According to new findings from Business Insider, there could be a new potential alternative to credit cards - here are my thoughts, enjoy! Add me on Instagram: GPStephan
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Business Insider just published an article, citing that consumers have been abandoning their credit cards, and pushing $100 Billion dollars worth of spending on…wait for it…DEBIT CARDS.
That’s right…Visa found that their credit card usage DECLINED by 21%…while debit card usage INCREASED by 12% year over year. And the first time in almost EVER…debit cards have begun offering rewards, similar to that of a credit card.
However, even though a debit card offering ANY amount of money back is rather remarkable, I do want to say this:
There are still so many DISADVANTAGES of using a debit card instead of a Credit Card…and it’s for these reasons that I almost NEVER recommend them for anyone to use on a regular basis:
One, Credit Cards are so much better for security - HANDS DOWN. Even though Debit cards are getting BETTER, they still have a long way to go…anytime you use a debit card, you’re basically giving the entire world direct line to your ACTUAL money sitting in your account - and, in the event of an error or an overcharge, getting your money BACK on short notice can be difficult since the money is taken directly from your account.
The SECOND reason I never use a debit card is because it doesn’t have the PURCHASE PROTECTION BENEFITS like a Credit Card has. See, many credit cards will offer this as a perk of using their service…and this should be reason enough for you to start charging everything on your credit card.
The THIRD reason I don’t use debit cards is because the rewards the offers just PALE in comparison to that of a credit card. Like, none of the debit cards listed offer a sign up bonus…and with a credit card, just sign up, meet the minimum spend, get a whole bunch of points…and use that for free travel, hotels, or cash back…all for using this instead of a debit card.
And finally…the last reason to use a credit card Is to boost your credit score and credit utilization. In the United States, your credit score is a huge factor in determining whether or not you can get a loan to buy a house, car, or any other purchase you want to finance…it also determines what interest rate you pay, and whether or not you get a low interest rate, or a high interest rate.
So I’d like to think ALL of those reasons I just mentioned are fairly compelling just to use a credit card for EVERYTHING, and to ditch the debit card and cash altogether. HOWEVER…there is FINE PRINT to this, where sometimes it’s BETTER not to use a credit card….and these are my thoughts:
You should NOT use credit cards to rack up debt IF you don’t have the money to pay it off, in full, when it’s due. You should never pay a single penny in interest, you should never increase your spending just because the money isn’t immediately taken out of your account, and you should have the cash available to pay it off, in full, at all times. Basically, just treat your credit card like it has a direct line to your bank account - if you can’t pay it off immediately or have the money on hand to pay for something, then don’t do it.
The REASON credit card companies offer such good rewards is because MOST PEOPLE DON’T DO THIS…and it’s PROFITABLE for the credit card companies to pay a small portion of their users really good rewards, just to lure everyone else in who will never use them, or pay a lot of interest. This IS an opportunity for you to make money off credit card companies…but, you also have to acknowledge that most people WON’T use it correctly…and that’s how companies can keep these rewards going in the first place. Be smart!
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

By Stock Chat

where the coffee is hot and so is the chat

34 thoughts on “The downfall of credit cards how to prepare”
  1. Avataaar/Circle Created with python_avatars Curmudgeon Extraordinaire says:

    Flash forward to 2022 and Amex now has a personal checking account that awards you 0.5 MR points for each dollar spent with the debit card.

  2. Avataaar/Circle Created with python_avatars Awesome says:

    Get both

  3. Avataaar/Circle Created with python_avatars Janelle Hannah says:

    Buy your creditcard with high balance from @Darkbolt1 on telegram dumps with pin that comes with MSR i got mine from him 💯

  4. Avataaar/Circle Created with python_avatars Janelle Dawakins says:

    Got real card from @Darkbolt1 on telegram and he helped me load more on it , it still working no security issues so far……that guy is good for the card job

  5. Avataaar/Circle Created with python_avatars Kerry Madison says:

    Everyone must know what you've done for me *Dumpscardingg* on telegram I got my cc delivered to me this morning with the balance I requested am saying this to appreciate you Dumpscardingg you are the best vendor 💯

  6. Avataaar/Circle Created with python_avatars Roda willams says:

    I bought some credit card from michesliver on telegram and it was real and all his card were valid💯✅

  7. Avataaar/Circle Created with python_avatars juju wei says:

    Unlocking the card after you find it? You probably shouldn't use this if you lost the card in public…

  8. Avataaar/Circle Created with python_avatars Diamond Nina says:

    Deeply happy i come across this trustworthy vendor been second time of getting Credit card from him @cloebrown988 on telegrams much love I have for you 💕💯✅

  9. Avataaar/Circle Created with python_avatars kik aka says:

    Deeply happy I come across this trustworthy vendor been a second time of getting CC from him Ericroboti
    On telegram much love I have for you 💯✅

  10. Avataaar/Circle Created with python_avatars Anonymous Human says:

    Eww I stopped using my debit card because I don’t want to touch those filthy keypads

  11. Avataaar/Circle Created with python_avatars JudyJudy Judy says:

    A tragic fortuitous event caused me to max out my credit cards and that seriously impacted me financially… I was watching a video on YouTube about how to fix your bad credits and I stumbled upon this credit repair team (JOHNNIEHACKSLLC ORG…OR TEXT: (951) 376-4173 ) in the comment section. At first, I was unsure but I was at a dead end and I needed a solution for my crisis and I figured things couldn't get any worse… So I decided to give it a shot and text the credit repairer and I'm glad I did because everything turned out great, my debt was fixed and I'm living a life without financial worry; which is literally the worst circumstance ever. Technology is advancing and solutions are rapidly being created to solve numerous problems and I'm glad credit repair happens to be one of them… I decided to share this, so people currently suffering from my previous predicament can get a solution……JohnnieHacksLLC .Org

  12. Avataaar/Circle Created with python_avatars Shane Scott says:

    Everyone here should check out Pi crypto, if you don't already have it
    use my code: BossNut
    I started in october 2019 so I have the fastest rates

  13. Avataaar/Circle Created with python_avatars Samah Amara says:

    I really don't understand this thing. Why y'all use these when the security is questionable !? And when u could be charged more than what u bought because the merchant can put any price and has Ur info already

  14. Avataaar/Circle Created with python_avatars Dino says:

    You the man Graham.. I just subscribed.

  15. Avataaar/Circle Created with python_avatars Vicky Zavali says:

    Great information 👍 for everyone who thinks credit card is free money, and how we can use them properly!!! Thanks, Graham 🙏

  16. Avataaar/Circle Created with python_avatars Jeremy Helquist says:

    In essence some debit cards have sign up bonuses. If you get 200-300 for opening the account you’re getting a debit card with it.

  17. Avataaar/Circle Created with python_avatars Nutty History says:

    Need a another channel to watch during quarantine? You’ll love my content🙏

  18. Avataaar/Circle Created with python_avatars Happy timmy says:

    Hi can you please do a video on UK brick and mortar stores £500 voucher.

  19. Avataaar/Circle Created with python_avatars D A says:

    How does debit card usage affect credit scores compared to credit card usage?

  20. Avataaar/Circle Created with python_avatars Beger James says:

    I just got Cc from legitcc on wickr

  21. Avataaar/Circle Created with python_avatars Psi Starcraft says:

    its because when there is economic uncertainty, people are smarter about handling their money. Which shows that most of the time credit cards are just stupid.

  22. Avataaar/Circle Created with python_avatars Psi Starcraft says:

    I like this guys videos, but hes so off base with promoting credit cards.

  23. Avataaar/Circle Created with python_avatars Data Doggo says:

    Need another channel to watch ? Check out some of my content!🙏

  24. Avataaar/Circle Created with python_avatars Emily Mecklenburg says:

    I am now relieved from my pressures seeing my negative items are falling off my reports across all reporting agencies and finally the last one which is my medical bills in collections fell off few days ago using their service ofJOHNNIEHACKSLLC ORG, they have been the backbone of my credit all the way, my sincere gratitude goes to JohnnieHacksLLC .Org !!

  25. Avataaar/Circle Created with python_avatars Emily Mecklenburg says:

    I am now relieved from my pressures seeing my negative items are falling off my reports across all reporting agencies and finally the last one which is my medical bills in collections fell off few days ago using their service ofJOHNNIEHACKSLLC ORG, they have been the backbone of my credit all the way, my sincere gratitude goes to JohnnieHacksLLC .Org !!

  26. Avataaar/Circle Created with python_avatars Florida Santner says:

    I have used the help of a Credit Repair Expert at JohnnieHacksLLC .Org , and I must say, they have displayed being #1 in class, in my opinion. I appreciate the time and effort they provide getting your credit repaired and back on track. Very professional and highly trained and skilled people who are great in credit restoring and rebuilding. I strongly recommend them to anyone looking to fix their credit ..

  27. Avataaar/Circle Created with python_avatars chef conor says:

    In Canada its much safer to use debit cards compared to American debit cards.

  28. Avataaar/Circle Created with python_avatars J.A.0214 says:

    I recently tried applying for the chase sapphire preferred card and I got declined because of my length of credit and credit limit even though I already have a chase unlimited miles card. Maybe it the sign of the times with the pandemic. My question is how long should I wait to apply for another card and should I try again for chase sapphire card or a different card?

  29. Avataaar/Circle Created with python_avatars Officegirl says:

    Bring it on. I'm ride or die for VISA debit lol Though I will say I am one of those weird people that have a good credit score but can't get a credit card.

  30. Avataaar/Circle Created with python_avatars carl chessman says:

    mute and read the comments ,better than seeing all those ads,

  31. Avataaar/Circle Created with python_avatars shanellypooh says:

    I enjoy kittens playing with like buttons so I smashed it.

  32. Avataaar/Circle Created with python_avatars Dustin Bentley says:

    Doesnt m1 offer a version of what you said at the end of the video for investing? M1 spend or I think they're still working on the debit part anyone else know ?

  33. Avataaar/Circle Created with python_avatars Alyona Shevchenko says:

    I understand why it is useful to have a credit card, but now I have to find a way to overcome my fear of using one.

  34. Avataaar/Circle Created with python_avatars Jeffrey Hoffman says:

    My local Altra Federal Credit Union was paying 3.5% on checking account balances up to 15,000. That has come down considerably now that rates are at 0.

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