The Shocking TRUTH About Credit Cards Nobody Tells You

Описание: 𝐂𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝𝐬 𝐚𝐫𝐞 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐩𝐨𝐰𝐞𝐫𝐟𝐮𝐥 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐭𝐨𝐨𝐥𝐬 𝐚𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐭𝐨𝐝𝐚𝐲, 𝐛𝐮𝐭 𝐦𝐨𝐬𝐭 𝐩𝐞𝐨𝐩𝐥𝐞 𝐝𝐨𝐧’𝐭 𝐟𝐮𝐥𝐥𝐲 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐡𝐨𝐰 𝐭𝐡𝐞𝐲 𝐰𝐨𝐫𝐤 𝐨𝐫 𝐡𝐨𝐰 𝐭𝐨 𝐮𝐬𝐞 𝐭𝐡𝐞𝐦 𝐫𝐞𝐬𝐩𝐨𝐧𝐬𝐢𝐛𝐥𝐲.

In this video, we take you on a complete journey through the history, mechanics, benefits, and risks of credit cards, so you can make smart decisions and avoid costly mistakes.

𝗪𝗲 𝘀𝘁𝗮𝗿𝘁 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗵𝗶𝘀𝘁𝗼𝗿𝘆 𝗼𝗳 𝗰𝗿𝗲𝗱𝗶𝘁 𝗰𝗮𝗿𝗱𝘀:
In the early 19th century, charge cards required full payment each month—no balances carried forward.

In the 1940s, air travel cards allowed customers to buy tickets at a discount, creating loyalty and convenience.

The modern credit card era began in 1958 with the BankAmericard, which later became Visa, followed by Mastercard in 1966 to compete with Visa.

Credit cards were initially mass-mailed to low-risk individuals in the US until laws were introduced in 1970.

By the early 1970s, credit card processing became computerized under Dee Hock, Visa’s first CEO.

𝗡𝗲𝘅𝘁, 𝘄𝗲 𝗯𝗿𝗲𝗮𝗸 𝗱𝗼𝘄𝗻 𝗵𝗼𝘄 𝗰𝗿𝗲𝗱𝗶𝘁 𝗰𝗮𝗿𝗱𝘀 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝘄𝗼𝗿𝗸:

Monthly statements, minimum payments, and full payments

The grace period for avoiding interest

The difference between secured vs unsecured cards

We also explore why banks profit from credit cards and why they can be dangerous if misused.

𝗟𝗲𝗮𝗿𝗻 𝗵𝗼𝘄 𝘁𝗼:

Avoid the trap of minimum payments

Use cards only for essential needs, not impulse spending

Choose no annual fee cards or leverage cards with fees strategically

Build a strong credit score for loans and better interest rates

Other key benefits we cover include:

Cashback rewards and how to maximize them

Convenience and global acceptance

Purchase protection and emergency use

Tracking your spending effectively

We also dive into credit score tips:

Keep your oldest cards active

Avoid applying for too many cards at once

Maintain utilization under 30%

Make timely payments, especially for mortgages or big loans

Finally, we discuss the drawbacks of credit cards, including high interest rates, fees, and the risk of debt or bankruptcy. By understanding the mechanics and psychology behind credit cards, you can play the game on your terms, reap the benefits, and avoid financial pitfalls.

Whether you’re just starting with credit cards or looking to optimize your existing cards, this video is your complete guide to mastering credit responsibly.

• [00:00] Introduction: Should you use credit cards? A brief overview of the discussion.
• [00:20] History of Credit Cards: From their early 19th-century origins in the USA to the modern-day dominance of Visa and Mastercard.
• [02:40] How Credit Cards Work: The process of applying, credit risk assessment by banks, and initial credit limits.
• [03:29] The Billing Cycle & The "Minimum Due" Trap: Understanding billing cycles and how banks use high interest rates (15%–40%) to keep users in debt.
• [06:32] Types of Credit Cards: Explaining the difference between unsecured and secured credit cards.
• [07:22] Who Should Avoid Credit Cards?: Identifying why impulse buyers or those without financial discipline should avoid them.
• [08:14] Basics of Using Credit Cards Right: Essential rules like making full payments and starting with lifetime free cards.
• [09:05] Using Cards to Your Advantage: Strategies to use cards for "needs" to earn rewards that pay for your "wants" (luxuries like vacations).
• [11:29] Key Benefits of Credit Cards: Global recognition, fraud protection, spend tracking, and building a high credit score.
• [13:33] Tips for a Great Credit Score: Advice on payment history, keeping old cards active, and managing credit utilization.
• [14:55] Conclusion: Final thoughts and a call to subscribe.

𝗝𝗼𝗶𝗻 𝘁𝗵𝗲 𝗙𝗿𝗲𝗲𝗱𝗼𝗺 𝗥𝗶𝘀𝗶𝗻𝗴 𝗠𝗼𝘃𝗲𝗺𝗲𝗻𝘁 𝗳𝗼𝗿 𝗲𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝘂𝗽𝗱𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀:-
https://www.drshivamsood.com/join-our...

𝗙𝗼𝗿 𝗱𝗶𝗿𝗲𝗰𝘁 𝗮𝗻𝗱 𝗾𝘂𝗶𝗰𝗸 𝘂𝗽𝗱𝗮𝘁𝗲𝘀, 𝗝𝗼𝗶𝗻 𝘁𝗵𝗲 𝗙𝗿𝗲𝗲𝗱𝗼𝗺 𝗥𝗶𝘀𝗶𝗻𝗴 𝗠𝗼𝘃𝗲𝗺𝗲𝗻𝘁 𝗼𝗻 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽:-
https://www.drshivamsood.com/joinfree...

𝗕𝗼𝗼𝗸𝘀 𝗪𝗲 𝗥𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱 𝗳𝗼𝗿 𝗮 𝗳𝗿𝗲𝗲 𝗹𝗶𝗳𝗲, 𝗿𝗶𝗴𝗵𝘁 𝗵𝗲𝗿𝗲:-
https://www.drshivamsood.com/resource...

𝗚𝗲𝗮𝗿 𝗪𝗲 𝗨𝘀𝗲 𝘁𝗼 𝗯𝘂𝗶𝗹𝗱 𝗮𝗻𝗱 𝗹𝗶𝘃𝗲 𝘁𝗵𝗲 𝗳𝗿𝗲𝗲𝗱𝗼𝗺 𝗿𝗶𝘀𝗶𝗻𝗴 𝗹𝗶𝗳𝗲:-
https://www.drshivamsood.com/resource...

𝗔𝗹𝗹 𝘁𝗵𝗲 𝗸𝗲𝘆𝘀 𝘁𝗼 𝘂𝗻𝗹𝗼𝗰𝗸 𝘆𝗼𝘂𝗿 𝘃𝗶𝗯𝗿𝗮𝗻𝘁, 𝘂𝗻𝘀𝗵𝗮𝗰𝗸𝗹𝗲𝗱 𝗹𝗶𝗳𝗲 𝗿𝗶𝗴𝗵𝘁 𝗵𝗲𝗿𝗲:-
https://www.drshivamsood.com/freedom-...

💳 𝘿𝙤𝙣’𝙩 𝙛𝙤𝙧𝙜𝙚𝙩 𝙩𝙤 𝙡𝙞𝙠𝙚, 𝙘𝙤𝙢𝙢𝙚𝙣𝙩, 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚 𝙛𝙤𝙧 𝙢𝙤𝙧𝙚 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙩𝙞𝙥𝙨, 𝙥𝙚𝙧𝙨𝙤𝙣𝙖𝙡 𝙛𝙞𝙣𝙖𝙣𝙘𝙚 𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙞𝙚𝙨, 𝙖𝙣𝙙 𝙢𝙤𝙣𝙚𝙮 𝙢𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 𝙝𝙖𝙘𝙠𝙨!

#CreditCards #CreditCardTips #CreditCardRewards #CreditScore #PersonalFinance #FinancialLiteracy #Finance #MoneyManagement #Cashback #DebtFreeJourney #BuildingCredit #FinancialEducation #BankingTips #MoneyTips #SmartSpending #DrShivamSood