CRP Patreon Exclusive: “Credit Cards Are Evil—But Necessary”

This is great advice, however I have found I am able to save money every month into an emergency fund, so whenever the car broke down or when I needed to get my dog to hospital I always had the money to pay everything.

So glad I joined this....these videos have been gold so far...

I just got a credit card a few weeks ago, though I've been watching videos on them casually for months. I have just taken Tai Lopez's credit course which goes into concepts like manufactured spend, status upgrades, & churning in general. I use my credit card now almost exclusively for gas & plan on doing it this way for a considerable while, I want to keep my utilization ratio under 10% so I often buy gas with cash at the end of the month since my credit line is only $1,000. Maybe in like 6 months to a year once I begin chruning will I delve into concepts like manufactured spend. (Buying Visa gift cards & using them to get a cash advance at a post office then using the cash to pay off the balance). The fees for manufacturing $3,000 in spend are like $12 - $16 though if there is a $500 sign up bonus if you spend the 3k then you can see there is a clear profit to be made. Other youtubers I watch like Graham Stephan use credit card churning to travel for free in luxury. Since doing this can increase your credit score they have status upgrades like westjet executive membership (I just made this up for example) where you get free upgrades & access to the VIP lounge once you start getting exclusive cards. This is certainly something I would do, though I understand I'm playing with fire when I do this. What if I get robbed of the visa cards? So I'm going to ensure that I always no matter what will have cash in the bank to pay off my credit cards if anything goes wrong & will never exceed set limits. I know this might not be the most profitable way to spend my time though it's kinda fun even if the return on effort is lower. It looks like a good hobby.

But there is cash back on credit cards and cards with no fees that makes sense to me if I don’t overspend right ?

Just learned my lesson with overdraft fees on a debit card. Did you know they send you all of them at once?

Yep. Mine gets used for transactions and then paid off weekly. My logic behind that is that I don't pay any interest (my card has a policy where interest is 0% if paid off in full by end of month) and it provides me a significantly improved level of identity theft security because a credit card (unlike a debit card) doesn't allow people to take money straight from your account. Side benefit is that I travel a lot for work and I get some travel related perks that are very helpful.

I treat my Credit Cards like charge cards, and pay them off each month. Except for my company's line of credit, that's the only thing I treat like a "Credit Card".

I usually use a credit card for everything because most places won't give a discount for using a debit card. Of course, I pay it off every month.

Ryan Stallard

I´m new subscriber, hope you would do a video on loan one day about getting in debt to buy house etc :) would be so much grateful to hear your opinion on this topic. So far thank you for so much for all the lessons, hope you have a great time in amsterdam :)

Perhaps you could have referred to Dave Ramsey :)

@CoachRedPill When you'll finish Living In the world trilogy? There's only two parts <a href="https://youtu.be/3AVzhXwuiJw" rel="nofollow noopener" target="_blank">https://youtu.be/3AVzhXwuiJw</a>

Yes credit in all form is evil, and before taking my first Red Pill I wasted a lifetime of ressources on women and frivolités... One of the best SOLUTION IS USING DEBIT CARD and other NON CREDIT means of payement.... And saving your credit card (one prepaid and one regular) for use when absolutly necessary .... merci Coach Red Pill

I will stick with debit card as long as possible till I am making enough money to get a credit card. Credit card is great for protection, travelling, emergency, and getting that credit score for mortgage. I just don't see myself paying the annual fee and spending enough to get the perks to buy into consumerism. You are essentially using someone else money, loaning to buy things. Just don't buying things you can't afford.

You do know that there are debit card what have credit card function.

Common sense really but the amount of people that get in to credit card debt, including my brother who went bankrupt eventually, still surprises me. Darwinism in action I guess.