Debit Card vs Credit Card - What Banks Don't Want YOU to Know

📣 Welcome to another eye-opening video that banks and credit card companies DON'T want you to watch! 📣
Do you ever wonder how to outsmart credit card companies while racking up rewards? Or maybe you've felt the dread of emptying your bank account because of a debit card scam. If you're tired of the traps and want to make the system work for you, stick around; this video is a MUST-WATCH!

STUFF I RECOMMEND!*
Investing Apps and Tools:

Credit Cards & Credit Score:

👉 Timestamps:
00:00 - Introduction: Love for Credit and Debit Cards
00:08 - The Third Person Banks Fear
00:20 - The Difference Between Debit and Credit Cards
00:37 - The Reality of Fraud Protection
01:10 - Secret Sauce: Using Credit Cards like Debit Cards
02:07 - Real-life Example: Cash Back Rewards
02:37 - Planning a Vacation with Points
03:15 - The Trap: Outstanding Credit Card Balances
04:26 - The Danger of Mismanaging Your Credit Card
05:27 - The Solution: Transaction Register
06:02 - Live Example: Managing Transactions
07:18 - Balancing and Paying Off in Full

🎯 What You'll Learn:

The hidden dangers of credit and debit cards 💳
How to manage fraud protection 🛡️
Tactics to maximize credit card rewards 💰
How to balance your budget like a pro 📊
Why a transaction register is your new best friend 📝

💡 Why This Video is Crucial:
Sure, credit cards offer rewards, but they're also notorious for high-interest rates. Debit cards might seem like the safer option until you find yourself a victim of fraud. But what if I told you there's a smarter way to manage both? This video reveals hacks for using credit cards as if they were debit cards, maximizing rewards without the debt.

🎁 Bonus:
I also share a real-life example of how I've been using these methods to earn cashback and travel rewards without falling into the debt trap. You’ll get to see my transaction register, an invaluable tool for maintaining your budget and ensuring you can pay off your credit card every single month.

💬 Join the Conversation:
Have you been a victim of credit card debt? Or perhaps you've unlocked the secret to managing your credit like a pro. Let's talk about it! Drop a comment below.

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🔔 DISCLAIMER:
This video is for informational purposes only and should not be considered financial, legal, or tax advice. Consult a professional for tailored advice.

#creditcards #creditcardrewards #payingoffdebt

In this video, we're going to compare debit cards vs. credit cards - and what banks don't want you to know.

Debit cards are often thought of as the safer option - but is that really the case? In this video, we're going to compare debit cards vs. credit cards and reveal the hidden truths about each option. Will a debit card really protect you if you lose your credit card? And how do cashback rewards work?

Make sure to watch this video to find out the answers to all your questions about debit cards vs. credit cards - and which option is right for you.

*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe 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.

[DJSliick]

This exactly what I do. Works excellent. Never pay interest. Never be in debt.

[CB_]

5x gas, 4x dining/entertainment, 3x travel, 2x everything else, no annual fee. I love my credit card. Purchase security protection and a little bonus cash back.

[smjm]

I only use my credit cards to pay for things and I always pay them off on time. Then I use the points I earn from the cards to pay them off.

[conmanumber]

Here in New Zealand i love Debit cards. Spend only what I need.

[NatesHomeTours]

I used my cards a lot when I first quit my job and went full time YouTube. About 4 months ago. I now have them back to where I can pay them off every month. I kinda sucked seeing interest of $50-60 bucks for a few months. Makes it hard to get balances down if you only make small payments. I was making $400-500 payments 2 times a month. Every time I got paid till I got them paid off.

[blktauna]

I put all my monthly expenses on my Amex then pay it off. This way I see here everything goes. In the meantime I'm hacking down my other cards .

[barrettstreeter]

As an amateur I really appreciate all your videos. I like the $5 a day stuff, I started that but on a smaller value still so I’m Atleast building a portfolio still and can make bigger deposits as I go. I’ve also got some stocks just sitting (partial shares) and never buying more or selling just to get a feel for market growth in certain markets (consumer goods vs tech etc.)

[Nicolas]

Very nice video if anyone wants to learn stuff like this it’s amazing simple words to describe big things!!

[AsianRiceballs]

The lure of the points gets you to spend more. Even at the grocery store. It lowers your inhibition to spend.

[JaredKirkwood]

Automate all that with YNAB by syncing transactions then set CCs to auto pay statement balances.

Budget last months income to this month’s expenses.

Auto invest at the first of every month.

Seeep unused budget amounts at the end of each month to investment or cash savings.

[dontask]

To much math.
I use my cc and when I get home, pop on the app and make the payment. More often than not...the payment posts before the purchase.

[wunderjeeson]

A lot of credit card users don't have the discipline to pay off their credit card and take advantage of points

[linkedinfred]

Hi Bob. Great video! I do something similar with four credit cards here in the UK. I use two spreadies; one for income and expenditure to budget across the month, the other to manage my credit utilisation. The latter I use to satisfy the credit brokers with a below 30% utilisation. I tend to find that I am making payments more than just at statement due to keep my utilisation low - particularly on one card where my credit limit isn’t that great.

[allenanthony]

Be careful. Studies and experiments have shown that credit card users are likely to spend MORE on average than those who use debit cards or cash. I've heard up to 30% more. You're not winning or getting ahead by using credit cards to earn a paltry 2% cash back.

[Jawrathful]

Yes, your tracking/spreadsheet works but I prefer my way. Easier and no spreadsheet needed. I never pay interest or fees on my CCs either. Thats how everyone should be! Good video.

[twaters]

Not sure if gas stations all over do this but most in maryland add a fee per gallon for gas which may mitigate your credit card savings.

[existdissolve]

I admire the transaction tracking... I've always been pretty "spend averse", so I've not had a problem with going over what i generally budget for a month.

[jdsphynx]

Could you o. How to avoid account deficit on Robinhood

[anthonys]

For a debit card, set up a separate account for its use. Keep the balance low. Transfer money to it when you need to make a larger purchase. That way if it is compromised, the thief does not have a main line to your main account.

[supercruchynoodle]

I only write down the few checks I write. I started paying my credit card bill online several times a month. If I anticipate expenses exceeding my 10% credit utilization ratio, I pay ahead so that i have a credit in advance and stay under 10% which I pay off in full. I never check each expense bc if there is a mistake it’s usually mine 😂 from miscalculating. I like your excel spreadsheet but I have no patience for that. I just immediately pay what I spent to get my credit card point (at most I let it sit 1 week till I pay it)