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.
My debit cards offer purchase protection. What are you taking about?!
Caveat: Discover Checking/1% cash back debit account has issues. 1) Difficult, if not impossible to set up external bank ACH transfers. 2) NO Zelle function offered, unlike what is stated in their marketing. 3) After making an accidental $2000.00 payment, then calling customer service after 5:39PM to stop the pending transaction…when no minimum payment was due, I was told to see my bank the next morning for a stop payment. Funny that the next morning, before banks were open, THE DISCOVER PENDING TRANSACTION SHOWED AS “PROCESSED.” Lightening fast! Wells Fargo got it back for me, at no cost. I didn’t like the feeling it gave me, though. Also, Discover Bank actually withdrew trial deposit funds out of my checking account before they even deposited the funds I know this sounds silly but when you do that on a larger scale it means millions of dollars in their pocket on an overnight sweep and then 24 hours later they deposit it back into your bank account no trial deposit should ever come out of your bank account that way. In all honesty, forgo the Discover Card 1% gimmick and just use your credit card wisely and pay it off every month.
Graham, most debit cards have the unlock and lock feature, the round up feature has been with bank of america since 2008. Most of these features arent new
Hey 👋 so first time commenting on your channel. I like how you explain everything clearly. Thank you. But.. why mention big banks? Why not mention little guys to give the little guys the promo.
What you think about that crypto.com Debit card? Up to 5percecnt cash back on all purchases.
Dave Ramsey cries at this video.
Nice haircut Graham. Congrats
Still waiting for Robinhood to drop a CC
Another reason some people shifted to debit is that for a lot of people, credit scores are currently frozen. I don’t know the situation in America as a whole, but here in Canada its like one wide net where everyone’s credit score is frozen until the impact of the covid pandemic is over.
Gimme a debit fiaco score, then we’ll talk
If you purchase a flight with a gold Visa credit card and the flight is delayed or canceled for any reason, there’s often an insurance that will cover the price of a hotel. I don’t know of debit cards that offer something similar.
i’ll stick with credit cards for now. if i buy anything, i don’t want to be putting the rent money online, or ON the line.
my debit card is attached to my bank account so i only use that for going to the atm. any other time, it’s locked in same drawer as my paper checks. i’ll carry cash about, but not that debit card.
here in mid june 2020, after three months’ of nationwide house arrest, we’re seeing maybe 1% of the economic result thus far.
once stimulus is spent, once smaller businesses in particular decide “meh, gonna close permanently”, once even GOVERNMENTS have to cut back hard, once the sheer amount of job loss is visible for all to see…. i suspect banks are going to review credit card accounts en-masse, and pull those away from users real fast.
an exception i see to that: something like synchrony bank/amazon
if you owe several thousand too many to the bank, that’s your own problem. yet when an entire customer base owes several thousand too many AND is experiencing 20%+ unemployment, that’s the BANKS and GOVERNMENTS problem.
In UK is great revolut .com app thay have premium metal debit card with 1% cacheback, insurence and a lot of benefits.
If you use credit wisely, there is NO difference between debit and credit, except credit cards build credit score.
Closed for non use what a rip off
Buy Bitcoin and crypto, forget credit cards fait money a scam.
Wait so should I not pay off my credit card like the next day because of the processing fee? I thought it looked good to pay it off right away, but should I just wait till a little before the due date and pay it all of instead?
Sooooo….after all that..how to prepare, totally misleading…coulda did the whole video in 15 seconds and title, how to prepare = dont use a credit card..unsubbed
Graham,
i follow your page daily and i appreciate your research.
I am in the process of obtaining a new home construction mortgage and as part of the process trying to increase my 736 credit score.
I have a single credit card through Chase for a few years and never had a late payment, called to get a credit limit increase to help the credit score. They stated that for them to increase the limit they needed to run my credit report.
This seemed counter intuitive to me. A hard inquiry in exchange for a credit limit increase. Kicker is they know my credit score. That’s part of the service they offer.
The representative on the phone stayed “there are ways we can increase your limit without checking your credit, but we are not offering that feature at this time”
🤦♂️🤦♂️🤷♂️🤷♂️
Please do a vid on best credit cards
I grabbed a Robinhood debit card it was a no brainer . Especially if I use it sparsely but still make my normal investments
Graham: THE DOWNFALL OF CREDIT CARDS
Me: credit cards are so unpopular in Netherlands, I can’t even pay with them in the local store
Minute 10:35 you have a mistake. You repeat the same phrase. Its edited in twice!
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So do purchases made with the debit VISA online, give Visa any commission? Should Visa be worried of the shift towards more Debit card use then?
Is the rise in debit card use due to stimulus checks?
Repeat of step one. Editing whoops.
LOL. Credit cards are here to stay.
Please don’t add kittens anymore.
Thanks for reminding me to pay my credit card. Due on the 22. Looks at balance, 0.00 … I got scared. I bought some stuff but I payed it off on payday.
Saw you on sunset Blvd. same shirt on
Click bait title and thumbnail: Exhibit A.
The title way exaggerates the actual message of the video
At 11:50 you evasively described what Bank of America does with their Merrill Lynch brokerage accounts
Hey Graham can u give me 30 quid to make up for my loss in scamming pls <3
I have 4 more credit cards to pay off and them IM DONE WITH CREDIT CARDS!!!! I’d rather have lots of my own money instead of making the CC companies rich. No more CC for me!!!!
That kitten did it for me. It even made me comment. Lol
Is that a succulent terrarium??? I was just thinking of getting one
When I signed up for a Chase College checking account, they gave me $200 just for opening an account. Not sure if this is still going on, but it had been for a while when I decided to get a Chase account.
is it just me or did he talk about the potential of debit card’s benefit twice? Anyways, I am pro-credit card for sure. I made over 1.5k from credit card affiliate links
Seeing this video america is so behind. Over here if some uses your debit card you have to approve the charge on your phone before hand. The money is always on a diffrent account and not on the card. Moving it and approving takes about 20 sec. So losing the card or get over charged wont happened.
this channel is a SCAM
But do any of these debit cards help your credit? That would be a huge advantage but I doubt that that’s the case
Discover !! Woohoo!! Even tho their savings interest rate dropped to about 1% 😩 sadness
12:06 🤯
Funny thing is this are old news for Europe not to mention even the non bank “Debit Cards” like Revolut have this things and features already for years.
This comment is for the algorithm. Have a great day.
The idea of credit cards is the epitome of stupid USA consumerism. “I can’t afford that, so i’Ll just put it on a credit card”. No. If you can’t afford something you can’t buy that thing. If you buy it on a loan, you’re just putting yourself behind. Literally everybody outside of the USA understands this and i don’t get why americans don’t. You don’t fucking buy a bag of chips on a loan.
Even if you can afford, why not pay with a debit card???
BuT HiGhBorN ThEre ArE No ExTrAfeEs If YoU PaY On TiMe.
yeah that’s not how the general public works we both know that.
I’d wish you chose more dramatic video titles …
OMG I just got my Mastercard from *cashmain* on wickr he also trade flips and dumps
Hi, you might want to check out crypto.com/cards. As it is a prepaid debit card, if any funny business happens, they only have access to what you loaded it up with. Also, it can have better benefits than the cards you mentioned, here.
Did u post your credit card in the thumb nail and just scratch out the first 4? I hope not since anyone can literally google the first 4 numbers
#1 business advice guy
can you PLEEEAAASE change the sound of the like button. My dog hates that sound
The car 0% ad was great placement ! Lol
OMG I just got my CC hacked by *cashmain* on wickr
For people that use their credit cards responsibly then using a debit card is an easy switch. The issue is the extra protection you get with your credit cards, if debit cards could offer the same protections as well as perks then it would be a great switch for many consumers. There is still a pretty large gap with fraud protection between debit cards and credit cards. It is such a huge risk that your account can be drained of a significant amount of money quickly.
As an owner of a Discover Debit Card, I can agree and confirm all you said of this card. I love it. 😍 The only problems that I have are many businesses where I live doesn’t accept it and need people in customer service that can speak Spanish.
Debt free and never use cards. Saved $10k in two years.
Why he always gotta have that dumb and stupid look in the thumbnails???
These ads got me ready to smash the dislike button. For real this is getting to be too much.
You can get everything you want from Eminentdark on telegram cc , cashapp, everything you need thr dude was your legit
I would love to hear your thoughts on Navy Federals credit cards. It’s not a topic that gets talked about because of its selective membership.
I literally am always on your channel and always end up learning something! It doesn’t even have to be about business
I watched this video and Graham’s best 5 banks to open an account and I’m in need of opening a checking account. Should I open a Bank of America or Capital One checking/debit card?
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Thanks for introducing blackieeswipe on telegram to me he is the best I got my physical credit card from him
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.
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.
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 ?
I enjoy kittens playing with like buttons so I smashed it.
mute and read the comments ,better than seeing all those ads,
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.
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?
In Canada its much safer to use debit cards compared to American debit cards.
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I like this guys videos, but hes so off base with promoting credit cards.
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.
I just got Cc from legitcc on wickr
How does debit card usage affect credit scores compared to credit card usage?
Hi can you please do a video on UK brick and mortar stores £500 voucher.
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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.
Great information 👍 for everyone who thinks credit card is free money, and how we can use them properly!!! Thanks, Graham 🙏
You the man Graham.. I just subscribed.
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
Security wise it’s safer than a debit card. You can call the credit card company and notify them of unauthorized purchases and more often then not they will side with you. The credit is basically an extra barrier of security between merchants and your bank account. Also if a merchant has a track record of issuing unauthorized purchases they will probably be blacklisted and any transactions made through them will be automatically denied.
@@walkermorales337 I see, thank you for educating me on this, I want to ask though how can I check if there was an unauthorized purchase or if the store took more money than the bill?
Are there fees for checking my history of purchases? And why would the bank’s not protect a 100 percent against that?
@@samahamara8543 as for checking a lot of credit card companies have apps and alerts that will tell you when a purchase has been made and what amount. In my experience the purchase shows up instantly and I have it set so it gives me a notifications. There are no fees associated with it because the fees and cash back are subsidized by the fees the merchant pays to accept credit cards (these fees actually make it cheaper to buy with cash at places like the stores at fairs/carnivals) all these fees are already reflected by the price of products within most retailers. The reason why the credit card company is more likely to side with you than a bank is because of who the money belongs to. When you use a credit card you are buying things on credit, so basically taking out a loan (interest free if you pay it or before interest is applied). In something like this the credit company is paying for the product so if a merchant issues an unauthorized purchase they are basically taking the credit card companies money and they want to keep their money, so they will fight tooth and nail to get their money back if it was unauthorized. Now if someone issues an unauthorized purchase to your debit card it takes money from your account not the banks, so it’s your money not the banks. Because of this they aren’t as incentivized to help you as much as a credit card company is. You can think of this as using a credit card companies own greed to protect yourself from fraud not to mention a credit card can be frozen with just a button press from the app (and they can just issue you another one) while a debit card would require the closure of the account it’s associated with and then create a new account and transfer the money into the new account (things may have changed so the debit card information may be out of date). So if your credit/debit card gets stolen, or if you lose it it’s easier to protect yourself with a credit card than debit card as well. Plus there are other perks that some credit cards offer like cash back, buyer protection, extended warranty, etc. on top of building credit which could decrease your interest rate when you apply for a mortgage loan in the future.
@@samahamara8543 sorry for the long walls of texts, but if you are interested in credit cards and don’t have too much credit I would strongly recommend trying to get a card with discover they tend to accept people with lower credit scores when compared to companies like chase and their customer service has been pretty good in my experience (my dad used them). I got my first discover card a little over two years ago and my credit score is just over 750, if that doesn’t work you could go for a secured credit card and get your credit up until you can get an unsecured one. Graham has a few videos about starter credit cards so that’s a good source. I would recommend getting a credit card with no fees (the ones with fees have better benefits but it isn’t worth it if you don’t use them naturally) and above all the number one rule when using a credit card is to never spend money you don’t have. They offer all these perks hoping you don’t pay off the card every month so they can charge you interest, that’s why the normal interest rate on credit cards are obscenely high. As long as you pay it off before the end of the credit cycle you can get all the benefits without ever paying a penny in interest.
@@walkermorales337 oh wow I’d rather use cash and never stress lol, I won’t buy a house so …and won’t buy a car if I can’t pay cash …but I like the idea of free flights lol, thank you for explaining these basic stuff because they’re that basic I can’t find the info anywhere and I’m from a country where we don’t use credit cards
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Eww I stopped using my debit card because I don’t want to touch those filthy keypads
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Unlocking the card after you find it? You probably shouldn’t use this if you lost the card in public…
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Get both
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.