I buy everything with a credit card that is right I don't have any cash this is
my wallet and I don't know if you can see that or not but there is no room for
any cash in this wallet and in this video I'm gonna tell you why I pay
everything with my credit card and maybe you should - welcome back to the channel
guys my name is Bruce Wang I am a dividend investor of real estate
investor and in today's video I'll be talking about credit cards and why it
might be a good idea if you pay everything with a credit card so back in
the days when I was a lot younger I used a lot of cash whenever I bought stuff
and I used a lot of my debit card as well but in the past five years or so I
switched everything to just paying with credit cards and I stopped holding cash
there are so many reasons why using a credit card is so much better than using
cash or a debit card the first benefit that I realized was if I lost my wallet
with cash in it that cash is gone but if I lost it with only my credit cards I
can cancel my credit cards and I can get a new one within like a week probably
even less than a week especially with my Amazon Prime card it's gonna be alright
if you lose your credit card even if someone stole this and swiped it a few
times all you have to do is just call the credit card company and let them
know that someone stole it and and these banks that own these credit cards they
have a fund just for like lost and stolen stuff so that fun covers a lot of
that issue as well if you guys didn't know these banks they have a large fund
that covers lost stolen damaged stuff like that especially when you lose your
card so they got you protected and covered for issues like that later on in
this video I'll go over two credit cards that I use almost on a daily basis both
of them have no annual fees and you can use them everywhere as well the second
reason why I love using credit cards and paying everything with cards is because
of the customer protection you get from the banks
if you ever scanned or frauded by any company as long as you paid with your
card you should be able to get your money back and that's what I loved like
I've had a lot of issues where I've been overcharged by some companies and
all I'd even have to talk to anybody all I did was just go onto the website list
my issue and they eventually refunded me the money no questions asked I had a
case with Comcast where they overcharged me for whatever reason and a lot of
people know that Comcast is one of the worst companies out there they have a
monopoly on the internet and on cable all across all across all across America
so they overcharged me on my cable bill they added something to my they added
something to my account that I never bought I contacted Comcast first and
they would not remove it for like the first time that I called them and after
that I would call the credit card company and they actually refunded me
the money before Comcast even refunded me the money so customer protection from
credit cards are amazing so the third and probably one of the best reasons why
you would want a credit card is because of the rewards so this card in
particular is an Amazon card and Amazon card is probably the card that I use the
most I swiped this on a daily basis doordash uber eats any food any
restaurants it is all paid for from this card right here and every single time
that I swipe this card I would get rewards 1% 2% 3% depending on where I am
shopping or where I'm buying from so the card that I'm using is an Amazon rewards
card from Chase and right here you can see that I have fifty five thousand
points I have no idea what I'm gonna do with these points I think probably at
the end of the year I will just do a cash back so I think that if I were to
cash this out I would get back around five hundred fifty one dollars another
thing that I can do I can probably book my next vacation I never buy any gift
cards I hate gift cards so I never do anything would gift cards and what I
would and what I would most likely do is buy some more stuff on Amazon so the
credit card that I have is right here the Amazon Prime Rewards Visa Signature
card and if I'm buying anything on Amazon I would get back five percent
back that is a lot of cash guys I don't know about you but I shop on Amazon
weakly I buy all my diapers for my kids there I use those subscriptions to
refill a lot of my supplements that I buy for my workouts
and for fitness and exercise and throughout the year stuff like that
really adds up so so right now is the halfway mark for 2019 and I already made
$550 back from this rewards card the second thing about this Amazon rewards
card is you would get back two percent at restaurants gas station and
drugstores that's a really self-explanatory I don't really need to
get too deep into that and the next rewards that you get is 1% on everything
else so I don't know about you I like free money I'm all about that free money
and that's why I use this card all the time the second card that I own is a
Costco credit card and that is through C Bank I show up at Costco all the time
and I'm there probably three to four times every single month so stuff like
that really adds up and the one thing I love about Costco is that they come out
with a gift card that product I think I got one of these I get one of these once
a year I shop at Costco so much I think that their rewards that the reward
certificate that I get is able to cover the Costco membership one piece of
advice for me is that wherever that you're shopping all the time try to see
if they have a credit card or rewards credit card and if they do sign up for
it it'll pay dividends for you if you guys are shopping there all the time
so that is another great benefits from cars like these so going back to the
Amazon rewards card someone actually was able to steal my credit card information
and somewhere across the country and they were able to swipe it I like a
doughnut shop and they were able to buy coffee and like donuts with it chase
called me back within one day they shut my account down and they were able to
replace my credit card within the next day or two so if you guys don't think
that's efficient or amazing then I don't know what is another thing about these
cars is that they I think they're made out of metal because with my last card I
tried to destroy it in a credit card shredder and it didn't really turn out
well I think it actually destroyed my shredder instead that that shredder was
not able to even take half of this card so I think I have I think there are
special instructions to destroy a metal car like this and I would have to
this back to the company so they can get rid of it for me so next reason why I
love credit cards so much is because they get the like button smashed if you
are enjoying the video don't forget to leave me a like another reason why you
want to start using credit cards is because you want to build up your credit
having good credit having amazing credit will really help you down the line
especially if you want to jump into real estate
whenever a bank or a loan officer is looking at your credit that will
determine the interest rate that you will receive and the better that your
credit score is the lower the interest rate the better the interest rate that
you will be able to get so you're gonna be saving a lot of money there and it
took me a long time to build up my credit I think the lowest I ever I think
the lowest my credit was was around like 650 and I was able to get it to 773
within the last probably a few years and ever since then I'm trying to actually
hit over 800 credit score and that is um that is my next goal when it comes to
this credit card journey of mine so one last thing before I let you guys go
credit cards are not gonna be for everybody alright if you guys have a
credit card if you guys have a spending issue where you cannot pay your credit
card back in full every single month before on the statement date or before
the statement date then you should not own a credit card don't spend money that
you do not have especially if you have a credit card I'm a wizard when it comes
to my expenses I know exactly how much I spend every single month I track that on
my mint account I track that on a separate spreadsheet and I pay back my
credit cards on time every single month in full my phone bills on there my
internet bills on there I pay back in full every single month so
I don't get charged any interest from the card if you if you cannot pay back
your card every single month if you're not able to do that you probably
shouldn't be using credit cards that much or at all make sure you use your
credit cards responsibly because the world will start to open up for you if
you do I'm able to get free I'm literally able to get free money with
these credit card rewards and I'm able to travel I'm able to have everything
that I buy somewhat protected by the credit card companies and and on and on
and on so I'll leave a link in the description
if you guys are interested in any of the cards that I was talking about and if
you are still interested in watching more videos about personal finance
dividend investing go check out some of my older videos here I go really in
depth into every single topic and if you are enjoying the video leave me a like
subscribe if you're brand new I have 3 videos every single week coming out hit
that notification and I'll see you in the next one I love you 3000 bye bye now