A low limit card for online purchases is a good idea

@rubiconb8176

4 жыл бұрын

TheMoneyMindset Visa/MC/Amex fully insure you against fraud upto any amount so it really doesnt matter.

@ChaceBonanno

4 жыл бұрын

@@rubiconb8176 Isn't it also FDIC insured?

@rubiconb8176

4 жыл бұрын

@@ChaceBonanno I am pretty sure FDIC is for deposits. You dont deposit money on credit cards so it wouldnt really apply.

@eldiesel4593

4 жыл бұрын

Also, (in addition to the responses) as soon as your "non-online-purchase" card is created, before it gets to you in the mail, information about you and that card number exist on the credit card company's servers. That can get hacked. You don't need to buy something from Amazon for the number to get stolen.

@mdzaid5925

2 жыл бұрын

Why not just set the limit in net banking

“The first card should be low limit, like $2,000.” *spits drink* That’s low limit? I thought he was gonna say $300-500 lmao.

@Marsha_Ann

3 жыл бұрын

Lol FACTS

@Libra8410

2 жыл бұрын

Right! Lol

@WAncouvOR

2 жыл бұрын

You can't buy many phones with a credit limit that low. Unless if you pay your card in advance to go to a negative balance

@JoseMora-wc5zz

2 жыл бұрын

He is a billionaire isn’t he? Lmfao

@Daemon1995_

2 жыл бұрын

yall broke if 2000 is too much

A low limit credit card is more *for you* to not overspend. Credit card companies protect you from fraudulent claims.

@stevenroshni1228

4 жыл бұрын

True but it's also a big hassle. Waiting for a new card to arrive when you're ready to vacation; fixing your credit if you didn't catch it soon enough, etc. It's really good advice checking accounts.

I have 4 credit cards, one for online purchases. One for groceries and gas. One for bills and lastly one for restaurants. I think if you’re responsible 3-4 is good

@callmeNeno

3 жыл бұрын

Totally agree 3 to 4 is ideal. I have 8 had to pull my Excel spreadsheet

Barbara: " you have too much Credit cards and therefore im out"

@Marsha_Ann

3 жыл бұрын

🤣

Barbara: "My name is Barbara for that reason I'm out"

Don't say this to Dave Ramsey or he'll yell at you.

@shree711

5 жыл бұрын

And guess who is richer?

@evanh.6097

4 жыл бұрын

shree711 that’s irrelevant. You’re out of your mind if you’d take personal finance advice from Kevin before Dave. In case you can’t tell, Kevin’s advice on these videos is definitely tailored towards people who already have money, while Dave helps everyday people. Business finance and personal finance are very different subjects.

@evanh.6097

4 жыл бұрын

shree711 also, google a picture of Dave’s house, and think about the fact that he paid cash to build that place. Dave’s still doing extremely well for himself

@Dreamllama17

4 жыл бұрын

Evan H. You hit the nail on the head!

@perotal

4 жыл бұрын

@@evanh.6097 When someone disagrees with Dave he would call them "stoopid" and broke. It is only fair that someone would point out that Kevin has got more money

Say it loud, say it proud to the bank: "I don't like fee, I'm cheap" 😎😎

Hahahahaha. Nanananana 😜

I'd say at least three - One for online/other recurring transactions where your number is stored, one for eating out (since that's the one place where your credit card leaves your sight - and some cashback cards have good rewards rates on restaurant/dining spend) and one for general spending. May need a fourth if you travel abroad and your dining and/or general spend cards have foreign transaction fees.

Another option is to pre-convert your money at your home bank before your travel. It's sometimes free if you're a customer in good standing and is still generally much cheaper overall if not.

I have two credit cards with cash back perks. I pay my cell phone on one card, and Netflix / Disney + on the other. That’s all I’ve ever used them for. 😂

@izzzybriggzy7754

Жыл бұрын

Do you still do this? Do you think it’s be worthwhile! What hav the benefits been for you? Cheers

Absolutely logical and so so simple. Loved the idea.

8 cards! You are dead to me.

@kobe0007

5 жыл бұрын

I am not a billionaire and I have 6 cards. Exploit sign up bonuses and travel the world ;)

@jinxd511

4 жыл бұрын

@@kobe0007 not how it works buddy

@franmejia851

4 жыл бұрын

I have 13 but only use 2

@euenfheiejrj

4 жыл бұрын

I have like 12 I think but really only use 2. I open store credit cards then pay it in the store if I can get discounts.

@euenfheiejrj

4 жыл бұрын

Jinx d5 what do you mean? That’s exactly how it works

Cashback is better than reward points because those points lose value over time due to inflation if you don't use them. Cashback directly reduces your credit statement each month.

My Top 3 credit card with no annual fee 1. Chase Freedom Flex (5% on select quarterly categories) 2. Discover It (5% cashback on select quarterly categories) 3. Citi double cash( 2% cashback on all purchases)

@kobyschechter8163

Жыл бұрын

I’ve had the Discover card for a year and I love it. I just got my first year cash back match from them. I also just got a credit line increase which is great because it’ll lower my credit utilization.

I've got 1, managed to get $23 in cash back so far.

Very informative, thanks!

Wow that's actually great advice! I actually have like 10 credit cards, but I would have never thought you could get a foreign credit card. Don't you have to be a legal resident of that country to apply for their credit cards? 🤔

The end “na na, na na, na na “ had me 💀

I had a Student Credit Card since 2009 that only went to 500 bucks. It was only this year that I decided to get new cards for the simple fact it's one thing to have a 500 limit when you're 19 and just starting college and another when you're 30 and need a little more wiggle room for emergencies.

It’s not a bad answer. I agree with the cash back but it depends on what you do and your income level. Most people only need 1 credit card. After a specific income or a more variety of use you can expand

I would love to see him and Dave Ramsey on a panel together🤣

As many as you need to get cash back on each category...I get 2-5% on all of my purchases

I literally only clicked on this video just to read the Dave Ramsey comments🤣🤣🤣

I have a credit card with no foreign fee. So I go anywhere and just swipe 💳 😜

This guys doesn't know about purchase protection nor does he know about cards with no foreign transaction fees (?)

@stephengnb

3 жыл бұрын

Well, I don't know if he's American or not, but American card benefits often are a lot more generous than European cards (or any other non-US card). I've heard most UK CCs (even the AmEx Centurion card!) have foreign transaction fees.

@dbrowng1

3 жыл бұрын

Exactly.

for the average person, just use cash. so you don't spend beyond your means. credit is for things that come with collateral like a car, house

I use my American credit cards in London, UK and I don’t pay any extra fees, I use the cards that charge no foreign transaction fees like capital one credit cards

@kobyschechter8163

Жыл бұрын

Capital One is awesome for people who travel internationally often. I also have a Capital One card that doesn’t charge a foreign transaction fee and I’ve been using it in Australia.

Dave Ramsey: That's stupid. Cut up your cards. Kevin O'Leary: I'm richer than you. Nananananana! Honestly, most people should NOT have credit cards. Most people are not emotionally or psychologically fit to own credit cards.

@youngspiredcyrine9277

4 жыл бұрын

I thought the same 🤣🤣 I

@mysteriousunknown586

4 жыл бұрын

I'm confused. Is it that hard paying the credit card bills on time and not abusing the credit card? I don't know much about them myself.

@directorbeau

4 жыл бұрын

They are good to build credit if you pay them in full.

@RealHumanBot

4 жыл бұрын

@@mysteriousunknown586 No, it's not hard to pay off credit cards at all. The problem is idiots buying things they can't afford.

@eliunkn7451

4 жыл бұрын

Ahmed B I agree I think debit card are better, but you should have a credit card when you know you can pay back the bank when you “borrowed” the money from the bank

I have 13 low limit cards because I am rebuilding my credit. I was glad to have them in Dec. 2020 when I had to sleep in an extended stay hotel for the month. Because I have enough credit my utilization was only at 10% by Jan 1st. With my credit, I never would've been able to do that if I only had 2 credit cards.

"if they get hacked nobody can spend more than $2,000". Actually by federal law, your liability is actually nothing if someone hacks your credit card. If they don't deliver the merchandise you bought, if they deliver it and it's broken, if the host web site is fictitious to begin with, or someone hacks your card you still have zero liability. However, don't think using your debit card is the same thing, if you use a debit card you are liable up to a certain amount and it will very likely take a while to get it fixed and the money back to your account while the bank investigates it.

The low limit card recommendation is BS- The cardholder is not responsible for fraudulent charges.

Thought you know more about CC Disputes.. if you didn't make the purchase you het reimbursed, No?

There are many US based cards that have no foreign transaction fees. Like the Amazon card, a common one.

Uh I’ve never been charged international with fees. I have several credit cards but mainly use chase sapphire reserve.

Makes good sense 👏🏿

He doesn’t mention about foreign purchases there’s credit cards that doesn’t charge a fee. And there’s others that give you flight benefits such as free checking bags if you travel a lot. You don’t need to have two you can have 5-10 cards just manage them properly.

Thing is - to have a credit card in different currencies, you have to have bank accounts in different currencies- otherwise you’ll probably get fees for currency exchange…. For most people this is not a good solution. What you should probably do is speak with your credit card company and low the currency exchange fees to the minimum.

The answer is two. AMEX and either a MC or VISA just for the places that don’t take AMEX...

Kevin O'Leary: You should own atleast 2 credit cards. Mark Cuban: NO

He is the reason I watch shark tank He is fun and influencial

I didn’t think of that

I agree with Kevin O’Leary that cash back credit cards are better. Especially for young people like me (I’m 22) who aren’t traveling by plane so often. Flying is very expensive. But carrying credit cards in many different currencies is silly. Just have a credit card in USD that doesn’t charge foreign transaction fees. Capital One doesn’t charge a foreign transaction fee on their credit cards. I used my Capital One card in Australia (May 2023) for that reason.

Kevin: I’m a Cheapass therefore I’m out

So how you telling us to have 2 but you got 8🤷🏾‍♀️

What's your way around foreign transaction fees though? Unless you have an income in pounds or whatever currency that you're using, you're still going to pay a conversion fee... If it's not from the credit card it'll be cash fees from currency exchange companies.. Unless I'm missing something?

@grungehamster8

4 жыл бұрын

I was wondering this too.

@karencarranza6901

4 жыл бұрын

I have the Bank of America Travel rewards credit card and it doesn’t have charge conversion fees. There are American credit cards that don’t charge conversion fees.

@mikebarnes2294

4 жыл бұрын

Having more control over the exchange rate you get when you make your credit card bill payment once a month rather than the exchange rate applied to each individual purchase.

@gotime1124

4 жыл бұрын

@@karencarranza6901 What is the annual fee for such a card. He did say he avoids annual fees and any fees so that is the way he does what he dose. Keep as much money in your pocket as you can. Howe is that most of you are so mad that he is rich that you ignore anything and everything he teaches about getting rich

@karencarranza6901

4 жыл бұрын

Go Time there are no annual fees. You have to have good credit to get the credit card though.

Brilliant

I have 2 cc’s atm 1. Self (limit 450) 2. Discover (2,600 limit) 3. Amex blue cash everyday (2,000 limit)

Online, spending, groceries, travel

How do you book an international flight with your $2000 limit online only credit card?

i have 11 credit cards. I only use one for everyday purchases and the rest i charge a cheap monthly subscription on for 2.99 a month and autopay the statement balance. then i cut up the other 10 cards and made sure they weren't attached to any of my online accounts like amazon so i never spend money on them other than the cheap monthly subscriptions.

People who only use credit cards for everything don't seem to realize that if thier is a long lasting blackout they cannot buy anything.

that's actually good advice

I'm currently working on having 8 cards with over $10,000 credit limit !!!!

wouldnt you still have to pay back the credit card in us dollars even if you have the foreign credit card or not?

I’m as cheap as you. Hate cross currency conversion so I get card that’s doesn’t charge me for paying different countries with different currencies which can be used up to amount that I top it up with. Ask the banks to reduce credit limit on card so that no misuse can take place and keep an eye on my spending.

I’ve been told not to have a credit card at all! Is having them recommended, or optional?

Dave Ramsey enters the chat..

maybe you should try revolut card, it's multi currency prepaid card, which you can top up from your credit card without any fee and use in almost any country without paying any conversion fee

Does anyone else have credit cards from other countries like him? How did you go about getting it? I’m just curious.

“Nananana” Me: For that reason I’m out

Couldn't he just get a card with no foreign transaction fees?

Cool

How can you get credit cards from different countries?

This man is a G.

If conversion is an issue why not use XRP or BTC?

Any tips I’m 19 I got capital one with limit of 500 was looking into getting another card

Umm ... you can limit online purchases on any credit card to a desired limit using card control

If you have a cc, you don't have to worry about being hacked or fraud charges

@damnvegetables3179

5 жыл бұрын

King Kang that’s a common misconception. Not every bank offers to insure your credit card. If you are a victim of fraud, it will go under an investigation process and you may not be charged if it was found to be out of your control. However, if you’ve responded to something (phishing) or given someone your details, that’s an entirely different matter.

Multiple currency CCs dont work unless if you have a bank account + income source in that currency to pay off your balance. You'll get whacked with foreign transaction fees anyway while you try and pay with the currency of your income. CCs that offer no foreign transaction fees are a better option. Also cashback is a scam coz you can only redeem your cashback balance to your statement above a certain level. Whereas, I can pay down a part of or full CC balance any time with points (for eligible purchases ofc).

Hahaha, I have my primary credit card with 2500€ limit and my second revolving one with 1000€ limit. 😅

But to pay off the credit, don't you still need to convert your US income money into British pounds to pay off your British debt? And thus lose money in the conversion

What about point currencies that are worth more than actual money? Often times, I can get 2+ cents in value from transferable points.

@davewhite756

4 жыл бұрын

His time is worth to much to play our cc games

He says you should only have 2, but he has 8 lol.

@noureddineelalam75

4 жыл бұрын

He said at least 2, not only 2.

Almost nobody uses Credit Cards here in Germany

Na na na na na naa. That sound coming out of an adult mature grown up seasoned investor

So a low limit credit card for online purchases, and then one for in person high limit purchases, x 3 for the UK, Europe and Switzerland, 2 x for offline and online again. So 8

8 is very low amount

Why not have 2 cards without any limits on the budget, one that has online payments enabled, and one that doesn't have them enabled. Go Revolut :)

Deff doesn’t have any Amex cards with there high annual fees

Ok but he still gets charged when he tries to pay for that british credit card with dollars, unless he has a saving account on british pounds that he uses to pay the british credit card

My card is 2000€ a month, so $2274, I never considered that as low limit lol

Everyone is different. I have 4 but I think 3 is good for me

hahaha he just ended it with "na na na na na na"

Why don’t you just get one card with no foreign transaction fees......

@gotime1124

4 жыл бұрын

What is the annual fee for such a card Sir? that is the important part

@doinky3

4 жыл бұрын

I pay zero annual fee for mine

get a card with no foreign transaction fee? and obv u like cash back u have a private jet. 😂

wow, I literally have $2000 limit card for online and a $70,000 for everything else... I feel validated and I think I'm a genius

Ya a very loww limit of 2K. That js huge.

I have 11

nice

I'm glad I don't need a credit card in Germany. I pay cash, by bank card in real time or by bank transfer (1 day).

wait doesnt inflation also apply to cash? i don't get it

One for fuel, one for groceries, one for online is the way to go.

I have one credit card. I have no debt.

I have 15 😎

I have 5

Don’t listen to this man and Get as many cc as you can get…that way you have a high available credit so you don’t hurt your credit when you use one card

7 credit cards. one for each day of the week

David Ramsey said credit card 💳not good sir