⁉ *Which LIE did you used to believe? Tell me below!* 😬👇 📲 MAXREWARDS - Manage credit cards & rewards! Get Gold level for free with PROMO CODE = markr markscreditcards.com/maxrewards 💳👉VIEW CREDIT CARD OFFERS! markscreditcards.com/offers 🛍 RAKUTEN - Earn Cash Back! markscreditcards.com/rakuten (More links in the Description below the video)

Paying only the minimum balance is unfortunately a mistake that I fear a lot of people make. The naming of that balance is a little bit confusing, and if you aren't educated on credit cards, that could cause you to pay a lot of interest you shouldn't ever be paying! This was a great list Mark. Good work on this one!

@MarkReese

Жыл бұрын

Yep, and it ought to be taught in schools.

@SpencerJohnsonOfficial

Жыл бұрын

@@MarkReese Preach 🙏

Citi custom cash credit limit 6900, Nice.

@MarkReese

Жыл бұрын

👊💥

Here I am with 34 cards open currently. So, some of these lies are ABSOLUTELY INCORRECT! Thanks for making this video Mark. Happy Holidays to you as well. 🎁🎄🎅

@MarkReese

Жыл бұрын

Nice card lineup! 🏆

One of the most informative channels on KZread.

@MarkReese

Жыл бұрын

Thanks FH!

I agree with everything except this one 11:20 If you have too many annual fee cards you end up trying to extract value and paying for things and trips you usually wouldn't That's no longer saving money It works for you cause this is your job, but for most everyday people, having 5, 10, 20 AF cards causes unnecessary spend and it's exactly what the banks are hoping for

@MarkReese

4 ай бұрын

The example shown at 11:20 is not advocating for having "5, 10, 20..." annual-fee cards. Its purpose is to show how annual-fee cards can be justified via their benefits, even a single card.

Just added up $6800 in cash back this year thanks for all the great info this year!!!

@MarkReese

Жыл бұрын

Impressive, well done! 💵🏆

I used to be worried much more about closing accounts than I was about opening them.

@MarkReese

Жыл бұрын

You weren't alone 👍

Huh, I didn’t actually think people actually believed they should be only paying the minimum payment, lol.

@MarkReese

Жыл бұрын

More common than you might think ✌️

@CalbyNg

Жыл бұрын

@@MarkReese 🤯

I have a very off topic question. Everywhere I go I see signs that say Diner's Club International is accepted. I have never, in my entire 50 years on this planet, seen anyone ever actually use a Diner's Club International card. And I don't think I've ever seen a credit card youtuber even discuss it. But the logo is always there. Do you know anything about this card? It almost seems like an urban legend.

@MarkReese

Жыл бұрын

I haven't, but it likely isn't discussed these days because it's a very old program that used to be the big deal in premium benefits. It was formed back in the 1950s but has now been absorbed into Discover.

Amazingly explain - thanks, Mark.

@MarkReese

Жыл бұрын

Very welcome!

Whoa you have lots of cards, I think it’s best to just have one, with a very high limit. The binder full of cards is really unnecessary in my opinion.. lol

@MarkReese

Жыл бұрын

Totally agree that it's unnecessary 👍

Get the point!

Credit cards are basically coupon cards. But you have to pay thru those cards and understand how all the coupons work.

@MarkReese

Жыл бұрын

Yep 👍

That is the slowest boat ever.

@MarkReese

Жыл бұрын

It may be slow, but it looks good 😎

You and RJ with those huge wallets / card holders.

@MarkReese

Жыл бұрын

It's how we roll

Just when you think you know everything you learn something new. Great information. Thank you

@MarkReese

Жыл бұрын

🏆💥👊

I like your beginning example. Reminds me of people that say that McDonald’s makes you fat. Nobody at McDonald’s is chaining people down and force feeding their faces.

@MarkReese

Жыл бұрын

Exactly 👍

@pinkiepie1656

Жыл бұрын

They once Supersized my meal without asking. I felt obligated to eat it all. You know, starving kids in Africa and whatnot. So, McDonalds made me fat:)

@DeborahE7

Жыл бұрын

@@pinkiepie1656 You could've skipped your next meal. This actualy happened to me recently so I only had one meal for the entire day. Nobody force fed you your other meals, right?

I'm positive 5k with credit cards with points and rewards! 0 debt

@MarkReese

Жыл бұрын

Well done! 🏆

Great video! 🙌🏼

@MarkReese

Жыл бұрын

Thanks!

That apt of cards Mark

@MarkReese

Жыл бұрын

🏆

I’m a bit dissatisfied with the X1 Card! Points are lackluster! Boring Card

@MarkReese

Жыл бұрын

What about the points don't you like?

@newbeginnings9457

Жыл бұрын

@@MarkReese cash back redemption part!

@MarkReese

Жыл бұрын

@@newbeginnings9457 - Yeah I hear ya on that. Better to redeem at select merchants that offer at least 1¢ per point.

can someone send a link of this video to Dave Ramsey....

@KonversationsWithKenLawrence

Жыл бұрын

He would pass out

@MarkReese

Жыл бұрын

😂

@daniel-panek

Жыл бұрын

He'd try to exorcize you

I think people get confused with lie #6. Yes, you should never carry a balance to pay interest as you said. What I do is make sure I have a small balance from my new transactions (i.e. transactions which payments won’t be due until the next month) to show a tiny bit of utilization. Unfortunately, I “carried a balance” as you described a couple of times simply because someone didn’t quite understand what it meant to have a balance reported 🤦🏾‍♂️. Excellent stuff Mark!

@MarkReese

Жыл бұрын

Yeah the term 'carry a balance' is misunderstood all the time. While we literally 'carry a balance' for nearly 30 days in a row (i.e. during a billing cycle) before paying the final bill, that's not what the term actually refers to 🤙 There's a difference between _having a small balance_ by the time the *billing cycle closes* (which allows for a lower utilization to get reported)... vs... _leaving a small balance_ *after the due date* because the full bill didn't get paid off (which charges you interest & does nothing for utilization). >> This is what 'carrying a balance' actually means.

@ItsMeCJ

Жыл бұрын

@@MarkReese very well explained 🙌🏾

Any suggestions on a good Visa credit card with no foreign transaction fee. I’m hoping to get where I can transfer points to partner. I have Amex Platinum and Amex Gold and Bank Of America Cash Rewards.

@avreypietila6960

Жыл бұрын

Ik capital one savor one card doesn’t charge foreign transaction fees. I gave the student one so it’s no animal fee but the normal one has a 95$ annual fee.

@MarkReese

Жыл бұрын

Take a look at: - Chase Sapphire Preferred - Chase Sapphire Reserve - Capital One Venture - Capital One Venture X All are Visas w/ no FTFs & all have access to transfer partners.

Great video! What is your credit card wallet called? I’m going to need one soon lol

@MarkReese

Жыл бұрын

Thanks! Here's a link to it: www.amazon.com/gp/product/B07YJGR732/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1

Manage your money first, then add credit cards.😁👍💳💳

@MarkReese

Жыл бұрын

💵💯

Hi Mark I recently applied for an AMEX card for the first time, didn't get an instant response when I performed the pre-approval....But got a mail less than 24hrs later asking me to view their decision but whenever I open the page it shows nothing.

@MarkReese

Жыл бұрын

Strange. Can you copy the link from the email & paste it into a different web browser?

I believed for far too long that you had to carry a balance to earn good credit.

@ccb6013

Жыл бұрын

I have a friend who swears by that belief and *can not* be convinced otherwise.

@aggrodkreg4321

Жыл бұрын

I was told this when I was younger. I used to believe it as well, and was deathly afraid of credit cards because of it. Not anymore.

@KonversationsWithKenLawrence

Жыл бұрын

Carrying a small balance does give you a few more points. But it's not worth the interest you pay on it. 1%-3% is the sweet spot in my opinion

@MarkReese

Жыл бұрын

Welcome to new thinking 💯

how much should i pay each month to the balance if i am still in the 0% apr period ? does the "plan it" feature for larger transactions on credit cards hurt credit score in anyway other than utilization ? many thanks

@MarkReese

Жыл бұрын

1. Pay at least the minimum payment during a promotional 0% APR period. And pay the full amount off before the promo period ends. 2. Not that I'm aware of.

Same thing as a firearm

@MarkReese

Жыл бұрын

👍

A max rewards questions. Some rewards are available on more than one card. So what card will it be on? The one you set as favorite?

@MarkReese

Жыл бұрын

Hi Wilfredo - are you asking about Amex Offers being on multiple cards?

@wilfredopesquerajr.3252

Жыл бұрын

@@MarkReese yes sir. Sometimes i see offers on both the platinum and gold. And you can only have an offer activated on one card if i am not mistaken.

@MarkReese

Жыл бұрын

@@wilfredopesquerajr.3252 - MaxRewards activates the same offer across all cards. It's kind of like a secret loophole. However, I'd personally only use an Amex Offer once to avoid getting flagged by Amex. The nice thing is that you can choose which card you'd like to use it with.

@wilfredopesquerajr.3252

Жыл бұрын

@@MarkReese ok. That sounds great. Because i see offers on the platinum that i know would be better on the gold so i have to check there. Now this will make it easy and not have me go back and forth

Hey Mark. Great video. Lately I’ve been curious about the long term affects of closed accounts on one’s credit profile. I’m contemplating closing a couple of accounts myself but I’m hesitant. It would be great to see a video where you crack open your binder of closed cards and go in-depth about closed accounts.

@MarkReese

Жыл бұрын

What part about closing accounts is holding you back?

@djgee16

Жыл бұрын

Both of the accounts have credit age. One would be my second oldest account and has an annual fee that can’t be waived. I guess it would be interesting to see which accounts you closed details about the accounts and how or if closures affect your credit score/profile.

@MarkReese

Жыл бұрын

@@djgee16 - I don't plan to do a video about all my closed cards, and I don't have a way to determine how each closure affected my score. All I can say is my oldest card of 14+ years got closed due to inactivity. I initially thought it would have a major impact on my score, but rather, my FICO is still between 760 - 780 and I'm doing just fine.

It all comes down to how 🤔 you use the cards they can be a curse to some, shopaholic, people that don't work or keep jobs, irresponsible with money management. On the other hand ✋️ they can be a game changer for some, people who save /invest and have an on Going means of making money 💰 they own business or stay employed....they have the money to cover the balances on the credit cards, they might use them for the cash back perks or rewards for me this is exactly why I use them, I also use them for velocity banking, I paid my home off using 0 interest balance transfers and will be purchasing a car using this same strategy, see they are a curse 🤬 to the people who don't know how to use them to their advantage

@MarkReese

Жыл бұрын

Yep. Staying in control is key 👊

My Experian score is a 763 as well, what a coincidence haha

@MarkReese

Жыл бұрын

🏆

Hi,Mark. If you pay off your balance before the statement comes out do you negate the cash back bonus for that month?

@MarkReese

Жыл бұрын

No you still keep it.

@infantrycaptain9224

Жыл бұрын

@@MarkReese Thanks,Mark! 1/325 🇺🇲

Mark I am desperate for you to do a comprehensive video for every card you’ve ever opened. I thought 30 Amex was a lot from that last video but ready for the jaw drop at the total opened over the years.

@MarkReese

Жыл бұрын

Perhaps at some point 🤙

Are all of those card active because that’s a lot of cards

@MarkReese

Жыл бұрын

Cardholder = yes Mid-size wallet = "yes," but it also contains other membership cards, IDs, etc. Large-size binder = no, all inactive, and includes authorized users cards, replacement cards, etc.

WOW! I thought you only had 49 cards looks like more..................what are you not telling us.

@MarkReese

Жыл бұрын

I have 48 cards right now 👍

My first credit card was an amex everyday card with only a 1000 limit I have the gold card now and I’m not using the everyday card at all I’m considering closing it would that be bad or hurt my credit

@MarkReese

Жыл бұрын

Do you have any other cards from other banks that are older than the Everyday Card?

@Ojallo

Жыл бұрын

@@MarkReese no I do not Amex is my first credit card ever and oldest card

@Ojallo

Жыл бұрын

@@MarkReese I got my first credit card the Amex everyday in April this year 2022 and my Amex gold end of august but like I said I’m not using my everyday day card at all

@MarkReese

Жыл бұрын

@@Ojallo - Up to you. I'd personally keep it open as it's always great to have your oldest card be one with a $0 annual fee long term. Good to use it at least twice per year (e.g. 1 purchase every 6 months or so) to keep it active.

@Ojallo

Жыл бұрын

@@MarkReese I was actually thinking about the same thing but does the low credit limit have a matter into the fact ?

Re: #3 - also having more lines helps because you can spread spendings across different scores. Even with the same amount of total credit limit you have, it's better to spread the spending across different cards rather than putting all in one score (e.g., maxing out on one card vs spreading across five cards, but with the same spend and the total credit limit? spreading across is better).

@MarkReese

Жыл бұрын

Yes, spending across multiple cards can help keep utilization down 👍

I just found out you can have 2 discover cards.

@MarkReese

Жыл бұрын

Yep! 👍

Who many years it took you to get all your cards 5 to 10 years 🤔

@MarkReese

3 ай бұрын

I've been doing this for about 10 years.

Let’s go!

@MarkReese

Жыл бұрын

🏎💨

Love you Mark but you’re wrong on #1. Just last week my CSR said “Hey Mike can I buy you a sandwich with your door-dash credit?” I said “sure”. Thanks for all you do.

@MarkReese

Жыл бұрын

😂👊

Mark - u indicate 14 years credit experience and 4 years credit history ? How did u get so many cards in 4 years ?

@MarkReese

Жыл бұрын

14+ years = age of my oldest card. 4+ years = _average_ age of all cards.

@dbest4755

Жыл бұрын

@@MarkReese so u have 4 active cards...

@MarkReese

Жыл бұрын

@@dbest4755 - No. We're talking about a literal, mathematical average, which involves adding up the exact age of all cards & diving that sum by the total # of cards. Example... Card 1: 3 months Card 2: 9 months Card 3: 12 months (1 year) Card 4: 60 months (5 years) Card 5: 120 months (10 years) The Average Age of Credit history for someone in this situation is... (3+9+12+60+120) ÷5 = 40.8 months = 3.4 years

@dbest4755

Жыл бұрын

@@MarkReese so u say 5 cards, I say 4 cards, admit it, only off by 1 card...

@MarkReese

Жыл бұрын

@@dbest4755 - No. That was an example. I have 31 active personal credit cards.

Technically credit cards do get you into debt every time you make a purchase until you pay the bill at the end of the billing period.

@MarkReese

Жыл бұрын

Fair point.

I'm sick and tired of people lying about credit cards. That's why I'm out of the game.

@MarkReese

Жыл бұрын

Cash based lifestyle now? 💵

@berryzedzero

Жыл бұрын

@@MarkReese I'm almost completely off the grid these days. Either I do cash or just straight up barter for goods with other items of equal value.

@MarkReese

Жыл бұрын

@@berryzedzero - Awesome!

@berryzedzero

Жыл бұрын

@@MarkReese thanks man. I appreciate your support. That’s why you’re #1 in the credit youtube industry

PHURLEMINA !!

@MarkReese

Жыл бұрын

🎓💯

*Thank you for this Jimmy Neutron.*

@Michael.Potter

Жыл бұрын

I think he’s lookin fresh

@athencroft5139

Жыл бұрын

😂😂

@MarkReese

Жыл бұрын

Raised on good cartoons 🚀

@Jesus-kt5dc

Жыл бұрын

@@MarkReese 😊👍

@electroduval831

Жыл бұрын

I loved Jimmy Neutron. Nothing beat a good cartoon as a kid!

Screw PEMDAS, its all about that PHURLEMINA

@MarkReese

Жыл бұрын

😂👍

I would opt to PC a card rather than close but I can understand why it doesn't matter much in some circumstances.

@MarkReese

Жыл бұрын

Yep 👍 PC can be a great route to take. Wish the Amex charge card lineup had a no-fee option to which we could downgrade.

@donotreply8979

Жыл бұрын

He literally said that

👍🏻

@MarkReese

Жыл бұрын

💥

👍

@MarkReese

Жыл бұрын

🤙

#6 is not entirely a lie. Carrying a small balance--can--increase your credit score. In my case I was at 615 after a bankruptcy. On the advise of a friend I left $5 on the 2 CC's I had instead of paying them off in full before the cycle end date. Doing that raised my score by 30 points to 645 and I was able to close on a mortgage because of it. I believe this is because by paying them off prior to the statement date they were reported as zero balance and thus non-utilized. After leaving the tiny balance it changed the scoring of these cards as utilized with a great Utilization ratio. This might even work with someone with a ton of cards.

@MarkReese

Жыл бұрын

Right, leaving a small balance _BEFORE the cycle end date_ can be great, and I'd support that. However, that's not what 'carrying a balance' means (and not what #6 is referring to).

@donotreply8979

Жыл бұрын

This is why we don't listen to bankrupt people

Lies to you so you can make more for the credit scoring companies.

@MarkReese

5 ай бұрын

You're saying I'm lying to people in order to boost profits of the credit scoring companies?

"does Markiplier have a only fans" yes

@MarkReese

Жыл бұрын

Mark Reese...nope. Markiplier...probably.

@EliB207

Жыл бұрын

@@MarkReese he does

Second!

@MarkReese

Жыл бұрын

🥈🌟

I'll call Dave Ramsey and will report you. 😎

@LouThaEnergy

Жыл бұрын

I already did.

@MarkReese

Жыл бұрын

Estimated Wait Time: 3 hours

@daniel-panek

Жыл бұрын

Dave Ramsey is so garbage.

@johnsantiago4810

Жыл бұрын

@@daniel-panek his teachings in saving, getting out of debt and investing is not garbage.

@daniel-panek

Жыл бұрын

@@johnsantiago4810 his teaching is "spend less, never use credit" all the while be lambasts people and gives bad investing advice. He makes his money from his show, not from his investments. He doesn't take nor get rich from his own advice...