Why Americans Are Obsessed with Credit Cards

[@ModernMBA]

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[@NolanHergert]

There seems to be 1000X error on credit card volume. Check 5:40, 14:03, and 15:54.

[@luckyloonie1359]

5:55 We as human beings discover bondage! #TDBank is very good in pushing on holding a credit card... 🌎💘💰

[@iTzDritte]

😂 “Unless there’s a societal shift away from materialism” 😂

[@Dan-cm9ow]

So we're screwed.

[@warren1078]

The foundation of this fucking society is materialism. You can't shift away from it or everything crumbles.

[@baconoftheark]

What if you just pay off your balance in full and only spend your budget? I can't imagine it's that hard to not overconsume and save money for your retirement/emergency funds?

[@khanhnguyen-tt3ff]

@@Dan-cm9ow we be more crewed if there is a shift away form materialism cause most of the economy is base on materialism

[@chukuemekaoje1015]

​@baconoftheark for many... marketing and instant gratification makes it super hard to live within one's means.

[@mizukagematt1186]

Americans being humble and spending withins their means is a rare sighting

[@Genzo82]

It's because it was propagated onto us more and more after our exportation of manufacturing. We shifted from a manufacturing export economy to a mass import consuming economy. This is maintained and held in balance through the use of the federal debt budget and the dollar being the world reserve currency. I believe the government created and instilled this as seeing it the only way to continue our "growth and prosperity" that we had in our manufacturing days. When a society goes from 3rd world to 1st world, living conditions and the expectations of further improvement of it creates wages that can't compete with foreign nations. Thus creating mass manufacturing job exportation as globalization occurs. That's why China is growing so rapidly, it's from them receiving all our previous manufacturing jobs. Yet, even china will lose their position as the top manufacturer and will have to find a way, just like America, to keep their econonmy steady.

[@Mcfly868]

@@Genzo82finally a comment that speaks intelligence. But really it’s capitalism, and we just love it here dont we. Self removal of manufacturing’s wouldn’t happen unless the companies decides to do so and companies controls the government so this really isn’t a government play. Anything other than this is the abnorm. Now regards to China, i am gonna correct it and add that the labor cost is already pretty high there. The reason why the Chinese are still able to produce high quality goods at such a low price is because of their master planning and efficiency in ecosystem. Also their constant innovation. I mean seeing how their high tech robotic factories operate, such as BYD, is just art…

[@josephfollieri4759]

the problem today has been bidenflation, making it difficult for low income people to survive without credit. People have to charge groceries because the bankers raised their rents and mortgages. Nothing left at the end of the month to eat with, but the bankers swimming in interest money… AKA “stolen money for doing nothing” in the name of growth.

[@coleshredzz]

Yeah, I don't even own a credit card, lol

[@pavanpatel4150]

It's completely nuts but unfortunately it has an effect on everyone else in the US, including people who do spend sensibly. Easy access to credit gives a reason for companies to raise their prices and still have a willing consumer base. Can't pay for a $30,000 car in one go? How about $450/month for a few years with a down payment? Wait, you can afford $450/month for a few years? How about this new car that's $40,000? You can just do $450/month for a longer term!

[@elite1551]

Boutta finance my pizza hut (18$ , paid in 9 easy monthly instalments of 4,9$)

[@stoundingresults]

Little Caesar's lunch combo is $7

[@junyaiwase]

@@stoundingresultswith klarna i can pay in 4 easy installments of $1.75!

[@serioserkanalname499]

Decision makers at large companies will see this comment and take it at face value, basing the future of hundreds of thousands of employees on it for the coming decades in a mad pivot towards making consumers finance every purchase ever lmao. Could be worse though. Could be NZXT's PC rental program.

[@MayorSom]

@@serioserkanalname499Klarna already offers grocery shopping BNPL

[@spf_500]

🇺🇸 🦅 All the way baby!

[@james_chatman]

"But Akshually I get points and pay my balance every month!" Congrats for being the exception to the rule. I pray you continue to be one.

[@LongLiveTheFilmmaker]

Paid $1.16 in total interest over 9 year and 9 different credit cards 😎

[@sciagurrato1831]

But ashkenezni I get points and never anything pay but the minimum. I like uzhury.

[@g-man827]

This should be the norm, not the exception. If you actually need to borrow money, I suggest you explore methods which don't involve 28% APR

[@solidoxygen7873]

Is it that hard to imagine someone having some personal accountability?

[@Letsnotzumba]

I mean if you are diligent about your finances there's no real reason not to use a credit card. It's literally free money. But it is a bit scummy that the free money is coming from the poor bastards that are stuck paying 26% APR

[@davidli8936]

Credit card companies also have enormous political power globally, they aren’t just silent middlemen. Just look at how they financially strangle companies in Japan like DLSite.

[@meowsca]

for anyone who was also curious what DLsite is, its a website with child-aged NSFW manga, that's what david is pleading mercy for in this comment

[@nikolatasev4948]

The way people are conditioned into spending is insane. Every debt is a risk, and if you live on credit long enough, it is inevitable you'll slip. And then you'll have to work twice as hard to get back to zero. I used mainly cash until the pandemic. Then I moved to debit card. I have a credit card, the bank offered me better mortgage rate if I get it, but I have yet to use it years later, and I plan to cancel it right after I pay off the mortgage. Having debts give me anxiety.

[@Chris-xt8io]

Having an opened credit card isn’t a debt, it’s a line of credit.

[@nikolatasev4948]

@@Chris-xt8io Yes, having an opened credit card isn't debt. Using it is debt. It is far better to just have savings and use them. At least for me it gives me a sense of security.

[@xblowsmokex]

@@nikolatasev4948 you're one step away from getting free money dude. use the credit card and pay it off immediately with the savings you were going to spend anyways. rack up those points and get yourself something nice for basically free. make sure your card actually offers points or cash-back though.

[@anthonyjames4319]

That’s not true. Many people use credit cards and never pay a cent in interest. Don’t assume your problems are everybody’s.

[@Mcfly868]

I unfortunately have met many individuals like yourself. Even my coworker who probably earn quarter million a year btw (aka not an idiot) share the same belief. Mind boggling but whatever - it just contradicts basic math. Word of advice, this mentality is not rational. And anytime you are acting irrational in regards to money, it’s not a good sign

[@Masterhitman935]

4:17 ads ends here.

[@reallyjusthalo]

Ty vro

[@danielbabb4776]

just get the SponsorBlock plugin, it automatically skips any of these scam sponsors

[@jondoe406]

👍🏿

[@Maya-od1on]

sponser block 😁😁😁😁

[@TheWizardGamez]

🙏

[@andresleal4093]

Who's here after PolyMatter's video about credit cards😂

[@MustraOrdo]

I'm currently subbed to both and have free allotted time so...

[@sergeewong9715]

Me

[@AncientWyrm1775]

Collusion?

[@aadeshbaniya6182]

Thats just wild. I wa talking to my friend about credit cards a couple of hours ago. Wouldnt be surprised if devices are eavesdropping.

[@colinmcdonald6003]

I feel like this video was better.

[@David.Marquez]

This, Polymatter, who's next, Wendover?

[@zerozeru]

You noticed it too... 1 KZbinr will make a video about a topic and others follow!

[@JohnHausser]

?

[@Fhnsgkdfkvsgmvdg-y6u]

How Money Works, The Plain Bagel, and Micro.

[@stijndevries]

@@zerozeru production Time Lines are way too long to copy so quickly

[@SuperPlayz]

The congress hearing of Visa and MC was clips was popular on social media so I'm guessing they saw them and added the idea to their production list

[@ThePhiphler]

American economists frequently tout how important it is that people go into debt to spend more, and that this is a sign of a healthy economy. It's not just banks who are selling this fiction, its the political class as well.

[@oldskoolmusicnostalgia]

Glad someone else pointed this out. Credit card owners are at fault too but it's as if there isn't a whole growth-based narrative of US exceptionalism whose foundations are precisely... High levels of government and household debt feeding into corporate profits. There would be much lower growth if people spent and saved responsibly.

[@desireemeredith4929]

oldskoolmusicnostalgia 🎯

[@duckymomo7935]

That’s is Keynesian theory

[@Mysticbladegod]

Nailed it

[@theshadowking3198]

24:38 oh for sure

[@iTzDritte]

It’s really icky that credit card benefits are a wealth transfer from poor people to rich people, but personally opt-ing out won’t change the system or the price I pay for goods/services, so I still use credit card rewards to take the free money on the table.

[@mikeyman1974]

It’s not a hard concept if you’re not selfish or stupid credit cards are great. Even rich people get destroyed by credit card interest

[@butterfish-g9f]

@@heyitsraymond The fact that you were offered that much means you make decent money. A lot of people barely get by because they don't even make $25 an hour. Credit cards often become a fallback every time a sudden, massive expense comes up. It can easily become a trap. The fact that you don't know that happens just proves you're out of touch with how a lot of the country has to live. Most poor people are very frugal. The rampant spending often comes from the $70,000 per year and up crowd. Most poverty is the result of living in areas of generational poverty, so shit job opportunities and social services with no chance of inheritance of any kind, or chronic debilitating medical issues. It's not really a bad decision thing so much as a you're f*cked out the gate issue. Universal healthcare and subsidized child daycares would wipe out a lot of poverty. Also not basing school and other social service funding on the general wealth of the neighborhood but instead dividing the funding between institutions equally. Massively boosting minimum wage would also be necessary to raise wages across the board.

[@byroncanty8986]

Yeah it's the poor persons fault great insight ​@@heyitsraymond

[@rika-chan]

​@@heyitsraymondreally nice bait

[@ThatOneDreadHead]

​@@heyitsraymond This kinda makes it sound like wealthy people are great at making decisions, but let’s be real-that’s not always true, especially when it comes to impulse control. I mean, how many rich people do you see with a bunch of cars or multiple houses? They don’t need all that, they’re just giving in to their impulses like anyone else. The difference is, they’ve got the money to absorb it, so their impulsive choices don’t hit them financially. For the rest of us, though, giving in to those same impulses can have way bigger consequences because we don’t have that kind of cushion.

[@lateformyownbirth]

How are hackers going to find my sticky notes? How likely do you think it is that they’ll find their way into my house?

[@steamhearteyes]

Whats on ur sticky notes isnt what matters, its what u do with that information online that does (e.g. same logins across multiple websites)

[@JohnDoe-ev8fk]

Having that in our house is probably fine, especially if you keep it in a drawer, but to anyone considering doing the same thing at work, don’t. It’s real easy to pull a fire alarm and take some photos

[@itsble]

Not to mention Credit Scores. We’re conditioned to continually hold lines of credit in order to keep up our credit ratings in return for more favourable lending rates when purchasing that mortgage or buying that car. If one isn’t careful, having to continuously use a credit card can desensitise one from the dangers of it.

[@肉骨粉]

I'm disappointed that JCB wasn't covered despite the chart showing it as bigger than Amex. An examination of what differences there are between American credit card companies and non-American ones would have been interesting.

[@JaibirSethi]

Thanks

[@ModernMBA]

Thank you for the support!

[@theurzamachine]

If I pay cash, I pay 100% of the cost. If I pay with a credit card, I pay 99% of the cost (1% cashback everywhere). If I can pay with a gift card that I purchased at a grocery store with my credit card, I pay 95% of the cost (5% cashback at grocery stores). I pay off the card at the end of each week. Sounds like a win to most people who aren't spending carelessly.

[@heybanon]

Fair enough, if you responsible then it's reasonable choice.

[@ismaileee]

The keyword is carelessly

[@jericonavarro38]

Not unless you're actually paying 101% of the cost and then the cashback makes it 100%.

[@7SlicesOfPizza]

In that sense yes you sre being responsible but there has been studies showing that you spend more if you use cc vs cash. So even if you are responsible and pay off cc every month you naturally spend more money vs if you were using cash to buy things

[@freemanol]

Where does the extra come from? They know many people aren't responsible

[@inthevault9603]

You’ll never guess what advert came on right before this video began? You guessed it a credit card commercial! 😂The irony is too much.

[@thegreat9481]

Yea thats how it works

[@ShotMechanics]

Getting an American Express ad on this video is objectively hilarious

[@b3ans4eva]

I have a credit card, but was in the trap many get into when you can only make the minimum payment every month & that only covers the interest. In the end, I got it down to a state where I was able to take out an interest free community loan to pay the outstanding balance. The balance was paid, I locked the card, dropped the limit to the bare minimum & gave the card to a family member for hiding. The loan repayments were at the same amount I was paying the bank, so I wasn’t any extra out of pocket, but being unable to spend it was a relief. I don’t miss the card, but it’s there as an “emergency” card.

[@eriq54321]

It always starts out as an emergency when you first use it.

[@anthonyjames4319]

It’s not a trap you just didn’t know what you were doing.

[@athena5172]

You didn’t pay in full and you’re calling it a trap… okay

[@davianoinglesias5030]

Credit Cards Me : You mean debt plastics

[@BlackTheEngineer]

Its simple, if you can have control and pay your balance IN FULL EVERY MONTH, then having and using a credit for all your expenses is a no brainer, get rewarded (no matter how small) on stuff you buy anyway that costs exactly the same no matter what you use (groceries, gas, eating out etc.) the $100+ of rewards i get a month adds up. And that rewards come at the dime of those irresponsible. But if you cant be responsible and will carry a balance, stick to cash and debit cards and stay out of debt and temptation to overspend But things cost exactly the same, very few places add extra fees for credit card users, only one i consistently run into is my landlord trying to pay rent, never see it otherwise

[@veri.contrary]

this, exactly. my partner is the one who caught me up on how he uses his cards and is militant about his (excellent) credit, it’s been SO easy to switch my regular and recurring purchases to my credit card. i make multiple payments through the month to avoid any interest, also bc it’s easier for me mentally to pay $150-200 at a time than a big balance all at once. everything is the same, all my transactions are in one main place, and i get free money back for the stuff i was already buying. we bought a dyson vacuum over black friday and had to drop a chunk on a mobile vet for yearly check ups for our cats-scooped up an easy ~$200 in cashback that adds to what we’re sitting on as a ‘break glass in case of emergency’ balance, and that’s just in credit cards points. like you said, it’s a no-brainer to use credit cards as opposed to debit IF IF IF you’re responsible and are in the financial position to never miss a payment. buy only what you have the actual money for, pay it off constantly, completely, and you’re golden

[@EragonxVxRevan]

If you use the BILT mastercard, you can pay your rent and the fee is waived. You can even have them send a check to your landlord.

[@BlackTheEngineer]

@EragonxVxRevan I know of it, trying to improve my credit to get it

[@keepitsimple3856]

That is what BILT is for :)

[@SquallTheBlade]

It's not a "no brainer". You get these rewards at the expense of other people. You are supporting an industry who takes advantage of people who aren't financially literate. And they do this knowingly. Do you really want to be part of that abuse? I don't and that's why I don't have a credit card.

[@dfshjb44]

I could listen to this kind of stuff for hours

[@Fhnsgkdfkvsgmvdg-y6u]

Two of my favorite channels post 💳 videos on the same day? I'm here for it.

[@AlbatrossWhisper]

I just got my third credit card in the mail. Never paid a cent in interest in 10 years. This card is 0% APR for 15 months, gives 25000 miles for 1000 in purchases, and 1.5x points. Not bad for a free card

[@johnl.7754]

That’s why government won’t stop the current credit card system. I’m doing this also it has become my part time job 😂

[@AlbatrossWhisper]

@ People’s brainless need to consume everything is the problem. Credit cards are fine in the hands of minimalists like myself

[@butterfish-g9f]

@@AlbatrossWhisper A lot of people use credit cards to cover sudden medical debts and car repairs. Also, sudden cash shortfalls like a recent layoff. It isn't just blind consumerism that has caused a credit debt crisis.

[@AlbatrossWhisper]

@@butterfish-g9f Ive worked in retail for 8 years. Ive seen firsthand how much wasteful spending goes on. Americans just buy everything because of this need to have everything

[@james_chatman]

@@AlbatrossWhisper If everyone was as superior as you are the economy would collapse...or capitalists profits would dry up. Same difference?

[@alikaostermiller]

Weird how Polymatter also released a credit card video 🤔

[@gritlog]

Great minds think alike.

[@a.k8069]

Congressional hearings with Visa and Master Card was in the news recently, these guys. Tend to make videos about what's in the news to get views (like how everyone had a Game Stop video a couple of years ago)

[@hamzerpanzer]

I would argue that even if rewards aren't that valuable, credit cards still provide a barrier to financial fraud. Someone could quickly drain your entire bank account if they get your debit card. If someone uses your credit card you have more ways to fight it

[@Tialian]

That's really the main advantage, so much easier to resolve fraud issues. Credit cards act as a firewall for your finances.

[@chaoticsequence]

One thing worth mentioning is that credit cards became a big deal to consumers at the same time that: * Wage stagnation (wages not keeping up with inflation) started * Deindustrialization of the "rust belt" and the shift to non-union service work started * The rise of appliance, clothing and other consumer good obsolesence (both planned and unplanned) This is not a coincidence. Basically the banks and credit card networks became the new version of the loan sharks, but with a much bigger market. Even middle class people often can't cover everything with cash.

[@blackfalcon1324]

I wouldn’t say American Express is behind, they actually make more money than the other two. They just want their cards to be seen as a status symbol.

[@NicksDynasty]

Hyatt points are the most valuable unless you can find some crazy flight redemptions

[@mlodyme3675]

Hyatt properties are not everywhere and cost more than comparable Marriott or Hilton, so while you think you get a good deal redeeming UR points 1 for 2, you are essentially paying more for essentially nothing extra or special.

[@NicksDynasty]

@mlodyme3675 how is that possible when you can get a basic room for 5k points and Marriott and Hilton are over double that.? Transferring Chase points to Hyatt is the move Also I have status with Hyatt soni get all the good perks

[@nobilityproduced629]

​@@mlodyme3675 How is that possible when you can get a basic room for 5k points and Marriott and Hilton are over double that.? Earn chase points transfer them to Hyatt

[@Laotzu.Goldbug]

Marriott points are definitely the most valuable of any of the hotel chains both because of their prices and because of their larger portfolio of properties and greater geographic dispersion third. Delta/Skymiles are the most valuable airline points

[@NicksDynasty]

@@Laotzu.Goldbug Hyatt points are way more valuable you can get more for less points. Alaska miles and Southwest miles are worth more than sky miles. Sky miles are called sky pesos

[@potipota9242]

Im french and nobody even gives a fuck about their crédit card lol

[@Laotzu.Goldbug]

In the sense that no one bothers to use them or in the sense that no one cares about paying them off and just holds a balance?

[@retrojay86]

In the sense that no one cares about credit card points etc

[@BoldBrandFlakes]

One thing to note is that credit card benefits aren’t universal. American issued cards tend to have better travel benefits, cashback, sign up bonuses, etc with them. This might be a reason why Europeans could care less about using a credit card instead of a debit card or cash.

[@robertsaget6918]

​@@BoldBrandFlakesin France, we do not care about points bc we voted some years back for travel stipend from employer & government. You get hotel and sky travel as part of working, no matter if hotel worker or banker or McDonald. Americans seem too lazy to make this a happen there.

[@oldskoolmusicnostalgia]

​@@BoldBrandFlakesyes this is a 100% American issue

[@overchoicings5809]

my personal finance class talked about credit cards as if they were a discount on life is it any wonder people feel the urge to get more and more

[@sharkdavid]

when in the hands of resposible users, this statement is true. the financial filings data presented in the video shows that these companies make the majority of their fortune on the interest that comes from balances.

[@Dr4g0nZzZDr4g0nZzZ]

In NYC a lot of restaurants are cash only, or charge less if you pay cash over card. Sometimes for gas stations too.

[@SurvivorsQuest1]

I hate how prevalent the Credit Karma ads are on KZbin trying to convince people that you can travel the world for free only if you spend more on your card

[@Royaleoake]

I’ve completely given up on credit cards and just use straight cash or Apple Cash if I use electronic payments. I don’t see the difference between just saving for a vacation vs. having a bank “pay you back” with points. It’s never going to be free, if it was they wouldn’t do it.

[@tangyorange6509]

Man do I hate how KZbinrs slide ads into educational videos

[@MrMMitchell]

To this day my brother still pesters me about getting a card says its no problem as long as you pay it off on time. But to me thats a slippery slope and i never liked the idea of having what is really just a plastic i.o.u card

[@sutats]

Why Visa decided to name themselves after the travel visa is plain confounding.

[@miyakawaso]

As in so many other things, it's expensive to be poor. The one practice that I think is clearly wrong is allowing borrowers to set up automatic payment for just the minimum each month -- thus allowing consumers to pile up debt without sufficient thought.

[@steezyshowcase]

Had this playing in the background this morning, the last 45 seconds or so of the video had me stop what I was doing and go "Damn. He's throwing heat!". Caught me off-guard haha

[@wyattbenson1490]

And they got younger people to believe “I can use credit cards to leverage and build wealth” 😆

[@alexcuanal7968]

So let me get this right, we are paying twice for the "risk" the banks take to issue these credit card loans? when they charge 30% + interest on the acctual card and 3% when they charge the business for using credit card?

[@bluewall5505]

man, he is good at getting me to watch the implanted add without realizing it....

[@Mysticbladegod]

Living a minimalist life and avoiding credit cards entirely has kept me out of a world of trouble. I just don't want the hassle or threat of derailing my budget.

[@eboyeman8457]

Nah just use it responsibly and be under a 30% usage fee

[@0megaman-d8q]

Many did not fall for the scam, but there's a sucker born every minute, but since no one reads anymore they can't relate to the quote

[@metballetjes]

American express really isn't a credit-card company like visa and mastercard are. They have less customers, less accepted merchants. They won't accept low credit-scores, don't charge interest rates and highly discourage payments over time (which you will pay interest on). They make their money on the transaction fees which are way higher then any other card-company. And since there customer-programs are that good, a customer will search for another store when yours doesn't accept Amex. There is a specific name for these types of credit-cards which is "charge-cards", they are intended to be paid in full every month. Dinners club is another example of a charge-card. Dinners was actually the first one with there paper charge card in 1950, American express started in 1957 with the paper one and was the first one in 1959 with a plastic charge card.

[@Chris-xt8io]

American Express, until just recently, required the card to be paid off every month or you got a decently sized fee as well. While it’s much more credit card-ized. You need over a 700 to get even the base card and need to be a customer for a bit to get Gold or Platinum.

[@me0101001000]

Just a request for my own purposes: Would you be willing to link a pastebin, google doc, or just a series of links to your sources? I would like to do further reading on this.

[@andrewgyz]

20:00 at one point these points did hold some value. There was some kind of mid 2010’s market on eBay where people could buy and sell these points and actually redeem them for hundreds if not thousands of dollars off of vacation expenses. My parents took me and my brother to Disney several times, we literally stayed in every resort, went on every ride, and got bored of it. The way the park was in 2014 I don’t think there was a single ride I hadn’t been on, a single restaurant I hadn’t eaten in. My parents didn’t make more than 200k a year and certainly weren’t blowing it all on Disney trips. Though in recent years I’ve heard nothing about this, so I assume they’ve lost all value or can’t be used like that anymore. I could see why. It didn’t make sense to me but this could be perceived as an early online currency

[@himbotits]

The ad was annoying. I could tell immediately I was being given a pitch because the video swung off topic, it was related, but not the point of the video, and was overly focused on fearmongering to sell a product.

[@junyaiwase]

Get sponsorblock and let him bag chase

[@johnjohnson2466]

Let bro earn his bread man 🍞

[@Phantastikal]

Great video!

[@bottorffambrosino]

I looked at a lot of backpacks before deciding to kislux their bag. I'm so glad I did. This is a beautiful backpack that looks well made. I bought it for an upcoming trip and am so excited to have it. It only took a few days to get here, so the shipping was fast. I highly recommend it and will buy again. It also makes a great gift.

[@3_character_minimum]

20:03 I wonder how much the airline and credit card relationship related to the stupid pricing compared to Europe.

[@leosavain00]

I just wanted to say that ad read for Nord Pass was great. Didn't even notice till the end.

[@CountryRoad2006]

We need to be able to use what we have and stop buying stuff

[@Mesoon-hs9pc]

Not impressed with the slow burn ad play. Make it explicit, I don’t care about a password manager, I care about CC history

[@vickashing]

Im amazed how you can gather so much information and present it to us nicely. How do you do it? what is your process?

[@hillogical]

I tell cashiers that I charge a $500 fee for a credit application. They have no idea what to do at that point.

[@maxinef6654]

😂😂. I’m going to use that one the next time I’m asked if I want to fill out a cc application.

[@hillogical]

@@maxinef6654 remind them that it's the fee for the application and you make no promise that you'll even get approved. I've had some pushback, but applying for a card hits your credit report and if I applied for every card I'd get dinged on my score even if I never used the card.

[@topiasr628]

It's funny how companies lose access to my information, yet we (the people) are the ones who get tasked with paying for a service to keep an eye on what's being done with our information

[@thegoatfairy4564]

Did you and Polymatter coordinate uploads?

[@knarfxd4071]

I'm so glad that here in the NL creditcards aren't really a thing.

[@josecipriano3048]

Tends to be like that in civilised countries.

[@SoCalFreelance]

Those who are observant see that points are worth less and less as time goes on to the point where playing the points game now doesn't make any sense for what you have to do to earn them.

[@SpcyYt]

When your first ad before this video starts is a Discover card commercial

[@jumpingjeffflash9946]

Watching Dave Ramsey videos it's amazing hearing how over their heads people get w/Credit cards and debt.

[@SimuLord]

Chris Rock once said "Crack dealers don't sell crack. Crack sells itself. Crack dealers just make crack available." The same is true of banks and the ability to put oneself into crippling debt for trinkets. As for shifting away from materialism, yeah, good luck with that. I think plenty of people could live without plenty of useless material junk...if dating wasn't a thing.

[@RichardArthurBaker]

Hit 240k today Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in September 2024..

[@RichardArthurBaker]

I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver

[@GregFunnell-q9f]

As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

[@PaulJackson-x8e]

Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them. People prefer to spend money on liabilities, Rather than investing in assets and be very profitable

[@BryonyClarke-e4v]

That's exactly his name (Jihan Wu ) so many people have recommended highly about him and am just starting with him 😊from Brisbane Australia🇦🇺

[@KarenHaas-t6c]

Greetings from Germany 🇩🇪 !!! He deserves more accolades because he has really helped me grow financially too and I’m grateful to him for that.

[@tdtdtd1826]

A sad addicted nation to credit cards but also drugs and money!

[@Der8cho]

What's in my wallet? Money

[@Anonsense-w5g]

I just don’t understand rewards cards. Are people really holding a particular card for hotels, another for airfare, Amazon card, Target card, Gap card, another two cards for gas? Forget it. One card. Give me 1% cash back and never talk to me again.

[@sebbyteh9203]

Convenience will always win in the long run. These bankers are super smart people.

[@EnronnSierra]

The big old NordVPN ad slipped in makes this a C - video.

[@JoelGrant-ie4ly]

I'm a bit confused now. My wife and I paid off our house this Summer. We have no debts. We own our cars. The credit reporting agencies say my Credit Score is going down only because I don't use any credit cards. I'm debt free, have Soc Sec and retirement funds. I don't want anymore debt.

[@mmmd3429]

Use credit card for daily life and then pay off in full each billing cycle. Your credit score will climb. Following a budget and tracking expenses will keep you from going overboard.

[@hollisterlasers-ion8939]

Then it does not matter what your credit score is. If you do not plan to take out debt, you do not need a high credit score.

[@sergeewong9715]

Look for manual underwriting. Dave Ramsey advices instead of using the credit score to prove You are worthy of credit

[@aaryt]

That's how the system works. Corporate America wants you to keep taking on credit to have "high score" like a dystopia out of a Black Mirror episode.

[@olivedidnt4609]

Hahahaha 🤣🤣🤣🤣 Americans credit score competing for a magical number so your life run smoothly

[@kair.6741]

Mordern MBA always speaking the truth 🤝

[@lefton4ya]

Next do a whole video on Buy Now Pay later (BNPL): Affirm, Klarna, Afterpay, Sezzle, PayPaly pay.

[@diaditch]

That video has been out for 2 years already

[@Ultravenom1]

I only paid $5 in interest these few years in total. Usually because i accidentally slightly paid more than my auto pay budget.

[@benbookworm]

22:34 Walgreens has a really terrible credit card they are forcing employees to over-promote. It's a bottom of the barrel card with terrible interest and few benefits. It's a gasp for a company that's not doing well.

[@NicksDynasty]

I have 9 credit cards paying $1,278 but I get over $3k+ value The hotel cards where you get a free night each year are the best

[@_CoachW]

Interesting I have heard this debate depending on how mindful you are. It was even on a business channel, this one commentator said he advised clients to either get 2 cards or up to 30. His point was that if you set up a card for everything (grocery, car, house, etc) the points and value you get were massive.. BUT, if you can't keep it under control. just 2 cards and walk away. I am experimenting with the multiple cards approach right now, and for me it works. I estimate it saved me about $600 this year and will benefit me $2K next year. Of course I started with 0 debt, so there's that factor as well. How do you keep track of 9?

[@NicksDynasty]

​@@_CoachW I only I on 3 cards regularly. Sapphire preferred for restaurants & travel, world of Hyatt for everything else and ink unlimited for business stuff. The other hotel cards I just use at that hotel brand and the Amex is for the benefits and credits All cards are set to autopay

[@NicksDynasty]

​@@_CoachW I only I on 3 cards regularly. Sapphire preferred for restaurants & travel, world of Hyatt for everything else and ink unlimited for business stuff. The other hotel cards I just use at that hotel brand and the Amex is for the benefits and credits All cards are set to autopay

[@NicksDynasty]

​@@_CoachW I use the CSP for restaurants & travel, H yatt for everything else and ink unlimited for business spend My AMEX is just for the benefits and credits and the other hotel cards are for those hotel everything is on auto pay

[@AnthonyVenture]

Nick is doing it right!

[@troy3423]

Basically only worth signing up for a card if you can redeem the carrot-on-stick rewards and then cancel shortly thereafter.

[@mmmd3429]

Read the fine print, claw backs exist. You might have to wait a year to cancel.

[@hypothalapotamus5293]

Disagree. If you want to lever up like a good American, you have to get a credit card and use it.

[@stephaniec3022]

I hate credit cards personally. I knew that the big banks and CEOs were making money off them so I avoid them. I have one card simply for the score (because a credit score is mandatory for some reason in the US). I use it for like basics (groceries or gas) and that's it. I pay it all off every month, and have no interest or debt. Pretty simple if you're aware of how you can avoid giving them a bunch of money.

[@iTzDritte]

Appropriate sponsored segment this time 😂

[@steamhearteyes]

LOL u cant be serious right?

[@derekleung5475]

Thought I watched an ad lmao

[@dani-2002]

so glad I grew up in a country where the custom is to pay cash/debit

[@WhatsupSan]

Another great informative video! Thank you

[@iTzDritte]

I have 27 credit cards but have never paid a cent in interest. My credit score is fantastic 🤑

[@Soundsaboutright42]

​@heyitsraymond You wouldn't even have that limit if the majority didn't pay interest. They'd make no money. Our society wouldn't be built off debt and this video likely wouldn't even exist. You're also not the reason why they're in business. You're an outlier. But those dang "poor" people, you're right. Don't blame anyone or anything else, just "poor" people. I really don't think you have a concept about how all "this" works from the question you asked. It's far more complex than a widget set at some random price another person purchases then immediately blaming a rich person. Stay classy Raymond.

[@retrojay86]

Having credit cards has never made anyone wealthy

[@ctcristo]

where is Citibank building lounges? I am not aware of any. I only know Amex, Capital One and Chase airport lounges.

[@doujinflip]

I know of Citigold Lounges, but those are in their bank locations meant for clients with like a half-million or more in their accounts to meet with a manager in person.

[@ThinkTwice2222]

Less friction... More money

[@considerthis410]

What would happen if the majority stopped paying credit card debt. Would it break the system.

[@adithyasathya2578]

Another Credit Cards video after PolyMatter! We are eating good today

[@DKDRFTA]

Literally a card ad below the thumbnail

[@coleshredzz]

Don't spend money you don't have and if you have to finance it you can't afford it, it's that goddamn simple

[@Football__Junkie]

Credit card companies acting as a “market maker” is actually very valuable

[@thomasnoh5149]

Are people addicted to vredi or just overly dependent because wage increases have stagnated compared to price increases?

[@johnh4863]

The more points I earned from using my CC the more my credit score would go down because credit usage was up. It wasn't much but a few points at a time usually. I don't really care about points anymore. I just accumulate through ordinary spending.

[@annaleykiste]

I live close to the Mexico border. I always go for kislux , their quality is great. Some of them are made with leather and really hard to tell the difference from real or not. Either way, it’s your choice. No judgement from me

[@armorbearer9702]

I never thought about rewards points being such a volatile reward. I guess flat cash back is much better in the long run.

[@Phoca_Vitulina]

Great video per usual! I actually don't ever use credit cards.. have enough debt (student debt) as it is lmaoo

[@SanaatanSatyaHai]

Most important part of using a credit card is to use someone else money that is protected by law versus using your own, but this obviously takes into consideration that the one using the credit card is a more responsible individual

[@doujinflip]

Right, that's the danger of using debit where it's your money that goes missing if someone skims your swipe. Meanwhile on a credit card it's the _bank's_ money, and they have the motivation and the professional staffing to go get it back.

[@SanaatanSatyaHai]

@doujinflip thank you! Vasudhaiva Kutumbakam !

[@FatihRifat-bh8ld]

Highly likely that this new Qvarden Token will probably have a supply shock after launch

[@Chad_Thundercock]

Debt is the devil, and our shackles are plastic.

[@TheEzzyMaster]

That ad was so sneaky

[@MarcPagan]

Related - As one with an Econ background, reason zillion one for Trump's win? All increases in consumer spending from Aug 2023 to Aug 2024? Were matched by increases in consumer debt, mostly credit card debt.