One thing I forgot to mention in the video, so I'm putting it here. Dave Ramsey often cites psychological studies that suggest that people are more likely to spend money on credit because it doesn't seem "real" to them. I can't find the study, but I believe he suggested people spend 10% more on credit cards than they do when paying cash. Here's why I think that's BS: First of all, his demographic is significantly older than mine and grew up in an age where cash was more frequently used than credit. Therefore, for older generations, cash seems "more real" and credit can seem like "play money." However, younger generations didn't grow up carrying around cash - we live with numbers on an online bank account, paying through venmo/paypal/credit/debt, and rarely carry cash. For myself, 99.9% of the time I don't carry any cash on me - and the reason why is because when I have cash, I spend it. For younger generations, we calculate how much we have based off what we see online with our bank account. When we have CASH, it's unaccounted for - so for us, it's almost like "extra found money" that you're more likely to spend because it's not budgeted online. Given this, I believe younger people are more likely to spend CASH than spend on credit - and as we become more and more digital, I believe CREDIT/DEBIT becomes more painful to spend than cash since we see our numbers online. Just my take on things, of course - maybe I'm wrong and I have nothing to back this up with other than my own personal experiences - but let me know your thoughts. I do think there's a vast difference between the average of Dave Ramsey's audience (40+ years old) and mine (15-25 years old) and how we view money.

@GR-uc1gq

6 жыл бұрын

Graham Stephan yeah what ever cash is in my wallet I don't count it in accounts. And I spend away. To help your anecdote im 20

@GrahamStephan

6 жыл бұрын

Yeah! That seems to be the difference between our generation and our parents generation. I'm pretty sure my parents would be the opposite - cash would just seem more real to them.

@benmartin3180

6 жыл бұрын

Same, cash is the devil

@vegetasama4358

6 жыл бұрын

Graham Stephan no one cares you have 11 cards

@GrahamStephan

6 жыл бұрын

Vegeta Sama - Then why'd you click the video and take the time comment? ;)

Used right, credit cards are an amazing financial tool that can give you free travel for the rest of your life. Used wrong, credit cards are a heavy shackle that will keep you paying interest for the rest of your life. With great power, comes great responsibility.

@mattlogan6892

6 жыл бұрын

Michael Jay - Value Investing for sure. about to get my first one!

@swee7552

6 жыл бұрын

Michael Jay - Value Investing wow... Imagine if Spider-Man became Money-Man.

@GrahamStephan

6 жыл бұрын

I totally agree! I'd hope that people would just be respectful and responsible with them. All the benefit without the downside.

@keritans

6 жыл бұрын

Agreed highly my friend.

@renegadezen7841

6 жыл бұрын

Michael Jay - Value Investing best comment.

I’m 23 and have 6 credits cards. My friends thought I was crazy but I have the highest credit score out of all of them. My credit utilization is near nothing compared to a friend with only one credit card utilizing 90% of it.

@GrahamStephan

6 жыл бұрын

Well done!

@Zarllos

5 жыл бұрын

So let's say I have one that Max's out too 500 should I use all 500 or keep it lower to get my credit higher

@JaHawkey70

5 жыл бұрын

@@Zarllos You want to keep it lower. There is a sweet spot for utilization and that's below 30%. The credit algorithms will read that and not look at you as a high risk spender. If you only have 1 card with a total limit of $500 then you never want to have more then $150 charged to your card ($150=30%). As mentioned in the video you also want to make sure the entire balance on the card is paid off by the due date. Never let your payment come in late. I hope this helps!

@264amdx

4 жыл бұрын

SleepEatDrive: “They called me a mad man”

@aliciaking2367

4 жыл бұрын

That is just the same rule for good credit also *do not cancel your credit cards* and do not apply for too many cards to avoid choking your credit limit. mogulcreditcardclinic.com have a lot of hints on how to maintain excellent credit.

Bro I've never held a credit card but I think there is more to win then to lose if things are done right like you said. Awesome content

@GrahamStephan

6 жыл бұрын

Thanks so much!

I have 9 cards and i’m 23. Score just broke 800 :)

@GrahamStephan

6 жыл бұрын

Well done!!!

@JPxKillz

5 жыл бұрын

Congrats dude, I'm 21, you are an insperation.

@Will-jg2zs

5 жыл бұрын

Wow your a beast! You love chasing debt my man G.G.

@mattpalmq

5 жыл бұрын

Sequency if you use credit cards just to pay for bills, gas, groceries and whatever else you would've bought anyway AND you pay it in full every month there's absolutely no reason not to. If you are irresponsible with money and credit though please stay the hell away from credit cards. You will ruin your life.

@iamOAKland

5 жыл бұрын

Remember you have to have income to back your score.

Dang. I thought I was cool with four cards...

@GrahamStephan

6 жыл бұрын

Gotta step it up bruh!

@dandawson8128

6 жыл бұрын

You r cool @ 4 cards, Graham once had 4 cards too...

@BlueApeCinema

5 жыл бұрын

I'm only 21 and only have 1 card 😂

@RossLemon

3 жыл бұрын

@@kentrobinson7479 No one cares.

@AnneewakeeChampions

3 жыл бұрын

You are bro, stop trying to be someone else.

Love credit cards. Been taking advantage of their rewards for a while. Now I'm looking at getting business credit cards to pay for renovations like you mentioned, hence why I watched your video!

@GrahamStephan

5 жыл бұрын

Nice!! 🙌🏼

Key words: “BE RESPONSIBLE!”

@GrahamStephan

6 жыл бұрын

100000%

@belindajames8834

5 жыл бұрын

Hey

@alexanderb4818

4 жыл бұрын

@@GrahamStephan More like 10^999999999999999%

@edwardlopez9061

4 жыл бұрын

Obviously The vast majority of people are not responsible with credit cards that’s why there’s trillions of dollars in credit card debt

Awesome video. I love that you repetitively emphasised paying off the balance in full. Believe it or not, the whole sign up bonus and points churning got me much better at understanding credit cards. I use to hold balances in my early days of credit cards but now I see it as a game with the credit card companies. I can't let them win by charging me interest so I pay off everything and rack the points. My credit score has went up to 790 since I started the points game lol

@Paulie8K

2 жыл бұрын

@@MarkReese thanks! I was tempted to grab the Sapphire again for the 100K offer but I held off as I'm currently sitting on 130K Delta points after getting the Delta Gold right before Covid and not traveling once since.

To be fair to David Ramsey, he is speaking to a different audience to you. He keeps his message very simple and one dimensional. It's a bit like if your audience is made up of a lot of alcoholics, you probably wouldn't say, "drink responsibly", but it is better to say to everyone, "don't drink". Reason being is that there will be alcoholics who think themselves able to "drink responsibly" and choose to hear that message. By keeping it simple, he is able to get many people out of debt (which is his key aim). I have even heard him suggest getting loans when dealing with people who are good with money (this is extremely rare mind you). You are obviously able to think for yourself, be responsible and make your own decisions. You'd be surprised how many people can't.

@GrahamStephan

6 жыл бұрын

I agree with you completely. Although I believe there’s a good portion out there who could otherwise be perfectly responsible with moderation.

@nickblooruk

6 жыл бұрын

For sure.

@nemander8273

4 жыл бұрын

Very well said!

@financeandfitness1262

4 жыл бұрын

Totally agree. I wish he had the same conservative and no nonsense approach when talking to his audience about investing. I like Dave, but his advice to people saying how simple it is to get a 12% annual return on a growth stock mutual fund is dangerous to those who aren't familiar with investing.

Would love to see a rundown of your timeline for card accumulation. When you got your cards as a young upstart graham just getting his feet wet in the credit world. Like a quick 101 for newcomers

I am late watching this Graham, but I watched this twice. I am taking notes. I am rebuilding and this is great information I need and it is explained clearly. Thanks so much for sharing

@GrahamStephan

5 жыл бұрын

Thanks!!

I'm 22, I had my first credit card 5 years ago and I still have paid $0 in interest. I'm confused on why Dave Ramsey doesn't like credit cards. Yes, they aren't for everyone but hes putting people in the wrong direction. Also, I LOVE the small edits you do, it makes the videos so much better!

@GrahamStephan

6 жыл бұрын

Dave is good for people who have zero knowledge or control over finance. For these people, zero credit is the way to go. For everyone else it’s all in moderation.

@dandawson8128

6 жыл бұрын

Indeed, moderation is KEY! Most folks also don't have much in savings or (sadly) take advantage of their employer's 401k plan. ....but they might drive much cooler cars & have a bigger house than you. I'll skip the bling and stay the course.

@smileychess

6 жыл бұрын

The key is having tons of savings. At 22 I also had a perfect track record of paying cards off. But eventually I had some serious expenses that blew through my savings and my only option was to temporarily use a card. This wasn’t the plan, but as they say, life has a way of getting ahead of you. Just keep saving, and saving. And if you think you’ve saved enough then save some more. Because as soon as you get trapped in credit debt, it takes tremendous energy to get out.

@weeyum99

5 жыл бұрын

yo wtf what are the odds I find freshnuts in the comments of a video like this and not overwatch related haha

@mattpalmq

5 жыл бұрын

PaleBear NEVER spend money on credit cards that you don't have in your bank account and you won't have to worry about that. Unless it's a life or death emergency just pretend your credit cards don't exist when your bank balance is low

Dave Ramsey would love this video

@GrahamStephan

6 жыл бұрын

lol

@aja23136

6 жыл бұрын

Dave Ramsey is really for those who have made extremely poor choices in the past and trying to clean up whatever mess they make. Its like AA for personal finance and credit cards should absolutely be prohibited for those types of people.

@bearjibster

6 жыл бұрын

aja23 yup

@BenjaminFranklin2u

6 жыл бұрын

How does it make sense, for someone who makes enough money to pay for the things they need to use credit?

@aja23136

6 жыл бұрын

Its sounds messed up but credit cards are businesses. They are designed to make money not make it easier for the poor. Therefore offering rewards reels in people to sign up. Those that are smart and can afford to pay back in full are rewarded while those that make poor decisions make those credit card companies profit.

as always great content. The only thing Graham did not discuss was annual fee’s. The American express platinum gram displayed does cost i think around 650$ annually and it looks like he might have an America express gold which is around 250$ annually. although, some perks with some work can make up for that annual fee for example 10$ monthly no rollover allowance for uber eats with the amx gold but it is important to note be cautious with annual fee costs bc over time it can add up and if you are not using the card and gaining that value back over a long period you can end up paying off the original value you obtained. as always, thank you for the great content and your hard work.

@emanuelalrocks

11 ай бұрын

He did briefly mention that only one card had an annual fee

great video Graham put cc set to auto pay your minimum as soon as you get it = never late. paying off in full doesn't increase your score, but it's just smart to manage your balances by keeping them low or paid.

Well, that's dedication for sure. You gotta give credit where credit is due. (that was an awful pun, I'm sorry)

@GrahamStephan

6 жыл бұрын

A+ for your "interest" in credit card puns ;)

@AndrewJaws

5 жыл бұрын

You have earned a hard like.

@greenm1352

5 жыл бұрын

I will now be an authorized user to your like button.

@Gabriel.4190

5 жыл бұрын

Rim shot

Can’t wait to get some of those sweet sweet points

@GrahamStephan

6 жыл бұрын

So many sweeett.....sweeeeeeettttt points

Great Video. Keep in mind a lot of your card have AF 95 or more. So you need to balance between AF and the benefit the card brings. You can still get the Amex Gold for 50k before it expires!

The first 30 seconds are GOLD!

Dave Ramsey would have a heart attack

@GrahamStephan

6 жыл бұрын

Haha I'd love to see a reaction to a video like this

@dontworryaboutit8213

6 жыл бұрын

Graham Stephan call in live on his show

@deepatterson1835

6 жыл бұрын

Evan Sweetin lol

60,000 Amex plat bonus? Gotta get that 100k plat bonus man. Also I agree it's all about those points. I've flown roughly $160,000 worth of first class flights in just 1 year with my credit card points. Also building the credit history is nice too

@GrahamStephan

6 жыл бұрын

I waited two years for the 100k plat offer, didn't see it or get the invitation :(

@NuanceBro

6 жыл бұрын

Graham Stephan there were at least 3 public 100k offers in the last 2 years. I got mine late 2016 with 100k and there were a few more after that. I reccomend keeping your eyes peeled on the "churning" sub reddit

@GrahamStephan

6 жыл бұрын

I missed the leaked link awhile ago :( Never saw the second one, or I wasn't targeted.

@JordanHesse

6 жыл бұрын

Nuance Bro how much did you need to spend in total for $160k worth of flights?

@NuanceBro

6 жыл бұрын

Jordan H theres ways to get around all that minimum spend stuff. I barely make any money so if I had to reach all that minum spend i wouldn't have been able to do it

I'm around 25 cards or so now. For most people it's hard to spend 5k+ without going in to debt and giving the value of the points back to the banks. Learning how to MS is the key.

AWESOME Video. I never really understood how to use credit cards for my benefit until I came across this.

Great video man!

@GrahamStephan

5 жыл бұрын

Thanks!

Missing the Victoria Secrets credit card. All about those points.

@GrahamStephan

6 жыл бұрын

ಠ_ಠ

@iSamPatterson

6 жыл бұрын

Haha

@Pinkbirkinbaby

6 жыл бұрын

It would be perfect for your girlfriend or future girlfriend 😆☹️🤩

@James-vj5hz

6 жыл бұрын

Graham Stephan Victoria's Secret has some good men's colognes. Don't hate.

@nickk861

6 жыл бұрын

Idk what you’re all talking about but buying Victoria’s Secret is ALWAYS a win win

Just got a new card this weekend and yep the algorithm is still drunk because my score went up 9 points. I’m expecting it to jump even more soon. Thanks for the information Graham

I would recommend getting the chase trifecta since you got the ink reservation. Both the Chase freedom and unlimited have zero annual fee and freedom gives you 5% on rotating categories. You can combine those points with the preferred

@breelindo6588

3 жыл бұрын

Contact Sam hacks for credit cards help and repair can reach them on telegram @ Samhackstech or on whatsApp +1(508)731-4125

@wisemoneyfinance451

2 жыл бұрын

Credit cards are like shoes in some ways; there are different kinds for different occasions. I actually did a video on this going through 12 or more of the best credit cards available on the market. This might prove very helpful.

On credit card utilization hack is to make a partial payment before the middle of the month. That way when the banks report your utilization to the credit unions they think you actually used less then you did. I try to pay off enough in the middle of the month to keep my utilization under 30%. Then pay off what's left at the end of the month.

What a coincidence! I was just invited to spend the weekend in Rome and for the first time ever, I spent 136k in Delta miles to buy my ticket. I leave LAX on Wednesday and will return on Sunday. I kind of got a small high buying the plane ticket like that. BTW, just uploaded vlog 4. Vlog 5 will be shot in Rome, because I can! AND, people are actually clicking on my Amazon links! Only three clicks total so far, but it is actually working. All because of your previous video saying most of us won't copy you. Keep up the great videos!

@GrahamStephan

6 жыл бұрын

Well done!! I'm still in the "hoarding points" phase...I gotta start using them more often, though. Will check out the vlog!

I made dumb decisions when I got my Bank of America credit card which was my first Visa card. I racked up over a grand in under a year along with my store credit cards. Since then my mom loaned me 2,000$ to only pay her. Since then I’ve been more responsible and I only use my cards every once in a while. My mom also buy stuff with my cards but only necessities. Since then that boosted my credit to 748, but dropped to 714 due to closing a card which I regret. I leaned my lesson. I’m currently 22 and still learning. I really appreciate these videos it makes me more informed and let’s me use my cards wisely

@GrahamStephan

5 жыл бұрын

🙌🏼

I've tried to explain this over and over and over again to my mother but she cut 4-5 credit/store cards at the advice of our local bank officers, now she seems much more irresponsible to the beauro's for high utilization. Thanks for confirming that I am not crazy.

I did something similar. I apply for every credit card that had 3 things (1. no annual fees 2. 0% till 2020 3. cash back sing in bonus) now I have 12 cards $70K+ in available credit and got over $3K cash back sing in bonus and I don't have to pay interest for all 2019.

@MarkReese

3 жыл бұрын

Hey Armando - congrats on getting all those approvals! 😃💳💯 How many cards are you up to now that it's 2021?

Chase sapphire definitely has annual fees. Especially that reserve lol

I'm liking these videos. Good quality and informative.

The one thing I wonder about when hearing about people with large numbers of credit cards is how often they're having to deal with fraud issues. I know the banks are getting better about this...my credit union intercepted some fraud charges recently on a Visa debit card before they even posted to my account...but there's still at the very least an annoyance/inconvenience factor.

I have 21 active lines of credit from doing this and love the benefits, the best part is when people who have no clue see I have 3-4 cards on me at a time get confused and think my credit is BAD because I have multiple cards, am I alone or have others experienced this?

@GrahamStephan

6 жыл бұрын

21 active lines of credit? Dayuumm!!

@xmochix604

6 жыл бұрын

Same! I have that many cards as well! Total credit 300k

@dandawson8128

6 жыл бұрын

Same too. No one has thought I poor credit, they just think I am nuts. It's funny, when I tell them the benefits of the right strategy and how easy it is, they then think it's too hard and complicated. I'm glad to hold their hand through the process (& get potential referral), but if it's too hard for them I'll mind my own business & focus on what card to get next.

@Proverbialfunk

6 жыл бұрын

Friends used to make fun of me because I was so 'Into Credit Card Points' and wouldnt shut up about it... I was able to convert a few doubters once I paid for their flights and it cost me $0 (well a little bit of time). I keep 3 in my wallet, on in the car just for gas.

@victoriouspauper8495

6 жыл бұрын

Believe it or not, ....I recently saw a video about a guy with like 1,400 + credit cards or somewhere close to that EXTREME number of cards. His credit card limit is HUGE....way over a Million bucks !! it is on youtube somewhere ..... gotta check it out ..... it is real.

You should do a video of your version to Dave Ramsey’s baby steps or your steps to financial independence

@GrahamStephan

6 жыл бұрын

That's a great idea!

Great video and backround music is dope 🔥🔥🔥🔥

cool video.. two thoughts and maybe you've already done it in a previous video, but I am new to your channel! I could see myself enjoying a video that explains what verticals to focus my finances, it can be a little confusing with so many options. So for example, credit cards, stocks, IRA/Roth, Vanguard, points programs, apps..etc.. Kind of a road map for finances. Not sure if that makes sense. Second thought is what benefit to companies receive by offering cash back and points? The consumer benefits are amazing.

The thumbnail reminded me of YuGiOh.. don't ask why... ps. those sapphire cards look sleek af!

@GrahamStephan

6 жыл бұрын

Hahaha I totally see it

Lots of people new to credit cards will misunderstand something you said. You can use the full amount of your credit card limit and it won't affect your credit score, as long as you pay 90% of that amount back before your once a month bill statement each month. it's the amount that used on your card that ends up on bill statement that could affect your credit score, not the amount used before your statement. The people that determine your credit score only go by what's owed on bill statement.

@FenixNations

5 жыл бұрын

can someone please confirm this?

@w33518

5 жыл бұрын

@@FenixNations dave ramsey does

@quadri87

5 жыл бұрын

wise man and Graham said the same thing in their own way but the difference is that Graham explained in detailed whereas wise man said it in fewer words.

@wiseman4160

5 жыл бұрын

@@FenixNations But if someone goes over their available limit before the bill statement, then the credit card company can and may report this before the bill statement, depending how often it happens.

@Sandarsandar123

4 жыл бұрын

Nope, I have already tested that on my own.., when yu spend like 90% of whatever ur credit available and although yu did pay on time..., it still impact ur score to be lowered..., so yu should never use more than 30% of ur available credit .. that’s what he is trying to explain here to have more credit ... let’s say yu have $500 Credit line ... but yu want to use $450 out of it ... but for one credit card, when yu use $450 it will b like u r using 90%of ur credit available and it will effect ur score .., in or order to avoid that yu need to have 3 credit cards of $500 credit line available.., means $500 available for each card and yu have total credit line of $1500 and yu can safely use $150 = 30% on each and can still spend $450 out of $1500 and still be on 30% track ..., so that ur credit score wil b fine 🤗

Sometimes your score will go up after applying for a new card because the credit limit on the new card is much larger compared to amount of credit you have, lowering your utilization ratio enough to offset the credit check and then some

Graham- You should use your left hand to cover up your card number, as that's the portion that contains your account number. The beginning bit doesn't matter as much, as it just tells people about the bank. :) Great video btw.

@GrahamStephan

5 жыл бұрын

Thanks!! Will do next time 😬

Hi Graham, awesome video. 2 things though: 1. I thought the Wells Fargo Platinum Visa had $0 annual fee (but you say it is $25 fee in the video). 2. Can you really just "leave your credit cards alone" without doing anything? Won't they automatically be cancelled after a certain amount of time of inactivity? Thanks in advance!

@jayc4715

Жыл бұрын

He has no time to answer you..peasant!

You could product change the $25 annual fee Wells Fargo card to a no AF card.

I'm just now finding this man. Very motivational!!

@cardariojackson5963

3 жыл бұрын

@@MarkReese Yes sir I have!

Suggest adding amex everyday preferred to your platinum, get some other bonus categories like 4.5x groceries, 3x gas, 1.5x everything else. I believe that's worth more than using your CSR for those things. Currently using this setup.

@GrahamStephan

6 жыл бұрын

Interesting! I’ll look into it!

Graham, i had trouble getting started with credit meaning up until about a year ago even the "Bad/no credit? No problem!" places would deny me. Because of this one day randomly while buying clothes i let kohls try to apply me for a credit card to save 10% knowing it would get denied. To my shock for no apparent reason at 23 years old when nobody else ever could apparently kohls was able to approve me. Since then ive added a discount tire card for something ill actually use a bit more. (can use it for gas) My question is basically should i keep these 2 "nothing" cards open just for historys sake and just not bother keeping them on me since they have no real rewards outside of being interest free for a few months. Im about to start getting actual credit cards and use your strategy of using them instead of debit and cash for everything so obviously i will not be using the kohls and discount tire cards once i have one of those. I'm 24 now so to cancel those would be to get rid of about 1 year of credit history. Is it worth it to cancel? Thinking of getting the citi double cash card from your 5 best cards for beginners video but would love your opinion on where to start there as well.

@elevendysevensclub

4 жыл бұрын

Keep your credit cards open so that the history is still reported for you :)

I think a major bullet point that's missing in so many of these credit related discussions is the ever so misunderstood REPORT DATES. No one ever highlights how important it is to know what these dates are and why they are so crucial. These are the dates your issuers/lenders report your current balance to the bureaus before they bill you. Not knowing these dates or what they mean played a big part in the whole "leave a balance" myth. Knowing your report date is one of the best ways to quickly land yourself in a space where you can get a credit limit increase. People feel like if, for example, you have a credit card with a $1000 limit that you can never go over 10% utilization or 30% or whatever number they feel is "safe." The reality is...short of maxing out your limit (or worse, exceeding it) you can charge as much as you want on your cards, so long as you make sure your utilization is low at the time of your report date / bill cycle closing. I specify both of those because oddly enough, sometimes the closing date and report date are not the same. I'll use the $1,000 limit for example. Assuming your report date was the 20th of the month, you could literally charge $500 on the first of the month, and pay it off. You could do the same for the next 10 days (I'm being extreme of course) and on the 18th of the month, charge like $100. At the close of the billing cycle, your balance will be $100 and even though you've technically charged $5,600 in a month on a card that only has a $1,000 limit, you'll only be cited with a 10% utilization. The problem is, people focus on the DUE date and they advise the clueless to carry a balance over on the due date when what they really mean is the report date. I'm sure plenty do understand this but I see so many people being misled it's sickening. Carrying a balance past the due date does nothing for you but generate interest for the card companies and I cringe every time I see someone say "If you pay it off in full you'll have 0% utilization and your FICO won't go up" because that's such bad advice. Now that takes care of bureaus and FICOs. The kicker is....your credit card company will definitely take note that you're charging up a storm BUT are paying those charges almost immediately and very soon it will click that they need to up your spending limit since those type of payments clearly support that you can handle a higher amount of credit, assuming you do this responsibly. I have 5 cards, one of which was an Amex Premier Rewards Gold, and not only did 3 out of my 4 credit cards triple my limits without me asking, but the 4th card (Chase Sapphire Preferred) was raised to $7,000 (working towards an upgrade to Reserve) but in less than 90 days after being unfairly limited to $2,000 on my Amex, they lifted the restriction and upgraded me to Platinum.

@fogrunr5075

Жыл бұрын

The last card I got was the Hilton Honors Surpass AMX. The first closing date was December 14th. It's Saturday December 17th and so far it hasn't reported. Banks generally don't process anything on the weekends. I'll see if it reports on Monday as a new account.

Graham. 1:32 Call up Wells Fargo and ask them to transfer/upgrade/downgrade your card to their credit wise card which has no annual fee.Sometimes when you've been a good member they will do this (I dunno about WF specifically) so it's worth a shot.

@MarkReese

3 жыл бұрын

Hey there - great suggestion! Not sure if Graham's Wells Fargo card is a discontinued version that may no longer be eligible for a product change 😃✌️ Have you gotten any new credit cards so far in 2021?

You get stuff for free but don’t forget the initiation fees.. for example $550 for the Amex platinum, it adds up annually with other CHARGE cards

I've been avoiding the AMEX gold and platinum since I prefer cards without annual fees. If the pros weigh out the cons I'll consider those later.

@GrahamStephan

6 жыл бұрын

The Gold and Platinum are awesome for the points! Besides that, usually there are better cards out there. But it's worth it for the points.

"Top Ten KZreadrs I Hate" - Dave Ramsey

@GrahamStephan

6 жыл бұрын

#7!

@mattlogan6892

6 жыл бұрын

zenmarkdev why'd you hate him?

@zenmarkdev1231

6 жыл бұрын

Dave Ramsey hates credit cards

@GrahamStephan

6 жыл бұрын

Vegan Ambition - it's a joke on Dave Ramsey since he openly hates credit cards.

@icefishing804

6 жыл бұрын

Dave Ramsey hates debt

Graham is a financial genius

I have one CC with almost no balance. I don't worship at the altar of credit scores. I save money to buy things and I don't have to worry about paying for them later. It's wonderfully freeing.

LMAO! “So anyway, you guys. I’m off to spend some money on my credit cards...”

@GrahamStephan

5 жыл бұрын

😜

Thank you this was so helpful. I rarely have credit one card $700, lol but i want to buy one day im just fearful because I don't have debt. I'm 38. Always been responsible.

@GrahamStephan

5 жыл бұрын

🙌🏼

It's really cool when you mention other websites or bloggers that you use. Love that legitimacy.

@MarkReese

3 жыл бұрын

Hey there! Agreed with you on that, Graham's transparency is great 👊 Have you added any new cards to your wallet lately?

Amazing content Graham, best realtor on KZread

@GrahamStephan

5 жыл бұрын

Thanks!

Hi, Graham! Admirations to you and the work you put in. You have mentioned in the video that the only card that has annual fee is the WF Platinum. I wanted to ask you, do you have the Annual Fees on your AMEX platinum and Chase Sapphire? Thanks

@JCizzleSoCal

5 жыл бұрын

Both of these cards have annual fees.

I do exactly this. Just barely booked free flights for a vacation for me and a super hot girl i am going with. I love life!!

@GrahamStephan

6 жыл бұрын

🔥🔥🔥

I currently have two Discover cards, AmEx Cash Magnet, and a Mission Lane card I use just for auto bill pay and subscriptions. Just opening up my AmEx raised my score by 10 points.

Thanks for teaching me all the things they should have taught us in high school

Great content as always. I really have this negative connotation with credits before but after watching your vids you made me start to open a secured cc (since I'm still a student) and build my credit from there. Seriously, thanks! 🙏

@GrahamStephan

6 жыл бұрын

Thanks so much!

11 hmm I should step my game up. You really inspired me to get my first card and I'm almost at 700 credit score!

@GrahamStephan

6 жыл бұрын

Well done!! After 700 it really starts going up significantly, especially after year 2 of building credit. Shouldn't be a problem to get you to 740-750 within another 5-8 months.

@TheMonkWay

6 жыл бұрын

aha just want enough to get a nice mortgage which is why I researched and opened one, also your old videos convinced me!

@GrahamStephan

6 жыл бұрын

Nice! I didn't realize this, but sometimes lenders will offer special incentives if your score is above 760. You'll get the best rate above 740 or so, but Chase gave me so many discounts with a score above 760.

@motivationpouretudier2460

5 жыл бұрын

Please how do you know how much credit you can have ? I'm 18 and have my first credit card ( for student, just start ) ? Do you know a software or a website for that please ? What I know it's that students can have 50 000 euros ( not dollars I'm in France ) of credit maximum. And sorry I didn't understand 'points' system too, what can you make with this ?

You forgot to mention that opening new credit card affects length of credit history, which does impact your credit score albeit to a limited extent.

The points guy is awesome !

@GrahamStephan

5 жыл бұрын

agreed!

How long did it take you to accumulate the 11 cards? How did it effect your credit?

He forgot to tell you that the age of your credit changes the more credit cards you open. Because it’s not the age of your first credit card that matters it’s actually the average of all of them

@GrahamStephan

5 жыл бұрын

Correct, but the more cards you have - the longer you have them - the less new credit will begin affecting your score.

I would only recommend doing this if you're completely out of debt. Cause these big bonus points for signing up are typically for travel only (besides like $100 cash back for some free cards). So you wouldn't want to be getting points for a trip when $495 of that goes towards an annual fee + any money you'd be spending on that trip that wouldn't be going towards debt. But in your situation have at it.

@MarkReese

3 жыл бұрын

Hey there - great point 😃👍 Debt elimination definitely comes first. Which card(s) are you using most right now?

I'm 27 years old. For the longest time, I was taught that credit cards were bad and would lower your credit score. From the time I was 18 to now, my score hovered around 600. Never went up and never went down. I was confused as to why this was the case. I bought a car and that raised my score a meager 10 points. But as soon as I took your advice and got the Discover It credit card (and paid in full each month) my credit score jumped to 674 in 4 months. Thank you Graham for helping me out.

@jj7958

5 жыл бұрын

I was taught they were bad too. I think that's because so many people are not responsible with them and it therefore ruins their finances. They can be great as long as they are used the right way.

I'm 20 and already have 3 credit cards with a score of 745. All because of this channel. I would love to buy this man some avocado toast

@Zarllos

5 жыл бұрын

What company's

@christianleone1770

5 жыл бұрын

Carlos Luevano started with the journey capital one card and then got a discover card then a chase card

@shizzyqin

5 жыл бұрын

@@christianleone1770 Here's another tip if you didn't know. You can upgrade your cards. I upgraded my Journey to Quicksilver after a year and it only took a couple of minutes online.

@lifelove2911

4 жыл бұрын

For a real and fast credit repair assistance, look up FixMyCreditDoctor.Org] by looking up their site on google,They cleared my debts in credit cards and raised my FICO score by 207pts in days, they’re the best credit repair agency right now.

Great vid Graham! I have a quick question: I opened up two credit cards ~7 years ago and my score is in the 800s. I’ve been thinking of opening more cards since watching your videos, but I’m wondering if the average age of my credit will drop and hurt my score? Or will it only be a temporary hit for the credit check and is it really only the 7-year-old cards that matter for age of credit?

@sandimarielavati2354

4 жыл бұрын

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@brandonknable7890

2 жыл бұрын

Temporary hit then it will shoot way back up

The only bad thing about opening a new card is thst it lowers your credit score as it lowers your combined length of credit. They average out the age of your oldest and newest card

Thanks for an epic video Gram!

@GrahamStephan

6 жыл бұрын

Thanks for watching!!

Great video Graham. I just opened my 2nd card 2 months ago and got $200 bonus for spending $500 in 3 months (my normal expenses covered that amount anyway haha). How often should I get a new card? 6 months? (I waited a little less than a year in between my 1st and 2nd card)

@GrahamStephan

6 жыл бұрын

Nice! I'd go one every 4-6 months!

Not ridiculous at all, I have about 11 also, but I cannot pass up the offers sometimes. I like to travel so the offers come in handy. You just have to have the discipline to not carry balances and pay on time [auto-pay]. Period.

@adebukolaaramide9510

4 жыл бұрын

You can make a lot of money through your credit cards and even pay your debt without upfront payment with cyberwolrd735 just a google search

I am 19 year old and have 2 credit cards. I use one only for gas and the other for everyday expenses. I always pays in full and I plan to get more cards when I get a higher income and get older.

Súper good advice!!

Hi Graham, I noticed that you rotate between the Amex Platinum and the Chase Sapphire Reserve. I just wanted to suggest a neat optimization of your main card rotation by instead using a Chase Freedom Unlimited/Ink Business Unlimited in the place of the Amex Platinum. By utilizing the 1.5% reward points on the Unlimited Cards you can transfer them to your reserve and redeem them for 1.5 cents per point. This nets you a nice 2.25% back for use on all travel rewards. This is the best combination on points to travel redemption hands down for regular spend. Furthermore - the Ink Business Preferred that you have has a neat secret that many applicants miss. It offers 3x rewards on office supplies, telecom and social media advertising (up to a limit of 150,000 additional points per year). This means - if you promote yourself on Google as a real estate agent using Google AdWords you can use the ink business to get 4.5% back on all of your expenditures there. (By again transferring to the reserve which has the highest redemption rate). If you spend enough to max out this limit it adds up to $6750 per year in rewards. Personally, I operate Facebook ads and net this maximum annually and then usual 2.25% back on regular ad spend beyond the annual cap. Credit cards can fuel lifestyle when utilized right. Hope you and any readers find that interesting - credit card rewards are serious business for small business owners or marketers in particular. Cheers.

@GrahamStephan

6 жыл бұрын

This is amazing, Richard - thank you so much!

@richardj3083

6 жыл бұрын

Graham Stephan Happy to help - we have a lot of shared interests in regards to financial management it seems and you’ve posted a lot of great content and tips over the months which I appreciated! 👍 wanted to take the time to give back in a meaningful way to you on a topic I’m well versed in.

22 cards here...I keep em for future fun IF I ever got a terminal illnes. I feel u in Wales Fargo... they screwed me for 8YRs

@mrsc1742

5 жыл бұрын

LMAO

@mrsc1742

5 жыл бұрын

Still LMAO

Love the video!!! Very informative. Gracias

@GrahamStephan

5 жыл бұрын

thanks!

If you're a responsible financial human, then you might as well take advantage of free stuff. win win! I'm on my second card and I take advantage of the cash rewards. I haven't looked into travel though. I thought you would have had the Citi double cash card though. I think you're right that it's generational. Millennials have a different relationship with how we spend money than older people so the older people may spend more on credit than they would with cash. I guess there really is no point in ever canceling a card if it has no annual fee. Just throw it in the junk drawer if you have moved on and have it all paid off.

Hey Graham, thanks for the video! Just wanted to ask if you consistently use each credit card, perhaps rotating them? If not, will they close your card account?

@GrahamStephan

6 жыл бұрын

I've never had them close an account before (actually one, totally my fault, didn't use the card for years and it expired - I called them up and they re-activated it), otherwise if you just it every now and then you should be ok.

Agree with everything you said, I have 19 cards and doesn't feel like too many to me and I'm sure I'll get more. I've never paid a penny of interest, credit card companies pay ME to use their cards.

@GrahamStephan

6 жыл бұрын

I love it!! That's awesome!

such a good actor loll love

Your credit score can sometimes increase after getting a new card because you suddenly receive a new line of credit. This then lowers your utilization ratio enough to the point where your score will go up and offset the points taken from a hard inquiry. This happened to me recently. I signed up for an amex blue cash every day for the $150 bonus and my credit score went up 2 points because I was extended a $2000 credit line from amex, and thus lowered my utilization ratio.

@GrahamStephan

6 жыл бұрын

Nice! Good point!

Hi Graham, one of your earlier videos convinced me to open my first card. I opened one with a local CU and have been buying things I'd normally buy and paying it off in full for 6 months. My starting limit was $500 - should I ask for an increase or open a new line of credit?

@GrahamStephan

6 жыл бұрын

That’s awesome!! Yeah get a larger credit line, maybe ask for 2000!

@arthurchris861

5 жыл бұрын

I was referred to a credit specialist though my colleague when I had credit issues and they helped me remove all negative items from my report and also improved my score to 750+ excellent very fast. I’m very grateful and surprisingly they don’t charge much, I'm recommending ghosthackercash at gmail dot com everyone who needs to fix their credit score and they also help to clear debts...you can also contact him through phone call or text +1321 999 6526

I’ll be 18 in 3 months I have a 773 from authorized users with 20 years credit history from those accounts can’t wait to apply for cards when I turn 18

@fuge511

4 жыл бұрын

bro go straight for the double cash back cards! apple pay, paypal master, or citi double!

@kamilsultan1637

4 жыл бұрын

What cards did you end up applying for?

Awesome video!!

@GrahamStephan

5 жыл бұрын

Thanks!!

Hey Graham, I understand nearly ALL credit cards that comes with perks comes with annual fees. How do you get to keep all these cards with no fees except the Wells Fargo Visa? For one I know the Chase Sapphire Reserve and the AMEX Platinum comes with $450 - $550 per annum each card! And also, with applying for a home loan - the total credit available on your cards also affects the approval amount on the loan. I happened to apply for a home loan in the past and the bank suggested I cancel one of my credit cards to assist in increasing the loan amount I needed to borrow. So is there a correlation between the total amount of credit line and the limit on how much you can borrow on a home loan? It just happens, every time you apply for a home loan, they always ask how many credit cards you own and total amount of credit available to you. And it also happened that my banker said my loan will not be approved if I don’t cancel one of my cards to lower my credit availability. Just want your expert opinion on this?

@La1930CosaNostra

3 жыл бұрын

@@MarkReese - I have a rewards MasterCard normally with $250 annual fee that's waived by my bank due to financing a home loan with them. I also hold an AMEX that charges $200 annual fee. I kept that card as I enjoy the reward points and other perks I receive from using it.

I've always said this should be a mandatory class in High Schools. I started 2 learn and fix my credit NOW in my 30s. My parents didn't have the best credit and didn't teach us nothing on it so I was ignorant 2 the fact. I started with a Capital One Platinum (520s) and almost 2yrs in my credit score went up aprox. 200points. I'm now in my mids 700s and still aiming 4 that 800. I'm waiting on 2 Derogatory Marks which was from my student loans which I pay FINALLY in full about a month ago. Hopefully my score will go up a couple of points. Great vid

@Eschatonx

5 жыл бұрын

MeMe O. That’s the parents job. You can’t teach a class full of students with all different financial situations, upbringing, childhood experiences, and personality to learn the same spending habits.

$130,000 USD ... beautiful just beautiful

@GrahamStephan

6 жыл бұрын

Next video: I bought a Lamborghini with 11 Credit Cards! ;)

@SoulPapiii

6 жыл бұрын

where is it ?

@Will-jg2zs

5 жыл бұрын

He acts like its his money.

@iamOAKland

5 жыл бұрын

Graham Stephan you could through section 179.... use it as a prop in your videos and it’s a full 100% write off.

@katondragonrider

5 жыл бұрын

Sequency most likely he already had the money and used the credit cards to travel for free...

FYI - American Express Plat, as I understand, is technically a CHARGE CARD, meaning it has to be paid off within the billing cycle -- you can't carry a balance over months and pay monthly.

@GrahamStephan

6 жыл бұрын

Correct.

Would have been better to use the minimum spend for the signup bonuses in the bonus categories for each card. For instance you would have got the best bang for your buck by spending the 3-4k required amount on the CSR in Restaurant/Travel purchases. 4k would have gotten you 12k points in these categories on your path to collecting the sign up bonus. Spend wisely.

When used correctly and actually when understood well debt can be the most powerful weapon for success (financially speaking).

@GrahamStephan

6 жыл бұрын

🙌🏼

@ResourceTalks

6 жыл бұрын

I absolutely love how you find the time to answer to most of the comments, make these epic videos and stay as charismatic as you are, keep this thing going it motivates me every time! Thank you for that.

What are your opinions on the Amex Blue Cash Preferred credit card? Do you think the reward rates are worth it?

I had 2 credit cards and I bought a 2001 Deville for $375 at an impound auction. It needed a $2850 transmission rebuild. I got a third credit card with 0 interest for 12 months. I paid back the $2850 within 12 months.

@Graham Stephan. I see that about half of the 11 credit cards that you have come with annual fees. If you have them just sitting there on your table when regularly use two of them, you are still paying for the annual fees. The problem that I and many other people have is if we aren't regularly staying at SPG hotels, Marriott's etc. I feel that the annual fees aren't worth it. For me, I just want the points without spending too much of my own money. For instance, I could use a credit card to pay for my taxes or to pay for school, but then the issue is that I'm paying nearly 3% in service charges. Then once you have the bonus points, that's great but what do you then do with a sitting card that's charging you $100.00 plus each year on annual fees that you barely use?