I hear ya brother. However, please keep in mind creditors usually can't garnish social security benefits or pensions (extremely difficult). This creates a higher risk in the event of default, despite your outstanding payment history and FICO score...hope this helps
Yeah... I understand it from their point, but it was a total surprise when it happened. As I said, NO one has ever mentioned it in any financial or retirement video or article I've ever read. lol...new knowledge the hard way huh? Although it's minor because at least we're covered. It'd be a drag though for someone who retired and had maybe just one credit card and now has a hard time getting another or changing what they have.
@@laptopseniors WOW! When I was previously retired, I got two credit cards with a $10K limit on each. I remember speaking to a credit card representative and faxing a copy of my 1099R, plus a W-2 for my part-time teaching (I taught one class a semester because I enjoyed it, and I socked it away to travel to Canada or California each year). That was it. Now looking at retiring again in 3-4 years, I'm looking to close out the four additional cards I have (I have streaming digital services on each, nothing else) and get back to two. My biggest worry is that my credit score will drop because of my declining credit limit.
Why do you even have the AMEX platinum. You are paying almost seventy bucks a month for a card ?? Why ?? If it is the air miles you are worried about. Most decent cards have a rewards program. You could get a Barclays card that will give you air miles and combine that with a Marriott Bonvoy card which would give you Hotels miles. Boom I just saved you 650 bucks.
And....that's why I was looking to go to the Venture X and cut out $700 immediately. We actually use the AMEX a lot. Mainly due to all the travel we do. We make up almost all that yearly fee just by dining in the airport lounges. Each return trip is 4 visits going and coming. We tend to fly 8 - 10 times a year (4 x 8 x $35 = $1120) and it also gets us to the front of the line in some airports. And that's before you hit the security line. Plus, there's a $300 credit each year for dining and booking travel with AMEX. So it's a good card so far. If we traveled less, than it'd be a waste for sure. Anyway....Venture X's loss. I put a lot of $$$ on that card. We have/use the Bonvoy card for hotels although I've been checking into the IHG card from Holiday Inn/Crowne Plaza etc. It appears to have way more perks than the Marriott. Going to add that into the arsenal and see if it turns out to be true.
Amex Plat is definitely worth it for the travel perks. The lounges are great food, etc. the reimbursed baggage fees, etc. plus, the points can be converted to literally any airline/hotel. ❤
It’s a high end travel credit card(Platinum) with lounge access at most major airlines, plus AMEX points are highly valuable when transferring to airlines and hotels.
@@laptopseniors Sigh. I had a Delta Sky Club membership. I loved it for short trips from Chicago O'Hare. Now, you must get a Delta credit card or a reciprocal card like the AMEX Platinum Card to get into the place. That ticks me off because I pay for the year every January.
Pay for a credit card? A big NO. I'm retired for 18 years now and make about half as much as I used to on a fixed income. While I was working, my credit score was just above 700. Now that I'm retired, my credit score in 840 and I buy and pay for everything with a credit card. My secret is to pay off what they show as a balance WEEKLY instead of waiting for a bill.
I do that too. I rarely wait for the bill. I'm almost always running a credit on the card, and never pay interest. Paying interest is nuts if you can avoid it.
@@angeldetierra3855 I had an Amex card but also had three others. Amex just dropped me a few months ago for no activity. They didn't even try to retain me.
Pat I don’t see the allure of points. My Fidelity brokerage based free card PAYS me 2% in cash hassle free. Costco free visa has no foreign transaction free. If considering expat life use someone other then the one I mentioned. They have reputation of freezing assets till you visit a branch and prove your idea and possibly residency
@GregDora-y6u Right, but in Costco Canada they accept only MC, so I scan my US Citi membership VISA, but pay by different no foreign transaction fee MC.
AMEX has great points Greg, but the value for us is when we travel. Free lounge access with full food like a restaurant (free), front of the line at airports, travel insurance, rental car insurance, top tier membership in Hertz, Marriott, Sheraton, and Hilton hotels which usually give the next tier up from whatever we book. So it's been good. If we didn't travel much, it wouldn't be worth it.
I read alot of comments that complained concerning the fee of the amex platinum card. It's basically a coupon card, and there is many ways to not only redeem but to actually benefit from this card. For me I get great value from this card. Everyone situation is different. Capital one is fickle when it comes to the venture x card. Thanks for the video
If you have retirement investments, all you have to do is add a reasonable income from those investments to your passive income (SS, pension/annuity, rental income, etc.) when applying for a credit card. You don't have to actually "realize" that income, only be able to support your claiming that income potential on an application by showing the investments if the card issuer wants verification.
After my BK, I applied for credit cards as a retired person but I inflated the amount of my pension. They never checked or asked for proof. Plus, when they ask to verify my income, I give myself a raise. I only use my cashback (3%,2%,1%) card with no foreign fees. P.S. I also have Venture but I pay no fees.
LOL! Now you tell me! I was honest about mine. In the "good ole days," I got two lump checks when I retired: two-thirds of my sick time (I had close to 4000 hours when both my sick banks were added together) and the other check for my vacation time and compensatory time. After taxes, it was a good payout. I used the money to pay off all my outstanding debts and put the remaining amount in a savings account because the first pension check wouldn't come for sixty days. So, for the nearly four years since I retired for the first time, other than living expenses, I had no debt.
Why would you spend $800/year for a credit card? That's crazy!! Btw, the platinum American Express is not the highest card from AE. Their Centurion card is higher than the Platinum card. American Express charges $5K/year for it, plus their is a $10K "initiation fee."
I've been investing in Bitcoin by myself. I'm not really happy with what's going on, just few weeks ago I lost about $7,000 in a particular trade. Can you help me out or at least advise me on what to do?
I hear ya brother. However, please keep in mind creditors usually can't garnish social security benefits or pensions (extremely difficult). This creates a higher risk in the event of default, despite your outstanding payment history and FICO score...hope this helps
Yeah... I understand it from their point, but it was a total surprise when it happened. As I said, NO one has ever mentioned it in any financial or retirement video or article I've ever read. lol...new knowledge the hard way huh? Although it's minor because at least we're covered. It'd be a drag though for someone who retired and had maybe just one credit card and now has a hard time getting another or changing what they have.
@@laptopseniors WOW! When I was previously retired, I got two credit cards with a $10K limit on each. I remember speaking to a credit card representative and faxing a copy of my 1099R, plus a W-2 for my part-time teaching (I taught one class a semester because I enjoyed it, and I socked it away to travel to Canada or California each year). That was it. Now looking at retiring again in 3-4 years, I'm looking to close out the four additional cards I have (I have streaming digital services on each, nothing else) and get back to two. My biggest worry is that my credit score will drop because of my declining credit limit.
Why do you even have the AMEX platinum. You are paying almost seventy bucks a month for a card ?? Why ?? If it is the air miles you are worried about. Most decent cards have a rewards program. You could get a Barclays card that will give you air miles and combine that with a Marriott Bonvoy card which would give you Hotels miles. Boom I just saved you 650 bucks.
And....that's why I was looking to go to the Venture X and cut out $700 immediately. We actually use the AMEX a lot. Mainly due to all the travel we do. We make up almost all that yearly fee just by dining in the airport lounges. Each return trip is 4 visits going and coming. We tend to fly 8 - 10 times a year (4 x 8 x $35 = $1120) and it also gets us to the front of the line in some airports. And that's before you hit the security line. Plus, there's a $300 credit each year for dining and booking travel with AMEX. So it's a good card so far. If we traveled less, than it'd be a waste for sure. Anyway....Venture X's loss. I put a lot of $$$ on that card. We have/use the Bonvoy card for hotels although I've been checking into the IHG card from Holiday Inn/Crowne Plaza etc. It appears to have way more perks than the Marriott. Going to add that into the arsenal and see if it turns out to be true.
Amex Plat is definitely worth it for the travel perks. The lounges are great food, etc. the reimbursed baggage fees, etc. plus, the points can be converted to literally any airline/hotel. ❤
@@laptopseniors Admittedly, I do love that my AMEX Pt gets me lounge privileges.
It’s a high end travel credit card(Platinum) with lounge access at most major airlines, plus AMEX points are highly valuable when transferring to airlines and hotels.
@@laptopseniors Sigh. I had a Delta Sky Club membership. I loved it for short trips from Chicago O'Hare. Now, you must get a Delta credit card or a reciprocal card like the AMEX Platinum Card to get into the place. That ticks me off because I pay for the year every January.
Great advice. I never thought of this.
lol...me either. Until....
@@laptopseniors Your content is so very helpful.
Pay for a credit card? A big NO.
I'm retired for 18 years now and make about half as much as I used to on a fixed income. While I was working, my credit score was just above 700. Now that I'm retired, my credit score in 840 and I buy and pay for everything with a credit card. My secret is to pay off what they show as a balance WEEKLY instead of waiting for a bill.
--- Please apply for the Amex Platinum card. And let us know what happens to you. Thanks in advance!
I do that too. I rarely wait for the bill. I'm almost always running a credit on the card, and never pay interest. Paying interest is nuts if you can avoid it.
@@angeldetierra3855 I had an Amex card but also had three others. Amex just dropped me a few months ago for no activity. They didn't even try to retain me.
Pat
I don’t see the allure of points.
My Fidelity brokerage based free card PAYS me 2% in cash hassle free. Costco free visa has no foreign transaction free.
If considering expat life use someone other then the one I mentioned. They have reputation of freezing assets till you visit a branch and prove your idea and possibly residency
@GregDora-y6u Right, but in Costco Canada they accept only MC, so I scan my US Citi membership VISA, but pay by different no foreign transaction fee MC.
@@Alex-he1ve Good idea.
AMEX has great points Greg, but the value for us is when we travel. Free lounge access with full food like a restaurant (free), front of the line at airports, travel insurance, rental car insurance, top tier membership in Hertz, Marriott, Sheraton, and Hilton hotels which usually give the next tier up from whatever we book. So it's been good. If we didn't travel much, it wouldn't be worth it.
I read alot of comments that complained concerning the fee of the amex platinum card. It's basically a coupon card, and there is many ways to not only redeem but to actually benefit from this card. For me I get great value from this card. Everyone situation is different.
Capital one is fickle when it comes to the venture x card.
Thanks for the video
If you have retirement investments, all you have to do is add a reasonable income from those investments to your passive income (SS, pension/annuity, rental income, etc.) when applying for a credit card. You don't have to actually "realize" that income, only be able to support your claiming that income potential on an application by showing the investments if the card issuer wants verification.
Thank you for dropping this gem! 💎
Was fun thanks.
After my BK, I applied for credit cards as a retired person but I inflated the amount of my pension. They never checked or asked for proof. Plus, when they ask to verify my income, I give myself a raise. I only use my cashback (3%,2%,1%) card with no foreign fees. P.S. I also have Venture but I pay no fees.
LOL! Now you tell me! I was honest about mine. In the "good ole days," I got two lump checks when I retired: two-thirds of my sick time (I had close to 4000 hours when both my sick banks were added together) and the other check for my vacation time and compensatory time. After taxes, it was a good payout. I used the money to pay off all my outstanding debts and put the remaining amount in a savings account because the first pension check wouldn't come for sixty days. So, for the nearly four years since I retired for the first time, other than living expenses, I had no debt.
Why would you spend $800/year for a credit card? That's crazy!! Btw, the platinum American Express is not the highest card from AE. Their Centurion card is higher than the Platinum card. American Express charges $5K/year for it, plus their is a $10K "initiation fee."
$800 a year, give me a call. I'll issue my personal line of credit to you. What a rip off.
Capital one reject people who they feel have too many credit cards or one has great credit.
Hit $175k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in January
How please
I've been investing in Bitcoin by myself. I'm not really happy with what's going on, just few weeks ago I lost about $7,000 in a particular trade. Can you help me out or at least advise me on what to do?
I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance
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Why would anyone pay to have a credit card? Especially when you retired and have time to plan, timing is everything in travel and deals.