Credit Cards 101 | Credit Card Basics

Credit cards 101, these are the credit card basics. So most of you have credit cards, you also have debit cards. I'm gonna give you huge distinctions and you need to get a pen and paper because a lot of you need to change the way you're spending, paying for things, you're doing it all wrong. If you wanna actually get a good credit score and use credit cards right, you gotta start with these three things. Number one, how do you actually qualify for your first cards? That actually then can help grow your credit, credit score and worthiness of lines of credit. Number two, how do you choose the right cards for maximum benefits? There's so many choices out there. And number three, the big myths about credit cards and having some debt, because I blow that out of the water. So after this video, I want you to go to the search bar and binge. I want you to binge watch credit cards as investment cards, debt, and just look up everything on this channel related to credit card debt, credit cards as investment and just binge. There's probably 25 hours that you can get new education on what to do. So there's a link below to binge watch, make sure you binge and look up those different terms because this is just the basics and you're gonna want more sophistication as you learn about it. How do you apply? Well, first of all, I'm gonna talk about credit cards for parents just like I did in the make your kids millionaires book. Between 12, 13 and 14 years old, you get a credit card and you allocate it very purposely controlled card, could have limits on it of what your kid's gonna use. So that's how early I want kids learning about credit cards. I have an amazing video. It's actually again, when you go binge, it's out here. It's gonna take you several, maybe an hour to watch. So four different videos on how do you apply for credit cards? Very, very specific application process. See, a lot of you have no clue. Here's the biggest mistakes in applying for cards. Number one, you should apply for four to six cards within the same time period. And six to seven cards in use are really where you're gonna amplify and perfect and really enhance your credit score. So we'll get to those cards later as you mature, but let's go for at least four to six in the beginning. You can apply your first 18th birthday and here's the big mistake. The number one mistake in applications is you write down exactly what you're making today. Wrong move. You actually need to write down what you're intending to make in the next 12 months. Are you gonna make 100,000? If you're hanging out with us, you are. I have 100K program. So why don't you talk to one of my strategists, grab a link below for a strategy session, talk to our strategist about how we can help you. Guarantee you're gonna make 100,000 in 365 days. Very specific program, we've done it. No other group has ever done it or produced that kind of a result. But when you have that kind of money, you're gonna put into the application I intend to making that. If you're a student athlete and you're on a big scholarship, they're paying for housing, they're paying all your costs of college, costs for attendance, COA it's called. They're paying all that. So if you're on a scholarship, a lot of universities, when it's all added up, you're actually being paid 35 to $70,000, sometimes 100, depending on the school. That's income. NIL money, that's income. So all this money, ideally, when you're 18 is just start running through a corporation and we'll get cards through a company, but let's keep it personal for now. I want you to apply. You do it all in one day. You apply to the income that you're gonna make. And if they don't give you a big line, you call them the next day and say, I don't want $2,500, I need $25,000. I'm intending to make 100. I have some business expenses that I need to be purchasing and using. So go for bigger lines and get the money that you deserve and you're gonna need for your companies. Number two, how do you choose the right cards? Local little bank cards that are attached to your bank account. Those are interesting. They're not gonna be super, super helpful. You wanna apply, my favorites, Discover, American Express. If you are just getting started, I know my son got an everyday American Express and then moved to a gold and will move up to a platinum eventually. Big banks, Chase, Citibank. You wanna go with the bigger banks that actually have a lot of backing and funding and they have some small business resources because I'm going to help make you a small business owner because without it, you don't get to do any deductions. You need to live corporate life. So grab two tickets to my Millionaire Intensive. It's below. We're gonna teach you to live corporate life. And then at that point, we'll get farther into the conversation of personal credit and corporate credit. And again, I got tons of videos out here. So make sure you do that binge activity and just learn deeply about credit, credit cards, and debt. You wanna pick credit cards in the beginning that have a lot of points, not just cashback points. Sometimes maybe like two of them are more cashback points on daily spending on groceries, food, gas, things like that. But you want those bigger cards, American Express, Discover, Citibank, Chase, those kinds of cards. You want those for paying your rent or mortgage. There are certain banks that actually have cards that actually can apply credit and points by paying your rent. I have clients, and you'll hear on the videos, that pay almost every expense on a credit card. That gives you 30 days. Here's the benefit. It gives you 30 days to use the bank's money, the credit card company's money, and they will fight for you if you have any fraud or disputed charges. If you keep using a debit card, it's money straight out of your bank account. It's no benefit to you. You don't get any more credit. It's just, to me, using a debit card is a complete waste of your time, energy, and money. You're not building anything from it. So credit done right is one of your biggest investments and assets. Credit done wrong, in the way most of you have been taught by other people, completely, I mean, it's ridiculous what you've been taught, is to not have credit card debt. Really? The financial system rewards you. So if you want more money, if you want lines of credit, you need to have active more income and more expenses. You need to be making and spending so the financial services world see you doing it. Now, before I go on to the last and the mistakes that I see people make over and over and over in credit cards, I want you to subscribe to my channel, click that notification button to hear five days a week. Be sure you binge watch, take that $750 credit and bring it into a program where we can teach you to make income, the kind of money you deserve to make because you can. You just haven't been taught how to, you've been taught to be an employee. So again, we've just given you a ton of gifts during this video and I wanna see you, like live and out here. We're super high touch and you got a lot of behaviors to change with money. It's not difficult, it's different. So what are the mistakes? Paying all your cards off at one time. So yes, I'm a huge fan of paying them off every month. Use them, pay them off, use them, pay them off. And you wanna use all four to six cards in the month. Say for easy purposes though, you have four cards and it's four weeks in a month. You're gonna pay off one one week, you're gonna pay off two second week, third, three week and four. So you're always, then you're gonna start reusing them. So you always have some debt in the system. You're never just debt free. Why would somebody wanna loan to you when you were playing such a small game? Like it's crazy to me, people say, oh, I wanna get into real estate. I need to have more lines of credit. I need capital. Well, then get your behavior and your spending behavior, forecasting behavior, I call it, in line with what's gonna get rewarded. Most of you have, you're using old strategies, broke strategies to try to get rich, right? So if you ask the wrong question, you're gonna get the wrong answer. A lot of this is, and believe me, when you go to asklaurel.com and start asking questions, I know by the question, just your question alone tells me your level of financial literacy. I don't do that to scare you. I just know that you're living in old principles. It'd be like saying you want to get healthy, go to a gym, get strong, get fit, go to one of those diet centers. I don't know how much you spend on that, but then you go home and eat junk food. Like what do you want? You wanna be fat or skinny? You wanna be healthy or unhealthy? It's the same thing. You wanna be broke or rich? Most of you live broke behaviors and you have a rich goal. It's so discombobulated, it's shocking to me. Who's gonna straighten it out? Our team. So grab a strategy session. Let's clean this up. And all of you parents out there, especially those of you who have student athletes that are getting NIL money, you better 911 call our office, ask for Terry. Say I'm an NIL parent or you're an NIL student. Say I need to talk with Laurel and I personally take those calls because you are all doing it so wrong. Please let me help. Go to asklaurel.com, ask a question, make a request. Call our office 775-588-9200 at any time. And let's begin to do this right. Do not forget to binge watch every credit card and debt video that I have. It's easily 25 hours and come back smarter, more knowledgeable with new behaviors. Talk to you tomorrow.