Whether you're new to credit cards or a seasoned carrier of plastic, these mistakes can happen to anyone so make sure you avoid making them.
I've not covered obvious basic stuff like not borrowing too much, not getting into debt and all that jazz. I've also not included advice on not using your credit card as a ruler or a device for making neat white lines out of your... salt.
No - these are genuine tips that go a little deeper into how credit cards work to help you stay on top.
I am sure I am forgetting some - please leave a comment if you can think of one!
00:34 - 1. Withdraw cash
02:23 - 2. Low Balance/Money Transfers
03:32 - 3. Recurring Payments
05:51 - 4. Waiting To Pay
07:05 - 5. Section 75 Protection
09:41 - 6. Forget to Pay
11:33 - 7. Not Reading Letters
12:59 - 8. Forgetting Trailing Interest
15:01 - 9. Not getting a credit card
I've not covered obvious basic stuff like not borrowing too much, not getting into debt and all that jazz. I've also not included advice on not using your credit card as a ruler or a device for making neat white lines out of your... salt.
No - these are genuine tips that go a little deeper into how credit cards work to help you stay on top.
I am sure I am forgetting some - please leave a comment if you can think of one!
00:34 - 1. Withdraw cash
02:23 - 2. Low Balance/Money Transfers
03:32 - 3. Recurring Payments
05:51 - 4. Waiting To Pay
07:05 - 5. Section 75 Protection
09:41 - 6. Forget to Pay
11:33 - 7. Not Reading Letters
12:59 - 8. Forgetting Trailing Interest
15:01 - 9. Not getting a credit card
Number 3 – is a bit of a red herring. Sounds like it’s only an issue if your using dodgy companies.
Maybe this is obvious but I'm not sure…
From what date they counting the 0% period on money or balance transfer? From the account opening date, or the transfer date?
Also how better pay a new car? Straight with the credit card, or I should money transfer to my debit account and pay from there?
Your video is great thanks for the information
Great video Sasha! I'm not sure about point 3 as I had cancelled amazon prime subscription from my CC by a quick call to santander and it has been cancelled right away. Netflix payments are also through CC.
Great content. Very helpful.
Sasha if this video was not recommended to me best believe I would have transferred my recurring payments like my Subscription services over to my Amex. Thank you!!
Is it okay to setup a recurring credit card payment with a respectable company like Amazon or Apple? Does it hurt your credit rating?
Impeccable information, learning a lot. One of the few channels I would recommend to a family member or friend.
I consider myself knowledgeable regarding credit cards and I still learnt something with your video: trailing interest. It makes all the sense in the world but I feel like this may have been something that could have caught me had I not heard it from you before, so thanks!
I would add to the list: not keeping copies of statements. People think they can login onto the web portal and download them at any time, however many credit providers will only hold the statements for the last 6 months, or the last year etc. One should keep copies of these on their own computer.
Another "mistake", in the line of mistake 9 is: obsessing about building the best credit file, but never actually using it! People worry about the negative impact of a credit application, which is ironic, because the whole reason we build a credit history is to be able to apply and be approved for credit!
Nice video. I do think it's sneaky that credit card companies can drop credit limits at will – without a month's notice. Something that is detrimental to your account should at least wait 1 billing cycle. Recently seen some limits drop by as much as 99%.
I still find confusing when is the best time to do a one off payment to reduce or clear your balance?
Very interesting….. How do you then protect your consumer rights for purchases that are under £100?
Any chance you could add a 2 min "So, what are the take aways from this" segment at the end of your videos in which you summarise the key points from your qualitative discussions. Often there's too much detail to take in and this segment would be helpful to us newbies who are getting on. Thanks
I never take out cash even with my debit card it all countless COVID 19
Was about to setup recurring payments from my credit card, glad I found your video. Subscribed. Thank you
I really appreciate your videos and hope you'll grow verry fast on YouTube. Please make a video for people who are in trouble with PCP or HP car finance . I wanted to get rid off a brand new car after a year of paying it. The single option I have founded was to sell the car to company that buy cars and pay the money for the car + I pay my difference owned finance company to the car buyer company and they paid the full amount. For example my case. I bought a car for 40000. I've paid 10000 over a year. I owned 33000 for the next 3 years and 29500 if paid in that day in full. The car buyer company offered me 27500. I had the company 2000, they added the 27500 and paid the finance company in full(29.500) . Hope will help some people that can't repay they car or they just want to get rid of the car(for any reason).
Love this channel – keep it up mate!
Amazing video!
Made the mistake of purchasing an Apple gift card through my card.
Turns out AMEX do not treat gift card purchases as a cash in advance payment type. Possibly something to do with the level of detail they see in transactions? Unsure.
Would topping up your trading account with a credit card account
as cash ?
I have a question.
How do you set up a direct debit for the credit card when you don't know how much of your credit limit you will use the next month (for example)?
Sasha, just found your site, seen a few of your videos, full of great advice.
The explanation of the difference between credit card and debit card usage was news , and a surprise to me.
Many thanks for your knowledge , and most of all for freely sharing it with us ' mug punters ' .
George Cronin.
Thanks for this video! I'm finally looking into getting my first credit card so I can get a mortgage on a first house late next year. I'm probably looking at the Tesco one you mention in one of your other videos. I plan on using it to buy things I would anyway with my debit card (petrol, meals out etc).
I don't want to wind up having to pay any interest because I've not understood how to repay. To avoid paying interest and to only pay for the money I have spent, do I set up a direct debit for the full balance? I'm under the impression that if I receive a statement and haven't paid before that I will be charged interest, but how can I pay without knowing the balance? And if interest is charged the second I use the credit card, how do I not pay interest? I thought DDs only came out once a month, not every time I use the credit card. I'm a bit confused.
Excellent.
Nice video! The recurring payments can occur on the debit cards aswell thing like amazon prime and netflix are common and lots of ones people don't even realise they have agreed too. As you said it carries over if you blocked your card and ordered a new one but you can ask the bank to block the payment with a future dated payments stop (terminology may differ).
You're the best mate!
Great video. I do not incur interest because I ensure that I pay off in full each month. I have only carried a small balance on zero percent interest cards ( introductory offer).
Brilliant video! I didnt know about the direct debit and recurring payment from credit cards. This is a vert useful information.
Keep going man. Your channel is good and you're going to grow real quick. Maybe start leaving comments on some of the US channels so UK viewers can come see your content.
Quick and clear explanations, very nice
Great video didnt realise about most of them
Vital video. I had issues with a car park issuing a fraudulent fine. Their representitive kept pushing to set up a continuous payment facility. Now I know why!
Anybody who paid to do the Essex or Birmingham Velo on credit card are learning the hard way about Section 75. The organisers cancelled the events and refused to issue refunds. Those who paid the normal price of £80 (or used a debit card) lost all their money. The few who knew about CC chargebacks and paid over £100 for VIP/fast track used Section 75 to their advantage. I didn't know about this feature.
So thank you for this brilliant video.
Any of these sound familiar? Leave a comment!
Also please subscribe! Thank you! 🙏