10 Life Changing Credit Lessons I Wish I Knew In My 20s - Don't Miss #9!
HTML-код
- Опубликовано: 21 июл 2024
- #creditcard
These are 10 lessons about credit and credit cards I wish I knew in my 20s.
0:00 Intro
0:18 Lesson 1
1:11 Lesson 2
2:00 Lesson 3
2:35 Lesson 4
3:30 Lesson 5
4:10 Lesson 6
6:38 Lesson 7
7:23 Lesson 8
8:07 Lesson 9
9:50 Lesson 10
Best No Fee Travel Card: bit.ly/biltjft
Best High Yield Savings Accounts: bit.ly/citijft
Top Credit Card Offer: bit.ly/jftcards
Advertiser Disclaimer: Some of the card links and other products that appear on this website are from companies for which John Liang will earn an affiliate commission or referral bonus. This means that if you click on one of the product links, I may receive a commission. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
I wish I knew danger of carrying balance on credit cards. Just like casinos, banks are in the business of making money. Charging on credit card is a Temporary Loan that needs to be paid before any interest is added.
My roommates don’t care about credit card points
Therefore I get 4600 BILT points per month :))
That's a MASSIVE W!! haha congrats!!
You have been one of my go-tos for credit info. I just recently got my credit less than 2 months ago and I’m at 725. Good content you post, man.
How many of these lessons did you already know, or have you had to learn?
This is very useful! Thanks!
Is there a card for travel points that doesn't lock you into one particular airline? Also I've thought about using a credit card to pay monthly expenses to get either points or cash back and then pay that card off with what I was going to pay without the card but often those bills have extra fees associated with using a credit card to pay those bills like rent, cell phone, electric, car insurance, etc. does the cash back or points make more sense even if you have to pay the fees for now I've opted not to do this to avoid those fees.
Would you ever do a meet and greet in Boston?!
I’d be down for this!!
Funny you ask, I've been kicking around that idea. If anything it might just be an informal meetup at Night Shift or Trillium.
@@johnsfinancetips Would love that!
I have a question completely off topic can you put your house on a living trust if its not paid off yet
@@johnsfinancetips that would be great!
Can J1 visa holder get a business credit card? Online people are divided.
John has TRUE friends. 😅
How do you convert 50k points to a 4k dollar flight instead of 500 dollars ? When I try booking a flight it tells me my points will be the same amount as if I redeemed it as cash. Unless I’m not understanding right.
You have to have a travel card like the sapphire preferred or venture x and transfer all of your points to that card. On top of that, using travel partners will get you even more bang for your buck
Not sure what card you are on, but a lot of the “cheaper” flights with points come from transferring your points to the airline directly
I just got my first card, a student discover card. I am only going to spend 10% of the credit limit per month and pay it off in full every month. Is this good for starting off or should I be doing something else and what should my next card be and in how long?
@andrewroldan That sounds fine, autopay would make that process easier too if you consistently underspend 10%. Your next card should be at least 6 months out in my opinion. Some people say 3 but 6 months is pretty safe. Maybe go for the Chase freedom unlimited or flex cards because you should get them earlier on as they’re a part of the 5/24 rule (Google it).
you can use more than 10% as long as you pay it back before your closing date
To build your credit, you should try to keep your credit utilization below 10%. Always keep it below 20-30%. Pay it off in full. Rinse & repeat.
Since that is your first card, it is best you use it for at least a year. Try to maximize the benefits. 5% cash back categories from Discover. Then think about which card you want next based on the benefits that are for you. Chase Trifecta, Capital One Duo, American Express Gold card. These are the top travel cards on the market rn
What I always recommend is paying your balance down to 1% of your credit limit aka 1% credit utilization before your statement closing date. It doesn't matter if you spend more than 10% as long as you pay it down to 1% by the statement closing date. Pro tip pay down the balance a few days before your statement closing date though, it takes some time for you're new balance to reflect.
I have the reserve should I down grade it or apply preferred so I get the sign up bonus ? I really don’t get the full benefit of reserve
I believe (I could be wrong) but you can only get a sign up bonus on the sapphire line every 48 months. So even if you got the reserve u cant get the preferred bonus until 48 months.
You're only able to get the sign up bonus on any Chase Sapphire product if it has been over 48 months since you have received a bonus from the Reserve or Preferred.
as long as you got the Bonus from the Reserve 48 months ago or greater you can downgrade your Reserve to a Freedom card. Then apply for a Preferred to get the bonus again
I have my reserved for almost 6years :)
And how about my credit limit I have almost 50k in my reserve
How do I learn to use my travel points ?
He has a recent video called “how to maximize American Express points”. It goes over that, and it’s somewhat applicable to other cards. Maybe he has videos on different cards
After I graduate from college, should I still keep my student credit card or will it be closed by the bank? (I currently have one from Bank of America.)
Keep it! Credit history helps your credit score. I’ve heard that you wanna keep your first credit card
Like the other commenter said keep that card open. If Bank of America allows try upgrading that credit account to a non-student account
Product change it into something better
Keep it! I put my 15 yr old on one of mine so she will have a great history when she is in her 20’s
Like everyone else said, keep it. Try to product change if your bank offers different types of credit cards.
Interesting, but unfortunately in Germany/Europe works propably different
If I may ask, how do credit cards work over there when it comes to stuff like that? Is it similar to how it works over in the UK
@@TrentonMatthews i said propably, so iam not certain.
We basically have the Schufa Score, which functionality wise is similar to a Credit Score -> If its bad, you would pay higher credit rates for new
credits.
But our Credit Cards do not have big signup bonuses and such.
Dude slow down talking smh
How do you convert 50k points to a 4k dollar flight instead of 500 dollars ? When I try booking a flight it tells me my points will be the same amount as if I redeemed it as cash. Unless I’m not understanding right.
You have to move the credit card points into the airlines points I believe
@@Eric.1234 how do you do that ?
Great question! You can take 50K Chase points and move to Air France. Then on Air France you can find saver award availability from North America to CDG for 50K points. I actually booked the entire family from Boston to Paris, 4 tickets for a total of 200K