness class in 3 years and got enough points left to do it once again when covid dies out. It's not about how poor or rich you are. Just be financially responsible. If that's difficult for you, well.. stay away from credit then.

[@ryankanno2562]

Excellent video! Been subscribed for over a year now, and this is one was particularly good!

[@pabloaguilar6342]

I think a way to make people understand the correct way to use a Credit card is to show them that you don't have to wait until the end of the month to pay down balances. I think what people mean by risk is overspending due to the lack of friction from their checking account specifically, but if you pay down balances 2-3 times a week, then one can have a more realistic idea of how much money they have left to spend an d plan accordingly, at least that is what helps me.

[@deborahpembrook8833]

Income inequality is a serious issue. I’ve thought of points as a way to punish the banks, so it is disturbing to hear that banks profit by moving capital from the poor to the wealthy. If you did more videos on the math behind the inequity I would watch them. Lots to think about here.

[@Oli75]

Always, always, always use your cards and pay off every cent before the bill is due every month. Don't let yourself carry a balance ever.

[@Protostar9]

Only wealthy people I see using cash are Dave Ramsey and rappers, and then again most of those rappers aren't going to stay rich for very long lol

[@OperationNonsense]

lol the funny thing is dave ramnsey probably secretly uses credit cards himself.

[@CityLifeinAmerica]

Rappers don’t actually use cash, just like to show it off. They actually are very heavy users of credit cards, especially higher end ones (with the smart ones paying off the balance in its entirety as expected of you!). I’ve worked retail and restaurant in “nice parts of town” and had the opportunity to converse with a lot of them. Dave Ramsey on the other hand is just dumb.

[@gbj1014ify]

Try to rent a car or get on an airplane with cash see how that works!!!

[@andreyv1]

What? Since when do you need a credit card to fly?

[@ahinds100]

@@andreyv1 It's practically impossible to rent a car or a hotel room without a credit card. As far as flying goes, I've noticed over the past 5 years that airlines won't let you buy any onboard snacks, food, or beverages without a credit card; and ONLY a credit card....they won't accept debit cards or cash.

[@Kenroy112]

With credit cards, I never used it unless I already have the money in the bank to cover it. I also always view credit cards as not my money and it`s someone else is money, so I have to be very careful in spending someone else money.

[@betruetoyourself7162]

Kenroy112 that’s good. Everyone should feel that way.

[@davishlamburnt3734]

Thanks a bunch for the video Sebby. One thing debit cards can do is empty your bank account if someone gets your info but credit card companies have to handle it if they go that route. I make thousands a year in points a year with my cards because I play the game right. I also LOVE the credit card game. Thanks again Sebby.

[@dwarakanathkottha7771]

I totally agree with you Sebby. One thing though...we can never make everybody happy bcz even with the facts on the hand they want to believe otherwise. I guess its their choice... putting it in a nicer way.

[@cjhan47]

In the year 2020, I can't imagine that I have used more than $500 in cash. No reason at all to do so. I also have the surpass card and that thing has gotten me over $700 in value this year alone. and we only really had 3mo to do any real travel. This person has no idea what he's talking about and it sounds like they are just repeating Dave Ramsey stuff that we all know is not quite accurate for people who are responsible with their Credit cards.

[@xxxbilly]

It's really simple - If you have self control and strictly follow a budget(which one should always have if being financial responsible). Then Credit Card > Debit Card in ANY situation. If one can't control their spending, you are poor anyway, nothing to do with credit card. What's hard to understand?

[@nikitaross9868]

How does one not love maximizing the value power of their dollars spent. As well as paying less or getting perks. In my experience with the wealthier percentage, this is one of the strategies that comes with obtaining and maintaining their status. Just saying!

[@_2315_]

New subscriber, second video and your throwing mad gems 💎 🔥

[@AskSebby]

Thanks :)

[@midlifecrisis7888]

One of my local liquor store chains has 2 prices, one for cash and one for CC.

[@markbeiser]

Spec's in my area gives a 5% discount if you pay with cash or debit, and some of their "Key Club" member sales are cash/debit only. Unfortunately for them, I can go to Goody Goody and buy the same stuff for less, AND use a CC.🤣

[@zzzzzzzzzz098]

When I got my first credit card in college years ago, it was one of those 2 points at restaurants cards. I went to McDonald's to buy lunch and paid with the CC. The McDonald's cashier said to her coworker in a low voice "how can such a well dressed young man use credit cards to pay for food." I didn't say anything back then, but I felt extremely disheartened. Thing is, 10 years has passed and I bet she's feeling stupid now. Suck it McDonald's Cashier girl, I was ahead of the curve!

[@lillians.4384]

There’s absolutely nothing wrong with that, some ppl are very very silly that’s all.

[@betruetoyourself7162]

Good video thanks. IMO, Credit cards are superior in rewards and convenience most of the time. However, if offered a large enough discount to use cash or the debit cards offered higher rewards, I would definitely do that.

[@hinfranco3130]

I like the way you emphasized your passion for numbers with basketball stats 😆👍

[@mattkim9387]

This really hit the nail on the head. The beauty is that theres no wrong option if it fits someones lifestyle. I moved from the bay area back to sac this year. I've noticed at grocery stores/restaurants, a decent number of people prefer paying debit. Maybe they don't pay thousands of dollars on rent alone, so getting an annual fee card doesn't suit them if they can't justify spending thousands that you would be spending in a bigger city. Credit makes sense living in the city since I'm spending thousands on parking/rent/groceries/tickets I might as well get something back.

[@longbeachcomedy4481]

Using a Debit Card does nothing for your credit health/score. Well monitored credit card usage (paying the monthly balance in full) will though. Maybe it's better to say that Credit Cards work better for financially responsible people of any income level. IMHO Debit cards keep your money in a coffin.

[@devaughnj510]

I use my credit cards more because they are more secured than a debit card and when I have cash I end up spending more money.

[@OperationNonsense]

If anything Brian Evans only exposed himself - A. he is incapable of rational thinking or cost/benefit analysis, B. he is not one who can use credit responsibly and has gotten into or is currently in debt, C. he has incredibly low spend and only generates a few hundreds in rewards every year. I also don't think he meant anything malicious by his comment towards you, but he was incorrect to generalize all credit card users and project his own personal credit card experience thinking everyone handles finances like himself.

[@danielb3863]

Brian Evans is a popular opinion type of guy. Most ppl hate something , they will automatically as well. Faux social validation mindset. Its definitely a psychopathy spectrum trait.

[@Ekim2411]

I’ve switched to using my credit card primarily since Jan 2020, and it’s so much more beneficial. The key is always to pay off your balance and you’re straight.

[@ezioaltairac]

Low key thinking that Graham is the sponsor of this video.

[@PassportBrosBusinessClass]

Wealthy people don’t carry much cash. They want their cash in the bank and don’t come into contact with it until they need it. I buy almost everything on my card and pay the balance immediately. Credit card rewards are equal opportunity. So long as you pay off your balance immediately, you don’t pay interest and you get something back for spending you were going to do anyway.

[@shoalins55]

I can't tell you the last time I paid a full amount on for a airline ticket. Oh and I upgraded from CSP to CSR recently and they did give me a $100 credit!!!

[@xmochix604]

I love your videos, thank you for always encouraging us to bring up our income.

[@multimeter2859]

Thanks for the content you make. I just hit my 30s and have only ever had my military star card as a credit card. They just seemed like too much of a hassle and I was hardcore Dave Ramsey as well. Now that I recently discovered all the credit incentives for military, I'm gonna take the plunge.

[@AskSebby]

I would go for Chase and Amex given their treatment of MLA. There's definitely a ton of value (and trips) on the table :) www.asksebby.com/blog/best-credit-cards-for-active-duty-service-members-a-step-by-step-guide

[@multimeter2859]

@@AskSebby That's what I had planned. My question now is: If you upgrade or downgrade a card, does it keep the same card number? I considered getting CSP first and putting my monthly bills on it to get the higher welcome bonus and then upgrade it to the CSR. Would the bills automatically roll to the CSR or would I need to reset them?

[@AskSebby]

It rolls over for most issuers. If you want to talk strategy / have a specific trip in mind: www.asksebby.com/free-card-consultation

[@multimeter2859]

@@AskSebby I already filled one out, but thanks for the link. Just waiting on your reply. :)

[@EatCoffee]

Rich people are also smarter with their money. There was a study where you give $100 to a poor person and $100 to a rich person and they would make drastically different decisions

[@karatheythemharkins2393]

@Sebby "one of the more productive ways of me wasting my time" LOVE this quote! My spouse thinks I have gone mad in an excel book that started out listing subscriptions, I just explain it to her and other ppl that look at credit cards quizzically as the modern equivalent of coupon clipping

[@markbeiser]

And unlike coupon clipping, it works on ALL of the things you already buy, without having to work at it much. I think the "worst" thing I've had to do to maximize a cashback benefit is start using a digital wallet to pay for things with my Discover It card. This quarter's 5% category is Amazon and digital wallets, and I already have an Amazon Prime card. If you also happen to be into coupon clipping anyway, you can save even more!🤣

[@Spydah3kgt]

I got into cards when my income jumped and my travel for work jumped. I have to use my personal credit and get reimbursement (not ideal as I don't like being a bank for my company, but reality nonetheless) for travel. If I have to put hotels and meals and the like on my cards I may as well get some perks out of it. Credit (like other controversial things) is a tool. It's neither good nor bad inherently, comes down to the discipline of the individual using it.

[@markbeiser]

As long as your company is solid and reliably reimburses you in a timely manner, I think using your own credit cards is an ideal situation for maximizing the rewards you can get!

[@kuyaChrischan]

Dave Ramsey fanboys are annoying. Use your credit card as you would cash and you won't even have any issues.

[@ChristopherWalkenPUA]

Well, the dude who posted that has no idea what he's talking about and you teabagged him pretty hard.

[@Lrj_787]

Yes finally the outro music is back

[@JrKelly-rb4eu]

The fact remains that cash is a one way ticket , you get NOTHING in return . When you hand that cash over its gone..for...EVER. When I send that payment over for a bill with my credit card, as soon as its processed I get points coming right back at me. On top of the points I get..I can take the same card and swipe for groceries seconds later. Also if credit is for poor people, why is 70% of Walmart's inventory on credit ? They could buy it all cash if they wanted to. Having a great credit score or working to improve your credit affects your psyche. Even drug dealers use credit cards...you don't have to like how it works, but you better know how it works. Limited mindsets are not a problem ..its a result!!

[@JrKelly-rb4eu]

@Sir We Are About to Die I don't know about all that..I was just using them as an example, they are just one of many companies that utilize credit as leverage that's all.

[@rgermina]

Always find your videos educational. Keep creating informative content.

[@credithero4u]

all great info but you missed the main reason to use credit cards, it puts a separation between the crook and your bank. If a crook swipes your debit card your bank may become empty right before rent is due, now what are you going to do? if they max your credit card you still have the money in your bank to pay bills. Keep up the great videos

[@dboi4952]

Just remember that credit isn't actual, genuine wealth. Its a system based on money that isn't really there..

[@Annalove1955]

I just subscribed, I love this channel, very informative!

[@bryanmurillo4767]

Bruh no it’s not- if they can’t afford to pay it off each month it is DEFINITELY not for them

[@mustangx218]

I'm 100% credit card. But I don't spend that much money. I just collect cash back and points.

[@kimikafowler5307]

Great job! Thats what I call vibrating at a higher frequency.

[@kimberleysunchuk2909]

There are alot of people who think having no credit cards is a smart move. I like using my credit cards. why pay cash when you can use a credit card and get cash back.

[@bowbowx]

gaming the credit card is actually a fun thing to do.. i enjoy doing it.. LOL

[@crippledgenius]

I think if you can't pay on full and have issues with spending points are a waste this isn't about rich and poor it's the difference between smart and dumb and if your spending to make -18% thats dumb

[@nael2770]

3:07 is why I do not believe in Dave Ramsey.. sure, if you do not have self discipline, you would surely fall into debt, however, if you just treat your credit card the same way as a debit card, then that is the ideal way to go.. as what Seb said, using credit card wisely gets you instant discount through cashback or travel points.

[@jesusvilla9547]

I have 5 credit cards and planning on getting more I own my own landscaping business and make over $80,000 a year and still growing my business. I hope I'm not considered poor since I live in Orlando Florida and you can live pretty good with that kind of income a year at least I think so.

[@rubencruz2764]

Made an extra few thousand dollars back a year just by using my card. Your channel is amazing

[@aysjelow7168]

“It is one of the more productive ways of me wasting my time” I agree. Everybody has a hobby.

[@alexrod550]

I thank you for saying this ...I agree 100 percent !!!

[@jonathanaragon544]

I'm confused. You were applying for a new credit card every 2 months, doesn't that affect your credit score? Hard inquiry?

[@gluka47]

Credit score is all about the long run. All those inquires are going to go away in 2 years and the cards will mature in 7 years. So the credit score in the short run doesn’t matter at all.

[@oldgoat1890]

I have had a credit card about 20+ years. I got it when I was unemployed. I use it like a check or cash. No annual fees. I don't use a card for places that add a percentage for credit cards. I get a kick back on the card. Credit scores are not what people think they are. I remember a business teacher that said he took out a personal loan just to build up credit. How stupid can you get? Just taking out a loan and keeping up on payments will LOWER your credit score. I bought my first house with a low rate loan and NEVER had a loan before. Somebody will float your loan unless you are an unbelievable risk. If you have a card, spend within your means and never pay interest on it.

[@SilvaSteve2011]

This Evans dude sounds like someone who has never had or ever used a credit card. Debit cards are cool but credit cards allow your money to do so much more for things you are already spending money on. Controlling your spending and living withing your means are essential to getting more from your credit cards and staying debt free. Anyone who says otherwise is either a fool or just afraid of handling the responsibility of owning a credit card.

[@alexisoviedo100]

Would love some video concepts on working in corporate culture. You dropped some snippets around 12:47 that I found extremely interesting

[@gwvaio]

You kind of have to be in it to win it. I hate the Trader Joe’s example because if 100% of the people started paying with debit tomorrow Trader Joe’s still isn’t going to lower its prices. That’s just the way our form of capitalism works. After saving 3% on fees they’re not going to say “ok let’s pass those savings on to the consumer” so you are forced to play the game.

[@SeeYouUpTheRoad]

Well researched and well presented Thank You!

[@khangle1841]

I wait for Graham's reaction to AskSebby video. =)

[@khangle1841]

The commenter brian also did not factor in: Sebastian made money by ads and affiliate links on KZbin, and youtube is his side hustle business, so technically, all annual fee for his credit cards are paid by youtube income and he also successfully create an passive income. This is NOT a hassle, this is long-term rewards for Sebby's awesome work. He INCREASEs his income and SAVEs money on his travel by doing what he loves. Not many people can make side hustle earn significant income like Sebby.

[@EatonZ26]

On the example of billionaire buying painting on Amex, problem with that argument is that the auction house is paying Amex more in the form of commissions than the value of the points earned. Thus it would have been easier if the painting was bought using cash and the auction house just gave the guy a 5% discount.

[@yvr2002rtw]

Some people in China are desperate to use whatever means it is to get around the foreign currency restrictions so they buy expensive things outside the country with their AMEX.

[@investingwithwilliamtherob2834]

I must be really poor because I have 15 cards.

[@facelessman5362]

also with rsus/options you have to have the cash to buy them IF your company does have an acqui or ipo or other exit.

[@2808Heavy]

Sebby, I agree. When it stops being fun I’m done. When I first got into this hobby I would MS like crazy. Then one day I just got tired of doing it. Never any adverse action, it’s just others things seemed more worthy of my time and I just stopped. Now I just use the right card for the right spend and if there’s any Amex offer or something to the sort I’ll take advantage if it’s something I was going to purchase anyway.

[@mengchou5025]

Amazon allowance is ending on July 30th.

[@edwinpoopy]

Life has many ways to filter people up and down to their true levels. Its easy to say a quick blanket statement but hard to learn details and mechanisms. Dave Ramsey is just a talking head catering to the masses (AKA lowest common denominator, but its also the largest market share he can reach therefore hes rightly optimizing his business), so his quick gloss over cards is statistically correct because most of the population are not able to wrap their heads around slightly complex concepts.

[@gmatali11]

5:47 the real reason is because china puts a cap on the amount of money one can transfer out of the country. that was his way of money out of china. there was an article i read that talked about it. with him just paying amex directly within china he was able to move 147 million dollars out of china without violating their laws.

[@james-p]

Intriguing!

[@manjunathudayakumar643]

Well its True, Matali, I came across this same article on Amex Centurion page, due to restrictions on money movement in China, this would have given the buyer a better window to deal with liquidity, and increasing the value of asset over a short time based on credit period offered by Amex.

[@michaelmoore1503]

Sebby you hit this one out of the park, total grand slam!

[@miguelmal]

This is an interesting topic, thanks for the video!

[@georgegarcia566]

When do you think Amex Gold will offer anything like the 80K points they did last December?