NEW MAJOR CHANGES FOR ANYONE WITH A CREDIT CARD (DETAILS)

These are the new upcoming changes to your credit score and credit cards - and what this means going forward, enjoy! Add me on Instagram: GPStephan - Click show more to view ad disclosure

The YouTube Creator Academy:

My ENTIRE Camera and Recording Equipment:

FIRST CHANGE: Thanks to ASKSEBBY for covering this earlier!
Credit Card companies are becoming more strict about approvals, and might be verifying your income by requiring a 4506T form which allows them to view your tax return with the IRS.

SECOND CHANGE: Credit Limits are being decreased with no advance notice
Credit limit DECREASES during this time - from a credit card companies perspective - make sense. If someone loses their job, or begins using up their savings - then typically, credit cards are next in line. And, if people don’t soon get jobs to be able to repay those cards - the payments will then go into default, and that hurts the credit card companies bottom line.

HOWEVER…the downside of this, to you as the consumer, is that - if your credit line decreases, so could your credit score. That’s because 30% of your credit score is made up of your “Credit Utilization,” or - in other words - how much credit you have available to you, versus how much you actually use.

THIRD CHANGE:
Credit Cards are offering new different rewards. We’ll start with the American Express Platinum, one of my all time favorite credit cards…and they’re EXTENDING the deadline for the signup bonus by 3 months. In addition to that, the American Express Platinum card is adding a $20 per month streaming credit from May 1st until December 31st when you pay for those services with your credit card. That includes Netflix, Hulu, Spotify, and even YOUTUBE PREMIUM.

The Platinum BUSINESS card will also include an extra $20 per month SHIPPING credit, as well…which comes in handy if you don’t have amazon prime, which…you probably should have Amazon prime.
ALL BENEFITS:

Another change to a popular card out there is with the Chase Sapphire Reserve which is now offering 5x points on Restaurants until the end of the year.

So, all in all…looks like some credit companies are shifting around their resources to make the user experience better…or, make it so that you’re less likely to cancel something with a high annual fee, because you’re stuck at home…so, for people who have these cards already, it’s just a nice little bonus to get while we’re home watching YouTube and smashing the like button.

TOP 3 PICKS:

The Chase Freedom Unlimited - NO ANNUAL FEE! AND, they’ll give you BACK $200 when you spend $500 in the first 3 months. So, for anyone who was planning on spending $500 within 3 months, anyway…this is a no brainer.

The Bank of America cash rewards card - NO ANNUAL FEE! And you get a $200 bonus when you spend $1000 in the first 90 days. Plus you’ll get 3% cash back in the category of your choice, 2% back at grocery stores, and 1% cash back on other purchases.

The Citi Doublecash is also a REALLY great 0% interest card, and even though there’s no bonus…you DO get 2% cash back, unlimited, on all purchases…and 0% interest for 18 months.

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

[rays]

What bothers me more about all this is not credit card bonus deadlines, but I'm paying the same rent for features I can no longer use ( on-site fitness center, the pool, the playground, the community barbeque) plus I can't get repairs done now. The light fixture in the kitchen went bad so I have to use a flashlight, the dishwasher doesn't work, and the washing machine periodically shreds clothes. But no discounts have been offered. In fact they raised my rent another $100 a month. Even our car insurance company says they will given us 20% off due to not driving at all. Property management companies are crooks!

[raymondcarter]

Hey bud. 23 year old soldier here. Wanted to say thanks to, I've learned so much. And I've been able to teach a good amount to my guys too. Thank you!

[chrisglaze]

Graham giving “credit” where “credit” is due 😂

[Nick-zcmk]

Hey Graham. Thanks for putting the context i. The description. I didn't watch the video because I got my quick answer. I gave you a well deserved thumbs up. I usually don't bother because I'm a lazy millennial, but you deserved the thumbs up for the YT algorithm. Thanks again

[timgoat]

Typo in your bio. CSR is giving 5x to grocery stores now not restaurants which are still 3x

[lubintasevski]

In Canada, the Canadian banks do require income verification for anything that is not a "student" credit card. At least that's what I remember when I used to work at a bank over 10yrs ago. I haven't had to get a new card since then, but I doubt much has changed. Also, I prefer using my credit card points to pay down my mortgage payments rather than on a vacation as vacation spending goes counter to my plan to build wealth.

[oneone]

A topic you might want to cover is EMV liability shift at gas stations coming in October.

[zirconcat]

This already happened to me after the 2008 debacle. Most of my credit limits were unceremoniously cut without notice.

[brandoncostner]

I always lie I have 2 10k cards and 1 20k card and use like 10% of that then pay it off every month simply for my business

Wonder if they'll realize I don't make 500k a year 🤔

[Uncle_Prince]

Absolutely love this channel you are the best

[toddcole]

You mean I could of been dishonest about my income in the past

[glofishdesigns]

Not everyone’s income (or full income) is taxable and wouldn’t show up on a tax return, so that doesn’t make much sense. 🤔

[ronnypaul]

Have to figure, that the outstanding debt owned on a credit card has to be $8 trillion, and the banks know their clients will NOT be able to pay them back, so I understand why they are closing cards, demanding payments, or reducing limits. We've been talking about it on zerohedge for

[calliew]

I have a question. I have a 708 score, but limited credit history because when I was younger, I was not responsible with my money. The good news is that I make pretty good money (over 75k). I need a credit card but I'm worried I won't get approved because of the pandemic. Any advice?!?

[guillermofernandez]

I have Ally bank now because of you and I never been so satisfied with a bank before and for that, I will be smashing the like button for the Youtube Algorithm 😎

[blixx]

My Amex added an extra 3K a month ago automatically, and today I requested my banks credit increase and got instant approved. I only wanted the increase so my CC score would go up

[kanita]

Hmmm. I have about 30k in credit availability but I just use 5%. As soon as I reach my 5% or passes I panic 😂 and stop using and start paying. I've been doing this for years and they just automatically give me more credit. I also always pay a week before my due date, my credit card might be due on the second, but in my book, its is due on the 25th, for example.

[kayleeknudson]

I look forward to the "what up guys, its Graham here" in every video

[gregfrisina]

Citi just closed my account on my diamond preferred card because "I haven't used the card in a year". So I get punished for having 0 CC debt. Meanwhile I have a Chase Slate card that hasn't seen a purchase in nearly two years, yet that's still just fine. AVOID Citi-bank

[manurao]

This EXACT thing happened to me last week! My beginner card reduced my credit limit. I immediately applied for Chase freedom unlimited (I chose it coz its free and slightly higher cashback than avg)and got decent limit. But they didn't ask no 4506T!