Should You Only Use Debit Cards? Why Credit Cards Are Better

You’re probably wondering, “Should I use debit cards or credit cards to maximize my financial potential?” Well, in this video, Dan Lok is going to be straightforward with you as to why he believes only idiots use debit cards, and why credit cards are better. If you liked this video and want to see more like this one, hit the “like” button and comment below.

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This video is about Only Idiots Use Debit Cards - Why Credit Cards Are Better

[alessandroxxxish]

The big mistake is to believe that the money is yours (credit card)

[docsays]

Credit Cards can be your best friend or your worst enemy.

Like anything else, you must have discipline, self-control & maturity.

[justwoney]

1. You can leverage others people money
2. You can borrow money for free
3. You build up your credit score credibility
4. You get rewarded
5. You are better protected

[julianhf]

20 seconds into the video and I’ve already been called an idiot.

[addictedtothebold]

I think the mistake people make is using your credit card before you have the cash in your account. I think the smart thing to do is use your credit card like your debit card. Spend the amount that is available in your bank account and then pay it off right away. Like literally the day of your purchase. You earn points and you don't have to worry about being late or anything.

[KrystalToddCPA]

If you have the discipline to pay off credit cards every month then it’s a no brainer to use a credit card.

[moise]

Don’t use credit if you are broke or poor. That’s the answer

[marcmini]

I only use my credit card. A few years back one of my dads friends said " why are u using ur debit card, u get charged fees and dont collect any points". That's the day my financial education started. From learning about credit cards, to now stockmarket/option investing. Wow, what a journey and process

[Zket]

Been using credit cards since I was 19, my parents are scared of credit cards just like Dan said. 😂 guess I’m doing one thing right. 👍👍

[ferryoctavian]

I think after watching this, I believe you can save more money in your bank account by using Credit card. Put a limitation on your Credit card, be sure the limitation isn't more than your income and covers every primary needs in 1 month. Then pay everything with your Credit card until it reach the limit. Boom, you saved some money in your bank.

[jordanfails]

The key to credit cards is self discipline. Don’t spend all your money in your bank account and spend you credit card, only spend your credit card and only use the debit card to pay off the credit.

[allwynmendes]

On point 5. 'You are better protected', I have had the bank refund a fraudulent transaction back into my debit card account multiple times.

[kyledellosa]

I have started my credit journey with my first credit card last year.

Also, being an authorized user from my parents actually helped build up a record even if I dont use the card or the fact i didnt have a credit history in the past.

[shivamshahorignal]

There is a difference between debt and leverage

[mrtohonoart]

I definitely use my credit cards for both building my score and getting points. And yes I do pay them off in full every month. I’m going to use them too for my future business.

[KathyHagle]

Number 3 - Is the reason I am considering a credit card as my life has been a financial disaster. Now I am starting to build credit again. With good money practices now being used I am wondering if having a credit card, used wisely will help me with this goal.

[hinfranco]

All those reasons you mentioned is why I use credit cards for 99% of my purchases. The biggest one for me is those sweet reward points I get back and I even count them as one of my income sources as I’m always able to pay off my credit card statements.

[melvinmungai]

Dan may I ask.. Would you rather receive an expensive product and free shipping, or receive the market rate and a charge on shipping..?

[dragonofparadise]

Credit cards only work until the income decreases or stops, no matter the reason for the decrease or stop. I've seen so many people who boldly claimed to have mastered the credit card to ultimately see them buried up to their neck in debt as a debt slave because they were laid of their job or the market caused a decrease in business.

[expeditiontofreedom]

I use credit card since year but have NOT utilized the full power. Thank you Sifu for sharing your insights with us. Very much appreciated. 🙏