Credit Cards 101

[UncleChad]

Step 1: take a loan of 1 billion
Step 2: buy the bank
Step 3: waive the bill
Step 4: be rich

[adder]

If you owe the bank £50, 000 you have a problem, If you owe the bank £50, 000, 000 the bank has the problem.

[extremeweirdness]

The only thing I learned in less than 60 seconds is that I knew more about Credit Cards than 99% of people. Which I doubt.

[fuljostrujec]

Step 1 get a debit card.
Step 2 spend within your means.
Shocking, I know. Who would've guessed? 300 years ago I would've been burned at the stake for such revolutionary ideas.

[keineahnungabervieldavon]

That's common knowledge in Germany. U learn it in middle school. That's why not many people use credit cards here.

[dtb]

if 99% of people didn't know this before getting a credit card, i understand why the average american has credit card debt

[ChaCha_From_India]

I am confused, that's common knowledge. Why are people getting credit cards if they don't even know what is it ?

[adityabanerjee]

*1) pay the full due before the due date**
*2) Never utilise more than 30%, if you do.. make sure you pay that extra amount before the bill generates.*
*3) Never pay your dues before the bill generates.*
*4) Never withdraw cash from your CC.*

*In India, here you get extra 3 days of grace period even after the due date for making your CC payment, if you don't then your respective bank will charge you with an interest rate of 36-42%pa from day one*

[kikihun]

Better information about credit cards.

Credit cards are based on a chip called EMV which communicates at 13.56Mhz with the host machine.
The chip usually holds less than 2000KB of data.
It operates at 1v which is inducated by the host's 'antennas'.

It's content can be easily read by any nfc capable device.

Don't cut any part of the card because the antenna is shaped like a coil around the edges of the card.

[spooky.-]

He only made this video to flex his American Express card.

[desicanadiantraveler]

Flashes a charge card while explaining what credit cards are lol

[Calmdownpaco]

It's kind of sad how few people know this basic information. A product of the broken American school system.

[ArafinWasHere]

Step 0: Don't get caught
Step 1: Borrow 100k
Step 2: Buy Non-liquid assets with passive income e.g Apartments/Houses
Step 3: Default
Step 4: Borrow 200k to pay back 100k
Step 5: Again Buy Non-liquid assets
Step 6: Default
Step 7: Repeat till you have 10mil+ of assets bought
Step 8: Your Assets now values more than it was when bought
Step 9: Get one big loan from 1 bank to pay back all of your previous debt.
Step 10: Now you have assets with passive income that automatically pays your debt.
Step 11: After your debt is paid, you can now relax.

Follow those Steps if you want, but, remember, whatever you do,
Do Not Get A Credit Card

[t.t]

Just don't get a credit card, those things are dangerous.

[muhamadsyahmi]

And they call us who don't have credit card as poor while they themselves "borrow" money.

[vey_]

Step 1: dont use credit card
Step 2: still be in crippling debt because society sucks..

[H.K_R]

However, credit cards have certain standard and unique features which can help you in the event of any fraud or theft of your money. Cards like AMEX cards can help you earn points on every transaction. So it’s personal choice. It depends if you’re good at paying bills on time and are organised.

[disingenuously_dense]

Credit card may seem ussless at first, but if you fly often, then getting those business lounges even after booking economy doesn’t hurt anyone 😉

[nestorcamarena]

Tip: use a debit card instead of a credit card so you can actually see how much can you spend and avoid going broke while spending like someone in black Friday.

[aradhyamishra]

This is what a 14 year student knows in India