How Credit Card Offers & Points Will Change in a Recession | Predicting Changes Based on the Past

It seems like a recession (or possibly a depression) is inevitable. Though what does that mean for credit cards? We review what happened during the last recession and financial crisis to predict what may happen in the near future.
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#creditcards #personalfinance #points

[TripAstute]

What are you all doing to prepare for the recession? Are you adjusting your card strategy in any way? 🤓

[docsays]

Ive seen multiple youtubers talk about this topic, and this has been the best analysis of the current state of the credit card industry

[mjeter]

This video was great! Clean, organized and straight to the point. Love how you didn't tell us to like, subscribe but SHOWED us. New sub!

[kevinManhattan]

Awesome content! I recently product changed one of my point cards to cash back card. Just in case! But other than that, I still keep saving and earning points for the brighter day at the end of this madness! Stay safe Ernest!

[artiesopinion]

Loving your content! I got the Chase Freedom last month for the 5x groceries. I planned on Hyatt being my first Chase card but Freedom made the most sense given the current situation. I'm happy I got it especially since they added 5x streaming and a free intro offer for the DoorDash DashPass. Now I'm all set to shelter in place for Q2.

[charliepugh]

Thanks for a great informative video. Good job. Keep up the good work.

[daviddickerson]

Good perspective. I like your measured reasoning. I'm certainly sympathetic for those who have lost jobs or are experiencing other difficulties, but I agree now is not the time to panic. Over the last year I've been building point in both Chase and AMEX, but lately I have been using AMEX more. I have had one trip cancelled already and I'm pretty sure Japan will be closed in May. So I plan to continue accumulating points for future travel using the credits or refunds from the two cancelled trips.

[ezioaltairac]

Hey Earnest, since people won’t be traveling for a while, I was wondering if you were, or have previously considered doing more content centered around consulting/those who travel for work. To be more specific, tips you would give your younger self on how best to prepare for being away from home for extended periods of time on non-leisure trips. Thanks!

[alimahb]

I’m just going to cut back on spending but pretty much do the same. I will use my cards for areas where they are most beneficial in order to gain the most points.

[masoompatel]

I'm keeping my strategy the same. I'm still getting enough value from my annual fee cards to keep them.

[jeremymoore]

Ernest,


Awesome video good to know stuff I don't think CC companies are going to pull the card rewards away they are just going to be more picky. I fortunately still have my full-time job, so I still have my income coming in. I called Capital One last week and both my wife and I upgraded the platinum MasterCard to Quicksilver cards the regular one. So we were stoked about that. I know it isn't a travel card or a crazy cash back, but to have 1.5 percent back all with no annual fee helps. This card cost us nothing to hold. Probably keep it around forever. I am just gardening and repairing my credit right now to make it easier to get better cards. I have found so many mistakes on my credit reports. Trying to recover after a bankruptcy.

[benssop]

Hope my CCs don't alter things. I am fortunate to be able to continue working. Once we have a vaccine, I'll book for my vacation plans.

[betruetoyourself]

Discover just increased their late fee. I think credit cards will be removing benefits and adding fees. This recession will be BAD, last time it was such a minor event, I barely noticed. With so much job losses this time leisure and luxury will be reserved for the select few. So luxury trips and perks will be devalued and I won’t be traveling soon. Different topic, I love your voice I can just see you on tv or something. Keep up these great videos

[callmeNeno]

Definitely limiting my credit cards in my wallet to two cards. Normally I carry 5. Cutting back and streaming lining my Usage.

[crxracer]

I'm cutting out my AMEX gold card. Can't justify having it especially since I already have the Chase Trifecta.

[rickycampos]

Since I'm staying home I'm trying to find stay home jobs do you know any kind of information or any resources

[Father-Nature]

That's a very nice shirt you're wearing. Silk?

[michaelcampanella]

As we speak I just hit 5/24 and now thinking to work toward AMEX cards but with this recession not sure if they will approve me. I’m considering the BBP AMEX

[joemama]

I think that cashback cards will hold their value more than points/miles programs.