What you forgot to mention is that the 55 day grace period only applies to swipes and online purchases." If you use your credit card for EFT purchases, withdrawals or transfers: you get charged interest from day 1. That's usually in the terms and conditions that nobody reads.
I didn’t know about EFT purchases 😯. Glad those aren’t common. On the day you sign those papers they flood you with so much information...and casually leave the important bits out 😂
EFTs should be fine, however, there are immediate interest accruing transactions such as pre paid transactions like electricity. Fuel, ATM withdrawals will also have immediate interest. Being a banker sometimes comes in handy 🤣
There is no such thing as a "trap". It's all about discipline! I have two from different banks, one with a limit of R65k & another for R110k. I know my max affordable disposable spending per month. I use that or less and always settle it in full at the end of the month. I normally use 1. The other one I hardly use, it is mainly for back up .
I started living above my means soon as I got mine. Big mistake! My entertainment budget suddenly became fluid and constantly increasing because I knew I’d get paid within the 55 days and pay it back, something we all do as responsible “adults” right?! A big lol 😂. Got me in so much hot water such that I stopped using it and just pay back a monthly fixed amount. Just trying to get the balance to the positives again so that I can close the damn thing
I was so tempted to take the credit card but I think I will take a step back. I am undisciplined when it comes to spending over small things. Thanks a lot man.
Thank you for this! We need more financial literacy lessons. As a student, I really appreciate this insight. It's very tempting to get credit, especially with how easy it to get and with the societal pressures to live a certain lifestyle.
I watched the lifestyle creep vid earlier and I am feeling super attacked 🤣. These reward programs promote the daily use of a credit card and this is where it starts going south
Can relate to this so much. That's what characterised my early to mid 20s - this trap. Just applied for a credit card again after many years - this video is a great reminder to stay sober when it comes to spending decisions
Lol yoh that part of 20 seconds did it for me 😂😂 but im thinking of going for the credit card. Thanks for the advice, much appreciated and oh plus I really like your voice and your sense of humour 😍😍
FNB Temporary Loan!!! Biggest trap ever😂 took a loan on 30th knowing i get my allowance on the 1st. FNB didn't deduct anything for a while, spent that money,by that time I was already Broke!!!
Yeah that thing is the pits. Also sends your credit score down the toilet, making it harder to get obtain credit products that could be considered "good debt" like asset finance.
Ey monna. I agree with you. I also do not like borrowing money and debts. Banks know that most people are not responsible. Best option is to use your own money than living by borrowing.
nonetheless, what are the advantages of credit cards? As weird as this may sound, i found myself in a situation where I had no option but to get one so are there any advantages i should be aware of? Or thats some content you might shoot sometime later?
You can use the 50 day grace period for online purchases. Some products offer no cost emis on credit cards. So, as long as you are paying your emis on time, you are good to go.
Use your credit card for online purchases. If the vendor systems are not secured and a fraudulent purchase occurs on your credit card, then it's not your money the fraudsters are spending but the banks.
Essentially you suck at cashflow management but you rather blame credit cards for this problem?There is a lack of financial literacy all over this. These suckers are not meant for disposable expenses but investing.use the banks credit to make money.
Yhoooo😂😂😂😂 I was also like chill bruhh.. you could have said "rather use your credit card to make money" now that you called us suckers you've invalidated your entire point for no reason at all 🤣🤣🤣🤣
What exactly is the bad advice? My point is that credit cards can easily make you spend more money than you earn and that’s the trap I was highlighting. I still use my credit card for all my purchases, I’m just more conscious not to over-spend by doing things like purchasing a camera I can’t afford just because I have enough money on my credit. If you think that’s bad advice then we’ll just have to agree to disagree and you can continue using your credit the way you want.
What you forgot to mention is that the 55 day grace period only applies to swipes and online purchases."
If you use your credit card for EFT purchases, withdrawals or transfers: you get charged interest from day 1. That's usually in the terms and conditions that nobody reads.
I didn’t know about EFT purchases 😯. Glad those aren’t common. On the day you sign those papers they flood you with so much information...and casually leave the important bits out 😂
EFTs should be fine, however, there are immediate interest accruing transactions such as pre paid transactions like electricity. Fuel, ATM withdrawals will also have immediate interest.
Being a banker sometimes comes in handy 🤣
My banker pointed this out to me re: my Fusion account.
Thanks will read mine
If you have a balance from your last statement you don't get a grace period, only if you paid the balance in full does the interest free period apply.
I love the honesty. He explains why he messed up and what he learned. Credit cards do have a trap IF YOU ARE NOT DISCIPLINED!!!!
There is no such thing as a "trap". It's all about discipline! I have two from different banks, one with a limit of R65k & another for R110k. I know my max affordable disposable spending per month. I use that or less and always settle it in full at the end of the month. I normally use 1. The other one I hardly use, it is mainly for back up .
Thats true Nzama, there is no such thing as a Trap, its how you use it!
😂like only 2 In ten people use it responsibly. Banks know this. Self discipline is not common
@@carlnxumalo3864 you right. Most of the people are not responsible
What do you use it for? R65k?
This the way to go with I'm a 17 year old with a credit card I use it to buy small things I know I can pay of month end e.g airtime and food
Food is a huge budget leach! :(
Duuude food is where all my efforts go to waste. Half way through the month and you’ve gone through all of the money you budgeted for food 😂
I started living above my means soon as I got mine. Big mistake! My entertainment budget suddenly became fluid and constantly increasing because I knew I’d get paid within the 55 days and pay it back, something we all do as responsible “adults” right?! A big lol 😂. Got me in so much hot water such that I stopped using it and just pay back a monthly fixed amount. Just trying to get the balance to the positives again so that I can close the damn thing
I was so tempted to take the credit card but I think I will take a step back. I am undisciplined when it comes to spending over small things. Thanks a lot man.
Thank you so much for this. I truly appreciate the insight on credit cards, we need to make mistakes to learn.
Thank you. This is the best video so far, about the credit cards 🙏
God I love this man! Always comes with relatable contents. Thank you!
Thank you for the love☺️. Much appreciated!
Thank you for this! We need more financial literacy lessons. As a student, I really appreciate this insight. It's very tempting to get credit, especially with how easy it to get and with the societal pressures to live a certain lifestyle.
I watched the lifestyle creep vid earlier and I am feeling super attacked 🤣. These reward programs promote the daily use of a credit card and this is where it starts going south
Right! You’ll find yourself signing up for things just to get them points 😔
I love it here...your content is binge worthy 👌🏽
Can relate to this so much. That's what characterised my early to mid 20s - this trap. Just applied for a credit card again after many years - this video is a great reminder to stay sober when it comes to spending decisions
This video was amazing! Thank you
Thank you for this video sir .. your content is great, relatable and very educational sir . We appreciate you
I love love this information.. Thank you 🥳 🥳
Lol yoh that part of 20 seconds did it for me 😂😂 but im thinking of going for the credit card. Thanks for the advice, much appreciated and oh plus I really like your voice and your sense of humour 😍😍
I love your content man ❤️🔥
I love this video!
Sound advice!!!
FNB Temporary Loan!!! Biggest trap ever😂 took a loan on 30th knowing i get my allowance on the 1st. FNB didn't deduct anything for a while, spent that money,by that time I was already Broke!!!
Yeah that thing is the pits. Also sends your credit score down the toilet, making it harder to get obtain credit products that could be considered "good debt" like asset finance.
Ey monna. I agree with you. I also do not like borrowing money and debts. Banks know that most people are not responsible. Best option is to use your own money than living by borrowing.
But that new camera you got is FIREEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Right! That's all the justification I need!
QUALITY BABA
Hectic
Not related...How come there's gaps on the time bar (the line showing how far the video is)?
It’s a new RUclips feature that sort of tells you chapters of the video.
Sreaming at 1080p60HD
What's the best bank to bank with as a student in SA? Great vid btw 👌🏾
I’m actually not sure. I used standard bank and it had some decent benefits. This is definitely something worth researching on.
Good question.... Am an international student am been asking my self what is the best bank as well.
Haibo Tino. :O
Eish bruh don’t judge😅
nonetheless, what are the advantages of credit cards? As weird as this may sound, i found myself in a situation where I had no option but to get one so are there any advantages i should be aware of? Or thats some content you might shoot sometime later?
Yup credit cards do have some benefits. I’m actually working on a video on the benefits of credit cards. Stay tuned!
You can use the 50 day grace period for online purchases. Some products offer no cost emis on credit cards. So, as long as you are paying your emis on time, you are good to go.
Use your credit card for online purchases. If the vendor systems are not secured and a fraudulent purchase occurs on your credit card, then it's not your money the fraudsters are spending but the banks.
Pakaipa shuwa
Sha ma1
Yohhhh,A WHOLE TRAP!
Too many of us fall into that trap😅🤦🏾♂️
26 seconds for 26k
Am here to learn
I ended up spending the credit card on the kids and that killed
LOL hahahahahah 55 days vs 5 months mateeeeeeeeeeeeee
🤣 dude patience is so annoying.
No shit. Say your interest is 100 a month, that’s 1200 a year you’re giving the bank for borrowing money on credit.
Mdara roorai. You hate cooking. It might help if she likes home cooked meals kkk. Free advice.
Haha mdara pakuroora chimbomirai
Bruh, I am trying to pay my credit card but these mfers are making hard to find the place to pay
Trap trap lol
Essentially you suck at cashflow management but you rather blame credit cards for this problem?There is a lack of financial literacy all over this. These suckers are not meant for disposable expenses but investing.use the banks credit to make money.
Relax, pass the video as it's not made for you, Instead of calling us suckers.
@@simphiwebusakwe3462 that's exactly what I thought 😂..
He needs to relax shame 🤞🏽
Yhoooo😂😂😂😂 I was also like chill bruhh.. you could have said "rather use your credit card to make money" now that you called us suckers you've invalidated your entire point for no reason at all 🤣🤣🤣🤣
He's not calling yall suckers he's calling the credit cards suckers🙈 eish comprehension neh
Bad advice: Don't listen to this guy.
Buying a camera on a credit card was the correct way to use the credit card....
What exactly is the bad advice? My point is that credit cards can easily make you spend more money than you earn and that’s the trap I was highlighting. I still use my credit card for all my purchases, I’m just more conscious not to over-spend by doing things like purchasing a camera I can’t afford just because I have enough money on my credit.
If you think that’s bad advice then we’ll just have to agree to disagree and you can continue using your credit the way you want.
20% interest, that's flippin lethal🤭🤣☕💀