How To MASTER The Credit Card Game In 2024 (Beginner’s Guide)

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Hey guys, in this comprehensive beginner's guide to the credit card game, we delve into five key sections to help you navigate the world of credit. By the end of this one, I believe you'll be well-equipped to make 2024 the year you master the credit card game, even if you don't have a single card yet.

Section 1: Credit Card Basics - Breaks down the fundamental concepts that every beginner to the credit card game should grasp before getting their first credit card. This includes topics such as credit vs. debit, important components of a credit card, how to get approved for a credit card, etc.

Section 2: How Credit Cards Work - Demystifies the mechanics behind these financial tools, providing you with a clear understanding of how to use them to your benefit rather than your detriment. This includes topics such as annual percentage rates (APRs), how to pay off a credit card, understanding your credit score, etc.

Section 3: Understanding Credit Card Statements - Equips you with the knowledge needed to decipher your monthly statements, ensuring you stay on top of your finances. This is done by walking through one of my credit card statements line by line and explaining exactly what each number and terminology means.

Section 4: Responsible Credit Card Usage - Emphasizes the importance of managing credit wisely to build a strong financial foundation. This includes topics such as budgeting/tracking expenses, managing credit card utilization, etc.

Section 5: Maximizing Credit Card Benefits - Explores strategies to make the most of your credit cards, from cashback rewards to travel perks. This includes topics such as cashback vs. travel credit cards, which credit cards are right for you, how to redeem your credit card points effectively, etc.

Whether you're new to credit or looking to enhance your card game, I hope this video serves as your go-to guide for mastering the essentials and optimizing the benefits of credit cards. Best of luck on your credit card journey this year!

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📚 Chapters:
00:00 The Gameplan
02:08 Section 1: Credit Card Basics
02:11 Credit vs. Debit (Pros and Cons)
06:55 Important Components Of A Credit Card
08:07 How To Get Approved For A Credit Card As A Beginner (Method 1)
10:11 How To Get Approved For A Credit Card As A Beginner (Method 2)
12:17 What Happens When You Apply For A Credit Card?
13:50 Section 2: How Credit Cards Work
13:54 The Dangers Of Credit Cards (Interest Calculations)
16:49 Statement Close Date vs. Payment Due Date
18:32 Consequences Of Late Payments
19:24 How To Pay Off A Credit Card
20:24 Understanding Credit Scores
24:17 Section 3: Understanding Credit Card Statements
24:36 Walking Through My Credit Card Statement
29:44 Identifying Problems w/ Credit Card Statements
30:29 Section 4: Responsible Credit Card Usage
30:50 Best Budgeting Practices
32:26 Managing Credit Card Utilization
34:35 How To Lower Credit Utilization
36:14 Section 5: Maximizing Credit Card Benefits
36:40 Cashback vs. Travel Credit Cards (Pros and Cons)
41:30 Best and Worst Ways To Redeem Credit Card Points
43:33 Transfer Partner Redemption Examples
44:47 How To Choose The Best Credit Cards For You
46:40 How Many Credit Cards Should You Have?
49:17 Summary Of Key Points

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#creditcardsforbeginners #creditcardstrategy #creditcards

[elliottnixon-wqsp]

Man, if the YouTube thing doesn't work out, you could give a college professor a run for their money. This improbably one of the most relevant crawl-walk-run videos on a topic I've seen in a while.

[druiz]

🤯 talk about ambitious. Started from the bottom went straight to the top.

[Ritchie_The_CEO]

*Spencer:* “Your credit card will have numbers on it.”

*Me:* “Oh. Like, beginner beginner.”

[CallMeLani]

You weren't lying. That was a full presentation!! 👏🏾👏🏾👏🏾 Great info. Great detail. Great vid!

[JM-soiw]

CC 101! I would like a little more clarification on adding an AU to my account, if the AU has a subpar credit score and I have an excellent one. Does their poor score bring mine down? Or does my high score increase theirs?

[justgaming]

The utilization part is slightly misleading.

Utilization doesn't help to "grow" your credit score. It's also not important to keep it below 10% unless you are planning to apply for credit. Utilization has no memory, you could go from 1% to 50% utilization, your score will dorp that one month but if you go back to 1% the following month then you get back all the points that dropped.

Unless you plan to apply for a loan or new credit line, there is simply no reason for managing your utilization. You dont need to keep it at1% every month and i think making people focus on this is just making the credit card game harder than it needs to be.

[Dankflamio]

Something I’m still trying to figure out how the autopay systems work by bank because sometimes banks automatically pay the remaining statement balance, but BofA does still pull the full statement balance even if you’ve paid most of it off already which means the credit card company actually owes ME money. I don’t like that. I think Chase doesn’t do that and instead modifies the remaining statement balance. I’m still trying to figure all that out.

[ksprincess]

Does being an authorized user impact your 5/24 status?

[lukereed]

Not normally one to comment, but man I love the content you make. I'm a senior at A&M, and it's very refreshing having a young guy from Texas talk the way you do. Keep going man, you're killing the channel!

[ItsMeCJ]

Oh crap…I was here first and forgot to comment. This is set to be a very thorough video it seems. Can’t wait to watch.

[walkingmiracles]

best way to meet minimum spend w/o buying stuff i dont need

[LBSinner]

Awesome video! This is definitely one of the best videos for anyone who wants to learn about the credit card game.

[smorts]

Really informative video I had no idea you could lower your utilization by paying your state balance early also. I have a question I started with the chase freedom rise 4 months ago and I’ve been eyeing the freedom flex how long should I wait before I apply to a new credit card?

[TheCreditFrog]

Great deep dive on the topic Spencer! Lots of valuable info in here for beginners, but also for those like myself who forgot what CVV stands for 😂

[Raskungaming]

Hi new to the channel! learning about cc. can i get the chase freedom unlimited as my first cc for cashback and 2nd will be bilt for rents then make my way up to sapphire preferred to complete my trifecta? thanks!

[KevinYang]

🔥This one's gonna be a banger, I'll definitely have to watch it through asap! Will be interesting to hear about how these extra long form videos do (seemed to do amazing for Brian's version on crypto)!

[Brianpeckin]

A small little tip you would think people would think about it, but call your lender sometimes. You can do it online as well but I couldn't with Chase but try to get if a benefits you to get all your payments due date around the same time. So even your balance your statement closing date is around the same as well. So you don't really forget when it closes like all mine closed around the second of the month, all five cards

[jamesyu]

I love the free travel and hotel stays, it was lots of information but I think using 3-4 for daily use is probably good enough the rest is just for age of credit

[JakeVanderPloeg]

Love how extensive this was. Things to learn for beginners and veterans alike. You’re the man Spencer🤝

[ethantran]

Been waiting for this to drop, amazing work 👏