At 34 yrs old having no credit cuz no one could explain how to use a credit card to me in a way I understood so I never got one. But this video has helped me understand it so clearly. Just gotta look for the best one now.
Bro…thank you…I literally just graduated straight out of high school, and there’s been so much going on with these financial issues that I have to deal with. I just feel like high school didn’t even prepare us for these type of situations, but thanks again for making this video.
Same here graduate of 2021 at 19 not even the slightest I thought about opening a credit card bc how scared I was. I’m still doing research and asking questions to understand how in the world I should handle a credit card with full responsibility.
@@kes933 yeah it’s easy asf. You just got to teach yourself in Financial Education credit cards are for small purchases like gas or groceries they are Liabilities and debt cards are for huge purchases like for example a pair shoes that cost $170. Most credit card have a limit of $1000 but be cautious of what you buy and how you spend it don’t go over %10 of that $1000 limit you can set yourself in bad debt. Hope this helped 👍🏽
my dad split when I was 12 and my mom was bipolar ,never home, and kicked me out at 17. I never had anyone teach me anything about the real world. I've had to figure it all out on my own, slowly, one step at a time. Thank you for the video. I really appreciate it.
I'm turning 13 as of the moment and binging videos on how to pay taxes and credit cards and stuff like that just to be prepared as I see alot of adults stressed about it. I love this channel and it gave me piece of mind on stuff like this.
Wow, you are so smart. I wish I would have done what you’re doing when I was your age. Keep it up, seriously. You will be so prepared for adulthood. 👏🏾👏🏾👏🏾
Just turned 18 and can’t wait to set myself up for a good financial future and start building credit Update : got my first college checking with chase, and am at a 702 for my score after 2 months.
I have chase do you think I should open a credit card with them? I trust them and I love how easy it is to use im just nervous with opening a credit account
I refused to even learn about a credit card until my mid-late 20s. My parents are not the most financially intelligent, but they weren’t totally reckless. Still, I watched their credit card debt affect them negatively, and helped them cut the cards up into pieces after declaring bankruptcy when I was 8. I didn’t get my first credit card until I could afford to not NEED one. until 2 weeks ago, 😆 And I’m 32, and checking around every corner, and not using this for anything I don’t buy on a weekly/monthly basis anyway! Thanks for the video!!
This kind of video is EXACTLY what I was hoping to find. Thank you for taking the time to explain these things simply and clearly. I feel much more confidant about applying now. Great video!
I'm about to be 30 and have never had a credit card; even our economics class in HS had a whole half semester lesson on never getting credit cards because they're bad. But when I moved out, I realized you need a credit score to get approved even for apartments and stuff; I got around that bc of my roommate, and still have had trouble understanding credit cards. I tried to apply for chime as the safest option, but they told me I needed to let HR know and have them connected that way, which made me not want to do that bc wtf. This is the first video that actually makes sense to me, so thank you.
Loved the way he explained everything in simple terms and took the time to do so! Usually I get so confused because I dont 100% understand the language these finance videos use but this was great. I feel way more confident to move forward now. Thank you!
i started with this video not having a clue about credit cards and left this video with no question and feeling educated about credit cards thank you so much
I was always told to never pay your credit card in full because that will hurt your credit instead of helping it which I never understood. Everyone that I talked to about credit cards told me to pay it little by little to show that you are responsible enough to pay your card on a schedule. So after watching this I’ve now become very confused.
I've received that same advice. You'll come to learn that it's full of shit. I used to make regular payments for the same reason. As soon as I started always paying in full, it actually went up by quite a bit. When applying for a mortgage they like to see no credit card debt. I don't think forcing yourself to make the payments in smaller portions makes any sense. Prolly some folk tale that started from credit card companies, so they can get some interest lol. What TRULY matters with credit score is that you don't appear to be a financial liability. If you're constantly using and paying off your credit card, that's plenty of evidence for the current credit score system.
Even better, pay it down before the closing date to keep it reported as 1% ~ 6% utilization. YMMV though since some banks process transfers like a snail.
foreign transaction fees are no longer just for those who travel, I have a few services that get charged from overseas that I just can't give up and I'm sure there are others who shop online and get charged from various international companies.
I’m 14 right now and I just know that when im older I will be thankful for the fact that I learned about all of this at my age. trying to make my future self proud lololol
This was so helpful! I have never had a credit card and I've been terrified of applying because I don't know anything about them and was always told to never get one from my parents growing up. Anytime I;ve gone to a bank to get information, they just tell me what benefits they offer and don't go into detail about what I should know when getting one. Thank you so much for sharing this info.
I'm deep in college and have heard horror stories about credit, and pretty much swore it off. (If it's not in my debet account, I don't buy it mentality.) Also those recounts that banks giving out credit cards are akin to a more predatory used car salesman. Thank you for filling in the gaps and relieving some of the anxiety!
Wait, so when we buy something using the credit card, how do we pay it back? With our OWN money right? And what about being rejected from even getting a credit card in the first place?
I am a first gen immigrant college student so that means I have no parents guide or much help from them on these stuff. Your video have me some help. Thank you!
My partner and I are sitting here after watching that kind of shook lol that was surprisingly informative! We appreciate you so much! Thank you Five Minute Finance! We've liked and subscribed!!
Wow youre articulate and easy to understand! I work at a financial institution and would for sure be grateful to have a banker like you to ask for help! Thank you for having a channel 😊
as someone like many others who has parents that’s struggled/still struggle with financial problems i’ve been trying to learn all i can to not be in their situation
Important question: I’m a student and got approved for a discover secured card with $200 deposit and in return a $200 credit line. Does that mean I need to spend 200 on my discover card every month for my score to increase? Or I can spend, say only $50 and then just make the payment at the end of the billing cycle and still increase my credit score?
As far as spending goes, try to use up to only thirty percent of your credit line. It can boost your credit score and shows you're not reckless with your borrowing.
Of course I got approved for my first card... And look this up afterwards.. and Its the bank he said to absolutely avoid... smh But it's already shipped and on the way
Stay away from credit for now unless your parents can help you build it. Easy money is a trap when you're young. Especially if you like to have fun. So unless you got parents that take care of you, or you're good at managing your money, I wouldn't get one.
Thank you so much for your knowledge, School have never taught us financial advice but luckily we got the most treasure social media platform which is youtube 😍😍
very cool I just applied for one that I got a letter saying that I was "pre-selected" for, got denied. I guess it's a good opportunity to actually learn about credit cards.
Good luck finding an automatic payment that pays on time. Most don't and the ones that do magically "skip" a payment every five months or so without notice.
Im 31 getting my first credit card lool, so you're not late. Never been in debt (besides student loans) and I hate to borrow money.....however I'm only looking to get this CC because of a business opportunity and I don't have any cash on hand and payday is a couple of weeks away and won't be enough following expenses.
Your video was very helpful and instructive, you made it sound easy with a lot of helpful tips and tricks about getting the frist credit card and score thx for the video 👍 keep it updating with the yearly changes
This is the most underrated life saving channel
Why is your pfp character head big
Thanks
@@hardjeffrey9543 cause it's flattened to fit
At 34 yrs old having no credit cuz no one could explain how to use a credit card to me in a way I understood so I never got one. But this video has helped me understand it so clearly. Just gotta look for the best one now.
Bro…thank you…I literally just graduated straight out of high school, and there’s been so much going on with these financial issues that I have to deal with. I just feel like high school didn’t even prepare us for these type of situations, but thanks again for making this video.
Yup, they don't really prepare you for stuff like that. they may briefly talk about taxes but never teach you thoroughly about it.
Same here graduate of 2021 at 19 not even the slightest I thought about opening a credit card bc how scared I was. I’m still doing research and asking questions to understand how in the world I should handle a credit card with full responsibility.
@@miguelvazquez7941 figure it out yet?
@@kes933 yeah it’s easy asf. You just got to teach yourself in Financial Education credit cards are for small purchases like gas or groceries they are Liabilities and debt cards are for huge purchases like for example a pair shoes that cost $170. Most credit card have a limit of $1000 but be cautious of what you buy and how you spend it don’t go over %10 of that $1000 limit you can set yourself in bad debt. Hope this helped 👍🏽
@@kes933 once you master in credit cards and have credit look into travel award points for free flights ✈️
my dad split when I was 12 and my mom was bipolar ,never home, and kicked me out at 17. I never had anyone teach me anything about the real world. I've had to figure it all out on my own, slowly, one step at a time. Thank you for the video. I really appreciate it.
good on you for figuring things out bro, good luck
Same, we gon get through this
my dad and mom split up at 5 years old 😢
You got this❤️🔥
bot detected
I'm turning 13 as of the moment and binging videos on how to pay taxes and credit cards and stuff like that just to be prepared as I see alot of adults stressed about it. I love this channel and it gave me piece of mind on stuff like this.
Keep thinking like that, you're already ahead of many kids (even adults) if you are thinking about taxes & credit cards at 13.
That’s awesome lil bro keep it up
Wow, you are so smart. I wish I would have done what you’re doing when I was your age. Keep it up, seriously. You will be so prepared for adulthood. 👏🏾👏🏾👏🏾
Smart man!
Troll
Just turned 18 and can’t wait to set myself up for a good financial future and start building credit
Update : got my first college checking with chase, and am at a 702 for my score after 2 months.
same here
I have chase do you think I should open a credit card with them? I trust them and I love how easy it is to use im just nervous with opening a credit account
@@YasminxRivera yeah I really recommend it. You can set up automatic payments too so you don’t have to worry about ever forgetting to pay it off.
@Shoot you’ll probably need to at least open a checking acc, not sure how you could pay off the card if you don’t have a chase account.
Hi! How were you able to get it that high after 2 months? I’m planning on moving soon in about 6 months and still need to start a card, any tips?
I refused to even learn about a credit card until my mid-late 20s. My parents are not the most financially intelligent, but they weren’t totally reckless. Still, I watched their credit card debt affect them negatively, and helped them cut the cards up into pieces after declaring bankruptcy when I was 8. I didn’t get my first credit card until I could afford to not NEED one. until 2 weeks ago, 😆 And I’m 32, and checking around every corner, and not using this for anything I don’t buy on a weekly/monthly basis anyway! Thanks for the video!!
Dude same
Same here bro
Same!! I'm 29, just got my first card, and I'm literally going to use it for just gas and TP 😅
Thank you so much!!!🥰I just got my first credit card at 63 years old. I appreciate the time that you took to explain it. God Bless and Thank you🙏🏽
This kind of video is EXACTLY what I was hoping to find. Thank you for taking the time to explain these things simply and clearly. I feel much more confidant about applying now. Great video!
I'm about to be 30 and have never had a credit card; even our economics class in HS had a whole half semester lesson on never getting credit cards because they're bad. But when I moved out, I realized you need a credit score to get approved even for apartments and stuff; I got around that bc of my roommate, and still have had trouble understanding credit cards. I tried to apply for chime as the safest option, but they told me I needed to let HR know and have them connected that way, which made me not want to do that bc wtf. This is the first video that actually makes sense to me, so thank you.
Loved the way he explained everything in simple terms and took the time to do so! Usually I get so confused because I dont 100% understand the language these finance videos use but this was great. I feel way more confident to move forward now. Thank you!
i started with this video not having a clue about credit cards and left this video with no question and feeling educated about credit cards
thank you so much
You're the only one who put all the important information in a good list without over talking or mistake. Much appreciated 👌
So simple and concise. Thank you for posting this. I used it to help teach a lesson about credit cards to my HS freshmen.
I was always told to never pay your credit card in full because that will hurt your credit instead of helping it which I never understood. Everyone that I talked to about credit cards told me to pay it little by little to show that you are responsible enough to pay your card on a schedule. So after watching this I’ve now become very confused.
I've received that same advice. You'll come to learn that it's full of shit. I used to make regular payments for the same reason. As soon as I started always paying in full, it actually went up by quite a bit. When applying for a mortgage they like to see no credit card debt. I don't think forcing yourself to make the payments in smaller portions makes any sense. Prolly some folk tale that started from credit card companies, so they can get some interest lol. What TRULY matters with credit score is that you don't appear to be a financial liability. If you're constantly using and paying off your credit card, that's plenty of evidence for the current credit score system.
Even better, pay it down before the closing date to keep it reported as 1% ~ 6% utilization. YMMV though since some banks process transfers like a snail.
Coming from a young college-aged kid, you helped me a lot. Thank you, you absolute legend
i thank god for people like you
i’ve watched so many videos on yt and this is the only one that explained everything so clearly and nicely. thank you so much xoxo
foreign transaction fees are no longer just for those who travel, I have a few services that get charged from overseas that I just can't give up and I'm sure there are others who shop online and get charged from various international companies.
Didn't even think of this, thank you for your comment.
This helped me so much! I read my contract and was so confused. Thank you for your simple explanation of everything. 💙
This was so clear and concise! I'm a beginner and this was incredibly helpful. Thank you so much!
I’m 14 right now and I just know that when im older I will be thankful for the fact that I learned about all of this at my age. trying to make my future self proud lololol
Thank you for explaining this in a way I can understand. Got really tired of parents screaming at me for not understanding their explanation.
Hey I have no credit and know nothing about credit cards so hopefully your channel goes a long way but still appreciate it
Thank you for giving me an answer no one could
“You pay the interest rate of you don’t pay the credit card in full every month”
THANK YOU
Thank you this was very helpful. Your voice was just the right tone in this intimidating subject
I'm 20 and starting to learn about these. Thank you!
oh god, I started it too late.
This was so helpful! I have never had a credit card and I've been terrified of applying because I don't know anything about them and was always told to never get one from my parents growing up. Anytime I;ve gone to a bank to get information, they just tell me what benefits they offer and don't go into detail about what I should know when getting one. Thank you so much for sharing this info.
I'm deep in college and have heard horror stories about credit, and pretty much swore it off. (If it's not in my debet account, I don't buy it mentality.) Also those recounts that banks giving out credit cards are akin to a more predatory used car salesman.
Thank you for filling in the gaps and relieving some of the anxiety!
Just finished watching your video, this is incredibly helpful and I feel so blessed after watching it. Thank you so much, you are awesome!!!!
Thank you for making this actually easy to understand for us beginners 😅😃
Bro.. I'm 33 yrs old and I never had a credit card .. thanks for vid. your very smart
Same how did you apply for one
This was the most simple, engaging and informative video I watched on how credit cards work here.
Thank you and i really appreciate your videos.
Wait, so when we buy something using the credit card, how do we pay it back? With our OWN money right? And what about being rejected from even getting a credit card in the first place?
debit card
...This is literally a full course in one small video... Thank you!
Best credit card video on youtube. You were so clear and precise. Thank you!
Very clear and informative video, thank you so much
omg i’ve been looking for a simple guide like this for a n hour
You did a great job of explaining all the key things I needed to know. I'll be getting my first card soon and needed this. Thank you for this video!
I've had Navy Federal Credit Union since 2001, and I'm 24 now.
I am a first gen immigrant college student so that means I have no parents guide or much help from them on these stuff. Your video have me some help. Thank you!
I wanna cry because you explained this so greatly ❤🥺
I watched several videos about credit cards before yours and by far you explained it the best I really appreciate it :)
My partner and I are sitting here after watching that kind of shook lol that was surprisingly informative! We appreciate you so much! Thank you Five Minute Finance! We've liked and subscribed!!
Thank you! I’m turning 18 in a month and I’m so thankful for this video
I enjoy watching and listening to you. Intelligent young man.
Thank you! I know nothing, I really appreciate you!
Thank you for taking the time to make this video. It was a great introduction.
Thank you man I’ve had a few people try to explain this to me and I never really got it but you just laid it out and I fully understand now
Wow youre articulate and easy to understand! I work at a financial institution and would for sure be grateful to have a banker like you to ask for help! Thank you for having a channel 😊
Thank you!! Everyone else was presenting very complex info
Thank you. This helped a lot with my anxiety of getting my first credit card :)
as someone like many others who has parents that’s struggled/still struggle with financial problems i’ve been trying to learn all i can to not be in their situation
thank you a lot; you've assisted me better understanding credit cards! STAY GREAT STAY CREATING N GETTING BETTER
explained better than other card users thanks
Important question:
I’m a student and got approved for a discover secured card with $200 deposit and in return a $200 credit line.
Does that mean I need to spend 200 on my discover card every month for my score to increase? Or I can spend, say only $50 and then just make the payment at the end of the billing cycle and still increase my credit score?
As far as spending goes, try to use up to only thirty percent of your credit line. It can boost your credit score and shows you're not reckless with your borrowing.
This was so helpful and simply explained, thanks!
Of course I got approved for my first card... And look this up afterwards.. and Its the bank he said to absolutely avoid... smh But it's already shipped and on the way
How did he smile the whole time? This man does not seem real. I am commenting as neither compliment nor as an insult.
You realize he is just talking right
he’s not even smiling he’s just talking with a friendly look…????
Was looking for some basic help and got a full class. Ty, definitely gonna look into all the rates while applying.
Great Video! I love that it was simple and strait to the point. Keep making great videos, bro.
This channel is a gem! Subscribed!
Such a great video! You hit every point on the head
Great video, you're really good at this so keep them coming please
Really appreciate hearing this info I'm 19 starting to learn abt credit definitely getting a like🙏
Very well put together video I listened on my way to the bank to open first card
Would love to see a video about your favorite budgeting apps and how you would use them.
I just turned 16. What do you think I should do in a finance side of things? I’m trying to start of right.
Stay away from credit for now unless your parents can help you build it. Easy money is a trap when you're young. Especially if you like to have fun. So unless you got parents that take care of you, or you're good at managing your money, I wouldn't get one.
Just got approved for the discover student card, so excited to start building credit with a really good card
You can get that card for any bank right?
thank you this helped immensely!! Love the music and how straight to the point you are
Great instructions! Thank you !
Thank you so much short and simple easy to understand video
Thank you so much for your knowledge, School have never taught us financial advice but luckily we got the most treasure social media platform which is youtube 😍😍
this was a great video. straight to the point. keep it up!
I thought it was bad to be turned down for a credit card because it counts as an inquiry and will lower your credit score? I'm new to this so idk
Nice video very helpful to someone who is just learning. Earned my sub keep up the good work!
Great video, all the information that I was looking for in a short easy to understand video. Thank you!
Thank you for the information, though I don't have any plans on getting a credit card(this may change in the future) it's nice to know how to use one.
Learned a lot from you.thank you
this was a very nice explanation! thank you
very cool
I just applied for one that I got a letter saying that I was "pre-selected" for, got denied. I guess it's a good opportunity to actually learn about credit cards.
Good luck finding an automatic payment that pays on time. Most don't and the ones that do magically "skip" a payment every five months or so without notice.
Great video !!! Helped cleared so much
Very simple and useful explanation
well simplified, and subscribed!
awesome video! so helpful
Very useful information
Thank you !!!
U are Very helpful and knowledgeable thank you!
Good video straight to the point I love it 😊😊😊
I'm turning 20 next month and I'll be applying for my first credit card ever, I'm nervous af
Damn that’s late af to get one
@@jollamaI'm 21
@@headmaster6261 Well good luck building your credit so late, you’re gonna need it
Im 31 getting my first credit card lool, so you're not late. Never been in debt (besides student loans) and I hate to borrow money.....however I'm only looking to get this CC because of a business opportunity and I don't have any cash on hand and payday is a couple of weeks away and won't be enough following expenses.
@@jollama Ok kid
I'm like turning 14 as of the moment and binging videos on how to pay taxes ad credit card and stuff like that to be prepared.
Thank you for the valuable information👍
Just what I needed. Thank you!
THANK YOU! This was so helpful
Thanks for making this video✌️
I Hate Why Chase App Doesn't show notifications About Taxes Because Their Workers Are LAZY. 😡
Fantastic video thank you
Thank you so much ; gave everything thing I needed this guidance is so amazing I’m greatful to have access u hit every spot I needed to know
Your video was very helpful and instructive, you made it sound easy with a lot of helpful tips and tricks about getting the frist credit card and score thx for the video 👍 keep it updating with the yearly changes
Thanks dawg