On 240p, you can't even see the car park in the garage. With 1080p? Well, you'd be able to see almost everything including the oil dripping from under the hood if there's a leak.
I’m kinda dumb but when you have a job and you get paid it comes in a check, so where does the money go in your credit or debit card? Or does it become cash?
@@happyhye5266 It depends on where you deposit the cheque. You can put it in your chequings account that's linked to your debit card. You can tell your bank to apply it directly towards your credit card balance. Or you can ask the bank to convert it to cash for you (they will typically deposit it into one of your accounts first).
@@jaredsantos6457 there's no need to have a credit card, ever. Debit will get you through. Why the hell should you borrow money from the bank to pay your groceries?
@@AlexanderGeorge I mean I get the idea. If you are able to control yourself and pay the whole balance back at the end of the month there can be benefits to credit, raising your credit score for one. I'd suggest that if you have a steady and sufficient source if income though.
they're the best for people who can't manage their money responsibly since it's gone from their account. For responsible users, credit cards are king. Not only do they offer more fraud protection, but rewards credit cards have cash back on every purchase and sign-up bonuses. If you pay your balance in full every month, then you don't have to pay a single penny in interest unlike the video says.
This video is very informative and easy to digest. Though, credit should not be seen as the emergency fund, as it can lead you to spiral in interest. The main benefit of credit cards is score building and perks/rewards.
If you’re financially disciplined and have steady income, I recommend using a credit card. I get about 0.25% off my purchases (through reward points), shoppers protection insurance and so on and I never pay interest because I pay my credit card off in full every month, so the debt never gets out of hand. I got my first credit card as soon as I turned 18 (the legal limit in Australia) because I wanted to shop online (paypal and debit cards didn’t really exist back then). The bank gave me a $1000 limit, I called them up, said it was too much and asked for the lowest, which was $400. Now I’m a little more grown up, so the purchases have increased (e.g. getting a car and then paying insurance is an easy 1000+, going on holidays and flights are $1000+) so I have upped the credit limit with the bank. I only keep 2 credit cards, 1 of which is purely for international transactions as it has no fees and gives a decent exchange rate. That said, I’m most likely an extreme outlier as I’m highly averse to debt. Sometimes I’ll overpay my credit card to bring it above it’s credit limit, particularly if I know a big purchase will be coming up. I hope my story helps somebody. I wouldn’t recommend getting a credit card if you have no financial discipline.
The video is great, but it oversimplified paying interest on credit cards. It started with the contrast that you pay interest with credit and not debit. It mentions that if you keep a balance from one billing cycle to the next, “you’ll most likely have to pay interest.” It should have stated outright that you don’t have to pay any interest when you pay everything at the end of your billing cycle. This video gives off the impression that credit cards cost more to use than debit and that isn’t giving it a fair comparison.
@@admiralkipper4540 yeah my father has 2 debit cards. He has 1 creditcard just as a backup if he needs it some day. He never used it as of now and wants never to use it. He is thinking as a kinda rip off, you pay it, but the bank pays it for you. And wants money for that. And thats what is kinda wasted money. Thats what he told me.
As long as you responsibly pay your full balance on time, choose credit cards where the annual fee is worth it (or no annual fee), and freeze your credit, then you're going to be rewarded by banks in terms of free travel, free lounge access, free hotels and low interest rates. I'm starting out with a Discover It card and am hoping to get a business credit card the next couple of months or so.
Because eventually you'll want to buy a house. And most people won't be able to pay for that upfront. A credit card is a good way to prove to banks that they can trust you with loans, so eventually, they'll lend you the money to buy a house. Borrowing a bit of money (via credit card) is also a good backup option to have in case something unexpected happens. It's much better than a "small personal finance loan" for instance, where you will pay extremely high rates of interest.
This is a strange video for me as a Brit. 1. Nobody has ever asked me 'credit or debit?' only ever 'cash or card?' 2. I can use any bank's ATM to withdraw cash for free with my debit card 3. Neither is more secure, both require chip & pin, except for purchases below £30 which can be contactless 4. Both my credit and debit cards let me view my transactions online, mobile or PC 5. I have no idea what an ATM card is (had to Google that one) 6. There are also perks associated with some debit cards, like interest on balances, cashback on purchases or bills. You can also get things like insurance if you choose a premium card 7. I can in theory get cash out with my credit card at an ATM, but I would be charged a hefty fee by my credit card company Nice video though! Nailed the key differences well.
I have both a credit and debit card.I use my debit card for ordinary things like groceries and my credit card for more expensive items,but I always pay my full bill on time and I never let my spending exceed my income.
You don't have to worry about your credit card interest rate if you pay your balance in full every month. As long as you don't charge more than you can afford to pay back at the end of the month, its a non issue. I like using mine to continue adding to my credit history as I'm in my mid 20s and currently only have about 6 years of credit history.
The homing Pigeon only if it’s a visa or MasterCard debit card. My client card from RBC doesn’t have a expiry date or Ccv. Just the number, so I can’t use it online
CREDIT - transactions are processing through the credit's networks terminal. DEBIT - transactions are processing through an ATM networks..once you input the PIN you can get some cashback if you like too.
So basically Credit card: Borrowing money, pay back on specific date, failure to do so will lead into paying the amount do +interest. Debit card: money from your bank account.
Cons for debit cards: - Cannot pay monthly installments on any purchases, only credit cards can. Cons for credit cards: - Need a target annual income (or how much you earned every month) to apply. - You need to have a job to make the application works. I wish that someone will invent a debit card where you can and allowed to pay monthly installments on certain purchases in the future. Not sure about prepaid cards since I never own one.
Just use credit card as debit card (i.e while spending think like money is being spent from your bank account and you don't want to buy something that you don't need or it's value is not worth the amount in your bank account ) and pay the amount in full before the due date and you will be fine. It will not only increase your credit score but also not put you in a interest debt.
4 года назад+1
I like this video. Thank you. I have owe BOA credit and debit card.
@@josephb.3841 Read his username, does he seem like the kind of guy who watches videos until the end, or like the kind who watches the first 10 seconds and gets bored?
No person under 18 is allowed to get a credit card, under federal law. But, once you're 18, you should seriously consider opening (and maintain in good standing) several credit cards. It will do you a huge favor to have several years of perfect payment history on your credit reports when you're 25 and looking for a mortgage. And no, NOBEL DJ, that only applies to irresponsible people. Credit should actually _always_ be used.
My personal experience. If your debit card is stolen criminals can drain your bank account and it can take months to get your money back. Credit card stolen cost you nothing other than a phone call to cancel it. Oh and cc builds credit. Debit doesn't. But I guess most people can't handle credit cards on a personal level.
I'm from the UK and have noticed from my trip to states using a credit card is the norm. In the US it seem popular to have car payments,credit card every single month to live,tv rentals,paying rent is more popular than buying. Nobody has an cash or debit card over there 😂😂😂😂😂😂
This comment section hurts my brain. How is debit better than credit? Can a debit card reward you with over 1% cash back, provide you with good point rewards or travel benefits, or help your credit score? No. You’re literally missing out on so many great things you can get from credit card companies. There is literally no reason to not use a credit card for everyday purchases, and for most things as well. If you are actually financially smart and handle money well, use a credit card. Credit card interest looks scary; though, if you pay off the entire statement balance, there’s no extra fees you have to pay. I only use debit to withdrawal cash from the bank if I absolutely need it.
You TOTALLY ignore the fact that if someone accidentally or fraudulently uses your debit card the money comes directly out of your bank account. That means they could leave you with a zero balance and every transaction going forward is declined. Every transaction could result in an overdraft fee. See how that works out with your bank. That can produce a major fiasco in your life!
My card is a debit card but I can use credit, and I don’t have to physically go into my account and pay for the credit purchases. It just takes the money out of my account in a few days!
Thanks for explaining, Im a muslim, Credit is not allowed and its a scam in my opinion. I will apply for a debit card, so i can spend only the money i have without having to pay fees or getting rewards.
If you have online banking you can check your bank account to see if you have enough money. This should ensure that your Debit Card is not declined. It takes only a few minutes to do this. If you do not have enough money then do you really need what you want to buy or can you wait?
A tradeline means that you are a authorized user of someone else's credit card. You don't have to have possession of the card, but their credit history will reflect on your credit report...a parent or family member with EXCELLENT credit can be a "tradeline" I graduated college with 97,000 in debt"...that right there is a Huge problem..schools have become a business that drain students of money and yet, no one is stepping in to help the students who then graduate with massive debt and have difficulty paying it off...Having that much debt can be overwhelming for ANYONE...Especially a young 20 something who hasn't even began their career. But i really thank you for this video because i found Leo and within few weeks they fixed my Credit score which is hindrance by student loan and added a large tradeline thanks a lot Creditbackdoors🟡com
Interesting! I still think "credit score" is one of the greatest scams and discriminators of our time! When I paid off all my debt, my score went down significantly. Money in the bank, cash flowing paid for rental houses but nope, banks do not like that. No wonder the system went upside down! Really wanted to emote bad records and inquiries off my credit repott i came across CREDITBACKDOORS🟡COM just recently after i've been using Lexington Law for over two years, I'm glad i have a clean profile Now.....
Interesting! I still think "credit score" is one of the greatest scams and discriminators of our time! When I paid off all my debt, my score went down significantly. Money in the bank, cash flowing paid for rental houses but nope, banks do not like that. No wonder the system went upside down! Really wanted to emote bad records and inquiries off my credit repott i came across CREDITBACKDOORS🟡COM just recently after i've been using Lexington Law for over two years, I'm glad i have a clean profile Now.....
Credit card if you can handle using them correctly. Sapphire card for travel and restaurants, freedom if the quarterly category is something you use regularly, freedom unlimited for anything else. Dont change your spending habits and just turn on automatic pay
So, I m just a teen that wants to buy stuff from the internet and pay for Spotify or Netflix.From what I m gathering I need a debit card.The question is, for a debit card, do I need to pay any fees for keeping my money there?Can my card expire or something? Is it just like paysafecard but not online? School never taught me anything about how banks work. Also, I don t want any loans or something like that, I just want to use only my money.
Wait so. Sorry if I sound dumb but I’m just trying to figure this out. I understand debit cards but for credit cards, is the “paying back” like the money you use? If I use a credit card to put my work income on there (if possible) and I only use that income and nothing else, will I have to pay anything back?
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you have to pay back the money you spend on your credit card, but you can't put your salary onto a credit card - it's not linked to a bank account, you'd get your money into a bank account and then you can pay off your credit card automatically, online or at a bank branch
For short: *DEBIT* - small, everyday transactions (your coffee, subway tickets, gas, etc.). If you used Credit for your everyday transactions, interest will quickly add up, and you will end up paying way more than you should, it's better to use debit and pay exactly what you buy. *CREDIT* - big, expensive transactions (a new phone, a new laptop, a new car). First, the improved fraud protection is very practical in these situations, secondly, if you get scammed, you will have a massive company fighting for you, since it's their money that were used. Last, if you want to buy something you don't quite have the money for, you can pay a small amount monthly for a long period instead of a big amount instantly.
if we dont have the money to buy something in the first place then we should start saving instead of buying it with credit cards and paying more in the long run
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I do not like it when my bank card (debit card) has to be used in any store as a credit card because anybody finds my card can use it as their own card. I knew that would start when I saw debit cards to apply for in stores. And I hate it when I DO have money in the bank and my card is declined because the card from my bank and it is my only card.
This is the stuff I wish schools would actually teach about because you need to know about this sort of stuff on a daily basis as soon as you leave school. Edit: also personally I only really want to use a debit card because a credit card is just going to drive me straight into the hole that is debt and I’d prefer not to have a crisis over choosing the wrong piece of plastic with a number.
Well tbh, if you only spend money that you know you have, it doesn’t really matter if you use a debit or credit card because you’re paying the same money no matter what. Actually, you’re probably paying less money with a credit card because of the rewards
@@LifeLongArtist yeah honestly a debit card is a lot simpler cause it only lets you spend money you have and you don’t have to worry about wether you’re spending too much money or not whenever you use it plus even if you’re extremely careful with a credit card it just takes one mistake to ruin everything anyway that being said I’m gonna end this comment here cause I really don’t want to spend hours arguing over stuff like this on the internet.
@@JamesBond-kc4ht well if you use a credit card irresponsibly it will be very destructive for you, but if you use it responsibly, only spend what you can afford, and pay off the full balance every month, you can get rewards and better fraud and purchase protections than you would with a debit card, why do people think credit cards lead to certain financial ruin?
Yeah but when they ask if it’s debit or credit, it doesn’t matter, because it’s only a debit card. Because you can use it as either credit or debit solely as a transaction type. Credit or available credit won’t matter since it’s only a debit card.
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Debit card or Credit card, You should spend within 40% of your monthly income,That will keeps you safe from future debts. 1) Credit cards have hidden charges. You should use it smartly. 2) Debit cards are linked to your bank account so you should use it safely.
That's what my family is trying to explain to me. My sister told me that I don't really need to get a credit card as long as I have control in spending my money using my debit. But my mom said, it is important to have at least 1 credit card to build your own credit score because she said it's a big help if I want to buy my own car or house someday. But the thing is, I don't really know how it works. I'm afraid because I just got here 3 months ago and now i'm working so I am earning some money and i'm using debit card.
Basically, when you get a credit card, the bank begins reporting your credit history to the three credit bureaus (Equifax, Experian, and TransUnion). When you apply for an auto loan or mortgage, they will acquire a copy of your credit reports from the aforementioned bureaus and determine if you're responsible enough to use credit. If your reports all show several credit accounts with 100% on time payment history, you'll likely be approved for a loan with a great interest rate. If you have bad payment history or no credit history at all, you'll practically be denied for any loan. That's why it's important to start applying for credit cards as soon as you turn 18, and just leave them to age with you. It will really help when you're older and want to buy a home.
I mean, everyone has a bank account pretty much and bank accounts always include a debit card, so I think that pretty much everyone who has a credit card also has a debit card
I need help improving my credit score ASAP!!!! I am applying for credit cards that have perks of reward points, secured benefits, cash backs and no fees, but banks are declining my apps as soon as i give em all the info they require. lmfaoooo 😂 😂😂 😂 I don't know what to do at this point, I'm frustrated asf. I'm 21 yrs old with a credit score of 524 and I have 3 bad inquires because of wack a** recommendations and one negatory mark because I have to pay my school back $925.....the only cards credit karma and credit sesame say I qualify for are plantinum refundable credit cards where I am forced to deposit $200 or more before receiving the card in the mail or credit cards that have interest fees where I gotta pay every month or after a year of card possession. I need advice lol 😂 I wanna have good credit so I can have better financial freedom.
Hi this is a pretty good inf but you forgot to mention that debit card you can use them to as a credit of course the money still cames out of your checking acct but on the deb side at least on my bank with deb you have a limit of 2000.00 dlls per day if you use it as credit always is highest 5000.00 per day
Now let's discuss the difference between 240p and 1080p
😀
Its 5 years old so yeah, i guess they didnt have 1080 back in 2013
On 240p, you can't even see the car park in the garage. With 1080p? Well, you'd be able to see almost everything including the oil dripping from under the hood if there's a leak.
😂
LMAOOO
Schools really need to teach this stuff.
Negative_9 and parents need to inform their children.
My school had a mandatory Personal Finance course. Goes into mortage, economy, savings, taxes, credit, debit, etc.
@@abowlofsalad8812 same as my school. But my parenys also tell me about this too
Schools teaches this in canada.
Absolutely, but again... they're too busy teaching us subjects we WON'T use. -w-"
Have both.
Debit for everyday payments and credit for emergency situations.
Makes sense
wise descision
I don't even have to watch the video after reading this
you smart.
@Brice van der Post true, but it's some people don't want the extra head ache by paying off credit cards
Debit = personal savings, limit
Credit = not your own, interest
Philip Justin Magbanua no interest if you pay it off in full, credit cards also have limits btw
For credit cards it best to only use 25 percent of your limit.
Does a credit score go up when you use credit tho
I’m kinda dumb but when you have a job and you get paid it comes in a check, so where does the money go in your credit or debit card? Or does it become cash?
@@happyhye5266 It depends on where you deposit the cheque. You can put it in your chequings account that's linked to your debit card. You can tell your bank to apply it directly towards your credit card balance. Or you can ask the bank to convert it to cash for you (they will typically deposit it into one of your accounts first).
Credit card: wanna have money without having money
Lies again? All credit goes to me
I like these kind of videos. Full of information to new comers like me on this topic of debt or credit.
Dennis Thompson Jr. Yasss 🙌💳
Too bad this channel isn’t the original source
Debit = Just Starting Out
Credit = Stable Flow of Income
Very Doge idiotic comment
you are idiotic alexander
Alexander George that’s actually kinda true if you want to give your teen a card give them a debit to start out
@@jaredsantos6457 there's no need to have a credit card, ever. Debit will get you through. Why the hell should you borrow money from the bank to pay your groceries?
@@AlexanderGeorge I mean I get the idea. If you are able to control yourself and pay the whole balance back at the end of the month there can be benefits to credit, raising your credit score for one. I'd suggest that if you have a steady and sufficient source if income though.
0:50 those are some bigass cards
Huge ASF!!!
4:42 😂😂some big cardss
😂
@@zelzel05 7:27 BIG CARDS
I think debit cards are the best
Yeah, especially if you aren't trying to accrue any debt. Debt = Financial Death
they're the best for people who can't manage their money responsibly since it's gone from their account. For responsible users, credit cards are king. Not only do they offer more fraud protection, but rewards credit cards have cash back on every purchase and sign-up bonuses. If you pay your balance in full every month, then you don't have to pay a single penny in interest unlike the video says.
Archie Giffard
It all depends on what you value most.
Archie Giffard. Same
i agree because when you think about when you get perks to spend you spend more way more
I love the narrator's voice so much
I'm learning more then school ever taught me thank you so much
4:23 that rewind sound effect 🤣
This video is very informative and easy to digest. Though, credit should not be seen as the emergency fund, as it can lead you to spiral in interest. The main benefit of credit cards is score building and perks/rewards.
* laughs in American Express Platinum *
* cries in massive debt*
Hahaaha. Banking!
But that’s a charge card?? Unless you’re using that “Pay Over Time” ‘feature’.
sucks to suck if you have American Express in Australia you can’t buy most things
Pay the total amoount foo!
As a wise man “treat credit as if it’s your own money”
So true.
or just get debit and actually use your own money
Union debit is for people who can’t manage their money
@@malacki6554 debit is for people who have money to manage
@@admiralkipper4540
😦
If you’re financially disciplined and have steady income, I recommend using a credit card. I get about 0.25% off my purchases (through reward points), shoppers protection insurance and so on and I never pay interest because I pay my credit card off in full every month, so the debt never gets out of hand. I got my first credit card as soon as I turned 18 (the legal limit in Australia) because I wanted to shop online (paypal and debit cards didn’t really exist back then). The bank gave me a $1000 limit, I called them up, said it was too much and asked for the lowest, which was $400. Now I’m a little more grown up, so the purchases have increased (e.g. getting a car and then paying insurance is an easy 1000+, going on holidays and flights are $1000+) so I have upped the credit limit with the bank. I only keep 2 credit cards, 1 of which is purely for international transactions as it has no fees and gives a decent exchange rate. That said, I’m most likely an extreme outlier as I’m highly averse to debt. Sometimes I’ll overpay my credit card to bring it above it’s credit limit, particularly if I know a big purchase will be coming up. I hope my story helps somebody. I wouldn’t recommend getting a credit card if you have no financial discipline.
The video is great, but it oversimplified paying interest on credit cards. It started with the contrast that you pay interest with credit and not debit. It mentions that if you keep a balance from one billing cycle to the next, “you’ll most likely have to pay interest.” It should have stated outright that you don’t have to pay any interest when you pay everything at the end of your billing cycle. This video gives off the impression that credit cards cost more to use than debit and that isn’t giving it a fair comparison.
Thanks for the video I am about to give my son a credit card. And a debit card. And I just made him watched this so he understands.
@Baiel Asan why did you put son in quotations?
yeah, i'll stay with Debit cards.
same
It’s still important to have a credit card. It’ll raise your credit score
if you know how to handle your money properly you will likely never use it anyway
@@admiralkipper4540 yeah my father has 2 debit cards. He has 1 creditcard just as a backup if he needs it some day. He never used it as of now and wants never to use it. He is thinking as a kinda rip off, you pay it, but the bank pays it for you. And wants money for that. And thats what is kinda wasted money. Thats what he told me.
As long as you responsibly pay your full balance on time, choose credit cards where the annual fee is worth it (or no annual fee), and freeze your credit, then you're going to be rewarded by banks in terms of free travel, free lounge access, free hotels and low interest rates. I'm starting out with a Discover It card and am hoping to get a business credit card the next couple of months or so.
4:15 why would I spend money that I don't own?
Because eventually you'll want to buy a house. And most people won't be able to pay for that upfront. A credit card is a good way to prove to banks that they can trust you with loans, so eventually, they'll lend you the money to buy a house. Borrowing a bit of money (via credit card) is also a good backup option to have in case something unexpected happens. It's much better than a "small personal finance loan" for instance, where you will pay extremely high rates of interest.
i'm sorry, that question does not compute.
to get rewarded for using other people's money responsibly
Answer: Why wouldnt you?
@@kizzykam4517 smart answer
I don't know why I like the girl drawed in the presentation. She is the style I love...
gavin chi lol😂😂😂
Sooo I've been really struggling to understand the concept of the above and this helped me sooo much thank you so much
*_I'm bisexual , so I choose both._*
When I am bi and have a 2 in 1 card...
Makes sense
@tomto! lmao😂
Wtf that’s not how it works I-
Also that’s what she said haha
I love the drawings this keeps me interested in learning more , what’s this gentleman’s name? Anyone know please tell me if so.
This is a strange video for me as a Brit.
1. Nobody has ever asked me 'credit or debit?' only ever 'cash or card?'
2. I can use any bank's ATM to withdraw cash for free with my debit card
3. Neither is more secure, both require chip & pin, except for purchases below £30 which can be contactless
4. Both my credit and debit cards let me view my transactions online, mobile or PC
5. I have no idea what an ATM card is (had to Google that one)
6. There are also perks associated with some debit cards, like interest on balances, cashback on purchases or bills. You can also get things like insurance if you choose a premium card
7. I can in theory get cash out with my credit card at an ATM, but I would be charged a hefty fee by my credit card company
Nice video though! Nailed the key differences well.
It’s possible to have a non contactless card in the UK, you just have to request one.
@@louisoft01 That is true.
People in the comments: “I think credit cards are better” , “I think debit cards are great”.
Me reading the comments : “I think we all sing”.
I wish schools would be this clear and teach this kind of useful information
I show this to my class each year. Very easy to follow.
Thank you this is the shit schools dont teach u
This video will make a fine addition to my collection.
I have both a credit and debit card.I use my debit card for ordinary things like groceries and my credit card for more expensive items,but I always pay my full bill on time and I never let my spending exceed my income.
I’m in gr 7 and my teacher has taught me how to apply tax discount and more this is helpful for the future and x=2 is not
lol
☠️
You don't have to worry about your credit card interest rate if you pay your balance in full every month. As long as you don't charge more than you can afford to pay back at the end of the month, its a non issue. I like using mine to continue adding to my credit history as I'm in my mid 20s and currently only have about 6 years of credit history.
interesting how your value as human is solely measured by how you pay debt
Debit cards for the win :P
Hele to je Adam! But you can’t really use them online
@@darrenwoloshyn yes you can lol
The homing Pigeon only if it’s a visa or MasterCard debit card. My client card from RBC doesn’t have a expiry date or Ccv. Just the number, so I can’t use it online
@@darrenwoloshyn So get a VISA one?
@@somerandomguy2073 Or a Mastercard one?
CREDIT - transactions are processing through the credit's networks terminal. DEBIT - transactions are processing through an ATM networks..once you input the PIN you can get some cashback if you like too.
Here cuz of online school ;=;
Well Finally
A video that’s really helpful
I wanna Thankyou so much 😁
Wow that was an awesome presentation...understood it well... now I know the difference very well..thank u
So basically
Credit card: Borrowing money, pay back on specific date, failure to do so will lead into paying the amount do +interest.
Debit card: money from your bank account.
in a sense yes, but credit cards often have rewards and have much more robust fraud and purchase protection
Cons for debit cards:
- Cannot pay monthly installments on any purchases, only credit cards can.
Cons for credit cards:
- Need a target annual income (or how much you earned every month) to apply.
- You need to have a job to make the application works.
I wish that someone will invent a debit card where you can and allowed to pay monthly installments on certain purchases in the future.
Not sure about prepaid cards since I never own one.
they won't allow it.. credit card will lose its edge and less people will be in debt trap
Debit card is 💯 recommended!!
This is very clear and I hope then every credit card works the same.
I'm getting my first debit card from the bank in a few days! I'm so happy!
sorry some debit cards can give discount if we pay it on the card and cashback in settlement in Singapore|
Just use credit card as debit card (i.e while spending think like money is being spent from your bank account and you don't want to buy something that you don't need or it's value is not worth the amount in your bank account ) and pay the amount in full before the due date and you will be fine. It will not only increase your credit score but also not put you in a interest debt.
I like this video. Thank you. I have owe BOA credit and debit card.
How come schools don’t talk about this important factor of our future.
you're a good artist
black bandit sunrise he's not drawing
JimbroBurrito Lol
If you watch until the end you will see that it’s made by the Bank of America
@@josephb.3841 Read his username, does he seem like the kind of guy who watches videos until the end, or like the kind who watches the first 10 seconds and gets bored?
Debit is good for kids
credit should never be used
makes you spend more espically when you are “paid to spend”
NOBEL DJ thank you for telling me because I didn't now
No person under 18 is allowed to get a credit card, under federal law.
But, once you're 18, you should seriously consider opening (and maintain in good standing) several credit cards. It will do you a huge favor to have several years of perfect payment history on your credit reports when you're 25 and looking for a mortgage.
And no, NOBEL DJ, that only applies to irresponsible people. Credit should actually _always_ be used.
the fact mortgage is even a common thing today shows you how fucked up shit is right now
@@admiralkipper4540 how
schools need 2 learn stuff like this.It is very usefull
My personal experience. If your debit card is stolen criminals can drain your bank account and it can take months to get your money back. Credit card stolen cost you nothing other than a phone call to cancel it. Oh and cc builds credit. Debit doesn't. But I guess most people can't handle credit cards on a personal level.
I'm from the UK and have noticed from my trip to states using a credit card is the norm.
In the US it seem popular to have car payments,credit card every single month to live,tv rentals,paying rent is more popular than buying.
Nobody has an cash or debit card over there 😂😂😂😂😂😂
Applause my dude, you helped this guy out!
This comment section hurts my brain. How is debit better than credit? Can a debit card reward you with over 1% cash back, provide you with good point rewards or travel benefits, or help your credit score? No. You’re literally missing out on so many great things you can get from credit card companies. There is literally no reason to not use a credit card for everyday purchases, and for most things as well. If you are actually financially smart and handle money well, use a credit card. Credit card interest looks scary; though, if you pay off the entire statement balance, there’s no extra fees you have to pay. I only use debit to withdrawal cash from the bank if I absolutely need it.
Thank you for explaining :D
Thanks for helping. May God bless you !
You TOTALLY ignore the fact that if someone accidentally or fraudulently uses your debit card the money comes directly out of your bank account. That means they could leave you with a zero balance and every transaction going forward is declined. Every transaction could result in an overdraft fee. See how that works out with your bank. That can produce a major fiasco in your life!
Question: if you pay the full amount you spent with your credit card on time, do you still have to pay interest?
Nope
no, not a penny
Excellent Presentation ... Informative; Succinct and To The Point!
(NO Robot-Type of Voice - - LOL!)
My card is a debit card but I can use credit, and I don’t have to physically go into my account and pay for the credit purchases. It just takes the money out of my account in a few days!
Thanks for explaining, Im a muslim, Credit is not allowed and its a scam in my opinion. I will apply for a debit card, so i can spend only the money i have without having to pay fees or getting rewards.
Who don't like this video.This video is excellent.
If you have online banking you can check your bank account to see if you have enough money. This should ensure that your Debit Card is not declined. It takes only a few minutes to do this. If you do not have enough money then do you really need what you want to buy or can you wait?
Use credit unions. You can take money out of any credit union’s atm without any fees.
0:25 - 0:33 the "hm" and "do ya?" Makes me feel like i'm about to be lectured by my mom 😂
I'm only here because I've got my new debit card for under 18's as a 12 year old :')
@tomto! I don't even have one and I'm 18
A tradeline means that you are a authorized user of someone else's credit card. You don't have to have possession of the card, but their credit history will reflect on your credit report...a parent or family member with EXCELLENT credit can be a "tradeline" I graduated college with 97,000 in debt"...that right there is a Huge problem..schools have become a business that drain students of money and yet, no one is stepping in to help the students who then graduate with massive debt and have difficulty paying it off...Having that much debt can be overwhelming for ANYONE...Especially a young 20 something who hasn't even began their career. But i really thank you for this video because i found Leo and within few weeks they fixed my Credit score which is hindrance by student loan and added a large tradeline thanks a lot Creditbackdoors🟡com
Interesting! I still think "credit score" is one of the greatest scams and discriminators of our time! When I paid off all my debt, my score went down significantly. Money in the bank, cash flowing paid for rental houses but nope, banks do not like that. No wonder the system went upside down! Really wanted to emote bad records and inquiries off my credit repott i came across CREDITBACKDOORS🟡COM just recently after i've been using Lexington Law for over two years, I'm glad i have a clean profile Now.....
Interesting! I still think "credit score" is one of the greatest scams and discriminators of our time! When I paid off all my debt, my score went down significantly. Money in the bank, cash flowing paid for rental houses but nope, banks do not like that. No wonder the system went upside down! Really wanted to emote bad records and inquiries off my credit repott i came across CREDITBACKDOORS🟡COM just recently after i've been using Lexington Law for over two years, I'm glad i have a clean profile Now.....
Thanks. It was everything I ever wanted to know between them. Thanks again. Liked your video.
So I’m 21 just got my first credit card. Let’s say I get $65 worth of gas. Do I pay it off on my banking app or how does that work?
Credit card if you can handle using them correctly. Sapphire card for travel and restaurants, freedom if the quarterly category is something you use regularly, freedom unlimited for anything else. Dont change your spending habits and just turn on automatic pay
My debit card is overdraft cause I withdraw too many times for cash
good explanation
So, I m just a teen that wants to buy stuff from the internet and pay for Spotify or Netflix.From what I m gathering I need a debit card.The question is, for a debit card, do I need to pay any fees for keeping my money there?Can my card expire or something?
Is it just like paysafecard but not online?
School never taught me anything about how banks work.
Also, I don t want any loans or something like that, I just want to use only my money.
the debit card can expire but you dont pay any fees for keeping your money in a bank. From what i know cause i have a debit.
Wait so. Sorry if I sound dumb but I’m just trying to figure this out. I understand debit cards but for credit cards, is the “paying back” like the money you use? If I use a credit card to put my work income on there (if possible) and I only use that income and nothing else, will I have to pay anything back?
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you have to pay back the money you spend on your credit card, but you can't put your salary onto a credit card - it's not linked to a bank account, you'd get your money into a bank account and then you can pay off your credit card automatically, online or at a bank branch
American Express Cash Magnet, Plat or Centurion Black Card.
For short:
*DEBIT* - small, everyday transactions (your coffee, subway tickets, gas, etc.). If you used Credit for your everyday transactions, interest will quickly add up, and you will end up paying way more than you should, it's better to use debit and pay exactly what you buy.
*CREDIT* - big, expensive transactions (a new phone, a new laptop, a new car). First, the improved fraud protection is very practical in these situations, secondly, if you get scammed, you will have a massive company fighting for you, since it's their money that were used. Last, if you want to buy something you don't quite have the money for, you can pay a small amount monthly for a long period instead of a big amount instantly.
if we dont have the money to buy something in the first place then we should start saving instead of buying it with credit cards and paying more in the long run
@@JamesBond-kc4ht Yes but if you buy in fractions w/ a credit card you get said object immediately, instead of waiting to save up.
why not use credit cards fo daily transactions? you don't pay interest if you pay the full bill every month
How is it a con to get decline for purchasing something you have no money for? I mean why would you buy something you have no money for?
Best explanation video
Credit cards are basically delaying your payment for a month while you gain credit score if you pay it on time.
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You only pay interest on a credit
card when you leave a balance on it and not pay it in full each month
Thank you for explaining. Now everything's clear for me about debit and credit cards.
I do not like it when my bank card (debit card) has to be used in any store as a credit card because anybody finds my card can use it as their own card. I knew that would start when I saw debit cards to apply for in stores. And I hate it when I DO have money in the bank and my card is declined because the card from my bank and it is my only card.
This is the stuff I wish schools would actually teach about because you need to know about this sort of stuff on a daily basis as soon as you leave school.
Edit: also personally I only really want to use a debit card because a credit card is just going to drive me straight into the hole that is debt and I’d prefer not to have a crisis over choosing the wrong piece of plastic with a number.
Well tbh, if you only spend money that you know you have, it doesn’t really matter if you use a debit or credit card because you’re paying the same money no matter what. Actually, you’re probably paying less money with a credit card because of the rewards
@@LifeLongArtist yeah honestly a debit card is a lot simpler cause it only lets you spend money you have and you don’t have to worry about wether you’re spending too much money or not whenever you use it plus even if you’re extremely careful with a credit card it just takes one mistake to ruin everything anyway that being said I’m gonna end this comment here cause I really don’t want to spend hours arguing over stuff like this on the internet.
So a debit card is great starting off with but over time it'd be great to switch to a credit card right?
debit cards are safe.
credit cards are meant to loot you
@@JamesBond-kc4ht well if you use a credit card irresponsibly it will be very destructive for you, but if you use it responsibly, only spend what you can afford, and pay off the full balance every month, you can get rewards and better fraud and purchase protections than you would with a debit card, why do people think credit cards lead to certain financial ruin?
who else was made to watch this for school?
#homelearning #quarrentine
Me
Me
I use my credit cards 💳 all the time. Paying them off month by month really helps credit score!
Thank you very much sir very informative, I don't have to go to the bank and ask for what I have just learned, thanks again.
Yeah but when they ask if it’s debit or credit, it doesn’t matter, because it’s only a debit card. Because you can use it as either credit or debit solely as a transaction type. Credit or available credit won’t matter since it’s only a debit card.
I am sathish from India, Very Nice Sir... Debit Card Good
Thansk alot... That helps me out so much
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Debit card or Credit card, You should spend within 40% of your monthly income,That will keeps you safe from future debts.
1) Credit cards have hidden charges. You should use it smartly.
2) Debit cards are linked to your bank account so you should use it safely.
What's a platinum debit card at wells Fargo
Which best win for debit card or credit card?
That's what my family is trying to explain to me. My sister told me that I don't really need to get a credit card as long as I have control in spending my money using my debit. But my mom said, it is important to have at least 1 credit card to build your own credit score because she said it's a big help if I want to buy my own car or house someday. But the thing is, I don't really know how it works. I'm afraid because I just got here 3 months ago and now i'm working so I am earning some money and i'm using debit card.
Basically, when you get a credit card, the bank begins reporting your credit history to the three credit bureaus (Equifax, Experian, and TransUnion).
When you apply for an auto loan or mortgage, they will acquire a copy of your credit reports from the aforementioned bureaus and determine if you're responsible enough to use credit. If your reports all show several credit accounts with 100% on time payment history, you'll likely be approved for a loan with a great interest rate. If you have bad payment history or no credit history at all, you'll practically be denied for any loan. That's why it's important to start applying for credit cards as soon as you turn 18, and just leave them to age with you. It will really help when you're older and want to buy a home.
You explained it very well. Thank you for the info
So do adults have Credit AND Debit cards? I asked my mom about cards and she said, “you should have at least two, one for paying and one for loans”
I mean, everyone has a bank account pretty much and bank accounts always include a debit card, so I think that pretty much everyone who has a credit card also has a debit card
ohh thank you now its clear to me
im college and I DONT KNOW THE DIFFERENCE
JON DERECK NIFAS felt
I need help improving my credit score ASAP!!!! I am applying for credit cards that have perks of reward points, secured benefits, cash backs and no fees, but banks are declining my apps as soon as i give em all the info they require. lmfaoooo 😂 😂😂 😂 I don't know what to do at this point, I'm frustrated asf. I'm 21 yrs old with a credit score of 524 and I have 3 bad inquires because of wack a** recommendations and one negatory mark because I have to pay my school back $925.....the only cards credit karma and credit sesame say I qualify for are plantinum refundable credit cards where I am forced to deposit $200 or more before receiving the card in the mail or credit cards that have interest fees where I gotta pay every month or after a year of card possession. I need advice lol 😂 I wanna have good credit so I can have better financial freedom.
Hi this is a pretty good inf but you forgot to mention that debit card you can use them to as a credit of course the money still cames out of your checking acct but on the deb side at least on my bank with deb you have a limit of 2000.00 dlls per day if you use it as credit always is highest 5000.00 per day
informative video