The big mistake is to believe that the money is yours (credit card)

@ricohinaro5559

4 жыл бұрын

😂😂😂😂

@cebceb3674

4 жыл бұрын

But I buy my rolex for 100k with credit card and I dont mind amk

@ricohinaro5559

4 жыл бұрын

@@cebceb3674 😂😂😂😂😂do what you want

@cebceb3674

4 жыл бұрын

@@ricohinaro5559 thx

@koladebalogun4583

4 жыл бұрын

exactly the feeling U get when U have access to credit...😄😅

1. You can leverage others people money 2. You can borrow money for free 3. You build up your credit score credibility 4. You get rewarded 5. You are better protected

@naveedgorantla9531

4 жыл бұрын

Rich Daddy Gangsta thanks dude

@MoneyMan28

4 жыл бұрын

Credit cards have 20 percent interest rates and other hidden fees, it's best to avoid them at all costs

@maximorlov8208

4 жыл бұрын

It's not your money .

@maiquyhuynh7927

4 жыл бұрын

I have a stupid question why it is borrow money for free?

@maximorlov8208

4 жыл бұрын

@@maiquyhuynh7927 There ain't no such thing as a free lunch.

Credit Cards can be your best friend or your worst enemy. Like anything else, you must have discipline, self-control & maturity.

@mostrev.lindanicholls5804

3 жыл бұрын

I bought some credit card from *@Darkearlsimmons* on *telegram* and it was quite real and all his card were valid

@MikeThePike316

3 жыл бұрын

Credit cards are pointless. Debit cards can do everything credit cards can do except get you in debt.

@docsays

3 жыл бұрын

@@MikeThePike316 - not really, there's alot of things credit cards can do that debit cards cannot, i.e. extended warranties, price protection, cell phone insurance, primary or secondary auto rental insurance, travel insurance, lost luggage reimbursement etc. Not to mention credit cards can improve or establish your credit score. Debit cards do not.

@MikeThePike316

3 жыл бұрын

@@docsays - I agree, but how necessary are those added services tho? I wager it's as necessary as giving a Texan free Volcano insurance. Also, credit scores only matter if you're trying to go into debt. I prefer cash. Different strokes for different folks, I guess.

@docsays

3 жыл бұрын

@@MikeThePike316 - some employers and apartments require a good credit score. Also, the average person doesnt have $300 - 400k in cash to buy a decent home, thus they need for credit. yes, the insurance perks on CCs are nice, but i enjoy the 2-5% in cash back i receive from using a CC to pay for bills or expenses that must be paid. But yes, for those who cant handle the risk they should keep using a debit card.

20 seconds into the video and I’ve already been called an idiot.

@mikepawlikguitar

3 жыл бұрын

We all have my friend, we all have 🤣

@tempo1889

3 жыл бұрын

You and me both.

@mattconstancio7379

3 жыл бұрын

HAHAHAHAHA

@thabanggerald7750

2 жыл бұрын

Sorry buddy

@krishnakushwaha5287

2 жыл бұрын

😃😃😃😃

I think the mistake people make is using your credit card before you have the cash in your account. I think the smart thing to do is use your credit card like your debit card. Spend the amount that is available in your bank account and then pay it off right away. Like literally the day of your purchase. You earn points and you don't have to worry about being late or anything.

@apostolis07

2 жыл бұрын

Exactly

@126644

Жыл бұрын

I'm going to let you in on a secret. How much you spend on your credit card doesn't necessarily matter as long as you pay it off before it's reported to the credit bureaus each month

@Jake-4-Christ

10 ай бұрын

You don’t have to do that. Just don’t be a crook. If you agree to the terms of your credit card and you adhere to them, then you are not a crook. To me, people who own debit cards and/or cash only, are prone to being crooks. But obviously there are crooks who use credit cards, and give them a bad name.

If you have the discipline to pay off credit cards every month then it’s a no brainer to use a credit card.

@DanLok

4 жыл бұрын

Well said

@tincustefanlucian7495

4 жыл бұрын

Else it is a good reason that you should not use a credit card.

@Marta_Fanai

4 жыл бұрын

@Rashed Arman are you stupid😂

@SSBMA1994

4 жыл бұрын

I have the discipline, but at the same tome I dont like to play with fire. I prefer only spending the money I actually have and learn to better budget my finances.

@karanjoshi2662

3 жыл бұрын

Don't banks have auto debit? My money gets debited every month at the end of the month.

Don’t use credit if you are broke or poor. That’s the answer

@wturner777

4 жыл бұрын

I've learned my lesson, and now I'm regretting it. I've got a lot of fixing up to do.

@KathyHagle

4 жыл бұрын

Don't use a credit card for daily small purchases but things that are like getting items for your home or a plane ticket. But the key is pay off the amount you spent in the month you spent it.

@Cra3ier

4 жыл бұрын

Yeah I THOUGHT I was making more money than the interests charged too, until I collected a hill of debts before I realised. It is costing me my wedding and my marriage now.

@neegas3490

4 жыл бұрын

@@KathyHagle paying off small things the moment you buy it with your credit card can up your credit score

@leee3880

4 жыл бұрын

Or just already bad with money.

I only use my credit card. A few years back one of my dads friends said " why are u using ur debit card, u get charged fees and dont collect any points". That's the day my financial education started. From learning about credit cards, to now stockmarket/option investing. Wow, what a journey and process

@sharonchiemelie333

4 жыл бұрын

I'm scared of using a credit card please put me through I'm confused right now, can someone use credit card for business? Buying and selling please tell me

@jackbrown5184

3 жыл бұрын

Lol this statement was awesome until you mentioned options... hahahahaha good luck with that my friend

@pemudaindia5709

3 жыл бұрын

And how about your current situation?

@rorym8543

2 жыл бұрын

@@pemudaindia5709 he probably lost it all in speculative stocks, maybe even in debt because he used margin.

@weibao1901

2 жыл бұрын

@@rorym8543 lol😂🤣😂🤣🤣

Been using credit cards since I was 19, my parents are scared of credit cards just like Dan said. 😂 guess I’m doing one thing right. 👍👍

@dulcemar32

3 жыл бұрын

How ?? I will use my dads debit card

@Kaiyats

3 жыл бұрын

Same I am 18 my mom doesn’t know I have one since she doesn’t like them and said I can’t have one she said I can have one when I move out but she doesn’t seem to understand you need a credit score to move out xD

@mostrev.lindanicholls5804

3 жыл бұрын

I bought some credit card from *@Darkearlsimmons* on *telegram* and it was quite real and all his card were valid

@robertklara7735

3 жыл бұрын

I bought a cc from *Ericroboti* on telegram best vendor I know and very trustworthy. she sells cc,fullz,Bank,Drops,and Dumps and she also make PayPal transfer at good rate

@Jemm1029

3 жыл бұрын

They are not scared of credit cards, they are scared of themselves because they might mess up. Kuddos to you for using your credit card responsibly!

I think after watching this, I believe you can save more money in your bank account by using Credit card. Put a limitation on your Credit card, be sure the limitation isn't more than your income and covers every primary needs in 1 month. Then pay everything with your Credit card until it reach the limit. Boom, you saved some money in your bank.

@zeinabdrameh3048

3 жыл бұрын

This is straight genius

@queenlysandra5038

3 жыл бұрын

This is also my strategy

@DnBastard

3 жыл бұрын

but you can do this with a debit card and not have to pay the interest? this is stupid

@wethepes5182

2 жыл бұрын

@@DnBastard no interest if you pay on time

@BmoreFinest91

Жыл бұрын

Damn you just taught me something

The key to credit cards is self discipline. Don’t spend all your money in your bank account and spend you credit card, only spend your credit card and only use the debit card to pay off the credit.

I have started my credit journey with my first credit card last year. Also, being an authorized user from my parents actually helped build up a record even if I dont use the card or the fact i didnt have a credit history in the past.

On point 5. 'You are better protected', I have had the bank refund a fraudulent transaction back into my debit card account multiple times.

There is a difference between debt and leverage

@kurts3779

4 жыл бұрын

Debt can be leveraged if you know how the game works. You will never find any seriously wealthy person that has not used debt. I have tons of debt. I could reconcile all my assets to pay off all my debt and immediately the rate of the growth of my wealth would decline significantly but I would have no debts with free and clear assets.

I definitely use my credit cards for both building my score and getting points. And yes I do pay them off in full every month. I’m going to use them too for my future business.

All those reasons you mentioned is why I use credit cards for 99% of my purchases. The biggest one for me is those sweet reward points I get back and I even count them as one of my income sources as I’m always able to pay off my credit card statements.

@jiLiIsAliveAndSleepy

4 жыл бұрын

This! I see it as additional income each month!!

Number 3 - Is the reason I am considering a credit card as my life has been a financial disaster. Now I am starting to build credit again. With good money practices now being used I am wondering if having a credit card, used wisely will help me with this goal.

A credit card is good when you pay it back on time. Some people can't get approved for one credit card even though they want to build it up through expenses. All the reasons you mentioned are great!

@maiquyhuynh7927

4 жыл бұрын

Do we have to pay interest even it on time?

I use credit card since year but have NOT utilized the full power. Thank you Sifu for sharing your insights with us. Very much appreciated. 🙏

I've traveled a lot for business and it's great to use the company credit card because I get reimbursed for my expenses every month and I can pay off the balance entirely. It's like getting free credit score upgrades and reward points every month.

Dan may I ask.. Would you rather receive an expensive product and free shipping, or receive the market rate and a charge on shipping..?

😂 Thanks. My teacher asked me to do a presentation today for Cred and Debt card, pros and cons. This really helped

@welsonlewis2257

3 жыл бұрын

I never got screwed dealing with *cardman99* on telegram, he is most legit vendor I found here 💳 ✔️

Credit cards only work until the income decreases or stops, no matter the reason for the decrease or stop. I've seen so many people who boldly claimed to have mastered the credit card to ultimately see them buried up to their neck in debt as a debt slave because they were laid of their job or the market caused a decrease in business.

@donnabennett5454

2 жыл бұрын

That's why there needs to be an emergency fund in place.

Paying off the balance at the end of the month is the same thing is paying with a debit card. The money is going to be gone either way. And you expose yourself to 28% interest. He's wrong.

Great information, thumbs up for this video 👍👍

Dan you are truly lightworker!! Thank & bless you so much!!

Overall great content, great information but that title got me for sure

In England if your debit card is been stolen all you have to do block it from your phone easy as that

Agree with all your points. I’m actually using credit card to strengthen my credit score.

Your videos has been super helpful to me thank you Dan Lok!

The line here is - PAYING off the balance every month. If you cant do it, dont have a credit card. Simples. Debt free from credit card is the best feeling ever. Not going to apply for a credit card ever again.

Hey Dan! Can you provide some insight on what to do if we're thinking about buying a home? Should we do a mortgage or not?

I found this video very valuable thanks Sifu

Beware VISA has a service called account updater. If you cancel a card and get a new one the service will give your NEW card info to any merchant enrolled in the service. This will be done WITHOUT YOUR CONSENT or knowledge. You will not be notified that it happened but you might have agreed to it in the tiny writing you never read when you set up the account. It is billed as a service to you but since you have to put in your new info anyway when you log on to the merchant site again it is really a way for the merchant to keep its hands in your pocket more easily. Watch closely when you set up accounts for reoccurring billing to make sure you really want it.

1. Credit card IS NOT your money. 2. You have to pay interest for credit card money. 3. You have to remember to put money back to your credit card during grace period or else you'll pay interest. 4. Credit card IS NOT the only card that brings you rewards. Debit cards reward you too. 5. Credit card IS NOT the only card that can be better protected. You can use extended protection with you debit card.

@supreetb6453

3 жыл бұрын

Yea! Credit card things are more like legal scams! I can easily ask my bank for premium debit card or have a silver mode bank account( instead of regular savings bank account) and easily get benefits same as credit card.

Great vid Dan!! Thanks again

Keep your Credit Utilization under 30% and your Credit Score will Jump. Believe me, I learned the hard way now I'm hip to when to pay and how to pay. Great Video!

Good points! For most people it is a trap though. But your content is for the best 🏆

Great video👌💪

I always use cash and debit card for everything. Credit cards may be better for some small percent of people, but way more people get burned from using credit cards than the people that benefit from them. The whole business model of credit cards is for the credit card companies to make money off of the credit card holders. Their methods of milking people for money is way more malicious than any debit card.

@rovli816

4 жыл бұрын

They said credit card is a scam😀

@mohamedubaid172

4 жыл бұрын

I agree with you. It's the financial education that's lacking. I've been using credit cards for 10+ years and have always paid the bill on time. It's the discipline that matters. I've never a paid interest on any of my credit card purchases and I use my credit cards for literally 80% of my expenses, including rents. If you pay 100% of your bill on time, every time, the credit card companies don't make money out of it, you do.

@Keepit-dy3yq

3 жыл бұрын

@@mohamedubaid172 what if you pay the minimum payments ?

@mohamedubaid172

3 жыл бұрын

@@Keepit-dy3yq thats when the credit card companies make money. They want you to spend the money you dont have, and then ask you pay interest on the item you didnt need. Break away from this cycle. Buy everything from Credit Card only if you can pay 100% of the bill value without paying interest to the bank. You will be amazed at how powerful this simple payment technique is. You save money by earning reward points and cashbacks and you never pay interest on any of your purchases.

Loved the video. What do you think of having your money in new fintechs like n26 or Revolut?

Love ur work dan i actually recently start my own company so thnxs for ur great guidance❤️

@juliusrendon5936

4 жыл бұрын

God bless the company

@blacksaiyan7549

4 жыл бұрын

@@juliusrendon5936 Thnxs really appreciate it

@crickyhere

4 жыл бұрын

good luck on your new company

@blacksaiyan7549

4 жыл бұрын

@@crickyhere Thnxs man ❤️

I think a debit card is useful if you can't control spending. Otherwise, the protections on credit cards far outweigh that limitation, and the perks of credit cards also tip the balance in their favor. But, as Dan Lok says, that's only if you pay it off every month.

@126644

Жыл бұрын

Using your banks debit card is worse than a credit card in my opinion because of overdraft fees.

Thanks Dan for sharing this

Ooh thankyou soo much sir What an amazing point you just highlighted. I am learning about these things and will sure keep your points in my mind😄

I get it but I don't get it. Because in the end aren't I just initially using my money to pay it off? I don't see the difference between that and using my cash to purchase from the start.

@djmagn3m691

3 жыл бұрын

in simple words -credit card deducts money after some time ,so if you havent gotten your salary or you have exhausted it for this month, you can just swipe a credit card for a product and can pay it next month, its like a loan without any interest if you pay it properly next month

@Chevsilverado

3 жыл бұрын

Also, if you ever want to buy a house or a car, a good credit score is something that’s very useful. Paying off your card on time will raise your credit score. Cards also collect free points which accumulate surprisingly fast and they can be used for plane tickets or other purchases. Debit cards charge fees and don’t offer anything else.

@AdilMaidanov

2 жыл бұрын

@@djmagn3m691 still can't get my head around it, let's say I've opened my credit card and been approved for 10k credit limit, I spent 200$ first month and pay it off when it's due, so each month I'll get a bill for the amount I've spent only? No hidden costs, or interests? What if I used my credit card for installment purchase, if pay off in time, can I avoid interests completely?

A dan lok ad on a dan lok vid😎

I switched to credit card about a year ago. My credit has gone up nearly 100 points because of it. I also make money with them from the cash back. I pay nothing in interest because I pay it off every month. Wish I had started this years ago. My daughter is turning 17 in a couple months. Going to add her to my account and get her her own card I'll control. So when is ready to move out she will have decent credit.

Waiting for this

You can use the pencil to stab someone like john wick😂😂😂

@docsays

4 жыл бұрын

Octane Bells - Excellent reference!

@Cra3ier

4 жыл бұрын

Yes I used a similar reference as a kid in my exam too. A knife can be used to cut, or to kill, it depends on how you use it.

Dan! thank you for that valuable advice

Creidit cards companies are just waiting for one mistake of customer and

@brandonliao408

4 жыл бұрын

Late to pay by one day? Hit'em with the 19-23% APR ;-;

Completely Agreed, (Well Explained)

Thanks for sharing 🙏

Very basic but important info. You need to pay your credit card bill every month though, don't forget that people!

@Rick-kv3gl

4 жыл бұрын

Pay before the month. With the internet it can be paid immediatly

thank you sir for such an advice. now my concepts are clear.

@tahiralikhanbaryar5669

4 жыл бұрын

Salam bro, what do you think about credit card is best or not? If yes then which credit no monthly or yearly fee? Thanks.

@mehmoodnadeem5594

4 жыл бұрын

@@tahiralikhanbaryar5669 all credit cards are good. it depends on the issuers and their interest policies.

Thank you Sir Dan Lok, I got my first credit card, I will apply this advice. My parents are scared of credit and don't recommend me one I got a card in secret I need my future!

DAN LOK VS DAVE RAMSAY. I WANT THEM TO HAVE A RECORDED 1 on 1 discussion in the flesh on this subject.

@tibibadescu

4 жыл бұрын

When to people have opposite opinions, I always want to see what happens when they talk face to face..

@zhahandy

4 жыл бұрын

This!

@jiLiIsAliveAndSleepy

4 жыл бұрын

Dave Ramsey's perspective is from his traumatic irresponsible old self with debt.

@waynewon8048

4 жыл бұрын

LETS MAKE THIS FUCKIN HAPPEN PEOPLE!

@01JR

4 жыл бұрын

Let’s get ready to RUMBLEEE!!!

Interesting video, but about one thing Iam still not sure. If you dont have debit card where do you store the money and how do you pay the Credit debt? Do you physically go to the bank and pay it with physicall money or do you have a debit card so you can store money and pay the Credit debt?

@SAGE795

Жыл бұрын

You will need a bank account.

Got my first credit card back in 2016 (age 18) haven't missed a payment. I was able to get a car loan easily back in 2019 because of my credit card.

Thank you!

People seem to forget that Debit cards are really dependent on your bank, my card is linked to my local Credit Union, I dont get much interest at all but I dont ever pay a monthly. I doubt I'll ever look at using credit due to not exactly seeing it in the right.

Kudos DANLOK👍

Debit cards also come with insurance protections against fraud. I’ve been refunded hundreds of pounds after fraudulent activity on my debit

He has a point. Looks like I'll get one this year haha

I think it all boils down to discipline whether you use a credit or debit card...amd most importantly making wise decisions with either of them...😞

@jiLiIsAliveAndSleepy

4 жыл бұрын

@Emad Ahmed You could use it on what you'd pay for in debit at that time and just pay it off immediately once it is processed to ensure you don't spend over. Also having an emergency fund helps if worse comes to worse and that's the case even without having cc.

Recently I have been making smaller payments on credit cards a few times per month, before I get notice of my final monthly bill. Then, the amount at the end of the month won't be as large, and I know exactly where I really stand in my checking account as the month goes along. The bonus rewards won't be going away, and they will go right back as a credit to my credit card. I love that. It is like an extra income that's helping me pay the bill. I love this video, Dan, thank you! I have never used a debit card for purchases intentionally. Twice, my debit card matched the color of my credit card and I used that accidentally! I try to have two different color cards; one for the credit card, and one for the debit card. Much of the time, I leave my debit card home.

With Credit Card Yes you can leverage other people's money, but it is short term. You also need to leverage to ensure you are working that money as well rather than spending it on holidays for example. Debit card helps you control money if you feel like you are spending out of control on credit card. There is no right or wrong, different tools for different people.

@purequotesshow5579

4 жыл бұрын

Facts!!

@michaelchen1893

4 жыл бұрын

@@purequotesshow5579 Can you elaborate Pure Quotes Show?

@akuleet6029

4 жыл бұрын

@@michaelchen1893 He was just agreeing with you lol.

@savagecat5499

2 жыл бұрын

You are totally right! People spend money differently and as long as they are using what works for them and their budget, it’s all good.

Hey Dan do you think credit cards with annual fees are good to have???? Please tell me what you think

When I use my credit card I ensure I have the money in my bank before I make the purchase then I put it into a pot marked spent so I will always have the cash to pay off the balance even if the worst happened

Great video thank you

Credit Card comes under Personal Loan so if I'm dead my family doesn't need to pay it goes with me so kinda recovery of annual fee I pay. I put my money in liquid funds and withdraw 3 days before credit card bill date.

Dude I can’t believe I’ve only had this epiphany about getting a credit card today... like what have i been DOING all my life with just a debit card smh

Using both because I use my debit to pay off my credit I am not afraid of credit cards anymore because I learned and remain discipline.

Nice video very nicely explained

But Dan I believe that you should have money saved for an emergency if something like your car were to break down, because cars do from time to time. That way you won’t have to fork out any money from checking’s.

I gained new knowledge thanks sifu Dan Lok

If you have charges that posted after the due date but you paid it off otherwise, does that still count against you?

Absolutely this is very good idea

Good pointe.. 👍🏻

I wouldn't go so far calling people idiots but.... you really stated 5 good reasons

What is the best card to start with? I'm rebuilding my credit, and have learned not to live beyond my budget! I want a card that I can use to pay all of my bills, then pay it off each month?

So basically credit cards are good if you want to borrow money and use rewards etc. hotels, flights as long as you pay them off?

I noticed in the past that the more credit cards I had, the more I would spend -- I'm trying to keep my accounts to 2-3.

What a time to be alive great 👍 video

Never got a credit card only debit card... bank offers it to me but never really thought I was old enough to wisely use one. Thinking a card is a card.

I need help I’m having a battle with my self. I’m 19 and am just starting to live on my own, I don’t have credit card nor a debit card, I see the major benefits of having a credit card and how useful it would be for someone like me but. This is part I’m a little stuck on where do I store my checks, also I live New York and some house owner when renting out room prefer cash, I’m young I’m still learning, what do I do???.

i salute you dan.i like your videos, you are a great seller! a good comunicator, you are truly a rich person.nice of you!i truly admire you, you are a altruist person-who wants to remain in the peoples mind-nice!

Very good , b useful talk on credit card. Thank u very much.

Thank you for ALL your video/advice... You are GOD of Business for me :)

I don't have a card, but now I know whereon to choose!

As a Dutch person, this is very interesting to see. In the Netherlands using a credit card is way less normal than in the USA, and credit score is also not really a thing here.

Wow!! Dan Thank you so much. You have changed my Mindset against Credit card!

@kushalvaiwala69

4 жыл бұрын

@@j.dino.supreme953 I don't know you but in india if you swipe you credit card you will have to pay that money within 45 days if you not after that you will have to pay interest but if you pay that within deadline, you should not worry about interest. I am not saying that always use credit card but use it wisely.

@kushalvaiwala69

4 жыл бұрын

Thanks for your valuable business tip!😊

@jiLiIsAliveAndSleepy

4 жыл бұрын

@@j.dino.supreme953 If you pay in full every month you don't pay interest. Most services and stores allow cc without additional fees also. I use it for everything I can that doesn't charge extra for using it and never paid interest. Plus based on the card, get some money back each month or as he mentioned other rewards.

Also, for paying bills, (unless the company only works with banking accounts) you don't have to worry about making sure that the funds are available at the time they are due. As long as the balance is paid off, then it's no real issue.

Hello sir, Which is the best credit cards company is best for students....

If the benefit of credit cards is to leverage it by not using your money, but the catch it that you pay off your credit card to not accrue interest, are you really borrowing money for any good reason if you're just going to pay it off at the end of the money with your own money?

I live in Guyana 🇬🇾 I’m interested in this ever since I saw 👀 this video and I think it’s a worthy consideration my brother and other friends use it so it’s about time I get with it!

I had this debate with a buddy of mine because he loves debit and i told him about the dangers of using debit over credit. credit is far better if you pay the entire balance off each month.

Credit cards aren't better than debit cards. Because most people are living paycheck to paycheck and can't really afford to pay that debt off. But with debit cards they pay it off once and thats it. But thats only if they have alot of money in their account. Credit cards are interest eating beasts who don't care about the average consumer and would take advantage of the person who doesn't know how the value of money works and how to earn that money themselves so they wouldn't have to payoff or be in the debt trappings of credit hungry companies.

About the credit card rewards. There is a reason for that. You're not winning when you're spending a lot extra (which you're likely to do with credit) and then get 1-2% back in the form of bonuses 😂