5 Common Misconceptions About Credit Cards – Ask Sebby

If people hate you because they spent more than you for the same product, they are probably got their money from trust funds or parents or whatever. Earning points is just has hard (or just as easy) as earning money. If they are jealous, they need help…Seriously. Assuming that everyone behaves the same, there is no need to tell people that they don't deserve enjoying life to the fullest!
People come to my clinic from all walks of life… What's wrong with taking care of yourself, looking good, beautiful, handsome, gorgeous, youthful, full of energy?

😂🤣 at the "on the flip side" video flip

Using credit cards is financially irresponsible. And using many credit cards is just insane. I get that line from extended family fairly often. It usually dies down until I open up another new account…then flares up again. I think it's kind of funny that the same people that have always advised me to "save your pennies for a rainy day" dismiss the pennies I'm saving by understanding and using credit cards. And as a sitting board member of Team Cash Back, I likely won't be the target of Vegeta69's ire anytime soon. Do I make a killing at this game every year? No. But my average cash back ranges from about $1,200 to nearly $2,000 a year depending on signup bonuses. So no, it's not life changing money; but how many people would pass up someone just handing them a one hundred dollar bill every month? I'd wager, not many. All of that for just purchasing what I have to buy anyway (fuel, utilities, food, etc.) with the right credit cards. And I enjoy crunching numbers. I'll spend a couple of hours in front of a spreadsheet with an audiobook or a hockey game playing in the background…trying to squeeze another 1% off of a $20 dollar monthly payment; and (even if I can't get it done) calling it time well spent. For me it's not only entertaining, but helps me keep my focus on my daily/monthly/annual finances. Plus, how likely do you think I am to add a bill that adds no value to me or my family when I've spent so much time and effort wringing as much cash as I can out of the expenses I already have? For me, this hobby is about saving money, financial awareness, and entertainment all wrapped up in the same 3 3/8" x 2 1/8" plastic/metal package.

You can turn on spending notifications on your phone for all the major banks if you want to have more awareness of your spending.

My mom always warned me about using credit cards, but after learning how to use credit cards I was able to earn travel points, money, and build credit!

Hey Sebby. I could really use your advice. I applied for freedom flex and have been waiting four days. They finally accepted, but sent me freedom unlimited. I sent them a secure message and told them I have pictures proving I was applying for freedom flex and that I didn't want the unlimited card as I was thinking of future downgrade of CSP to unlimited and getting or upgrading to CSR after 4 year bonus delay. They didn't ask me and canceled card after two days of being active as that's how long they took to respond. I asked about if this affected my credit score or 5/24 rule and they said this doesn't exist and gave me worst answers. I opened 2 cards past 24 months. 3 if you include unlimited. I have great credit score and I got rejection saying too many cards. What should I do? Thinking of calling reconsideration line, but should I wait a month?

I think the credit card hobby can offer far more than pennies on the dollar — depending on how you use the points. This is precisely why I'm not on team cash back – before I got into this I only had a CapOne Venture card and that gave me a mere 2% return, which basically really did feel like getting pennies back on the dollar. But the combination of Chase and Amex Plat has given me MUCH more value back, in that it's allowed me and my family to experience things I never would have paid for out of pocket. Subjectively, this feels like a vast improvement in my quality of life, much greater than even the cash value of the redemptions.

Some examples: on road trips, I now usually stay at Hyatts on points — which even at the low end, are VASTLY better than the roadside motels I used to stay at. Even on business trips I will stay at Hyatts on the company budget, which is better than the hotels I used to stay at on business trips, and I get stay credits for that. Then, I can use those points for yolo trips to Park Hyatts, or hip hotels in the middle of Austin during events like SXSW for a reasonable cost, which I would never have paid for normally. With my Amex Plat I've gotten restaurant reservations at fancy restaurants that were sold out online, access to shows I would not have been able to get tickets for, recommendations from the concierge which led us to some great experiences, and I've used things like the WeWork benefit for literally thousands of dollars worth of value, plus discovered airport lounges which I never would have paid for in my pre-credit card life, which has immensely improved my travel experience.

For me, team cash back is definitely not where it's at — I just can't get excited about 2% or 3% cash back when it's just cash — I mean, it doesn't change my perception of what I'm willing to buy, because I can't get outsized value for it. If I got 2% or 2.5% or 3% back, I'm still going to hoard that cash the same way I would have any other time — so the fact is, I wouldn't blow that money on an airport lounge I don't really need, or on a Park Hyatt when I could otherwise book a cheap hotel. It just doesn't give me that extra boost in experience that using points and perks does.

Wealthy people who enjoy the so-called societal prestige of being wealthy are sick.
I’d rather be wealthy than appear to be wealthy.
Almost everyone who learns that I have numerous credit cards think that I’m in debt or that I’m horrible with money. When I tell them about effectively free flights, hotel rooms, and now food, are envious, but too busy to get into the credit card game.
As a retired person, I enjoy buying stocks and using credit cards to obtain value.

I can almost hear Dave Ramsey shouting, "Whaaaatt!".

A lot of folks like to say credit cards make you spend more, but they base that off stats that aren't 100% deterministic. Its like saying to someone that has 2 beers a week, that alcohol is bad based off stats that lump together binge drinkers & alcoholics, with the light drinkers as well.

on the last day in the Maldives, Sebby saw Vageta69 and waves
"See you next time🙋🏻‍♂️"
Vageta69 cracked his glasses that reads ppls credit score and saw Sebby is over 9000

Does using your secured line of credit affect you credit score ?

A few of my friends think credit cards always charge interest and lead spiralling into debt, without knowing that if you pay the balance back in time you do not get charged high interest rates.

wow… Vegeta69 is the worst kind of person smh

Thanks for the valuable video

As always,great video man

You shouldn’t be in the Maldives because ur poor, that’s a mean & rude comment Sebby

Great video bro

I consider that a win too Sebby! Keep doing you; which is pretty damned good! 😉

? Since u have to pay the charge card off every month they probably won't give you limit more than your monthly income?

So if your yearly income is $36,000 would they only give you a limit of $3,000

My guess they would probably only give you about $2,000 limit

Or would you not even get approved for a low income job