Some Hard Truths on Credit Cards & Points

[@PrinceofTravel]

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[@burnt1ce85]

A pastor once said, the best sermons are the ones that leave you feeling guilty. =p. Joking aside, I agree with you completely. I think we should have more awareness how much we are consuming, and how it impacts the environment and society

[@TheAkirachi]

I really appreciate you sharing these honest thoughts. Well said.

[@TheTECShow]

Great video brotha, you raised some really good points.

[@pinapplemangobananna]

This is the most underrated channel! You are very wise and a great teacher! Subscribed!

[@PrinceofTravel]

Glad you think so!

[@MaZoukaDance]

What an incredible video highlighting so many of the struggles that I'm sure each of us are aware of consciously and unconsciously. Thank you so much for express all of this :)

[@jason41a]

DAVE RAMSEY is personally paying for our trips! LOLOLOL!

[@kyrie4451]

What bothers me the most is that this is only "free" to the people churning. The credit card companies provide rewards to people who manufacture spending by imposing interchange fees to the vendors. And the vendors, as a result of the increased business expenses, increase the prices of their products. The people who ultimately pay the price for your luxury trips are the ordinary consumers who are ignorant to how the game works. Ricky, you are very articulate. I am always impressed by people who are able to simplify abstract concepts (coming from a finance world, I am sure you understand the way people in the industry talk to each other lol). Maybe you can have another business providing consulting for academic writing, presentation, and to IELTS test takers.

[@biffy7]

Enjoy your life. Don’t feel bad or apologize about your passion.

[@tomotravels5423]

Much respect on your commentary on recognizing the superficiality of it all. The pursuit of luxury should have meaning beyond personal satisfaction. =)

[@theteacherandbeyond]

I've listened to this video a few times over the past year... and the truth is it also just simply sounds like success in life! And in ecommerce too ;)

[@ktanner438]

As an addendum to my last comment made halfway through I have to say this- the conversational style is excellent and indeed the sombre tone is a great addendum to your usually more humorous ones. Can we consider therefore the ethical quandaries of this? You are very right Ricky that this isnt free and is in many ways built off the lobbying by interchange networks to permit transaction fees in NA. In addition, many people suffer as a result of the increase in prices. Then of course comes the flex question: is the flex life worth living, is the bacchanalia of some of these experiences just hedonistic pleasuring of the self? As someone who is upper middle class and raised that way, I wish to quote and paraphrase the great Deng Xiaoping - "let some get rich first" and "economic power is political power." The reason I do points is partially for my own fun, yes, but it's also meant to be a way to introduce loved ones, friends, and regular people to the concepts of finance and personal economic empowerment. By showing the ability to gain J class flights, we provide our fellows with concrete examples of how they can personally go about improving their own situation, and teach useful habits such as how to use revolving credit, understand and avoid issues arising from things like compounding interest, and just improve quality of life. I cannot, from where I stand in North America, lift people in, say, Bolivia out of poverty. I dont claim to be a saint. But if I can enjoy a decent travel itinerary and also teach a cousin, or a neighbor, or hell, even a rival how to empower themselves economically, to avoid debt, and to increase their quality of life on Mastercards dime, I'm gonna do it. Sure, I got more points or more stuff before this person the same way Ricky became empowered before I did - but under no circumstances will the buck only stop with me. As you provided value to our community, so too must miles and points people contribute values to theirs

[@PrinceofTravel]

You hit the nail on the head. All I ask of my readers and viewers is to pay it forward so that others too may experience what we have.

[@YoYoYolanna]

Well said.

[@yvr2002rtw]

Personally, I play the game to “supplement” my existing trips. I just went to Phuket Thailand and actually paid to stay at a luxury resort that is not part of any major chain! (It was part of the AMEX FHR program though) The reason why I did that was because I paid next to nothing on my first/business class flights over using my points. Also this paid hotel stay is going to generate a large portion of the points for my next vacation. Tip: Get a good job that earns you a high income so you can afford to pay for either the hotel portion or part of the first/business class flights with $$$ and SUPPLEMENT the trips with a points redemption (think over the water first/biz tickets or a free night or 5 thrown in to part of the itinerary). That’s just how I do it!

[@PrinceofTravel]

Hear hear! This is what I personally think is the best approach in the long run: using points as a key tool towards achieving better, more frequent, and more affordable travel.

[@jessicacanada9428]

I'm very impress how knowledgeable you are on credit card. Normally there are two types of people. The smart responsible one who will take advantage of the credit card points or the one who always carries debit and pay high interest. Sadly there are more of those who are paying interest. Another great video. Thanks Ricky.

[@ktanner438]

A reality bomb from Ricky... really appreciate it because we need to hear it. Same time, I think you're bringing a good note on being sober and logical when we do this - heck, I'm hearing of people getting Amex accounts shut down in Canada due to reckless pursuit of certain other subjects you brought up.

[@sam47881]

I agree with everything except one element: I really believe that business class (not first, just business), for flights above 8 hours cannot be described as luxury. No one should be forced to do over 8 hours in economy.

[@suethewarrior2360]

Loved the conversation style and your practical , frank points....about points..lol

[@walaarostom]

Thank you Ricky for such an honest video. I have been a banker for 20+ years and I did learn a lot from your video Thanks again! Cheers.

[@nika.moeini]

Very well said! Just starting my journey today and so glad I came across this video.

[@dr.gordonshumway7116]

Love your introspection and honesty Ricky. Thank you for sharing

[@golammahmed2802]

One ☝️ life to live if you can afford it why not fly first class . Specially if you don’t have to pay 💰 for it . To me it’s smart way to travel .

[@travelwithtmc]

Great video Ricky. All very relevant items to bring up. I've also been having more conversations about them lately. Keep it up.

[@LucaRigoli]

I really enjoy your content, even as italian that can't get the nice credit cards..

[@shaylicious26]

Thanks for the truth. Now, let's get back to earning points.

[@Chineseron]

Thank you Ricky! I've actually been using my debit card a lot more frequently in the past 3 months lol.

[@AprilShowers24]

Appreciate your honesty. Well said.

[@march966]

Nice video thx..for me rather travel more lower class thats just me

[@breehafahed6145]

Awesome discussion for valid points that would take hours to explain! Excellent job! Also you are one of the most down to earth guys and I am sure you are like this in person too! Would love to meet you one day. Are you in Toronto?

[@PrinceofTravel]

Toronto and Montreal :)

[@Pulpswo]

SHIT! 10 or more credit cards... WTF?!

[@PrinceofTravel]

I know, WTF? Everyone knows the true experts have 25+. 😉

[@Pulpswo]

@@PrinceofTravel WHAA HAHA AHHTT?!! 25+?! Maybe it would be better to just buy the ticket with cash? lol

[@TheKingKevinR]

You’re doing good man great job! And it was a great thing to be honest

[@Ray25hua]

Appreciate the realness bro👍

[@lostgoat]

Wait I did not know you can get these bonuses multiple times in Canada. So you can open an aeroplan visa get the bonus close it than reopen it a while later for the bonus again?

[@PrinceofTravel]

So this video was made in 2019. A lot has changed since then. You can no longer take such advantage from Aeroplan anymore.

[@steveypeppers9324]

Truth. This isn’t said enough

[@PointsNerd]

LOL. Nice EVA pajamas Rick

[@PrinceofTravel]

Most airline pajamas are judged by how likely I'd wear them around the house again. EVA's are so good that I actually wear them in public.

[@rogerhoffmore9262]

You show us what is possible in this particular pursuit - in far more detail than most will learn in many cases. ... We do not watch a cooking show necessarily to be Anthony Bourdain - but we if we can learn a few techniques and be inspired by the adventure of it all - then Bourdain was doing his job well (and he most definitely did). As you say, if it results in most of us taking the occasional life changing trip you have succeeded. I think you have succeeded. Thank you for your channel. And yes, in a sense others are paying for these trips - but we (and any serious user of credit cards) are also providing a service: We score income for the credit card companies, we market the products of many businesses - particularly YOLO and luxury products, and we also push the envelope for consumers. The more consumers are educated and discerning about what they buy - the more that businesses have to sweeten the deal for consumers with compelling offerings.

[@marcusyoung5440]

Truth. Gratitude.

[@JeffHiemstra]

A couple things. Carbon Credits Ricky (less.ca ) ..consider it. Also; there's some smoke or steam behind you at various points in this video. Check for fire please.

[@crazyconfenenationconforme2253]

The truth is that you can play the credit card game wile caring about ethics. I personally am in the beginning and I care about ethics a lot. The thing is that I don't do menufacted spending but I will still use the card that gives me the most points for organic purchase. The reason why is because if a company is lousing money to and not gaining anything that is bad, but if they are gaining money and paying money to get it that is a good thing because they are gaining money no matter how much they spend. There are four advantages of clients paying in credit over cash for a business. The first one is reduces line ups. Cash has to be counted, my formar manger said that she once had a client who bought something for $500 only in coins. Cash has to stored somewhere because it can be robbed. Also you have to go to the bank on weekly bases, that takes time away. Also the government has to pay for thous bills and coins. I personally would redeem my point to staying in luxurious hotel rather than fly in fist class flight for three reasons, form lest to most important. Hotel cards are better keeper cards. Traveling in first or business class is bad for the environment. Economy class actully consumes very little flue, you can look it up. Flying in business class would be just as bad for the environment as to driving to that location. Most importanat reason is that I perennially would rather spend money on something that I will be doing longer, staying in a hotel vs traveling in first class. So, I am a huge fan of hotel credit cards. That video you posted about hotel rewards programs is one of my favorite videos on KZbin about credit cards because it is the best video about hotel credit cards. I also personally take public transport. So any credit card that give really good number of point on gas purchase would not make a difference to me because I just don't own a car and don't even have a driver licence. So when Soctiabank decreases the number of points you earn on gas purchases from 4x to 3x on their Gold Amex card that did not make a difference to me. There are three reasons why economy class is better for the environment that driving. First planes have to engines and hotel a lot of people. As you increase the number of people an engine moves the about of flue the engine needs decreases per person, that is why public transport is better for the environment then cars, think about it, you probably spend more money on gas in a mouth than the cost of a monthly public transport pass. Also planes fly in stringt line compared to cars which make a lot of turns. Planes also experience less friction. Friction in the force that slows down an object and makes the engine or Peron do more work. Plans have low air pressure as friction, which provides almost no friction, but cards have the road as well as high air pressure. You can look all of this information up. Also cars need roads but airplanes only need the an airport at each end of their flight

[@leelemaire5716]

👌

[@TheFK8Life]

What you just said applies to life. The more you invest, the more you will get back. Most arent willing to invest longterm and end up jealous of those who extract the nost from life while they settle for far less.

[@ezraaaa1]

WELL SAID 👏

[@dhypeng]

Been thinking a lot about what you said here. The need to self-reflect and acknowledge that we are very privileged to access the system cannot be emphasized more. The responsibility to promote financial equity and economic justice is for everyone. Yet, until we are out of the rat race, I consider credit cards and travel rewards etc. advantages as just part of playing the game. Not an easy topic to convey - good job!

[@mintico]

The most important is how to manufacture spend efficiently For me, my motivation is to book a first class ticket for my mom.

[@eastexotic]

It is a first world pursuit. My motivation is to fly my mum on Business class when she flies to visit extended family.

[@BeardedandBlessed]

One of the suggestions if you feel guilty about harming the environment would be to try to atleast carbon offset your flights. I think the points guy UK does this and it makes sense espescially when we save so much on first class or business class travel

[@FlyingAnna]

Please make a video about American and Delta miles

[@goodspeedko1]

this video made me sub thanks!

[@PrinceofTravel]

Awesome!

[@farrukhsaidov9263]

Thank You Ricky for sharing this.. 🙏

[@dasad567]

I liked it, really dug into the truth of the "game".

[@cryptowithjay]

i love ur videos i always learn new things

[@TheNewGreenIsBlue]

Love it! You rockin' the EVA Pajamas!

[@TheFedExMan702]

Minute 7:00. Solid!!!=Sub

[@TerranceYu]

I’ll see you around

[@mpritchard9097]

Thanks for being so candid.

[@ronaldau4357]

keepin it real. I like it.

[@YoYoYolanna]

Good video. Sensible.

[@mmqpz]

You are located in Montreal? 😀

[@PrinceofTravel]

I was! I’ve since moved to Vancouver.

[@ewon]

Well said

[@michaelmoore9175]

AND THAT IS WHY YOU ARE THE PRINCE- Side note, Jerry McGuire could not have said this any better, churn on!

[@sylviamortgat2384]

You are so right. My goal is: I travel anyways and whatever points I can gather are just extra. If I spend or fly to win free reward tickets I’ll go crazy. Hope I’m right...

[@yobiserd104]

I'm glad you said these things. Excellent points! (Lolololol) But, to add to the discussion, first, there are some people who will get caught up in playing the game and forget they have to pay the money back. Second, what is the purpose of the points? It is to keep folks swiping... those swipe fees are minimal but big money across the board... but that isnt the biggest motivation. I propose that points are bait to keep folks using credit and in the habit of swiping. Life happens to everyone. At some point, most people playing with credit cards will have something come up, change of a job, a marital breakup, an illness or disability, a downturn in the economy....the swiping habit gets one set up to carry a balance at some point, where interest starts to kick in and make card companies even more money. Notice that when you transfer a balance from one account to another company, the first company will raise your credit limits...to pull you in and get that money back under their control. Also, if you ever do have a problem, one missed payment could cost you big time....those limits aren't guaranteed and if your card shuts you down to your current balance, your score could drop precipitously. When folks get into hot water and ask for help, participation in a debt management program will result in the loss of those costly points... and even if you only miss a payment it could trigger loss of points. Remember who you are playing with... a trillion dollar economy and companies willing to spend millions to keep you captive. Why? The credit card companies make more money off of penalties and fees than interest!! So, while your ideas are appreciated, "something for nothing" isn't ever done without a cost for someone.

[@JJWong22]

Nice real talk. But the question is - will Arsenal get RELEGATED!?

[@coronabaytherapy]

🥲

[@thefattyfatty1]

If you start seriously considering the implications of your carbon footprint with all the traveling you do (which is truly astounding if you do the math) then look into buying carbon offsets. There are plenty of certified Canadian companies that do incredible work around the globe. You can also write these off as tax deductible charitable donations.