My FAVORITE Credit Cards | Your Rich BFF
Summary
TLDRIn this video, the host explores various credit cards, highlighting their perks and suitability for different lifestyles. They discuss the Build card for renters, the Carrot card for creators, the AMX Platinum for luxury travel, the Chase Sapphire Reserve and Preferred for frequent travelers, and the Capital One Venture X for those seeking travel rewards without a high annual fee. The host emphasizes the importance of choosing a card that aligns with one's spending habits and financial goals, promoting responsible credit card usage.
Takeaways
- 💳 The Build card is ideal for renters, offering rewards for on-time rent payments and no annual fee.
- 🏡 With the Build card, you can avoid rent payment processing fees by using a unique routing and account number.
- 🔄 The Build card requires a minimum of five transactions per billing cycle to maintain rewards.
- 🌐 The Carrot card is tailored for content creators and freelancers, allowing customization of cash back categories.
- 💵 The AMX Platinum card, despite its $695 annual fee, offers high-value perks like airport lounge access and travel credits.
- ✈️ The Chase Sapphire Reserve is a luxury card with a $550 annual fee, providing extensive travel and purchase protections.
- 🎟 The Chase Sapphire Preferred is a beginner-friendly travel card with a $95 annual fee and a welcome bonus of 60,000 points.
- 🌟 The Capital One Venture X offers a mid-tier travel rewards card experience with a $350 annual fee and a 75,000-mile sign-up bonus.
- 💰 Cash back cards like the Chase Freedom Unlimited and Citi Double Cash provide simple 2x points on all purchases without annual fees.
- 📊 Selecting a credit card should be based on an individual's spending habits, financial goals, and ability to manage payments responsibly.
Q & A
What are the key benefits of using credit cards for building wealth and credit?
-Credit cards can be a great wealth-building tool by offering perks and rewards for responsible spending and timely payments, which can help in building credit and working towards financial goals.
Why might the presenter's favorite credit card not be the best choice for everyone?
-The presenter's favorite card might not suit everyone because the right card depends on individual spending habits and financial goals.
How does the Build card help renters avoid processing fees when paying rent with a credit card?
-The Build card provides a unique routing and account number to bypass processing fees typically charged by online portals when paying rent with a credit card.
What are the minimum requirements to maintain the rental benefits on the Build card?
-To maintain the rental benefits on the Build card, one must make at least five transactions per billing cycle.
What are the rewards rates for different categories of spending on the Build card?
-The Build card offers 3x points on dining, 2x points on travel, and 1x points on all other purchases.
Who is the Carrot card particularly beneficial for, and why?
-The Carrot card is beneficial for self-employed individuals and digital content creators, as it allows them to select categories for earning higher point multipliers and has no annual fee.
What are the key travel-related perks offered by the AMEX Platinum card?
-The AMEX Platinum card offers access to Centurion lounges, advanced access to concert and event tickets, travel credits, and insurance, making it a luxury card for frequent travelers.
How does the Chase Sapphire Reserve card help frequent travelers save on travel costs?
-The Chase Sapphire Reserve card offers airport lounge access, credits towards Global Entry or TSA PreCheck, trip protections, and an annual $300 travel credit, which can help offset its annual fee for frequent travelers.
What is the introductory offer for the Capital One Venture X card, and how does it benefit new cardholders?
-The Capital One Venture X card offers an introductory 75,000 miles valued at about $750, which is a significant benefit for new cardholders looking to fund travel expenses.
How does the Chase Freedom Unlimited card differ from the other cards mentioned in the script in terms of rewards and fees?
-The Chase Freedom Unlimited card is a cash-back card with no annual fee and offers 2x points on every dollar spent, making it simpler and more accessible for those not interested in travel rewards or high annual fees.
What advice does the presenter give for choosing the right credit card?
-The presenter advises considering the card's benefits, fees, and how well it aligns with one's financial capabilities and goals to make an informed decision.
Outlines
💳 Credit Card Benefits and Selection
This paragraph introduces the concept of credit cards as a wealth-building tool and emphasizes the importance of choosing the right card based on personal spending habits. The speaker shares their favorite cards and explains that the best card for an individual depends on their specific needs. The paragraph highlights the benefits of the 'Built' card, which rewards users for paying rent on time without incurring processing fees. It also discusses the card's point system, offering 3x points on dining, 2x on travel, and 1x on all other purchases, with an average value of 2.1 cents per point. The card is recommended for renters who want to earn rewards for a regular expense without additional costs.
🎨 Tailored Rewards for Creators and Travelers
The second paragraph focuses on two specific credit cards: the 'Carrot' card for content creators and freelancers, and the AMX Platinum card for luxury travelers. The Carrot card allows users to customize cash back categories and has no annual fee, making it ideal for self-employed individuals in digital media. The AMX Platinum card, despite its high annual fee, offers significant travel and entertainment perks, including access to airport lounges, event tickets, and travel insurance. It also provides points on eligible purchases and additional points for air travel and hotel bookings. The Chase Sapphire Reserve is mentioned as a card with a $550 annual fee that offers airport lounge access, travel credits, and trip protections, making it suitable for frequent travelers.
🧳 Maximizing Travel and Cashback Rewards
The final paragraph discusses various credit cards tailored for different user profiles. It covers the Chase Sapphire Preferred card, which is suitable for beginners in credit card travel rewards, offering a welcome bonus and travel insurance. The Capital One Venture X card is highlighted for its mid-range annual fee and travel-focused rewards, including access to airport lounges and travel insurance. The paragraph also mentions cashback cards like the Chase Freedom Unlimited and Citi Double Cash for users who prefer straightforward rewards without annual fees. The speaker advises viewers to choose a credit card that aligns with their financial capabilities and goals, ensuring responsible credit card usage for financial well-being.
Mindmap
Keywords
💡Credit Cards
💡Wealth Building
💡Perks
💡Annual Fee
💡Rewards Program
💡Points
💡Travel Credit Cards
💡Cash Back
💡Interest-Free Period
💡Authorized User
💡Credit Score
Highlights
Credit cards can be a wealth-building tool when used responsibly.
The Build card offers rewards for paying rent on time with no annual fee.
Built card bypasses processing fees for rent payments, making it a no-brainer for renters.
To maintain rewards with the Build card, make at least five transactions per billing cycle.
The Build card offers 3x points on dining, 2x on travel, and 1x on all other purchases.
The Carrot card is ideal for content creators and freelancers, with no annual fee and customizable rewards.
Carrot card allows users to select categories for higher cash back rewards.
The AMEX Platinum card offers luxury perks and has a high annual fee, but the value of perks can offset the cost.
AMEX Platinum cardholders enjoy access to airport lounges and pre-check credits.
Chase Sapphire Reserve is a luxury card with an annual fee of $550, offering travel credits and trip protections.
Chase Sapphire Preferred is a beginner-friendly travel card with a lower annual fee and a welcome bonus.
Capital One Venture X is a mid-tier travel card with a $350 annual fee and a focus on travel rewards.
Chase Freedom Unlimited and Citi Double Cash are simple cash-back cards with no annual fee.
Selecting the right credit card involves understanding the terms, benefits, and fees.
Being a responsible credit card user means aligning card usage with financial capabilities and goals.
This video provides insights on being smart with money through informed credit card choices.
Transcripts
hey besties today we are talking about
all things credit cards credit cards can
be a great wealth building tool that'll
allow you to get some amazing perks for
building your credit and working towards
your financial goals just as long as you
paid it off in full on time every single
month one of the questions people always
ask is about what my favorite credit
cards are and why the answer is
typically a bit complicated because I
have some favorites and some that I use
on a daily basis but my favorite card
might not be the right one for you to
find the right card for you you're
really going to have to think about what
you spend your money on So today we're
going to run through some of my favorite
credit cards what perks they can offer
you and what they offer so that you can
get the best card that'll fit into your
lifestyle up first if you pay rent you
should be getting rewarded for it and
that's where the buildt card comes in
the build card offers customers perks
for paying their rent on time and it
also has no annual fee this card is
pretty much a no-brainer to get for
anyone who's currently renting but let's
break down how this card actually works
each month you'll pay for rent via your
build card and you'll be rewarded for it
when you're paying rent especially with
a credit card a lot of online portals
will actually try to charge you a
processing fee but built will set you up
with a unique routing and account number
to bypass these processing fees the
money that gets withdrawn from that
account will then go onto your credit
card statement that you'll pay the
normal way pretty crazy right you could
certainly have always paid your rent
with another credit card but the
benefits were usually voided by the
processing fees so with built you don't
have to worry about that and even if
you're a landlord is really old school
and wants you to pay rent via a check
you can still do this from your built
card app and still collect those points
one thing to note is in order to
actually get these amazing rental
benefits you do have to make at least
five transactions per billing cycle to
keep these rewards going on your credit
card but thinking about how often I
swipe a credit card each month that
shouldn't be a huge issue and obviously
the main point of the built card is to
turn paying rent into rewards so let's
break down what points you're actually
getting with the build card you get 3x
points on D 2x points on travel and 1X
points on all of purchases and per bank
rate on average you're earning about 2.1
cents per Point Which is higher than
nearly every other credit card loyalty
program converts buil points have been
consistently ranked as one of the
highest value Point currencies by both
the point sky and bank rate and the
built card is perfect for someone who's
currently renting typically pays a
processing fee for paying rent and wants
to take advantage of getting points for
doing so this card offers great perks
for doing something that you would
already have to do with no rewards plus
with no processing fees it's a
no-brainer that being said this card is
not for someone who has ever forgotten
to pay off their card in full each month
or someone who has ever missed a rental
payment if you can't or don't pay off
your card in full each month you aren't
actually going to get any rewards and
you risk doing more damage to your
credit score in the process up next
calling all my fellow creators the
carrot card is about to be your new best
friend this is a card I personally use
for my business this card is great for
business and personal use because there
are no fees and great rewards I got this
card because it specifically benefits
those who are self-employed and working
in digital content creation because you
can select which categories to earn your
highest point multipliers things such as
camera equipment travel ad spending it
allows for flexible spending limits and
easy business expenses this card also
has no annual fee which is super nice
now let's break down what this card
offers like I mentioned this card
actually allows you to pick what you get
cash back on so you can totally custom
customize it to your own needs you can
change your points back categories twice
a year so if you notice a big change in
your spending in one category you can
just alter the point redemptions as far
as specifics go you'll get one to 3x
back in their eligible cash back
categories this card also allows you to
build your personal credit while using
it for business expenses which is a
super great perk if you're really
looking to up your credit score a lot of
creators are young maybe fresh out of
school so they may not have as long of a
credit history so the carot card can
really help you out here like I
mentioned before this card is for
Content creators Freelancers and those
who work in digital media if you don't
fall into one of these categories
there's probably a better card out there
for you up next the AMX Platinum this is
a luxury luxury card but if the annual
fee doesn't scare you the perks are
pretty incredible the MX platinum card
has a hefty annual fee of
$695 but monthly credits and perks May
outweigh that price tag the perks are
valued at 1,500 bucks so in theory if
you're using them all you're actually
getting a discount and since this is a
luxxury card let's break down what
you're actually getting with it you're
going to have access to the MX Centurion
lounges at worldwide airports as an AMX
member you could also benefit from
Advanced access to concert and event
tickets plus lounges at stadiums and
festivals across the country and it also
offers up to $200 in hotel and travel
credits for all of my Travelers trying
to Breeze through security you can also
get $189 back if you sign up for clear
or a fee reimbursement if you sign up
for TSA pre-check or global entry you
can even get free travel insurance if
you book with your AMX as well as
automatic status at many hotel chains
like marott you can also get a partial
reimbursement for signing up for things
like Equinox Soul cycle and even Uber
and AMX also offers its card holders
Insurance on their cell phones which is
great if you're clumsy like me
essentially this card is really geared
towards travel hotel and entertainment
rewards as far as points go you'll get
one times for each dollar charged on
eligible purchases and four times
additional points for each dollar spent
on air travel and hotel purchases for a
total of five points so who's this card
for this card is for frequent Travelers
and those who really get a lot of value
out of these travel dining entertainment
and shopping perks the average user
likely wouldn't get enough value out of
the car to justify the annual feet but
for my yies and major Metro urbanites
this is a fan favorite for a reason up
next this is another car that I
personally have and use while it is a
more luxury card with an annual fee of
$550 the perks are are really excellent
on The Chase Sapphire Reserve this card
offers pretty luxurious perks such as
airport lounge access and credits
towards Global Entry TSA pre-check and
Nexus it also offers amazing trip
protections and an annual $300 travel
credit so think about the $550 fee minus
300 you're already at $ 250 from jump
Additionally you can enjoy member
benefits through their Partnerships with
instacart door Dash lift and many other
offers this card also offers additional
warranty protections and item return
reimbursement up to $11,000 per year
even if the store won't take the item
back looking into the specific points
you get 3x points for dining and travel
but 5x points on air travel 10 x points
on hotel bookings and 1 x points on all
other purchases on average you get about
1.5 per point and this is definitely for
the frequent traveler who wants to make
the most of their travel points if you
don't fall into this category and the
annual fee is making you a little bit
nervous Chase also does have some other
credit cards that might fit you better
fun fact when my fiance and I first
started dating we both had this card but
he ended up getting the MX Platinum
making me an authorized user of his and
got rid of his Chase Sapphire reserve
and I just made him an authorized user
on mine this helps us save big time on
the annual fees without giving up some
of those perks that we love a lot so
speaking of Chase cards we mentioned the
Chase Sapphire preferred this is a card
with a $95 annual fee that's great for
those who are newer to credit cards and
have an interest in trying to build up
some travel rewards points starting with
their entry offer if you meet the
$44,000 spending threshold within the
first 3 months of your account opening
you become eligible for a welcome bonus
comprising of 60,000 bonus points these
points can be redeemed for travel via
Chase Ultimate Rewards enhancing their
value from $600 to$ 750 along with the
card you get a $50 annual Travel credit
it also has the same amazing travel
insurance that you'd get with the
reserve card and you'll also get a free
door Dash membership for an entire year
with the chase sappi Preferred Card you
can earn 5x points on traveled bookr
Chase Ultimate Rewards 5x points on lift
rides until March 2025 3x points on
dining select streaming services and
online grocery purchases 2 x points on
General travel and 1 x points on all
other purchases this ends up working out
to be about 1.25 cents per Point what I
love about this card is that it is a
great beginner travel credit card and
you don't need to use nearly as many of
the perks to earn back your annual fee
if you're not ready to invest hundreds
of dollars into a travel credit card
just yet this is a much more palatable
place to start so I gave you the
high-end travel credit card the lowend
and now here's the Gold elocks version
the capital 1 Venture X is a great card
with an annual fee of $350 so it's kind
of a midpoint price-wise between the AMX
platinum and Chase Sapphire Reserve
versus the Chase Sapphire prefer getting
into what this card can actually offer
you it has an introductory offer of
75,000 M valued at about $750 it also
offers access to airport lounges a fee
to cover your Global Entry or TSA
pre-check fees and Hefty travel
insurance the card also rewards its
return customers with an offering of
10,000 additional bonus miles for every
year you have the card this card offers
fantastic miles to help with travel
costs specifically 10x mes on hotel and
rental cars booked through Capital 1
Travel 5x mes on flights through Capital
1 Travel and 2x miles on all other
purchases it's important to note that
these miles never expire so as long as
you have your account open feel free to
spend the miles at your own pace and
these points come out to be about 1.7
per point I'm sure you've noticed a
trend this card is also good for a
traveler who knows what they're doing
but may not be spending big big just yet
if travel is your main focus and you
want all your purchases to help fund
that travel this can also be a great
card for you on the flip side if travel
isn't your thing and you'd rather just
get cash back cards like the Chase
Freedom unlimited or city double cash
card are much simpler no extravagant
perks to remember no annual fee and for
every dollar you spend you get 2x points
selecting the appropriate credit card
shouldn't be agonized over but it's
crucial to understand the terms before
committing to a card being a responsible
credit user involves carefully
considering the benefits and fees and
taking the time to assess whether you
can comfortably manage the associated
payments it's about making an informed
decision that aligns with your financial
capabilities and goals and taking these
steps ensures responsible credit card
usage and sets the foundation for
financial well-being if this video was
helpful please make sure to like comment
and subscribe for more on being smart
with your money see you next time
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