you're wasting money if you're not
paying off your credit card every single
month credit card credit card credit
card now do you have a credit card
you're using right now or do you have
multiple credit cards or you're one of
my younger fan and you are thinking of
getting one comment below today I want
to share with you a three credit card
sequence that the banks don't want you
to know I'm gonna take you behind the
scenes a little bit and share with you
how banks actually make billions of
dollars from credit cards and how the
model works now what does that have to
do with you when you arm yourself with
this knowledge first of all you could
protect yourself and so also give you
some ideas of how the industry works
also in this video I'm gonna give you a
couple of strategies that you can
implement today to save yourself some
money are you excited
comment below here we go credit CAHSEE
croteau one your interest rate could
jump at any time you have to understand
how massive the credit card industry is
how many credit cards are out there when
you go to the mall you'll see why a
company so eager to give you free gifts
and free stuff for you to hey man just
just sign up a credit card why did they
do that because they make so much
profits from it when people find out how
much money banks actually make from
credit cards usually they are shocked
so you see advertisements where they say
hey low interest rate no problem
sign up right and you say okay great low
interest rate right lowest interest rate
you would get right now the average
interest rate on a credit card it's
around 17% 17% think about it right and
then they will advertise and say oh low
interest rate and when you sign up the
card what you don't know is the critic
accompanies the banks they have to write
to adjust meaning increase your interest
rate at any time at any time and usually
they would give you like say a 15 day or
30 day notice and you get a package in
the mail which you usually never read
with a letter like this and like mumbo
jumbo legal stuff and say oh now
before 17% now it's 18 percent at 19
percent now if you have credit card debt
meaning you're not paying off your
credit card every single month before
you know it now you have the power of
compound interest working negatively
working against is why people making
minimum payment in could've cut debt
it's very difficult for them to pay them
off because now it just keeps
accumulating accumulating so that's
secret number one credit card secret
number two bank saying credit card
companies they make a lot of money from
you just using the card even though you
pay off your balance every single month
so what I mean by that
so as a merchant as a seller as a
business owner when someone comes into
my business and someone swipes their
card the credit card company actually
charges the business owner a fee we call
that an interchange fee for the
convenience by providing the machine so
that the customers can pay conveniently
and they charge could be anywhere from
two to three percent so let's say you go
in there and you make a purchase for
$1,000 the banks actually charge the
merchant the business owner is say three
percent on average three percent of the
money meaning they make thirty dollars
for doing nothing for doing nothing
simply by providing their convenience
that people could use it this is why
sometimes you go into places you're
going to restaurants and they say hey
you know what we'll give you some free
appetizer or a free dessert or something
cuz if you don't use your credit card
they save a few points so they make
money both ways from you if you don't
pay off your credit card accumulating
interest but also from every transaction
that's taking place from all the
merchants all around the world that adds
up very very quickly can you see that
this is why they encourage you to use
the credit cards as much as possible
that give you points that give you all
kinds of free stuff right and they want
you to get a new card it is in their
best interest for you to use the credit
cards as much as possible in as many
places as possible now critical itself
is not bad
because of your credit is convenient I
love my credit cards nothing wrong with
it just as long as you're paying off
your balance every single month do not
listen to me do not accumulate credit
card debt it is a very very dangerous
slippery slope Kritika secret number
three you can save money right now with
one simple phone call now you realize
how much money that credit card
companies make from you and from the
merchants don't be afraid don't be
afraid of credit card companies you can
make a phone call right now and their
number of things that you could do you
could call them right now and say you
know what I'm thinking of cutting up my
credit card I'm thinking of switching
company ask them to see if they can
lower your interest rate you will be
surprised what they would do just find
you asking and making a simple phone
call most of those don't do it ask them
can be lower the annual fee some cases
can they waive the annual fee right if
there are charges that are fraud what
could they do what are the free stuff
they could give you you simply need to
ask you could also call them to adjust
your credit limit if you want to build
up your credit faster right you can also
do that or you can also ask them to
adjust your payment your due date that
fits your schedule you don't know that
do you you could absolutely do that you
are a customer you are spending money
with them ask them make a simple phone
call you can also ask them incase if you
miss a payment your couple days late
what are some of the things that they
could do that wouldn't ruin your credit
rating at their credit bureau there are
so many things you could do all you need
to do is pick up the phone and ask it's
as simple as that
Kritika is a very very powerful tool it
makes so many things buying purchasing
so convenient when you're buying online
but don't let Kritika controls you you
become a master of the credit card
instead of being a slave to the credit
card company that's my biggest takeaway
for you today so are you going to call
the credit card company today and come
back and comment below and let me know
how it works
for you all it takes is a simple phone
call that they lower your interest rate
today maybe convert your car to a no
annual fee card did they adjust your
credit limit what did they do for you
let me know I want to know