Why I DON'T Churn Credit Cards

[@deephousedrones]

Imagine thinking that Churning is morally wrong while a Bank turns around and charges you 29.99% APR and fees every month

[@followandbelieveinjesuschr5055]

Boy Im really getting tired of seeing that word

[@elvoria]

The bank are just doing business. If u are paying that much to the bank, Im sure the bank are happy to let u churn. But if u are not paying a single cent, then u are leeching away the benefit from those that do. All the bank do is giving back what they take to keep their actual customer happy. But if its being abused to a point that it bear losses, the bank are going to shut it down and thats too bad for those genuine customer. So if u are paying customer, u should be worried about those non payer churning.

[@ShadowKiller71]

@@elvoria you should be worried that your not allowed to win at the banks own game, when they're already have the power to set and change the rules.

[@elvoria]

@@ShadowKiller71 So u think the bank exist to let u win their money? U come to them for a reason. They gave u what u seek and now u are expected to fulfill your end of the bargain. Everything is signed legally. Its business. U dont like the rule? Fine. Conclude the agreement and u are free to go. Its funny people never complain about wining the bank's game when they first approach the bank for loan. Its always after the bank paid for their furniture that they start lamenting.

[@ShadowKiller71]

@@elvoria so wrong I dont even know where to begin. 1. I never said the bank exist to lose money 2. They seeked me out with credit card offers, not the other way around as you claim. 3. Everything is signed and legal. Therefore once I sign their contract, I am allowed to do whatever I please, as bounded per contact. Even if it's considered a loop hole....Sorry, but that's how business works. If they don't like it, write a better contract. 4. I think the bank will survive, a few credit card churners when the mojority of america are paying 25% APR on their frivolous spending.

[@Axtrosity]

This dude really said that it is morally wrong to get something for free from the bank. This needs to be moved to the comedy section. This dude right here

[@thetechlibrarian]

He obviously probably has the publicly state that on KZbin or the work Twitter mob would come after him the same way they defend pharmaceutical companies when it comes to vaccines

[@Spencerwalker21]

@@thetechlibrarian crying civility or being low IQ only proves my point don't woke out.

[@NiagaraBTC]

I think of churning as similar to counting cards in blackjack. There's nothing illegal or immoral about it, you're just playing the game skillfully. The casino (or the bank in the case of credit cards) can still choose to ban you though, so do it at your own risk.

[@danteking655]

Shaun Recommends well it is concidered cheating and u will be kicked out of the casino

[@tomrockefeller4620]

When churning credit cards, there is no margarine for error. People should know butter.

[@nGAhGENVH0Ul]

Haven't had breakfast yet?

[@PrincessMultiracial]

@@nGAhGENVH0Ul Lmaoo. When I saw there was a reply to the OP, I was praying it would be good. You did not disappoint

[@rayva1]

🤣😂😆

[@TerranceYu]

The true churner is a KZbinr who can churn out a 10+ min with over 7k views without having to do any research or post production editing. Teach me your ways Shifu!

[@aframs-cctaf-rams-cct6424]

Terrance Yu damn, you’re badass. Prob a good American

[@austinrobert8881]

I churn kind of. Except I never close the cards. I just downgrade to a no annual fee card and keep the account age.

[@webbezzy]

A question: Let's say you apply and get the Chase Sapphire Preferred card and its bonus; and after a year you would downgrade it to a no annual fee Sapphire. Would you be able to apply for another Sapphire Preferred after 4 years and get the sign up bonus again? Thanks.

[@Axl29]

@@webbezzy You could just downgrade it to a Freedom or Freedom Unlimited. I'm not sure if the no AF Sapphire "counts" as still having a sapphire card.

[@austinrobert8881]

You could downgrade the sapphire card to a freedom card with no annual fee. Chase does now have a 48 month rule with sapphire signup bonuses. After you get one you will not be eligible for another sapphire signup bonuses for 48 months(4 years)

[@dandawson8128]

webbezzy - yes, you could sign up again in 48 mo, but would suggest to downgrade all the way to CF or CFU as others have mentioned.

[@xmochix604]

Same!!

[@cyril_ogude]

The banks didn’t care about the spirit of the rules when they bet against their own mortgages in the financial crisis. The banks won’t help me out if I need money so I don’t bat an eye when churning.

[@jdeveraux1027]

Cyril, I don't disagree with you but too many people doing it means they catch on and then kill the hobby. I have half a mind to wonder if CIti gutting all of their bennies was partially for this reason

[@kofinater]

@@jdeveraux1027 that is paradoxically a reason to churn as much as possible, never know when the rug will be pulled out.

[@nathanwall2808]

End the Fed

[@2808Heavy]

Yep! My thoughts exactly!

[@mdavis3610]

You gave a great example

[@AlfonsoCandra]

nobody: shifu: did i mention i went to grand cayman?

[@WhoaNellyJake]

Lmao

[@fp3740]

loool

[@mrdisco99]

Moral arguments don't really hold up when dealing with corporations which have no inherent morality of their own. I feel no remorse for shafting a corporation out of a free plane ticket when they offered it to me just to try to inflate their own numbers. They already have an advantage in that they get to make their own rules. I'm just playing their game. That said, I agree, there is a smart way to take full advantage of rewards. You want to balance short term gain from welcome bonuses with long term viability of your relationship with the banks so you can keep earning rewards. As with anything, different people have different tolerance for risk.

[@compteprivefr]

killing someone is wrong even if that person is a killer. Stealing from someone is wrong even if that person is a thief. You see where I'm going with this...

[@mrdisco99]

@@compteprivefr I don't get it... who's stealing?

[@dandawson8128]

Ric Rivera - Comptre Prive, the issue here it’s the bank’s rules. They can always change them, but the churners out there (& I don’t churn) wouldn’t be successful if they didn’t follow the rules. Good for them, if it works for them. I’m risk averse, and don’t want to hurt credit score or standing with banks. That’s my choice. There’s no morales here, it’s s business decision.

[@Axtrosity]

Yeah this guy is not very smart, he’s the small brain expanding

[@asadb1990]

@@compteprivefr sure its wrong unless you provoke the killer into try to kill you and you kill in self defense.

[@InfectedPooSea]

"Morally wrong" to beat the system? Don't think so

[@andreyv1]

because when your a KZbinr you don't need to, affiliate links gives you way more $ than churning ever could

[@peterfarmer2451]

What's wrong with churning? Banks churn on the public 24/7 high interest rates, fees,penalties, etc

[@KennyMGG]

True, 17% interest on a credit card for people with seemingly perfect credit history is an insult by itself.

[@ibakeandlift3586]

nothing. this guy is off on this one.

[@ismailm.7624]

Agreed. I'm all for getting value out of available offers. But churning is the reason these companies are pulling back offers and removing benefits. People are taking advantage of the system and ruining it for all of us.

[@PointsPointers]

I have the excel sheet you’re talking about lol 🤐

[@SolidLiquidFox]

The churn is strong in you young Skywalker...

[@jonesbunny]

@@SolidLiquidFox 😂😂😂

[@JacksonianT]

Lol

[@mystealthlife6991]

Can i get that spreadsheet?

[@PassportToPurpose]

Mystealthlife me too

[@mattv2099]

I churn but not very aggressively. I never close the cards. I just call and have them lower the credit limit to 1,000$.

[@omarcastillo890]

Why do you lower it?

[@Greenbee12964]

@@omarcastillo890 why does he lower it lol

[@I..cast..fireball]

@@Greenbee12964 you can actually get denied for new cards if your combined limit is too great compared to your income.

[@CHICCAFNT]

@@I..cast..fireball whats that ratio?

[@traplover6357]

That "industrial churner" mentality seems more of an larger opportunity cost than financing a business whose profit ceiling isn't limited to the profits of credit card companies.

[@shakinlaw1406]

Yeah nah.. Credit card companies charge ridiculously high interest rates. They're entire goal is to get you into a cycle where you're paying massive interests & are unable to pay your balance in full. No Sympathy for the big banks, sorry not sorry. Kudos to your morals though lol.

[@gregmariani2829]

"upgrade yourself" that's deep -- I see why they call you the shifu now!

[@flashtwo1933]

It kinda hurts though. lol

[@imcrimson8618]

It hurts but he makes sense. Youd probably see more dividends if you holistically just work on yourself

[@imcrimson8618]

Hell if you really like it then do both🤷‍♂️

[@loxlover1714]

I mostly agree with you. The thing is just like anything else in a capitalist society, some people will exploit every possible loophole to the max. I can't get on a high horse here because I churn some myself, but I do so at a snail's pace and with organic spend only. So my 3 cards a year or so is laughable to the thousands of people that manufacture spend, get dozens of cards a year, etc. You read forums where people state that they make enough "money" churning to make it their full time job. It's sort of a survival of the fittest mentality that's somewhat morally disturbing, at least to some of us. They are also the same people that you will find arguing about evil greedy corporations that only care about their profits.

[@dr.c2195]

The difference is that banks steal from all of humanity while churners just steal from those robbing them. When you set up a Ponzi scheme just to leech off all people, plunging millions of them into poverty and guaranteeing that a huge collapse will happen in the future (which is actually pretty near, hence why we have the "pandemic"), then you do not get to complain when people use your own rules against you. But when you only do things like this out of self-defence, then you get to complain about the initial perpetrators. I hate violence, but if someone threatens me with violence, would I be a hypocrite if I beat him up out of self-defence? Of course not. The problems are the people initiating it, not the people who are defending themselves against it. As for those greedy corporations, the problem with them is that they do things like rewrite the laws and using government resources for private gain. This again victimises all people and thus cannot be compared to someone who only victimises his attackers out of self-defence.

[@victorandres9094]

😂😂"have to wait til you reincarnate" Hilarious!

[@thenumberonebeaner2211]

It's stupid being poor (generally) and twice a year going on a fancy vacation and coming back to your poor life. Very sad but very true... time could be better spent making yourself holistically rich.

[@scottwible1532]

I really respect you for this position Ben. You have good values and morals.

[@DanielIles]

I churn for my first few cards with the financial institution but after a few I cool off. Consistent points through normal use does it for me 👍

[@jalabi99]

I don't churn for one reason only: it's too much work! LOL

[@lillians.4384]

You can say that again!!!! You have to have quite a bit of time on your hands lol

[@thejokerspeaks]

I was told once about an Eastern Indian Proverb, that you can't fool an honest man. Having watching various family members get burned by over half a million by conmen, who themselves chase dodgy petty opportunity, I believe it. Nothing mystical, just being willing to use others, clouds judgement and makes you a target to bigger fish. Obviously churning is more of a grey area, but personally for me, it is too close to the fence for comfort.

[@akin242002]

No hatred to churners, but it gets old and very time consuming after a while. When a person is focused on their career and family, it is better to be savvy.

[@dugroz]

Food for thought. I've had credit cards for over over 15 years, but just started "the game" 4 months ago. Will I get sick of it? Maybe.

[@WallersWallet]

Interesting take. Not sure I agree 100% with you on this, but that's the beauty of this game, many ways to play it. Keep up the good work 👍.

[@SolidLiquidFox]

It's like a scene from Dodgeball: "Shifu's strategy is to forfeit the churn. Bold move Cotton. Hopefully it pays off..."

[@pablopaezthemusicindustryspy]

Make a video about how you did your points taxes with the 1099. Please!!!

[@karpediem214]

Most Def

[@wingjoint2663]

Agree

[@jdeveraux1027]

Release those returns!!! LOL jk

[@investmentfuturefinances5527]

You don't pay taxes on this kind of stuff. Points, sign up bonuses. If you're taking checking account bonuses, then yeah you pay taxes on that.

[@pizzadispenser1389]

Investment Future Finances I think this was sarcasm lol

[@galoz82]

This is the MOST realistic video ever made about the points and miles game, Nailed it Shifu!

[@adventureseekerdude]

I'm churning bank accounts, but am a credit card savvy consumer 😉 but with two businesses and a player 2 (wife) "savvy consumer" does feel like churning sometimes

[@investmentfuturefinances5527]

Yeah difference is, you pay taxes on checking bonuses, unlike credit bonuses.

[@adventureseekerdude]

@@investmentfuturefinances5527 that's why I do both! And I'm still cool with paying taxes on money that I wouldn't have had anyways for super minimal work. Plus no negative effects opening and closing a bunch of bank accounts

[@SolidLiquidFox]

The counter argument to this is the fact that most times the opportunities for bonuses keep getting more restrictive. That's why there is this aggresive culture of churning. It's the act now while you can motto.

[@disrespectthemwomensubjuga5471]

@@greyarealove that's true.

[@rigatonijacobs]

Forgive me father for I have sinned. I used a coupon at Burger King for a free Whopper

[@MarkUnique]

11:34 "rinsing every bit of value" - I think the saying is "squeezing", as opposed to "rinsing" ... think of squeezing every last bit of juice out of an orange ...

[@jdeveraux1027]

i kept expecting him to say "and repeat" since I think in American English--that's such a common slang phrase

[@SabreLeonheart]

Squeeze every penny!

[@james-p]

Must be a British English thing!

[@waterheaterservices]

It's a British thang, I would not understand.

[@joemama69448]

I'm into credit cards for the long term value. To me a sign up bonus is just a bonus and not the main reason I apply for a card. I understand the outsized value of churning compared to a 'set and forget' strategy but I would rather get cash back/points on money that I spend in day to day life. I hope that banks continue to tighten the noose on churners and pay more attention to the relationships with established customers who are willing to play ball.

[@janenuss6]

I think some credit card companies encourage it! Like Chase, for example. We missed the sub for the CSR. And when I called to inquire about it, the representative basically told us to open another card and get the SUB from that one.

[@algray8389]

Hey Credit Shifu, I don't churn as there is value with the cards I carry. As my company uses Delta, I started with the Delta Gold, then I got cornered (at the airport :) into getting the Delta Platinum, then I applied for the Delta Reserve following that. I did get approved for all three so I must have waited for the right amount of time. I did cancel the Gold card since it did not add long term value but I still have the other two. AMEX has been a great financial partner of mine for many years and I carry 6 AMEX cards so that may be the difference.

[@310noahEP]

Why is it assumed that only poor people or people without a side hustle churn? I have a very nice income and a very successful independent side hustle. Also, why should I feel sympathy for a credit card company whose sole job is to advertise and promote people to go into debt, rather than having people paying in cash or with a debit card? Their goal is for you to buy more than you can afford so they can earn interest on that balance. That is the logic of a credit card company. That is why I have no moral sympathy for taking a credit card reward. 🤑

[@Mousirelen]

The Credit Shifu is a stand up guy and by all measure a Class Act. Carry on dear Sir!

[@yiruxu1704]

How about churn checking account for sign up bonus ?

[@MaseratiHolly]

yiru xu i do this often 🥰

[@xmochix604]

I do this

[@lennynprado1067]

Then doing both is just crazy

[@JustinBrown1]

Oh I’m so sad about the credit card companies losing money...lol

[@abdelrasoul4]

Totally agree that churning is not good for relationships with banks.

[@TheOneR-]

“Breaking the spirit of the rules.” 😆

[@dandawson8128]

Replace the word ‘churn’ with ‘speed’. “I speed some every day, but not as much as some others who speed a ton all over town” You get the point, it works over and over. In the end, it’s all very subjective. Yes, speeding is illegal and could be dangerous to others, but I’m referring 10 vs 15 vs 20 mph over the limit on a highway with no traffic and great visibility. Meaning, it’s all about the risk you’re willing to take to get busted. Sebby’s method of open and then downgrade I wouldn’t classify as churning, Open then close, then open again is churning. I have a spreadsheet, but it’s to manage my perks, anniversary bonuses, when to use which cards, and eligible dates for new cards.

[@dr.c2195]

Speeding is not always dangerous. Where I live we have random speed limits and many are so slow that they might actually increase danger by making roads more crowded.

[@JacksonianT]

Agreed Shifu! I def take advantage of bonuses, but I've always just tried to focus on finding and adjusting to always have the best array of keepers (with and w/o AFs) that maximize my benefits from normal spend.

[@TheWallStreetVibe]

Good video. I've seen a ton of videos of ppl giving advice to cancel cards after getting the bonus. I think that's bad advice. I agree with you about being a savvy consumer.

[@topcomment3816]

Churning is NOT morally wrong. Not even remotely

[@cwb1130]

5th Level: Work for an airline and never need to buy tickets again.

[@ricetoss18]

6th Level: after churning for years u buy ur own private jet

[@normandea]

So what are you saying about Ask Sebby and The Points Guy?

[@mwchou1]

They are probably genuinely rich. The point guy has a Amex centurion card

[@normandea]

@@mwchou1 No doubt.

[@unlimtedsw1shgaming267]

@@mwchou1 I think he has the business centurion and I think that's because he buys like hundreds of thousand dollars worth of ads

[@dingmingzou9866]

Sebby falls in upper middle class, TPG is higher

[@TerranceYu]

They're doing exactly the right thing: start a true business venture. Credit Shifu is describing the darker, underbelly hood of credit card churning. I think churning is too broad of a term that people are getting confused.

[@NickPeitsch]

I churn when my credit score is stellar and I need to make a large purchase

[@baddboo]

@ Investing Engineered Same here, purchased washer n dryers refrigerators. Another purchase was large family trips So I’m with ya

[@NickPeitsch]

Billy in 4C awesome man! Way to do it

[@ibakeandlift3586]

why I don't churn points? because I don't need to. I have a successful KZbin channel.

[@phillipdeck933]

One card l got bonus of $200 l cancelled card later because of low credit limit after 2 years of using it never got increase. Well fast forward three years later l reapplied for exact same card but higher credit limit this time l was surprised l got the $200 bonus again, l didn't expect that.

[@wadejohnson3051]

A financial channel that has a moral issue with gaining capitalism. Interest concept.

[@edswheelalignment914]

I completely agree. It is better to have a good relationship with businesses (banks, credit unions, other kinds of financial institutions) than to take advantage of them. There are better ways to build up points/add value to your money then to play with the system. Great video Credit Shifu!

[@solomonwong]

I enjoy the mindset you have. Plus those memes were on point!!!

[@L0renR0jas]

Your enlightenment comment was the same realization that I went through! And I thought, how is everyone NOT doing this? Instead of churning, I get 1 to 3 sign up bonuses per year with cards that can be downgraded. So I don't close those accounts. Anyways, I appreciate your videos brotha! Keep spreading good knowledge.

[@TheCCMaestro]

Awesome video Shifu. I agree opening and closing accounts can definitely hurt your relationship with banks as well as your credit score. Being a smart customer and churning are definitely different...besides as time goes on these banks will continue to crack things down.

[@Bacciagalupe]

Thanks for this. I operate with integrity, and sleep well at night. Cheers

[@chanhle8024]

Fully agree on the #Churning. Based on your other video of the percentage of Americans who take advantage of credit card points with their spend, it all suggests that these bonuses are only sustainable as long as only some small percentage of the population does it. There will be a "critical mass" where once enough people churn, it will quickly become unsustainable for the credit card companies and benefits will get pulled. I am not saying im not guilty of some myself but that was in my earlier days where I didnt quite realize the full effect of churning. I've since stopped and only go for keeper cards where the sign-on bonus would be exactly that--a bonus-- and figuring out how the bonus earning categories can be optimized where no dollar is earning only 1x. otherwise focusing on boosting my actual income vs the rebate on my spend, which has a ceiling and will never match increased income from a succesful business, raises and promotions. Thanks for all the info you share with us #CreditShifu

[@matthewkucewicz3162]

I agree and follow everything stated in this video. Great video Shifu!

[@acceleratingalpha]

As a churner, I moderately agree. It makes no sense having a great holiday to just go back to your minimum wage job. The organizational skills and problem solving should be put to use in a legitimate business. BUT, I also sell on Amazon, Shopify, and sell some the Tradelines(controversial I know). This is in addition to referrals, my KZbin Channel, and my full time job. You can do all of the above and I am one of many.

[@BobBacheler]

Most common sense advice I have ever heard in a Credit Card video.

[@dennisg.3364]

This is a great video, with a lot of valid points.

[@maniijuan]

Does Dave Ramsey have the Credit Shifu hostage lol. I always thought what I was doing was credit card churning. I only open accounts that have downgrade paths and the ones that don’t I make sure I get more value than what I put in.

[@lavayuki]

I never churned even one card. I've kept all my 4 cards and haven't cancelled a single one, as I spread expenses across them all to keep the usage low on each. Each also has a function, like one for groceries, one for travel etc.

[@FLOATER-RICH]

I clicked this vid because I am interested in playing the game of churning but, at the same time I want make sure I understand the other side of the argument as to why is not a good idea to churn. After watching this vid and hearing his argument.. I feel I am more convince of wanting churn and play the game which they had laid out to began with and keep up with the update. your argument didn't convince that their is HIGH RISK/Legality/danger/Criminal..etc. It seem so Risk is there only if you don't play the game right.. like paying late or doing the more advance risk technique that involves Churning etc. if one is good with Money (and I am ) and approach this in a conservative manner (like Dr. Kevin Jubbal) and play by game's rule that is laid out and not take excess risk.......I Don't see anything wrong with it. Thank you for the valuable info Shifu, I Plan to hear more reason why is not good idea until fully convinced is not good idea.

[@ukcreditcardcollector2861]

"the spirit of the rules" mean nothing in the finance industry. They don't give a damn who they shaft. Play them at their own game and make every move count for you. Like a game of Chess really.

[@mrdisco99]

Yep. That's capitalism. Everyone acting in their own self interest.

[@aarongold7220]

I lazily churn cards. Probably signed up for 4 cards over the past 2 years. If i get an offer in the mail with a nice sign up bonus, I'll usually apply once I know I have a sizeable bill coming up. I don't really close the accounts either. I set up e-mail notifcations when charges are placed or bills or due (Whatever that particular card offers), and forget it exists. I don't see how it's possible to profit 20k-30k a year from churning. I mean most sign up bonuses require you spend between 3-6x the sign up bonus in a small time frame to get the sign up bonus. If you earn 20-30k a year, you'd have to put between 60k-180k on things you'd normally buy in order to profit that much from sign up bonuses. Otherwise all the sign up bonus is doing is giving you discounts on superfluous spending. And from I see most higher end card rewards don't havecash sign up bonuses but a large cash value of 'points' for things like free flights or access to fancy lounges. It also looks like credit card companies have heavily reigned in sign up rewards in the last 5 years or so. I really don't see how you profit 20-30k.

[@heavymechanic2]

Churning is like people who clip coupons and other means of taking advantage of marketing dollars used to attract new customers. All my cards are No-Annual-Fee because I'm unable to use any travel rewards and I just focus upon everyday spending [Blue-Cash Everyday card has 3% cash credits on groceries] and unlike Ask-Seby there is no real way to maximize credits between cards.. I do get the welcome bonus (if offered), utilize the Introductory offer (0%), and use the Balance Transfer to avoid interest as often as possible.. As a consumer, I am looking for some value to use credit cards to improve my credit rating, nothing more.

[@idontwantachannelimjustcom7745]

What if you get a horrid card for the sign up bonus, then dont use it so they cancel the card. Wait the required time, then reapply.

[@Th33Vultur3]

I would only cancel a credit card it has an annual fee like my American express green card since it has a $150 annual fee when I get tired of paying it every year. If it's a no annual fee card, it's a no brainer to keep it open and just if it's a no annual fee card, it's a no brainer to keep it open and just put it a small recurring charge to keep it open. Churning through credit cards could also get you black listed places like American Express.

[@bjerskov59]

You nailed it and are absolutely correct 👍

[@josemaciel3582]

Damn he called my churning hobby “poor” and “sleazy”

[@fewwok1966]

It's his opinion it's not a fact

[@lorumipsum1129]

It also can effect other people as well. I do believe that this happening is not only effecting sign up bonuses, but also credit card rewards, so it's effecting more then just the banks and churners, it effects everyone, as such, people who churn are assholes

[@joliwombats6637]

We used to churn on the farm. Was nothing like this.

[@justanotherweirdo11]

I don't think it's immoral to play by the banks rules. If it cost them that much maybe they shouldn't have had the rewars to that extent in the first place.

[@natejess-personalfinancetr2861]

#creditshifu, my wife loves the song you play at the ending of your videos. What was the name of the song/artist? We were having trouble finding it online.Thanks, we love your videos! :)

[@isoseismic]

It's listed in his info for the post

[@roxcyn]

@@isoseismic - Yes, it is. 👍🏻

[@d0su]

Credit Shifu, could you do a video explain the pros & cons of having a card from VISA, Master Card, Discover, Amex and possibly UnionPay?

[@Rentraveller]

An unrelated question since this Chat is bustling, but regarding the Amex Platinum's Shangri Jade benefit. Being able to status match Krisflyer silver and then fast track to Krisflyer gold for *A Gold is great. But my question is if anyone knows whether the 3 "Eligible" flights are 3 separate bookings or just 3 flight #s. For example do i need 3 separate nonstop one ways tickets, or do i need 1 nonstop one way ticket and another one way ticket with 1 stop in it.

[@donghao5770]

So do you churn bank accounts?

[@imgonzalez]

So i can get a sign up bonus for the Amex Gold and Platinum?!?

[@nathanwall2808]

Yes

[@bamc3835]

i hear you and feel the same way about ppl taking advantage of glitches on a merchant website

[@james-p]

"...wait until you reincarnate for another AmEx bonus..." That's some deep shifu stuff there! lol

[@roxcyn]

It must be about every 6 to 7 years as they offered me a bonus to upgrade to a card I had previously downgraded from.

[@bamc3835]

dat cracked me up wen he said that😂

[@cookiedestroyer402]

people who get in trouble for churning are just bad at it. Churning isn't about breaking rules of using cheat codes to a game everyone is playing its about min/maxing credit card points and regular spend

[@champstar9669]

The credit rewards game is no different than the dating game. Everyone is on their best behavior at the start. They bend over backwards to woo someone. But as time goes on, a lot of people get taken for granted. The effort & appreciation really tails off. That's when it's time to hop off 1 ride...and hop on another. Most credit cards are SPECIFICALLY DESIGNED to only be hugely beneficial in year #1. The terms, in most cases, encourage churning. Nothing immoral at all about earning the highest rate of return possible. If a creditor wants loyalty, then they need to design a card that offers LONG TERM value.

[@vevenaneathna]

on the topic of morality, churning can be moral if you view the predatory practice of banks offering subprime people cards/loans. they have their models and know they will make money off the poor. by churning credit cards it lowers their profit margins and reduces the incentive for the banks to harm these vulnerable people. the more u churn the less vulnerable people get exploited. seems moral to me...

[@Robertganca]

“Churn”? I thought you were saying “Turn”.

[@sleeknub]

I completely disagree with the moral argument, but the argument about focusing your efforts on making more money is a good one.

[@Qusun2]

Great video! I currently only have 4 cards ( 2 chase, discover student, Amex everyday) I refer my friends and others. Every card I get I want to keep. At the moment the only other one I plan to get is the sapphire preferred. Churning and making all the graphs and calculations in my opinion is not right. I’d rather play fair.

[@MrThatblueguy]

I'm kind of a churner, but not really. I've opened 6 accounts this year for instance. I haven't gotten any cards that I will flat out cancel though. Just taking advantage of tuition while I can to meet minimum spend. Probably won't apply for anything until January of next year

[@gd2341]

I tought of doing it, but i don't have the energy to keep up!!

[@Topself24]

2:00 funny and genuine. Subscribed

[@MT20233]

Very hard to do 20-30k a year churning because you have to use chase and chases 5/24 rule makes that hard to get chase and other cards, if you churn business and personal cards then it might be possible .. they place the rules if they wanted to stop place a rule like AM EX .. chase is mostly every 24 months they could up it to 48 or 60 months .. citi is 24 months also they make the rules and they have to be followed ..

[@astroma3517]

What do you mean by writing 'credit card marketer' on your tax 1099 form? Why can it reduce the amount of tax you are paying for? Does it apply for international students with alien resident status either?

[@MarketWizard546]

Because if you use the annual fees as an expense, you can offset the income from the points. If your annual fee is $95 and you got 15000 points in referrals, they will calculate it as $150 of income but on paper you can declare it as $55

[@astroma3517]

@@MarketWizard546I see, thank you for your explanation~~~

[@velious2121]

How do people qualify for the best cards if they’re churning and damaging their credit? Is getting qualified based on annual income?

[@CRview]

I got the sign up bonus with the delta gold card.. Will I still able to get the sign up bonus on the American Express gold card when I get it in a few months?

[@isoseismic]

Yes

[@GSVM007]

If you actually did the math, anything with annual fees will get you after the intro period. Find a credit union and get the 1.5% cash back across the board. Don’t get fooled. You aren’t really getting s reward, you are paying to feel like a winner. It’s just sucking you into constant spending. Spending more to get a little prize. You are only winning more debt.

[@mrdisco99]

Debt!? If you're using credit cards to get into debt, you're doing it wrong.

[@hirokeo]

Its called the sub game if you don't close your accounts. I have only closed 1 cc and that was when i was young and stupid.

[@tubezaspiak]

Glad you've finally said this, although you've done many videos in the past spreading info about grey area techniques that were clearly in violation of the terms of the card agreements (like which airline gift cards code as incidental spend). The bottom line message should be, especially to young people, that you don't cheat because the credit card companies hold all the 'cards' and can really make you wish you hadn't. As you just said - it's not worth having your credit screwed up.

[@Marina-xd7gp]

I'm thinking of doing this to have some of my car loans on 0% APR credit cards (15 months, etc.) so I don't have to pay $3 a day in interest lol. I feel like it might be better than refinancing. I'm confident I can pay them off within the next year, plus I can get some sign up bonuses. Is there a downside to doing this? Edit: my loan company does accept credit cards for a small fee.

[@PeacefulBill]

Me Shifu: Very Good Video. Intentional Churning Is Morally Wrong, And will greatly contribute to ending the game eventually, and then we all lose out