What's going on, you guys welcome back to another video, so we're gon na talk about the best way to spend. Oh, no. We already did that the $ 1,200 stimulus we already did that, where my notes best cash back credit cards, should you apply for a credit card during a recession? We're gon na go over exactly what you guys need to know what you guys should do, let's get into the video yeah guys. So I'm not really sure what I was trying to do in this one.

My head's all like I don't even have an intro anymore. So yeah, let's just get back to the video boom boom pow. Now, if I were to give just just like my 30 second, like straight-up, like what you guys should do, what you guys should be doing right now is to take advantage of this opportunity to be able to save up as many points as possible for when things Begin to die down and travel begins to happen again and life does begin to return back to normal. I do predict things are gon na go back to normal at some point.

It may not happen at the times we want. It may not happen next week, but I do believe that things are gon na go back to normal at some point now, knowing that, with those things in mind since the beginning most of our primary objective, if you're not in it for the cash back credit cards, Is to be able to use credit card points, leverage that and travel around the world for free, getting free hotels, getting free upgrades, getting free states traveling on a free flight traveling on a free first-class flight traveling on it free like Qatar, air, like suite where they Like tuck, you in, and they just treat you like a king, like those things, are still on people's bucket lists. When people think about applying for credit cards there, gon na be two types of people there gon na be one people are gon na use credit cards during times of a recession, to use kind of, as like it's kind of like your parachute. It's like your backup parachute.

So if your income goes down, if you have too many bills - and you don't know what to do - and you need an access to money to be able to feed yourself, your family or or pay the utilities that you have, you can get a no APR credit Card during this time use that and if it has a no APR period for 15, 18 even 21 months depending on the card and the issuer, you can really use that to be that financial safety net for during times of financial uncertainty. Now the second type of people are gon na, be people who use credit cards just to get the points you pay back your card amount every month in full. You don't carry a balance regardless. If there's a Apr promotion or not, you use your card.

You get the points, use that points towards travel or whatever you want. Maybe you want to get a cash back. Maybe you want to put it towards a new MacBook Pro, but the whole point is you get points to be able to use as a certain currency to be able to use that as free consider free money? Now, regardless of the type of person you are, you may be a type 1 person or a type 2 person. The whole principle that I've had since the beginning of time is do not let these banks make money off of you through the interests that you may be able to accumulate, always always focus on the fact that you can make money off of them.

So is this really just a mindset thing knowing how much money you spend knowing how much money is coming in and understanding that if you do overspend - and you cannot pay off that full balance and you have to pay interest on it, you're deep you're defeating the Whole purpose of this do not let these banks make money off of you, but instead we can make money off these banks just by being a little bit smarter. So one of the things that many people are curious about during these times is Brian. Our acceptance rates. Any different now I can't give an exact answer to that.

I really don't know if they're letting more people in I feel like even people working inside of these banks won't really know. But what we can do is to gauge data points from other consumers to read different things in the forum's just to stay active inside of the Facebook group and see what people are getting approved at so I know I saw something on reddit, where someone was accepted For a Discover Card, I wasn't really surprised at the fact that they got accepted for that card, but I was more surprised at the fact that they slapped them with the $ 17,000 limit, and this actually gives us a lot of information when a bank or financial Institution is slapping a very high credit limit onto a brand new account with someone who has a subpar score of somewhere in, like the six hundreds. Usually, it is an indication that banks are looking to monetize themself in this product area of credit cards, to be able to monetize themselves as much as possible one of the easiest ways for them to do. That is to accept more and more applicants during this time.

Now I know I made content previously on my channel talking about credit limit decreases and the recession and basically what the banks are also doing to minimize that risk. Although banks are reducing credit limits on certain consumers, I do believe that they are actually approving more people for credit card products. Now, if we think about it, there is a difference between apply for a new credit card, getting a credit line on that compared to getting a very, very, very, very high credit limit on just one old card. If I am the bank, if I am a credit card issuer, I would feel more comfortable by letting a person get accepted for a new credit card than to keep increasing the limits on one previous card.

Now, when someone gets a brand new credit card, they have to get their information pulled. You use your credit report, you have your address your identity and it's really like a refreshment to the system to let them know exactly what your current status is. Often, when you apply for a credit card you're putting your up-to-date financials how much income is coming in - and this is really a good indication or an update to these banks as well just matching things up in their system. It really gives an opportunity on both sides to have a minimal level of risk.

Now I believe that they are accepting more people during this time, just because they are gon na want more people to use their products and don't forget that all these credit card issuers are still in competition with one another. They may not have exact quotas that they need to hit every single month, but there's a reason why credit card issuers and banks will spend millions and millions of dollars on advertisements on TV on next to the bus on our next to the bus. Stop or even when you go on social media, there's a reason why they spend so much money on ads and that's because they want more people signing up for these cards. I think very rarely we will ever find a situation where they are just not accepting anyone for any one of their cards that that really needs to be a very, very just just something.

Something really really wrong needs to be going on with the economy, but but the state that we are in right now. I really don't think that is the case. My theory is this. Credit card issuers are gon na limit overall credit limits on a credit card, but they're gon na accept more applicants.

This is my opinion. You're miles may vary. This is just Brian Jung's opinion. Thinking about this whole thing.

The only way we can actually know for this is if, if you're someone who maybe had a good score in the past - and you got declined for a card, but now you have a lower score and then they accept you for that same card now. You know there are certain ways we can kind of figure this out, but there's no way to really tell, and I actually want to hear your guys thoughts on what you guys. Think of that for me right now. My goal is to continue to get as many points as possible.

The things that I may not get are gon na be those airline cards and the hotel cards at the moment. I just don't know exactly how long this is all gon na pan out. If you guys are concerned about not being able to spend that much money and that's why you cannot get that credit card, think about how much expenses are coming up in the future or the type of spend that you actually do, if you guys have not yet Paid your taxes, they did extend the tax deadline, so you could pay it in the summertime, but that is a very easy way right there as well to to hit multiple welcome bonuses on credit cards. So this comes down to really budgeting a bit more understanding your finances, knowing how much money actually comes out and then using the right card for that good thing about welcome bonuses.

Is you really don't have to think that hard? If you have one card that you're working on the welcome bonus for you just put that card down for all those single purchases and you're on your way to accumulating more points now going back to the main thing I said earlier in this video. Take this time. Take this time to go over your strategy, don't let it really waiver you or change you, it's kind of like stocks. If you see your stocks going down, you're going negative, you don't expect yourself to sell or to pull out you ride the storm.

You waiver the storm - and this is a really good quote - that I recently read online and it talks about how the best pilots they're not the ones that that had like a thousand easy flights. The best pilots are gon na, be the ones that were able to go through horrible storms. Multiple storms yet still come out steady on top. This reminds me of the one pilot that like landed the plane down in the Hudson River in New York, and, if you guys like here the video this man is just he's just calm as hell, he lost us in both engines.

He said got it at this 1529: we can get it fee. Do you want to try to land one during one three or remain different houses? Okay, which runway? Would you like at Teterboro, I'm sorry say again: cactus cactus 1549 radar contact is lost. You also got Newark Airport up you two talking about seven miles toward zero point. 718.

All right! Thank you! Surgery's, going to throw a cactus 1529 he's gone like he knows. What's going on, but he's calm he's collected and those those people are often rewarded. The most so make sure you guys know what you're doing, regardless of the situation. Have your plan out write it down, maybe put it in your notes, but understand this.

If you are in the credit-card points of miles game at some point, things are going to return back to normal and regardless, if they do or they don't points can always be converted back to cash and week still get free money, essentially with what we have. So I am gon na stick with points right now. The cards that I'm personally looking at are the chase ink business cards. I opened up a new LLC for another business venture that I'm starting I'm just gon na open, more chasing cards under that name.

Your moms may vary, like I said it's another theme in this video, but your mouths may vary on that opening more chase ink cards. It's nothing not a thing that I recommend anyone to do, but if you've been in the points of mouse game, you guys will know. This is a strategy that a lot of people use to be able to leverage different business ventures to get even more points. Now guys, I hope this video is helpful.

I hope you guys are able to learn something and what you guys should do in terms of applying for credit cards during a time of a recession. If you're going through financial uncertainty make sure you guys check out my other video, it's how to pay 0 % interest for the rest of the year until 2021, honesty, you could do that more more than that, but that really focuses on talking about balance transfers and The no intro APR promotions and what you guys should actually do so guys. That was my video. If you guys have not yet dropped a like on this video before you guys tune out and go watch your other youtuber, whoever that baby, I ask that you guys do that really does support this channel thing.

You guys so much for everything and, like always, I love you guys. Thank you guys so much for the support and if you guys, are interested at all in applying for cards and you feel like doing it, I do have affiliate links down below. There is no obligation to use those links at all, but it does directly support the channel, and I want to thank you guys so much for the ones who have used it and the ones that plan on doing using those links they helped out so much. Thank you guys so much for that.

I love you. I love you guys and I hope I see you guys in the next one. Peace.