Best Credit Card Strategies for Low Spend (2020)
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- Опубликовано: 24 авг 2024
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Credit card videos are my new addiction apparently 🤣
same
Ditto! I mean me also!
Yes. I have been watching non stop.🤣🤣🤣
I clicked on ONE Dave Ramsey video and now I've watched a hundred hours of Ask Sebby, Credit Shifu, Brian Jung, Graham Stephan and others. Like "WTF?! How did I get here?!"
You and me both 🤦🏽♀️
I personally think the discoverIT is much better than the chase freedom. The match feature plus the categories are so much easier to use and max out. Discover gets a bad rep but it is a phenomenal card
Agreed
Discover is the best beginner card and unbeatable in the first year. Also, their customer support is the second to Amex only.
The long term benefit of Discover is when I want to do short-term financing. They will offer me a classic 12-month 0% Balance Transfer (BT) with a 3% fee OR a longer term low-APR BT for a no-cost. The breakeven for comparing such offers is usually by paying off by month 7. Don't do BTs for emergencies unless you can payoff by 10 months max.
Agree.. you can maximize the the match feature to your benefit and it technically ends up being a 5% card with a hidden SUB depending on the cash back you make
Thank you Debby, very cool! I fall into the low spend / high asset option. I literally spend less than $2,000 every month (single with high paying job in an economically downtrodden town). I'm glad people like you and Dave are doing videos on people who don't spend anywhere enough for the Chase and AMEX trifecta to be worth it
Sebby, I would watch you even if the content was about coffee! Your so are so thorough with your review
Thank you! :)
Just posted a video on this exact same topic, which is a weird coincidence, but boy did we handle it differently. Interesting to see the difference in how our minds work!
We were on the same wave length today! :)
Good strategy for college students and beginners.
I love this guy! He gives a lot of recommendations and it's educated me to bring my credit score from the 500s now close to the 800s points in my credit score :)
Wells Fargo propel card is a beast
Just getting into this. Have had a Discover card and Capital One Quicksilver as my base and am learning so much. Thanks.
Can you do a minimum spending to get value for each card from low to high tiers. (Aside from intro bonus)
Thanks for the videos, great for learning to play the game by the numbers.
MY BOY DROPPING THAT MID DAY FIREEEE 🤙🤙🤙🤙🤙🤙🤙🤙🤙🤙 LETS ROLLLLLLLLLIEEEEE
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Super great video from sebby! Love basing some of my videos off of these great ones
@@TechCryptoNow a very good resource for that.
Sebby and ProudMoney often mention the Chase 5/24 rule, but another issue with Chase is that they have their own internal scoring system which can spit out scores that are significantly different from Fico.
AskSebby with the consistent uploads!
awesome content. Great topic to discuss.
Hey, here's a tip: the secured version the Discoverit does NOT have the same benefits as the regular one. That's especially important for that first year with the Cashback Match. Hopefully, someone else will see this and learn from my mistake.
OH That Knock had me dying! We are superstitious too and always knock 3 times - I knowww it's crazy but I still do it anyway lol
Thanks for another informative vid, Sebby
FYI, the USAA cash back cards are available to anyone, I think at a minimum you must have money in a checking or saving account. Being current or former military does not apply to the bank. Military affiliation required for getting insurance. Some cash back categories apply to military only, such as Base exchange shopping! Otherwise that WF Propel AMEX looks good. Also LOVE the 2x2 chart, total consulting vibe!
Just come up with an automated system with your cards once and it’s done. Value maximized.
Sebby, when you get a chance, could you make a video about how to do status match with AMEX platinum with Wyndam, Caesars Rewards, and M life? I find little outdated information online.
Thank you!
The last video I did is still relevant: ruclips.net/video/hhS2iXnumjQ/видео.html
You need Hyatt status to match to M Life.
Awesome video you’re the man !
You should do a video on bank/brokerage account churning. Like the 100 signup bonus for both the charles schwab and etrade brokerage account when you deposit 1000 and 5000.
very useful like always.I suggest you actually show the real card while you re explaining the pro and cons in the video since there are many options and you speak very fast so that is not always easy to follow and you have to repeatedly pause the video.Thanks
I don't get the last category. Why only 5 cards? What's the point of that category?
Awesome as usual!
Hi Sebby, Question. What target number do you consider High Spend? Is it a percentage of income or a monetary value?
My low spend setup is the BBP +Rakuten Visa
I should’ve listened to you before applying to Amex before Chase, but I’m happy with My Freedom and CSP for now
Please do a video on best cards for people who spend about $1,000 per month and fly 2-4 times per year with a combination of domestic and international flights
Feel free to fill out a free card consultation form if you want a personalized recommendation: www.asksebby.com/free-card-consultation
Is Wells Fargo trustworthy? I want the propel card but I'm scared about all those scandals. I have no accounts or history Wells Fargo as well.
Swagg Boy I still don't trust them. Hell they were just in the news like 3-4 months ago so it's a hard pass for me.
They got spanked hard,,, different leadership now. Get the Propel.
I was curious about this as well, looks like a good card but idk...anyone have a good experience?
Yea I gave the propel card I love it. I hit the sign up bonus and use it for gas and eating out
Also have the propel and it’s treated me well for the last year!
update this for 2022!
I thought the Citi Dividend wasn't product changeable starting recently?
Hi Sebby, nice job once again, but what do you consider low, medium, or high spend group?
Hi Sebby, as it's somewhat related to this video, I had a question about Chase's 5/24 rule: is the 24 month period based on the oldest card that someone has or the newest? For example, if I have five credit cards with my oldest being three years old and my second oldest being less than two years old, would I be in the clear for a new Chase card, or would I still have to wait the two years for a new one? Thanks in advance, and great video as always!
Today is Feb 13, 2020. How many new accounts (credit cards opened that show up on your credit report) have you had in the last 24 months (Feb 2018 to Feb 2020)?
Can you review possible setups for those living overseas who want to do perhaps a 3 card no annual fee /no foreign exchange fees with an Amex, Mastercard , visa combo? I wish the WF propel was still available
Hey Sebby new subscriber here i have a question i'm fairly new to the credit game i'm in the process of rebuilding my credit i'm in the 700s with all three bureaus i have two secured cards i've had one of them for 6 mts now. i want to get a starter card preferably the wells fargo propel card. should i apply for it or just wait till next year to start applying for the chase cards because i do plan on traveling very soon. BTW i only have one inquiry on my file. Not sure what i should do. any help would be appreciated thanks
I'm a college student running a boa cash reward(first card before i knew anything) -> chase freedom -> chase freedom unlimited I also use the venmo card bc they give 4-5% back on a few places I go to so it's a good mix rn. I do try and rack up as many UR points atm though. This is a easy to use setup for me I have my boa 3% set to dining and just use it for groceries and dining and then freedom for categories whenever and freedom unlimited for anything else. Planning on getting CSP when I get out of college in a year and don't know what 5th chase card to get looking at a marriot card possibly.
Seems like a good setup :)
the PenFed Pathfinder seems like a good card for low spend -- no AF, includes Global Entry/Precheck, and an annual $100 airline incidental. Only issue is that I never got approved for it...
Hey Sebby. I got the AMEX Hilton Honors card with 100k SUB. I'm intending to be prepared with a lot of points when I do start to travel in 2021 and 2022. NO annual fee.
What is the range for annual low spend?
~$500 spend a month. Some cards work higher or lower obviously.
I agree credit cards are the new thing for the 2020 Pandemic. I am in the house anyway so might as well use my card online.
Even if paypal/fidelity does change why not just sock drawer it and get the citi DC then?
Can you get multiple Cash+ without a product change? Also what about the CIC to pay internet/phone?
Random question but does anyone know when or how long does it take for when length of credit to stop being poor? I’ve had my first and only so far credit card for a year and 2 months and it still says “poor” for length of credit
2 years. More strategies here: www.asksebby.com/blog/how-to-aggressively-increase-your-credit-score-short-term-strategy
What does Barclays offer? Uber is dead, any keeper cards there?
Applying for CSR and notice after this month I’ll be back to 4/24. What would be the next card. I’m stuck here. Get a ink cash or get a hotel. Any ideas
Ink Business Preferred if you can hit that spend. 80k UR points is really good.
imperium2000 thank you
Hey Sebby I had a quick question? Is the amazon chase card like the freedom as in it earns UR points? Or is it just amazon cash?
Freaky Giraffes it’s not UR, you can either get a statement credit or use on Amazon
Amazon credits. Use it for statements rebate. Do not use pay with points on Amazon as you lose the 5% back when using the card.
No, the Amazon card doesn't earn UR points.
I have 2 cc discover secured $500 and credit union unsecured $1000 , per discover credit check I have a 766 score had my cards for 4 months but had previous auto loan and personal loans history . I want to get Amex blue cash everyday and chase freedom would it be a great idea to apply or both on the same day ??? Any info would be appreciated thanks
What is your definition of low spend/high spend? Gotta know your thresholds to understand how this applies to my situation 🤷♂️
About $500 a month in spend. Could be higher or lower depending on card.
@@AskSebby Thanks!
I don't think the majority of your viewers know what lean fire / FIRE is.
SEBBY would the Wells Fargo Propel count as an Amex card? I know that Amex should be a late game set up bc of the point you leave on the table if you get in too early. I want the WFPropel but I don’t want it to affect me later and not get the better bonus for Amex. Thank you in advance 🙏🏼
Not affected for the purpose you're thinking about :)
Absolutely knock on wood!
Hump Day Squuuuad!
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what if im currently not making and spending much, and its uncertain when i'll be making and spending more? i dont even know where ill be next year, and whether or not ill still be making 40k, or if i go back to school, or if ill magically find a higher paying job! should i just get the citibank or chase discover now? or is it better i wait until im higher income so i can get better cards like chase sapphire or alliant cash back? Sabby mentions its not worth getting these low spend credit cards if you have a big life change coming in 6 months, so whats the minimum amount of time u should have these cards for, assuming higher paying jobs roll around eventually? 1, 2, or 3 years? thank u
Cards with no annual fee downgrade paths: www.asksebby.com/free-card-consultation
I only consider sign-up bonuses that are worth at least $500 cash back, but with 2020 being a tough year I would definitely consider getting the $200 sign-up from the Chase Flex or Unlimited. Millions of people have been getting unemployment and that is taxable income. Many people may owe some taxes and I like the CFU's 1.5% cash back even when you pay taxes using the a CC (plus the 1.8% fee) in April 2021. You get 0% for 15 months. If you are gainfully employed and can afford it, always apply for a new CC prior to a big purchase or expense. Create the the opportunity to cash in on those $200 or $500, if you won't have money for travel. Don't get into debt chasing points, please!!
NEED HELP! I want to get a travel credit card, but I don’t know if I should get the BOA travel rewards or the capital one venture one (I already have de BOA cash rewards) which one will be better? I have low spend but I do travel here and there overseas at least once or twice a year
Can you fill this in? www.asksebby.com/free-card-consultation
Depending if chase still does it the Chase freedom unlimited gives double 1.5% back so 3% for the first $20k that you spend! Thoughts? Any other cards that give this kind of 3% incentive for my next card? Already have freedom 5% rotating category was thinking discover it?
Unless you have extremely high spend, you're better off adding a base of cards (most cards discussed here have 20% to 40% return on spend).
on the low card-high effort quadrant, what is Divid and COS1?
Divid = Citi Dividend
COS1 = Capital One Savor One
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It drives me crazy when Apple fan boy blindly tell me that the Apple Card is a good everyday card when there’s so many better options
I'm convinced ppl just wait for your videos to drop and copy.. 🤷🏾♂️
don't forget the ducks unlimited card, 5% off on all gas
But realistically, how much money do you spend on gas? 5% of a small amount of money is an even smaller amount of money.
@@87channels a lot, my wife commutes 1 hour both ways every day for work. 5% adds up over the course of a year.
First
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