WEBVTT - Unique & Delightful Credit Card Benefits #683 0:00:00.120 --> 0:00:03.040 Welcome to Had of Money. I'm Joel, and I am that, 0:00:03.279 --> 0:00:06.840 and today we're discussing unique and delightful credit card benefits. 0:00:26.720 --> 0:00:30.920 Delightful credit card benefits, indeed, you know, I feel that, 0:00:31.200 --> 0:00:32.839 I feel like delight like. That's a word that you 0:00:32.920 --> 0:00:37.680 use to describe people that's Oh, he's got a delightful personality. 0:00:38.000 --> 0:00:40.480 It's not often that we use that term to describe 0:00:40.760 --> 0:00:43.440 different financial products that are out there, but we truly 0:00:43.479 --> 0:00:45.760 do think that there are some of these different benefits 0:00:45.760 --> 0:00:48.159 that are that are going to surprise you and they 0:00:48.240 --> 0:00:50.240 might even delight you. That is what we're going to 0:00:50.320 --> 0:00:52.279 be talking about today. It's almost like a laundry list 0:00:52.280 --> 0:00:54.400 that we've got to cover. He's true, I probably haven't 0:00:54.400 --> 0:00:56.680 heard about this, this, this, this, this and this, and 0:00:56.880 --> 0:00:59.480 even if like two or three apply to you, and 0:00:59.520 --> 0:01:01.320 you say, wait a second, I didn't know that existed, 0:01:01.400 --> 0:01:03.840 not know that was bringing into your life, it could 0:01:03.880 --> 0:01:07.760 be shocking but also rewarding. You want to maximize the 0:01:07.800 --> 0:01:11.560 benefit you're receiving from those cards. So somewhat related, I 0:01:11.560 --> 0:01:14.479 guess speaking of getting a deal, specifically getting a deal 0:01:14.760 --> 0:01:17.800 when it comes to summer camps. So Joel, our oldest 0:01:17.800 --> 0:01:20.600 girls our oldest daughters, Selma for you, Heavy for me. 0:01:21.000 --> 0:01:25.200 They are both currently away at their first overnight sleep 0:01:25.200 --> 0:01:27.440 away camp. Yeah, based on the pictures, seems like they're 0:01:27.440 --> 0:01:30.360 having a stinking blast. So in the midst of them 0:01:30.560 --> 0:01:33.440 having a ton of fun, they're at camp. Did you 0:01:33.480 --> 0:01:36.480 notice did you get an email from the camp talking 0:01:36.520 --> 0:01:39.080 about early registration? Because that showed up in my inbox, 0:01:39.120 --> 0:01:41.840 this warning. I was just like, oh, snap, they want 0:01:41.840 --> 0:01:44.720 to ride that momentum into the next year, exactly right. 0:01:44.760 --> 0:01:46.759 And but the thing is, that's what happens. 0:01:47.040 --> 0:01:49.000 By the way, every time we go to FINCN the 0:01:49.040 --> 0:01:51.520 Money media conference, they send an email out the very 0:01:51.520 --> 0:01:52.920 next day and they're saying, do you have a good time? 0:01:52.920 --> 0:01:53.840 Didn't you have a blast? 0:01:53.880 --> 0:01:55.520 Sign up now? And by the way, this offer only 0:01:55.600 --> 0:01:57.040 lasts for three days, but you get the best rate 0:01:57.080 --> 0:01:57.520 of people are. 0:01:57.840 --> 0:01:59.520 So, speaking of getting a deal, what are your thoughts 0:01:59.560 --> 0:02:03.560 on that when you commit to going to a camp 0:02:03.800 --> 0:02:06.240 or a conference like this a year out, a year 0:02:06.280 --> 0:02:09.240 in advance, if that means that you get the best rate, 0:02:09.280 --> 0:02:11.239 if you're able to snag that deal, all right, I 0:02:11.240 --> 0:02:12.680 think a couple of things. How would you approach it? 0:02:12.720 --> 0:02:14.680 I think one, I like a good deal, So I 0:02:14.720 --> 0:02:17.519 am prone to sign up, and maybe that's why they're 0:02:17.520 --> 0:02:18.520 sending it because they know that. 0:02:18.760 --> 0:02:19.760 But two, you have to. 0:02:19.760 --> 0:02:22.120 Like look at your schedule and look at what's the 0:02:22.200 --> 0:02:24.600 likelihood that you're actually going to follow through, that you're 0:02:24.600 --> 0:02:26.680 actually going to go on that trip, that you're actually 0:02:26.720 --> 0:02:27.959 going to go to camp, that you actually want to 0:02:28.000 --> 0:02:30.400 go back to that conference. And then three how bigs 0:02:30.400 --> 0:02:32.560 a discount? Is it thirty bucks off or is it 0:02:32.560 --> 0:02:34.799 three hundred dollars off? Like is it is it ten 0:02:34.840 --> 0:02:37.240 percent off? Or is it or forty percent off? I mean, 0:02:37.880 --> 0:02:39.520 those kinds of questions I think would help me. 0:02:39.680 --> 0:02:40.919 Numbers matter realize. 0:02:41.200 --> 0:02:44.280 Okay, well, and then would you be okay if you 0:02:44.400 --> 0:02:46.320 ended up not going? Is there any sort of refund 0:02:46.520 --> 0:02:47.920 or would or would you think that would you be 0:02:47.919 --> 0:02:49.679 devastated by how much money on? I think that's the 0:02:49.680 --> 0:02:51.880 biggest thing. So as far as looking ahead, well with 0:02:52.160 --> 0:02:54.720 you know, with fin Con, we were thinking, okay, are 0:02:54.760 --> 0:02:56.239 we going to have a podcast next year? 0:02:56.639 --> 0:02:59.520 Uh? All signs points to yes, I hope. So I 0:02:59.520 --> 0:03:01.600 think so I shook the magic eight ball or not 0:03:01.639 --> 0:03:05.000 funny to stop this anytime soon. But I think digging 0:03:05.080 --> 0:03:07.480 into the fine print is what's really important, because I 0:03:07.480 --> 0:03:10.560 woult to have a contingency, like the ability to back 0:03:10.600 --> 0:03:13.200 out for me at least, I think that needs to 0:03:13.240 --> 0:03:15.720 be available and well, specifically with camp, I would be 0:03:15.720 --> 0:03:17.960 willing to sign up for a discount if I knew 0:03:18.040 --> 0:03:21.240 that either I could get all my money back that's great, 0:03:21.840 --> 0:03:24.160 or even at least being able to transfer like a 0:03:24.200 --> 0:03:27.040 deposit to a different week or something like that. And 0:03:27.080 --> 0:03:28.760 so yeah, you know, I think the moral of the 0:03:28.800 --> 0:03:31.720 story is definitely consider some of these different discounts and 0:03:31.880 --> 0:03:36.000 offerings that are provided by conferences or camps. Yeah, dig 0:03:36.040 --> 0:03:38.960 into the fine print, figure out what recourse you might 0:03:39.000 --> 0:03:40.520 have if you were to pull the plug. 0:03:40.560 --> 0:03:42.040 Okay, that makes me think of one more thing. If 0:03:42.080 --> 0:03:46.040 you're looking for for like summer travel and you're trying 0:03:46.080 --> 0:03:48.640 to get a beach house or something like that, the 0:03:48.720 --> 0:03:52.120 further ahead you look, the more availability there's going to be, 0:03:52.480 --> 0:03:54.640 the better chance you're going to find a cooler spot 0:03:54.800 --> 0:03:59.160 at a better price. So just put that on people's radar. Two, 0:03:59.200 --> 0:04:02.480 start looking in August or September for junior July the 0:04:02.520 --> 0:04:05.040 next year. That I think that's gonna potentially save you 0:04:05.080 --> 0:04:07.760 money and gets you better accommodations. I know, sometimes I've 0:04:07.760 --> 0:04:10.480 waited too long. The oh yeah, pickens get slim Yep, 0:04:10.560 --> 0:04:11.080 it stinks. 0:04:11.320 --> 0:04:13.760 It stinks. It stinks knowing that, oh man, we could 0:04:13.760 --> 0:04:16.960 have such a better place for the same amount of money. 0:04:16.800 --> 0:04:19.040 Or which we did this year, Like we go on 0:04:19.040 --> 0:04:22.800 our annual all Guard family vacation and we got the 0:04:22.880 --> 0:04:25.720 dopest beach house we've ever rented for not much more 0:04:25.760 --> 0:04:26.799 money than we typically spend. 0:04:26.880 --> 0:04:28.480 Yeah, and I'm sure we'll talk more about this once 0:04:28.480 --> 0:04:31.240 we actually experienced the house, but it was because it 0:04:31.279 --> 0:04:33.719 was a new listing and we were willing. This is 0:04:33.760 --> 0:04:35.840 another kind of weighing the you know, the pros and 0:04:35.880 --> 0:04:38.160 the cons, weighing the odds. There's three reviews, do you 0:04:38.160 --> 0:04:40.880 trust them or not exactly? But in this case, it 0:04:40.960 --> 0:04:43.080 seemed like we did a little more digging and we're 0:04:43.080 --> 0:04:45.680 able to find that house elsewhere. But we'll report back 0:04:45.800 --> 0:04:47.440 as to whether or not that house was worth it 0:04:47.480 --> 0:04:47.880 for sure. 0:04:48.200 --> 0:04:50.080 But for now, Matt, let's mention the beer we're having 0:04:50.120 --> 0:04:53.600 this one is called Jammiest Bits of Jam by Sour Sellers. It's, 0:04:53.839 --> 0:04:56.120 of course a sour fruited beer. We'll give our thoughts 0:04:56.160 --> 0:04:58.440 on this one later on in the episode. But let's 0:04:58.480 --> 0:05:00.400 get onto the subject a hand. Let's talk about unique 0:05:00.400 --> 0:05:02.920 and delightful credit card benefits that we think that had 0:05:02.920 --> 0:05:06.080 a money community needs to know about. And Matt, this 0:05:06.160 --> 0:05:08.400 made me think, I've mentioned that a tree fell through 0:05:08.440 --> 0:05:11.320 our house, right and how painful it's been. 0:05:12.080 --> 0:05:13.359 How about an update folks want to know. 0:05:13.480 --> 0:05:17.360 Yeah, so basically, the construction has started, or the reconstruction 0:05:17.400 --> 0:05:19.920 has started, which is great, but it's going to take 0:05:19.920 --> 0:05:21.719 a couple of months. We're out of the house and 0:05:21.800 --> 0:05:24.200 we're actually spending like half the summer in the Atlanta 0:05:24.240 --> 0:05:26.760 area half the summer down in Florida. So get an 0:05:26.760 --> 0:05:28.280 extra extra vacation. 0:05:27.960 --> 0:05:28.279 Out of it. 0:05:28.400 --> 0:05:31.480 That's like partially paid by paid for by insurance, which 0:05:31.480 --> 0:05:34.480 is But this episode kind of made me think about 0:05:34.600 --> 0:05:38.560 something in this process where a company went above and 0:05:38.600 --> 0:05:41.080 beyond to delight me, and it was the company that 0:05:41.360 --> 0:05:43.800 removed the tree from our house. Like the first step, 0:05:44.120 --> 0:05:46.480 which is to remove the tree, it felt like construction 0:05:46.560 --> 0:05:48.200 was going to start soon thereafter, but no, it's been 0:05:48.440 --> 0:05:49.520 weeks and at least a month. 0:05:49.560 --> 0:05:51.240 But did they remove the tree and then leave mints 0:05:51.240 --> 0:05:51.800 on your pillow? 0:05:53.120 --> 0:05:55.560 Not quite that great? Not fight that great, but they 0:05:55.640 --> 0:05:58.320 actually had They tarped the roof after they were done 0:05:58.360 --> 0:06:01.520 removing the tree, and the tarp job left something to 0:06:01.520 --> 0:06:03.760 be desired. They charged me like five hundred plus dollars 0:06:03.800 --> 0:06:06.560 for the tarping part, and it literally was like they 0:06:06.600 --> 0:06:08.560 stapled one blue tarp like I could have done. It 0:06:08.680 --> 0:06:11.400 should have been like twenty dollars, right, And so there 0:06:11.440 --> 0:06:14.200 was still a lot of water coming in. And the 0:06:14.240 --> 0:06:16.120 guy who runs the company, he actually called me and 0:06:16.160 --> 0:06:19.080 he said, hey, how is the experience. We pride ourselves 0:06:19.120 --> 0:06:21.880 in delivering five star service? And I was like, man, 0:06:22.000 --> 0:06:24.200 I will say, actually, there's a lot of water coming in. 0:06:24.400 --> 0:06:26.640 And that was the one thing. You guys were fast, 0:06:26.960 --> 0:06:30.159 you were on it. The job was done well except 0:06:30.160 --> 0:06:32.240 for this one part of it. And so he sent 0:06:32.279 --> 0:06:35.720 his crew out immediately. They tarped like a mofo, and 0:06:36.040 --> 0:06:38.919 he refunded every single dollar that they build me for 0:06:39.000 --> 0:06:41.880 tarping and more and so like, would it have been 0:06:41.880 --> 0:06:43.160 better if the job was done right? 0:06:43.200 --> 0:06:43.599 Initially? 0:06:43.680 --> 0:06:46.800 Yeah, probably, But I'm honestly actually more loyal to this 0:06:46.839 --> 0:06:49.679 company now considering he called me directly, he asked me about, 0:06:49.720 --> 0:06:52.240 you know, how the service went, and then he made 0:06:52.240 --> 0:06:54.200 it right and went above and beyond and making it right. 0:06:54.279 --> 0:06:56.400 So I just think that sort of response is rare. 0:06:56.520 --> 0:06:58.839 It put a smile on my face. And yeah, today 0:06:58.880 --> 0:07:01.080 I think maybe some of these these credit card parks 0:07:01.080 --> 0:07:02.800 were going to talk about you might not know about it. 0:07:02.800 --> 0:07:04.080 They might put a smile on your face because it 0:07:04.160 --> 0:07:06.599 might be something where you're like, you found money in 0:07:06.640 --> 0:07:08.320 a place you didn't know it was hiding. 0:07:08.360 --> 0:07:10.200 That's kind of how it feels. It's like that hidden 0:07:10.240 --> 0:07:12.800 twenty in the pocket from winter. You're like, I wasn't 0:07:12.800 --> 0:07:15.960 even expecting this. Well when I said mint on your pillow, 0:07:16.120 --> 0:07:17.560 that actually made me think about like, if you go 0:07:17.600 --> 0:07:19.360 to a nice reste, I'm not gone into my bedroom, 0:07:19.400 --> 0:07:22.880 all right, Yeah, that's just creepy. So like fancy restaurants, 0:07:22.920 --> 0:07:24.840 like they'll bring out I think they're called it like 0:07:24.880 --> 0:07:27.280 a mouse de bouche, a mooz boosh, a mooz booch, 0:07:27.360 --> 0:07:29.840 something like that. Clearly we're very cultured. Yeah, I don't 0:07:29.840 --> 0:07:31.280 even know how to say it right, but I love 0:07:31.280 --> 0:07:33.160 it when they bring out these little things that you 0:07:33.200 --> 0:07:36.800 didn't even order. But it's something that the chef prepared specifically. 0:07:36.840 --> 0:07:39.000 Between these two courses, I've only ever experienced that like 0:07:39.040 --> 0:07:41.480 twice in my entire life, but every time it happened, 0:07:41.680 --> 0:07:44.320 it was the coolest thing ever. It was a delight. 0:07:44.680 --> 0:07:46.480 And I'm not necessarily going to equate the two, but 0:07:46.520 --> 0:07:48.520 it is similar when it comes to credit cards, right, 0:07:48.600 --> 0:07:51.520 Like everyone out there knows of the standard benefits that 0:07:51.560 --> 0:07:54.200 you get with credit cards, like cash back, Yeah, heard 0:07:54.200 --> 0:07:56.440 about it. I know about that. But when you're able 0:07:56.520 --> 0:07:59.560 to score a reward or a benefit that you were 0:07:59.760 --> 0:08:02.640 not expecting at all, like that is when the delight 0:08:02.720 --> 0:08:05.360 kicks in. So sort of like you were saying about 0:08:05.360 --> 0:08:07.720 the tree company, like everybody pretty much expects the company 0:08:07.720 --> 0:08:09.080 to show up on time, right, to do a good 0:08:09.160 --> 0:08:11.320 job when it comes to clearing the tree out of 0:08:11.360 --> 0:08:13.920 there your yard. I went back there later that day. 0:08:14.080 --> 0:08:16.040 It was spotless. I was like, man, did the yard 0:08:16.040 --> 0:08:18.400 guy also come and cut the grass? Because it looked 0:08:18.440 --> 0:08:21.160 great except for the whole. But I guess a lot 0:08:21.160 --> 0:08:23.160 of times you expect them to do the things that 0:08:23.200 --> 0:08:26.880 you are paying them for, but it's that unexpected action 0:08:27.080 --> 0:08:29.280 that they took to satisfy you as the customer, Like 0:08:29.320 --> 0:08:31.680 that is what took them to the above and beyond status. 0:08:32.200 --> 0:08:34.040 And you know that piece of plastic in your wallet. 0:08:34.200 --> 0:08:37.640 It has similar abilities to delight you, but you got 0:08:37.679 --> 0:08:40.320 to know what they are in order to benefit. 0:08:40.480 --> 0:08:43.640 Yes, of course, we always, always, always have to discuss 0:08:43.679 --> 0:08:45.640 proper use of credit cards, Matt. Every time we talk 0:08:45.679 --> 0:08:48.240 about this is the disclaimer. The disclaimer, Yes, it always 0:08:48.240 --> 0:08:50.360 has to exist in any sort of time we're talking 0:08:50.360 --> 0:08:54.320 about paying with plastic because we need to make sure 0:08:54.320 --> 0:08:56.400 that you know where we stand with credit cards and 0:08:56.440 --> 0:08:59.160 how to use them. They are not for everyone. And 0:08:59.200 --> 0:09:00.679 so if you've had an issue us in the past 0:09:00.679 --> 0:09:04.120 with overspending and not paying your statement off on time 0:09:04.280 --> 0:09:06.640 and in full, then seriously, you might want to just 0:09:06.640 --> 0:09:08.800 like not listen to the rest of this episode because 0:09:09.200 --> 0:09:13.200 I'm flying with that. That curiosity even might might not 0:09:13.240 --> 0:09:15.719 play out well. Right, you might start like, oh, look 0:09:15.720 --> 0:09:18.480 at all these amazing little things that they're dangling in 0:09:18.520 --> 0:09:20.360 front of me. But if you can't use the credit 0:09:20.400 --> 0:09:23.600 card in the most basic discipline way that we talk about, well, 0:09:23.760 --> 0:09:27.360 the rewards you get are not in any way going 0:09:27.360 --> 0:09:29.280 to make up for the interest that you pay, and 0:09:29.360 --> 0:09:30.880 you'll still come out a loser in the end, So 0:09:31.360 --> 0:09:34.800 there's no benefit is worth slipping back into unhealthy financial 0:09:34.840 --> 0:09:38.000 habits because if you're not taking the most basic measures 0:09:38.040 --> 0:09:40.679 of paying off that balance every single month, you are 0:09:41.520 --> 0:09:44.079 going to outspend the rewards that you're earning by a 0:09:44.120 --> 0:09:46.440 wide margin, and might an even wider margin now, Matt, 0:09:46.520 --> 0:09:48.640 because interest rates have gone up. So I think the 0:09:48.679 --> 0:09:50.880 average credit card interest rate is something like twenty four 0:09:50.920 --> 0:09:52.760 percent now, it ten years. 0:09:52.559 --> 0:09:53.840 Ago well over twenty percent. 0:09:53.960 --> 0:09:56.400 Years ago is like twelve percent, and so that's a 0:09:56.559 --> 0:10:00.280 massive difference. And yeah, two percent cash back going to 0:10:00.320 --> 0:10:02.680 come anywhere close, right, even with these other perks, is 0:10:02.679 --> 0:10:05.120 not going to come anywhere close to making credit cards 0:10:05.120 --> 0:10:07.280 a smart purchasing method for you. 0:10:07.440 --> 0:10:09.600 If you retain a balance, that's right. And by the way, 0:10:10.000 --> 0:10:12.439 the pressure washer that was just outside our window to 0:10:12.440 --> 0:10:14.960 actually just ran out of gas. So it's nice not 0:10:15.080 --> 0:10:17.200 to have that. If you were wondering, what is that 0:10:17.240 --> 0:10:19.360 annoying sound in the background, You know what, We live 0:10:19.400 --> 0:10:21.800 in the real world here, and sometimes the house next 0:10:21.840 --> 0:10:24.880 door is getting pressure washed. But we're not denying the 0:10:24.960 --> 0:10:28.360 fact that, like, not everyone who uses credit cards are 0:10:28.360 --> 0:10:30.600 going to come out ahead. And a recent study actually 0:10:30.600 --> 0:10:31.120 found that. 0:10:31.120 --> 0:10:32.720 Rich bar the way, can I just say that makes sense? 0:10:32.760 --> 0:10:34.640 Because the banks aren't going to lose money. They're not 0:10:34.640 --> 0:10:37.280 going to offer you reward exactly and then not find 0:10:37.320 --> 0:10:38.240 any way to pay for them. 0:10:38.320 --> 0:10:41.280 Yeah. But so the reason study I was gonna mention 0:10:41.440 --> 0:10:43.800 a quote from that is that reward cards tend to 0:10:43.840 --> 0:10:49.160 induce more spending, leaving naive customers with higher unpaid balances. 0:10:49.440 --> 0:10:53.280 The study estimated that an aggregate annual redistribution of fifteen 0:10:53.520 --> 0:10:58.000 billion dollars from less to more educated, from poor to 0:10:58.160 --> 0:11:00.520 richer folks. That is a lot of money that is 0:11:00.600 --> 0:11:04.960 changing hands, fifteen billion dollars. Then something close to fifty 0:11:05.000 --> 0:11:07.959 percent of credit card users carry a balance, and that 0:11:08.080 --> 0:11:11.760 is how that money is changing hands. So some folks 0:11:11.760 --> 0:11:14.520 out there are they're deluded into believing that this actually 0:11:14.559 --> 0:11:17.040 helps their credit by carrying a balance. This is not 0:11:17.240 --> 0:11:19.760 the case. It only hurts your bottom line because you're 0:11:19.760 --> 0:11:21.960 paying money. Yeah, I forget the exact number, but there's 0:11:22.000 --> 0:11:25.160 a a not an infantetially small number of people who 0:11:25.200 --> 0:11:28.319 think having that balance actually boost their credit score when 0:11:28.360 --> 0:11:31.080 the opposite is true. Absolutely. Yeah, but if you are 0:11:31.240 --> 0:11:33.600 in that naive camp, you would be far better off 0:11:33.679 --> 0:11:36.600 using cash or even just using your debit card instead 0:11:36.640 --> 0:11:39.560 of continuing to use credit cards. For the bulk of 0:11:39.559 --> 0:11:40.040 your spending. 0:11:40.120 --> 0:11:41.679 Yeah, and it pains us to say that because there 0:11:41.679 --> 0:11:44.040 are so many benefits in so many perks, not just 0:11:44.080 --> 0:11:46.079 the perks we're gonna mention, but even other things that 0:11:46.120 --> 0:11:49.559 we talk about, just protections that you have, federal legislation 0:11:50.040 --> 0:11:52.439 that protects your money. More that we talked about I 0:11:52.480 --> 0:11:56.080 think some in episode six twenty nine about how using 0:11:56.080 --> 0:11:58.240 a credit card when you spend is going to offer 0:11:58.240 --> 0:12:01.800 you superior consumer protections. But still it's worth foregoing those 0:12:02.040 --> 0:12:04.480 if it's going to ruin your finances, right, And I 0:12:04.480 --> 0:12:06.520 guess that brings up the question, Matt, does this make 0:12:06.520 --> 0:12:07.880 credit cards predatory? 0:12:08.280 --> 0:12:08.960 We don't think so. 0:12:09.440 --> 0:12:12.920 But Aaron Lowry, the broke millennial who I like her, 0:12:12.960 --> 0:12:15.319 I like what she does. She made this allegation actually 0:12:15.320 --> 0:12:18.120 in a recent Bloomberg article. But the thing is, no 0:12:18.160 --> 0:12:20.600 one is forcing us to use credit cards. It's a 0:12:20.600 --> 0:12:23.000 personal choice, right, And so Yeah, Granted, we'd love to 0:12:23.000 --> 0:12:27.360 see more personal finance education on everything ranging from credit 0:12:27.360 --> 0:12:30.000 cards to every kind of debt for high schoolers so 0:12:30.040 --> 0:12:31.760 that they don't end up learning the hard way. But 0:12:31.960 --> 0:12:34.280 I think a similar argument can be made that the 0:12:34.320 --> 0:12:37.520 only reason savers are earning something like five percent on 0:12:37.600 --> 0:12:40.120 the cash or stocking away now is because other people 0:12:40.120 --> 0:12:42.120 are taking out car loans at ten to fifteen percent 0:12:42.160 --> 0:12:44.920 interest rates. And so I just think that the credit 0:12:44.960 --> 0:12:48.360 card itself shouldn't be the scapegoat. And some people want 0:12:48.400 --> 0:12:49.800 it to be the scapegoat and want to make it 0:12:49.840 --> 0:12:52.880 sound like credit cards are the devil, like Bobby Bouchet's 0:12:52.920 --> 0:12:54.360 mom and the water Boy or something like that, right, 0:12:54.760 --> 0:12:57.720 But I just don't think that's true. And yes, some 0:12:57.760 --> 0:13:00.480 people end up losing in the proposition. That's why we 0:13:00.520 --> 0:13:03.400 need more personal finance education. That's yes, the answer isn't 0:13:03.440 --> 0:13:04.800 necessarily to wipe credit cards from the face. 0:13:05.200 --> 0:13:07.320 It's not to ban them, but to get more folks 0:13:07.480 --> 0:13:10.200 participating and using them the right way. And if that 0:13:10.400 --> 0:13:12.560 and if that means that over time the rewards like 0:13:12.600 --> 0:13:15.040 that the proposition changes, then so be it exactly. But 0:13:15.080 --> 0:13:16.840 the fact is, like, these are the rules of the game, 0:13:16.840 --> 0:13:19.599 and we're going to play by the rules that exist 0:13:19.760 --> 0:13:21.640 because that, yeah, that is our goal with the podcast 0:13:21.760 --> 0:13:24.600 is to spread the knowledge so that everyone knows how 0:13:24.640 --> 0:13:26.160 to properly use a credit cards. 0:13:26.280 --> 0:13:28.600 Let's be honest, if if eighty five to ninety percent 0:13:28.800 --> 0:13:31.400 of people stop carrying a balance. Overnight, things would change, 0:13:31.480 --> 0:13:33.760 Rewards would dramatically decrease, and a lot of the things 0:13:33.800 --> 0:13:37.040 we're going to talk about would become vaporware almost overnight. Yeah, 0:13:37.040 --> 0:13:39.520 I totally agree to say that, like, oh, credit cards 0:13:39.559 --> 0:13:42.240 are all the problem. Well, it's almost like saying that 0:13:42.280 --> 0:13:45.680 like paying interest or like compounding interest, that that is 0:13:45.720 --> 0:13:48.520 something that shouldn't exist, and it's like, well, no, it 0:13:48.520 --> 0:13:50.280 it's just a fact, Like it's just a rule, and 0:13:50.320 --> 0:13:51.679 you just want to make sure that you are on 0:13:52.080 --> 0:13:55.680 the receiving end of compound interest, not on the paying end. 0:13:55.880 --> 0:13:58.120 And so until the banks change some of those rules 0:13:58.160 --> 0:14:00.160 and what it is that they're offering, we're gonna do 0:14:00.200 --> 0:14:01.640 all we can to take advantage of it and make 0:14:01.679 --> 0:14:05.280 sure that everybody out there knows that they can take advantage. 0:14:04.840 --> 0:14:05.400 Of it as well. 0:14:05.480 --> 0:14:08.800 One minor thing I'll mention here, there's legislation being introduced 0:14:08.880 --> 0:14:12.320 right now and to rein in some of the fees, 0:14:12.640 --> 0:14:15.600 the visa MasterCard charge, which I'm not gonna lie, that 0:14:15.800 --> 0:14:17.920 is kind of a problem and they probably should be 0:14:18.000 --> 0:14:20.520 rained in, and that in and of itself would probably 0:14:20.520 --> 0:14:23.520 impact the credit card rewards that we all receive. We'll 0:14:23.520 --> 0:14:24.920 see what happens there, and I'm sure we'll end up 0:14:24.960 --> 0:14:27.160 talking about it on a Friday flight if it comes 0:14:27.200 --> 0:14:29.760 to fruition. But you know our stance now, Using credit 0:14:29.800 --> 0:14:32.440 cards in an educated and disciplined way can get you 0:14:32.560 --> 0:14:35.840 significant rewards and a slew of really cool benefits that 0:14:35.920 --> 0:14:38.600 you might not be aware of. And so we're gonna 0:14:38.600 --> 0:14:40.880 discuss a bunch of those. We're gonna get to that 0:14:40.960 --> 0:14:43.080 laundry list of killer rewards you need to know about 0:14:43.160 --> 0:14:43.760 right after this. 0:14:53.600 --> 0:14:55.800 Right we are back, and we are talking about these 0:14:55.840 --> 0:14:59.000 delightful credit card benefits that we don't think that you 0:14:59.480 --> 0:15:02.520 know about. And we kind of mentioned this early on, 0:15:02.600 --> 0:15:04.960 but you know, everybody knows about the big things out there, 0:15:05.120 --> 0:15:07.920 the sign up bonuses. They can be honestly rich, as 0:15:07.960 --> 0:15:11.240 I'll get out equally like eight hundred bucks, even one 0:15:11.280 --> 0:15:14.760 thousand dollars when you get approved and meet a spending threshold, 0:15:14.800 --> 0:15:17.280 when you're able to kind of translate that into travel rewards. 0:15:17.480 --> 0:15:19.800 But just the straight up cash back on every single 0:15:19.800 --> 0:15:22.520 purchase that is also fantastic. But this is also the 0:15:22.520 --> 0:15:24.840 obvious stuff, and we're not gonna talk much about that. 0:15:25.320 --> 0:15:29.120 We want to focus on the lesser known glories that 0:15:29.160 --> 0:15:31.680 your credit card has to offer. And so we'll start 0:15:31.720 --> 0:15:34.400 with a few of the lesser known travel benefits before 0:15:34.400 --> 0:15:37.680 we get into even more obscure territory. But you can 0:15:37.760 --> 0:15:41.320 rack up rewards with airlines and hotel specific cards, or 0:15:41.360 --> 0:15:43.880 you can opt for other cards that allow for even 0:15:43.880 --> 0:15:46.480 greater flexibility. But some of the travel perks that you 0:15:46.600 --> 0:15:49.840 might not be familiar with are things like rental car insurance. 0:15:50.240 --> 0:15:53.440 If you rent cars enough, the primary coverage that you 0:15:53.480 --> 0:15:56.200 can get from a card like the Chase Sapphire Preferred 0:15:56.480 --> 0:15:59.560 is pretty sweet. So what that means is that if 0:15:59.560 --> 0:16:02.400 you are or in an accident in that car, well, Chase, 0:16:02.560 --> 0:16:05.640 they're going to act as your primary car insurance company 0:16:05.680 --> 0:16:10.160 before your normal insurance that you have on your private vehicle. 0:16:10.240 --> 0:16:11.840 And it just means every time when you're asked for 0:16:11.920 --> 0:16:14.360 that insurance and you're like sweating and sweating bullets and 0:16:14.360 --> 0:16:14.960 you're like, what if I. 0:16:14.880 --> 0:16:17.000 Get an accident, well, you gotta wry about it. You 0:16:17.040 --> 0:16:18.680 can turn it down with these you've used the right 0:16:18.680 --> 0:16:21.360 card and unfortunately we didn't have this card, Joel. This 0:16:21.600 --> 0:16:23.440 this sort of come in handy when we were in Scotland. 0:16:23.600 --> 0:16:25.920 We haven't talked about this on the show, neither you 0:16:26.080 --> 0:16:29.240 or I had the Chase Sapphire Preferred or any car 0:16:29.320 --> 0:16:31.640 that had the primary insurance carver. 0:16:31.680 --> 0:16:33.080 One of my cards used to have it, and they 0:16:33.280 --> 0:16:35.520 stopped carrying it as a perks, and. 0:16:35.480 --> 0:16:38.080 I like to the way I take advantage of the 0:16:38.080 --> 0:16:41.040 different benefits with credit cards. Meant that I actually couldn't 0:16:41.040 --> 0:16:44.480 apply for another Chase card, and so what that meant 0:16:44.640 --> 0:16:48.359 was that we actually opted for the coverage. And specifically, 0:16:48.400 --> 0:16:50.280 the lady was like, well, you know, there's a lot 0:16:50.280 --> 0:16:52.560 of potholes on the roads around here, and specifically we 0:16:52.560 --> 0:16:54.640 were going to the Isle of Sky in Scotland and 0:16:54.640 --> 0:16:57.880 the roads are terrible there and the rental cars don't 0:16:57.920 --> 0:16:59.840 have any spare tires in there, and so she said 0:16:59.840 --> 0:17:02.320 that if you get a flat tire a blowout, you're 0:17:02.360 --> 0:17:05.119 on your own. And I thought that sounds terrible, and 0:17:05.160 --> 0:17:08.960 so we opted for the insurance, which also included a 0:17:08.960 --> 0:17:10.760 little collision that took place. 0:17:11.280 --> 0:17:12.919 Because it was good because you beat that thing up. 0:17:14.200 --> 0:17:15.720 So we had pulled over on the side of the road. 0:17:15.760 --> 0:17:17.320 We were looking at a lock. 0:17:17.560 --> 0:17:20.719 I've never seen anyone go in reverse faster than you did. 0:17:21.160 --> 0:17:23.720 I think went into reverse and I couldn't see scale 0:17:23.760 --> 0:17:24.560 or hard junior side. 0:17:24.640 --> 0:17:27.800 There's like this concrete metal rigging lobby intelligence on the 0:17:27.920 --> 0:17:30.600 ground that I couldn't see in the rear view, and 0:17:30.680 --> 0:17:32.320