Why You Should Start Using A Credit Card In 2023

[Music] [Music] we're going to be talking about why you should stop using debit cards i know i know i know it sounds a little dramatic because it is but if you are an immigrant or if you were raised by immigrants or if you grew up in an african household credits is probably a bad thing right you're told that credit is synonymous to debt you should use a debit card because it's safer we've all heard those things but are they true or are they keeping us stuck in today's video i'm gonna tell you why you should stop using a debit card for certain things and start using a credit card responsibly heavy on the responsibly because the reason why a lot of our parents and our aunties and our uncles have told us credit is bad is because when not used responsibly yes you can get yourself into debt but when not used at all you can really limit yourself so let's get into today's video but before we get into it my question to you is where are you from because i know this is only relevant to the western world but this is a very diverse community i would like to know where you are from so that i can make videos that are relevant to you so go ahead and plug your flag down below so i can make sure that upcoming videos are relevant to you hi and welcome or welcome back to the channel if you're new here hello i'm vanessa and on this channel we talk all things earning more and building wealth and today we are going back to school to talk about things that schools somehow forgot to talk about we're going to be talking about why you shouldn't use a debit card yes i said do not use a debit card but for what we're gonna talk about that later in the video and i'm gonna give you five reasons and while all of these are important reasons number three is the most important one because you can actually lose your money if you don't know this and number four is my personal favorite because who doesn't like the soft life i mean i do so if you're ready to pick up these gems then please go ahead and hit the like button so this video can go out to more women and help them become financially empowered the first reason is that you win when your money makes you more money that's why i talk about investing that's why i talk about starting a side hustle with the money that you do have because you don't want your money to just be static in a savings account i mean we've talked all about why you shouldn't keep your money in the bank so when you compare a card that gives you nothing for spending money to a card that actually gives you money for spending money i mean you don't have to tell me twice i'm gonna go with the one that pays me for spending money okay some cards like fidelity rewards card even offer as much as two percent cash back i mean it's a no-brainer i want my coins when i spend my money give me money for spending my money number two my sweetheart give yourself a chance at your dream life honey the house you want the nice car you want the stability you want you know what you need to get those things a good credit score and one of the most important things you need for a good credit score is credit history it accounts for 35 of what your credit score is so if you're only using a debit card and you're not building your credit history guess what will happen when you're ready to buy a house your credit score might not be where you want it to be which means higher interest rates and in the worst case you might not even get the loans that you need so honey boo boo if you see yourself buying a really nice house in the future make sure that you're paying off all your credit card debt the best thing to do is to use your credit card for things that are essential like things you would already spend money on and then pay it off in full every month so if you're living expenses every month cost about 800 and you can actually afford to pay that amount of money for your bills with your debit card use your credit card instead and then pay it off in full before it's due that is the kicker okay don't go acquiring crippling debts just because you want to build your credit it's like you're doing the opposite what you want to do is increase your credit history without reducing your credit utilization ratio but this video is not fully about how to get a good credit score if you want me to make a video about that then let me know in the comment section but if you use your credit card for things that you normally would use your debit card for then you build your credit history and increase your credit score then you give yourself a good shot at getting nice things like your dream house number three i told you this one is the most important reason not to use a debit card and that is the fact that debit cards are connected to your real money your real cash in the bank credit cards are not did you hear that and because of this fraudsters can actually have access to your money if they have access to your debit card details and if you think the only way that fraudsters can have access to your debit card details is when you give your password away you're wrong honey this could even happen when you use your debit card in retail outlets like stores and gas stations and you know what's worse if for whatever reason and i recommend you don't live like this is but if for whatever reason you don't ever check your bank statements you don't have online banking you don't pay attention to your finances and 60 days pass after the fraudster has taken your money it's possible not to even get your money back um no girl but if you use a credit card and a fraudster gets hold of your information and steals your money and uses your credit card you can only be responsible for up to 50 dollars which means anything above that you will get compensated for your maximum liability is just fifty dollars so even if they use one thousand dollars off your credit card your liability is zero to fifty dollars but on a debit card if they take that same one thousand dollars and you don't notice it in 60 days you could get nothing back and i don't want that for you girl and that's why i'm giving you this information number four is my favorite like i already told you you can actually earn rewards that can be used to travel at restaurants at hotels if you want me to make a video about that i don't know if you care but if you do let me know in the comment section below and number five is closely related to number four if you're someone who travels a lot then it's worth it to get travel protection and with some credit cards like the chase sapphire preferred cards which rummy my coin chase this video is not even sponsored by them but if it's good it's good but they offer up to 500 in travel protection which means say you're supposed to meet up with bae and you're supposed to have dinner say you're supposed to meet up with bae and you're supposed to have dinner in paris in paris italy and your flight gets delayed and so you have to spend more hours in the airport than yo