Tag Archives: credit card mistakes

మీకు CREDIT CARD ఉందా ఇలాంటి తప్పులు చేయకండి | 4 Credit Card Mistakes Explained in telugu

**మీకు CREDIT CARD ఉందా ఇలాంటి తప్పులు చేయకండి | 4 Credit Card Mistakes Explained in telugu**



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మీకు CREDIT CARD ఉందా ఇలాంటి తప్పులు చేయకండి | 4 Credit Card Mistakes Explained | new bank rules | latest news updates – telugu

1.Making minimum only payments: Making the minimum payment on your credit card not only increases the amount of time it takes to pay off your credit card balance, it also increases the amount of interest you pay on your credit card. Don’t just pay the minimum payment (unless it’s part of your get out of debt strategy). Instead, increasing your monthly credit card payment helps you pay off your balance sooner and at a lower cost.

2.Paying late:Paying the minimum on your credit card not only increases the amount of time it takes to pay off your credit card balance, it also increases the amount of interest you pay on your credit card. Don’t let your due date pass you by. Send your monthly payments on time. Come up with a system for remembering your due dates if you keep forgetting.

3.Applying for too many credit cards at once: Each credit card application has the potential to knock points off your credit score. If you apply for several credit cards within a short period of time, you might notice the denials are more frequent as lenders start getting suspicious about the sudden onslaught of credit card applications. Apply for new credit cards one at a time on an as-needed basis.

4.Never use credit card for taking money from atm.Only use it for online shopping and for transactions.

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The TOP 5 Credit Card Myths: Understanding your Credit Score

**The TOP 5 Credit Card Myths: Understanding your Credit Score**



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CREDIT SCORE: Go from 0 to 700+ in 3-4 Months: ⭐ How to Invest $100 In 2019 & MAKE MONEY! ⭐ The …

Kevin O'Leary: The Biggest Gen Z Credit Card Mistake

**Kevin O'Leary: The Biggest Gen Z Credit Card Mistake**



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“The biggest mistake teens make is the assumption that debt is free,” says Kevin O’Leary, financial expert and star of ABC’s “Shark Tank.”

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“People use credit cards in a way that’s really extraordinary. They assume that it doesn’t cost anything to put anything on credit.”

The truth is, however, most credit cards carry hefty interest rates if you don’t pay off the balance every month. In October, CNBC reported that the average credit card interest rate spiked to 17.01 percent from 16.15 percent a year earlier and 15.22 percent two years ago.

“The fact is, the interest rates on credit cards are astronomical. The returns there are so high, even I can’t make that when I invest,” he says, “which is why I invest in credit card companies.

“Don’t let me make money on you.”

Paying so much interest “is crazy,” says O’Leary.

Instead, “Don’t spend more money than you bring in. Very simple concept,” he says.

And instead of giving a teen a credit card, give them a debit card. “That way, they can buy things with a card — they don’t have to carry cash — but they can constantly check online how much money is left in the bank account. When there’s no money left in the account, they can’t buy anything, and that’s a good thing,” says O’Leary.

“That’s how you start to understand: Don’t spend more than you have.”

A 2017 T. Rowe Price survey found that 44 percent of parents are extremely reluctant to discuss money with their kids. But talking about money and teaching kids the basics should start way before their teen years, O’Leary advises.

“I think kids should be taught at the age of 5 onward where money comes from,” O’Leary says. “We do a very poor job in North America telling kids about finance. We teach them sex education, geography, math, reading, all kinds of learning skills, but we don’t tell them about debt. No wonder they get into trouble as soon as they get a credit card.”

“Debt is a bad thing. Understanding where money comes from is important,” O’Leary says. “Make money a part of the family at the dinner table. Talk about where it comes from, how you make it and how hard it is to have.”

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This is why teens should avoid credit cards, according to Kevin O’Leary | CNBC Make It.
the biggest mistake teens make is the assumption that debt is free people use credit cards in a way that's really extraordinary they assume that doesn't cost anything to put anything on credit the fact is the interest rates and credit cards are astronomical paid twenty one percent interest is crazy don't spend more money then you bring in very simple concept if you do spend more than you bring in it ends up on your credit card and you pay sometimes over twenty percent interest I would never let anybody charge me 20% interest on anything maybe it's not a good idea to give a teen a credit card here's a better idea give them a debit card that way they can buy things with the card they don't have to carry cash but they can constantly check online how much money is left in the bank account when there's no money left in the account they can't buy anything and that's a good thing that's how you start to understand don't spend more than you have

What Credit Card Companies Don’t Tell You

**What Credit Card Companies Don’t Tell You**



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Even though most of us know how to properly use credit cards by now, these are Top 5 most common credit card “myths” I’ve heard and whether or not there’s any truth to them – enjoy! Add me on Instagram: GPStephan
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FIRST MYTH: Leaving a balance on your credit card helps improve your credit score.
Well, the reality is that, NO, carrying a credit card balance does NOT increase your credit score…it only costs you money because now you pay interest on your unpaid balance. And paying more interest on a credit card DOES NOT increase your score any further than if you paid it off entirely, in full.

Instead, here’s what REALLY helps your credit score…and it’s important to understand this, because I’ll be referring to this later in the video:

35% of your credit score consists of your PAYMENT HISTORY: This means you pay your credit by the time it’s due, without any late payments. And when it comes to this, paying off your bill IN FULL or just making the minimum payment and leaving a balance will affect your score THE EXACT SAME in this category, as long as you just pay on time.

30% of your score is calculated by your credit utilization: this is amount you have available to use, versus how much you actually use.

15% of your score is calculated by the length of your credit history…the longer you have credit, the more robust your score will be.

10% of your credit score is calculated by “new credit” – generally the newer your credit lines, the lower your score will be, and this has a small impact.

10% of your score is calculated by the number and mix of credit lines of you have…it helps to have multiple credit cards, an auto loan, lease payments, mortgage payments, or a variety of different “types” of credit showing you’re responsible at paying all of those off on time.

SECOND MYTH: Too much credit makes it harder to get a house or car loan

Back in the 70’s and 80’s, the conventional thought among mortgage lenders was that if a borrower had access to too much available credit, they posed a higher risk of default because they’d have the ability and temptation to use all of it. However, in the late 1980’s, the FICO scoring method began analyzing their credit files…and that revealed that borrowers were NOT more likely to default on their payment if they had more credit available to them. And the “temptation” of having more credit would not “corrupt” an otherwise responsible borrower who paid on time. In fact, they found that the more available credit borrowers had, the safer they were, and the higher the credit score they should have!

THIRD MYTH: You should cancel cards you no longer use
Unfortunately, doing this could end up dramatically lowering your credit score and in most circumstances, this is a REALLY bad idea that you should avoid. If you have an old credit card you don’t use, just keep it that way…make sure to still keep it open, put it in a drawer, forget about it, put it in the frozen in a block of ice, give it to me so I can buy stuff with it…I really don’t care what you do. As long as you don’t close it.

FOURTH MYTH: Opening up a credit card will lower your score.
The answer to this is one…is YES. Opening up a credit card WILL have a negative impact on your score…but this isn’t as bad as people generally make it out to be. From my experience, overall, opening up a new credit card has such a minimal effect on your credit score…and in some cases, I’ve opened up new credit cards and seen my score actually INCREASE. So when it comes to this, I don’t really worry about it. If it does impact your score, it’s minimal…and long term, there are usually more benefits adding different lines of credit to your account.

FIFTH MYTH: You should use old credit cards to prevent them from being cancelled
And this myth is true. Credit Card companies only have the ability to extend a limited amount of credit to people, and they only make money when people use those cards…so when they extend credit out to someone who just NEVER uses their account, they’ll often cancel those cards so they can extend that credit line to someone else who will actually use it and make them money.

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what's up guys it's Graham here so it's that time again and that's time for another credit card video now even though most of us by now know how to properly use a credit card we understand the concepts we know to pay off for bill in full every single month we know how to get the three points we also know how to smash that like button if you haven't already there are still several very common mistakes that I see happening they get brought up all the time and what's even worse is that several of these mistakes and have costing you a lot of money and they're so easily avoidable so let's go through the five most common credit card myths out there and then we'll debunk them kind of like the credit card version of myth busters just – the really cool goatee so let's go back to the very beginning here is a comment that I end up getting a lot why do some people say leave five dollars or ten dollars in your credit card after payments doesn't make sense to me but I'd like to know why people do this okay so there's a myth that got started somewhere at some time probably by the credit card companies that suggest that if you leave a small balance on your credit card and pay a little bit of interest that that will help improve your credit score and this is actually something that I have been hearing for years and some people swear by leaving like 20 or 30 dollars on their credit card and paying a little bit of interest as some sort of life hack to getting the perfect credit score well you know what fortunately for all of us watching is that that is a myth that is untrue that leaving any sort of balance on the credit card is going to improve your credit score if anything that just costs you money because now you're paying interest on your unpaid balance and paying any sort of interest on a credit card does not increase your score any further than if you just paid off your bill in full on time now instead here's what really improves your credit score and it's really important you pay attention to this because I'm going to be referring to this throughout the video so it's important just pay attention to this part here 35% of your credit score consists of your payment history this just means you pay your credit card bill by the time it's due without having any late payments and when it comes to this paying off your bill entirely in full or just making the monthly payment and then keeping a balance will affect your score exactly the same in this category as long as you pay it off in time now secondly 30% of your credit score is calculated based on your credit utilization this just means the amount of credit you have available to you versus the amount of credit that you actually use now ideally the lower your credit card balances at the end of each billing cycle the higher your score will be the third is that 15% of your credit score is calculated by the length of your credit history so the longer you've had credit available to you the higher your score is generally going to be the fourth is that 10% of your credit score is calculated by what's called new credit so if you end up taking out new lines of credit generally this will have a small impact and what your credit score will be and fifth the remaining 10% of your credit score is calculated by the number of credit lines and the mix of credit lines you have available to you it helps to show having multiple credit cards auto loans lease payments mortgage payments or anything else that you can add into the mix that just shows you're responsible paying off different lines of credit so as you can see here between the factors that actually do increase your credit score how much you pay an interest is not one of them so don't ever leave any sort of balance on your credit card just to pay some interest to improve your credit score because that won't work that instead is just going to cost you money it's more important that instead you just make sure to pay your bill off every single month on time so next let's get to the second credit card myth and this is something that has come up a lot on my channel it's extremely common so here is the comment is it true that if you have too much credit available it makes it harder for you to get loans for a car house etc now this is actually a really interesting one because this had some truth to it about 30 years ago so gather round boys and girls let's have a credit card history lesson now back in the 70s and 80s the conventional thought between mortgage lenders was that if a borrower had access to too many lines of credits they posed a higher risk of default because they had the ability and the temptation to go and just use all of it it was also thought that these borrowers could get themselves in such deep debt that eventually they would just fall behind on their payments they would default on them and then the lenders would have to go and seek legal action to get their money back so the solution to this back then as a borrower was to close any unused lines of credit to reduce the amount of credit you have available to you to be in a better position to then fine it's a house or a car however in the late 1980s the FICO scoring method began analyzing the millions of credit files they had on record and that revealed that borrowers were not more likely to default on their loan if they had more credit available to them and also they found that the temptation of going and spending up all the credits would not corrupt an otherwise responsible borrower who is always paid on time in fact they actually found the opposite that the more credit a borrower has available to them the less likely they were not to repay those debts and the higher the credit score they should have now also in addition to that having more credit available to you even if you don't end up using it lowers your utilization rate which like I mentioned previously makes up 30% of your credit score so while this may have been a concern back in the 1970s and 1980s this is no longer a concern today when FICO now rewards you for long standing on-time payments and low credit utilization by having more credit lines open all right so I guess that was a pretty fun credit card history lesson but the credit card myths keep coming in and here's another one that I get a ton a lot of people are confused on this and this goes something like this when should i cancel my credit cards I have to I don't use anymore really don't need them anymore I have established credit now and this one seems like a reasonable thought process too if you have a credit card you don't really use it anymore it kind of makes sense just to close it and it's one less thing to worry about however unfortunately doing this could end up dramatically lowering your credit score and in most situations this is a really bad idea that you should avoid and here's why first remember how I mentioned earlier that your credit card utilization which is basically the amount of credit you have available to you versus the amount of credit that you use makes up 30% of your credit score well keeping your credit card open actually helps with this because it shows that you have more credit available to you and from your normal spending you spend a smaller percentage of what you have and secondly since the length of your credit history makes up about 15% of your credit score if you end up cancelling an old card that can lower the average age of your credit history and therefore also lower your credit score I've seen so many people cancel old credit cards because they didn't think they needed them anymore and then all of a sudden their score drops by like 30 or 40 points don't do this this is bad so if you have a credit card you haven't used in a while just keep it that way keep the credit card open put it in a drawer forget about it put it in a block of ice in the freezer give it to me so I can spend money on it I don't care what you do as long as you just keep it open all right so now we have 2 credit card minutes to go and this is another one I get asked a ton especially on my credit card churning videos because this one actually has some truth to it so this is what it is doesn't your credit score tumble each time you either open or even close a bank account or credit card now when it comes to this first of all closing a bank account has no impact whatsoever on your credit score so we'll just move on from that one and the second part of this with some truth to it is that yes opening up a new credit card can have a negative impact on your credit score however it's not as bad as what most people tend to make it out to be so here is why each time you apply for a new line of credit lenders will perform what's called a hard inquiry which is where they pull your credit report at any time a lender performs a hard inquiry for the most part your score will be lowered by about three to five points this is because generally people are seen as a slightly higher risk when they're actively out there trying to seek new lines of credit so if you're out there all day every day just going in like signing up for new credit cards yes chances are your credit score is going to drop however the good news with hard inquiries is that they only affect your credit score for six months and then after that it has no negative impact on your score so this is really only a temporary drop now of course in addition to the three to five point drop of a hard inquiry applying for a new credit card does lower the age of your average account length thereby also lowering your score a little bit so for example if you've only had one credit card for ten years and then today you apply for a second credit card all of a sudden the average age of your credit history length goes from ten years to five years because you applied for a new credit cards today and your oldest credit card was ten years old and remember that when it comes to this the average age of your credit history affects your score by about fifteen percent however though the good news with opening up new lines of credit is that it can actually help your score more than it hurts in two areas the first one is that opening up a credit card improves your credit utilization which remember like I mentioned earlier is 30% of your credit score so in this sense having more credit available to you can actually help you more than it hurts to open up a new credit card and secondly adding another credit line to the mix can actually help the types of credit you have available to you which like I mentioned makes up 10% of your score so for my experience overall opening up a new line of credit or new credit card has such a minimal impact on your score and in some situations I've actually opened up new lines of credit and my score somehow ends up going up the only time I would not open up a new line of credit or be sure not to do anything drastic is if you're planning to get a mortgage in the next six to eight months in which case I wouldn't risk doing anything to your credit that could impact the loan that you get but besides that for the most part it's pretty minimal if any impact at all by opening up a new credit card and now last but not least this is a credit card myth that I have heard a lot that actually has some truth to it and this is something that I have learned the hard way this is what it is just wanted to ask if you consistently use each credit card perhaps rotating them if not will they close your card account now this myth is not so much of a myth because it's true the thing is that credit card companies only have the ability to extend lines of credit to a limited amount of people so when they extend credit to someone who never uses them ever the credit card companies don't make any money so instead what they end up doing is eventually if that person is not generating them anything they end up canceling on that person to give that credit to someone else will actually use it and make the credit card companies money now this actually happened to me with one of my oldest credit cards I completely forgot about it I hadn't used it probably two and a half or three years and then randomly one day I went to check my credit reports and notice that that account had been cancelled as soon as I saw this I went and called the credit card company and of course they canceled my credit card due to inactivity basically my credit card expired and they just chose not to renew that credit card and send me another one no thankfully I had so many other credit cards that it didn't really make any difference to my score at all but still it was like that credit card and I had some history together and they just had to go and end it like that without without even a text without even a phone call that with it that was bad so basically I just chalk this up to a learning experience you know lesson learned and now I make an effort to at least use my old cards at least once every six months I'll basically just go to the gas station put like twenty dollars on an old card wait a few weeks and then just pay it off and fall so when it comes to this this myth is absolutely true and it's very important that you make an effort to at least use your old credit cards every now and then just to show some sort of activity on them not to give them any reason to cancel so that way you keep them open you keep the length of your credit history longer and that will improve your score so anyway those are the five most common credit card myths out there and how you can use that knowledge to increase your credit score save you money and eventually get you to smash that like button if you haven't already so with that said you guys thank you so much for watching I really appreciate it if you made it to the very end you haven't already subscribed make sure to smash that subscribe button smash that notification bell so YouTube can notify you anytime I post a video also feel free to add me on Instagram I post it pretty much daily so if you want to be a part of it on Instagram feel free to add me there thank you again for watching and until next time

Advantages and Disadvantages of Credit Card in Hindi | By Ishan

**Advantages and Disadvantages of Credit Card in Hindi | By Ishan**



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Advantages and Disadvantages of Credit Card in Hindi | By Ishan

A credit card allows you to borrow money from a bank to make purchases, whether you’re buying a burger or a round-trip ticket to France. As long as you pay back the money you borrow within the “grace period” of 25-30 days, you don’t have to pay extra. If you don’t pay it back in that time period, you’ll have to pay interest — a percentage of the money you owe the bank — on top of what you borrowed.

Choosing a credit card: When you’re deciding which credit card to get, ask yourself this question: Will I be paying interest on my debts?

If you pay your credit card balance in full and on time each month, you won’t be charged interest. In that case, it’s worth it to get a credit card with rewards. These cards give you points, cash or airline miles every time you use them. However, rewards cards have higher interest rates — high enough to wipe out the value of the rewards you earn. That brings us to what to do if you do carry a balance (in other words, you don’t pay off your debt every month). You’ll want to minimize your interest payments, so you should pick a credit card that has a low interest rate.

Your credit card is issued by a bank, such as Bank of America, Chase or Wells Fargo. The bank determines your interest rate, fees and rewards, so it’s important to find a bank that offers a card you like. Transactions are processed on a network, like Visa, Mastercard or American Express. The network doesn’t really affect the features on a card, except for such perks like rental car insurance or price protection. However, the network determines where the card is accepted.

In general, the better your credit score, the better the cards you can qualify for. The most generous rewards rates, the best perks and the lowest interest rates are available to those with excellent credit.

Interest payments and fees: Credit card companies make money in three ways:

1.Transaction fees charged to the merchant every time you use your credit card
2.Interest payments when you don’t pay off your debt in full
3.Fees, like late payment or annual fees

You don’t have to worry about that first one. Transaction fees are a problem only for merchants. Instead, concern yourself with interest payments and fees.

If you have a rewards credit card, remember that issuers don’t give those points out of the goodness of their hearts. Many people think they earn more in rewards than they pay in interest, but if you carry a balance, that’s rarely the case. If you think there’s a chance you won’t pay off your balance every month, steer clear of rewards cards.

Credit cards charge a number of fees, from an annual fee to cash advance fees to late payment fees. Most cards nowadays don’t have an annual fee unless they offer big rewards or are designed for people with less-than-good credit, but make sure to make at least the minimum monthly payment on time, or you may be slapped with a late fee and a higher interest rate — and you might even see your credit score suffer.

REWARDS PROGRAM DETAILS: If you have a rewards credit card, this portion will spell out exactly how you earn and redeem your rewards. Read this section carefully. Many credit card rewards programs are fantastic, giving you cash back or points you can redeem for free travel. But others aren’t all they make out to be — paying minuscule rates or giving you rewards only for crummy merchandise you don’t want or gift cards you’ll never use.

Disclaimer- Some contents are used for educational purpose under fair use. Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use. All credit for copyright materiel used in video goes to respected owner.

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