My FAVORITE Credit Cards | Your Rich BFF

Summary

In 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

00:00

💳 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.

05:00

🎨 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.

10:00

🧳 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.

Keywords

💡Credit Cards

Credit cards are financial tools that allow cardholders to borrow money to make purchases. They are often used as a means to build credit, earn rewards, and manage expenses. In the video, credit cards are discussed as wealth-building tools that can provide perks and rewards, contingent on responsible use, such as paying off the balance in full each month.

💡Wealth Building

Wealth building refers to the process of accumulating assets over time to increase one's net worth. In the context of the video, credit cards can be a part of wealth building by offering rewards and benefits that can be leveraged to save or earn more money, as long as the cardholder pays off the balance in full each month.

💡Perks

Perks are special benefits or privileges offered to users of a product or service. The video discusses how certain credit cards come with perks such as travel rewards, cash back, and no annual fees, which can enhance the cardholder's financial experience and potentially save them money.

💡Annual Fee

An annual fee is a yearly charge that some credit cards impose on their cardholders. The video mentions that while some cards have high annual fees, the value of the perks and benefits they offer may outweigh the cost, making them a worthwhile investment for certain users.

💡Rewards Program

A rewards program is a loyalty system offered by credit card companies where cardholders earn points or miles for their spending, which can be redeemed for various benefits. The video explains how different cards have unique rewards programs, such as the Build card offering points for paying rent.

💡Points

Points are the currency earned in credit card rewards programs, often used to redeem for travel, cash back, or other benefits. The video provides examples of how different cards offer different point structures, such as 3x points on dining or 5x points on air travel.

💡Travel Credit Cards

Travel credit cards are a type of credit card designed for frequent travelers, offering rewards and perks related to travel expenses. The video discusses several travel credit cards, like the AMX Platinum and Chase Sapphire Reserve, which provide airport lounge access, travel credits, and other travel-related benefits.

💡Cash Back

Cash back refers to a type of reward where a percentage of a cardholder's spending is returned to them, usually in the form of a statement credit. The video mentions cash back as a common perk of many credit cards, with some offering higher cash back rates on certain categories of spending.

💡Interest-Free Period

The interest-free period is the time during which a cardholder can pay off their balance without incurring interest charges, typically if the balance is paid in full by the due date. The video implies the importance of this period by emphasizing the need to pay off credit card balances in full each month to avoid interest and take full advantage of the card's rewards.

💡Authorized User

An authorized user is a person added to an existing credit card account who can use the card but is not responsible for the account's payments. The video suggests that adding an authorized user to a high-reward card can be a strategy to share benefits without incurring additional annual fees.

💡Credit Score

A credit score is a numerical representation of a person's creditworthiness, based on their credit history. The video touches on the importance of paying off credit card balances in full each month to maintain or improve one's credit score, which can impact future financial opportunities.

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