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alright guys it's that time of year again Happy Holidays to you but that means that we have a very important subject matter to get through before the end of the year and going into 2019 because it happens to be that all-too-common temptation this time of year with credit card offers coming in at low or even 0% interest rates with no annual fees high spending limits and you couple that with the strain you're already feeling on your finances you can actually convince yourself that it's worth biting the bullet and just simply taking out that newly pressed credit card for a jaunt in the mall and the fact is if you do this you're not alone in 2017 the average American racked up an average of $1,000 in credit card debt during the Christmas spending season $1,000 on average per person and that even represents a 5% increase over the prior year of 2016 so things are getting worse it may seem as though I wouldn't condone utilizing credit cards for holiday spending but I do actually see value as long as it's done correctly so in an effort to reduce financial harm I'm here today to share with you 7 credit card hacks that you may not have been aware of that can save you some serious coin this holiday season stick around [Music] so welcome back to the VIP financial education YouTube channel this is your cash flow coach from the Matthew I'm bringing you more tips to help you go further faster financially and if there's one thing that we do know about credit card companies guys it's that they love new customers they love them so much in fact that they're willing to provide big bonuses for those of you who open a new account and credit card hack number one goes right along with this you can take advantage of these bonuses by just simply signing up for a new credit card for the express purpose of cashing in on the new customer perks which can be quite sizable in fact Capital One venture card offers customers a sign-on bonus of 75 thousand miles if you spend at least three thousand dollars over the first three months if you just take your required spending your necessary spending each month you're gonna spend more than three thousand dollars over the first three months so those miles could then be redeemed for travel credit or exchange for goods and services that you might end up using eventually anyway so it converts into indirect cash flow it's important to be strategic when you open new accounts though of course as we talked about regularly on this channel if you do it too often or you do it at the wrong time your credit can take a big hit due to that lack of seasoning on the account meaning the account is too young and the inquiry that comes along with the application the second credit card hack I wanted to come out with today is to not redeem your spending for gift cards now why is that well the reason is because the points per dollar ratio can actually vary widely you might be able to get say a hundred dollar gift card to Banana Republic by cashing in your credit card rewards and then the same rewards balance might only get you eighty dollars for somewhere like Pottery Barn because there just isn't parity in gift cards that are acquired through the use of credit card rewards so I just say opt out of it entirely I focus all of my effort on cashback and this year alone have received nearly five hundred dollars in cash back so far hack number three is to take advantage of the consumer protection policies that are offered by credit card providers credit cards like the American Express gold card the United Mileage Plus Club Card come with protection plans that will actually warranty your holiday is against any breakage or even theft up to ten thousand dollars which is like getting a free holiday gift insurance policy great hat now the fourth hack that I want to teach you today is to utilize your credit cards for all your holiday purchases but only spend what you can immediately pay off just because you've got a zero percent financing period on a credit card does not mean that you should put off getting that Palance cleared and paying it in full every month the best thing you can do with your credit cards is to always have them paid down to zero in fact I pay my credit cards to zero every single day that it reflects the balance and since I'm using my credit cards virtually every day for either Auto payments or typical day to day spending it means that almost every day I'm applying payments to my credit card account to pay it to zero and this also requires me to go in and start looking through my transaction history and just verifying that everything on that account belongs to me the other benefit of this is that it will report to your credit bureaus the lowest balance of the month which means that I will have near a $0 reported balance when the credit card provider provides that detail to the bureau's which will then maximize my credit scores and this is just something I talked about often on this channel this will keep you out of credit card debt it enables you to utilize great perks that come with the credit cards like previously mentioned here in this video now credit card hack number five is for those that cannot utilize hack number four and this is to develop a repayment plan for all of your purchases before you ever make them I am of the opinion that if you cannot afford to be going out and doing expensive Christmas shopping then you should not the purpose of this channel is not to help get you guys into a position where you're just barely scraping by and worst case scenario you're dealing with a negative cash flow and you're spending more than you can afford that is not the intent of this video in fact the intent of this video is to help you guys generate so much money and have such minimal liabilities that your cash flow is optimized and you never even have to think twice about some of these coupon cutting scarcity minded strategies I would rather you have an abundance mindset where none of this actually matters but this hack here is especially helpful for those that actually need credit cards to just get through the holidays but it is not something I would recommend and I know it's just the way it is with many folks that are out there right now and if you're somebody who only makes a minimum payment on your credit cards something I highly advise against then it can take as much as five full years to pay off a balance of only a thousand dollars and if you do this the interest that you're gonna end up spending over that period of time could end up costing as much or even more than the total cost of your initial purchases so the key here is to have a repayment plan in place setting automatic payments can be extremely helpful here so I strongly recommend that you do that credit card hack number six is to stack rebates with rewards and these are often two very different things rewards are accumulated according to your credit card purchases and rebates are typically issued through the retail partners that the credit card company has agreements with and some of these might include Ebates or Eevee rewards calm and cash back monitor by doubling up on these perks you actually save a lot more money down the road the seventh and final credit card hack is to stay informed on the rotating rewards categories for your specific credit cards it's not uncommon for credit card issuers to incentivize different purchases at select retailers for a set period of time before moving on to a different retailer altogether now one month you might have a cash back perk that could take advantage of you using your credit card at say Costco and then the next month that same perk might be at Walmart and the key is to just know when these rewards rotate and then modify your spending strategically accordingly very few people actually take the time to learn how to best utilize credit cards in their possession and there are educators like Dave Ramsey who tell you to just simply cut them up but with a basic understanding of how to time your purchases how to use the right cards choose the best rewards options and have a plan to pay back your creditors at every point you have a balance so you maintain zero balances you're using your credit cards as a strategic tool instead and it will help you create wealth my question to you is this is there a hack that you've been using that I didn't mention here I'd like you to tell me about it in the comments below or if there's a certain credit card that you've found to be especially useful and generous say during the holidays let me know what that is as well in the comments guys if you're not a subscriber make sure you push that button and then click the little bell to turn on notifications every time we have a post you'll be alerted so that you guys can make the most of this holiday season it's very very important as we go into the new year that we have our hearts and our minds set on transitioning the way that we've been doing things for the past years or even decades so that we can get the most out of our money moving forward guys this is about working smart it's not about working hard it's about having everything we want it's about all of us enjoying time in Maui it's about all of us being able to give generously during this holiday season I was able to contribute five hundred dollars yesterday to button and zipper which is this tremendous organization it's run by one of my neighbors he started it in Chicago brought it here to Denver and they just set up their contributions page which basically allows for monetary donations to be made and guys they're providing families and children and homeless veterans warmth through the holiday okay so it's for it's a coat drive and it's giving these guys the ability to stay warm and it's something that I believe so so dearly in unfortunately I live in a city with that's plagued with a lot of homelessness and cold weather and so we see this day in and day out so I just the other night I was able to pull off to the side of the road and cover a homeless man a homeless disabled man in a wheelchair with five or six coats that I had bundled up in my closet and to be able to give $500 to this charity as well to be able to donate a couch just the other day a brand-new couch thousand dollar piece of furniture that had been used for six months it just feels so good it feels so good to have an abundance so that we have more than we need so that we can give so much more to other people and that's what this time of year is all about I hope you guys have an amazing holiday sorry for the bad lighting guys I have this strange reflection so I just went ahead and shut the blinds I want you to be able to to not get distracted by the strange shadows and lights on my face but it is a little dark I do appreciate your patience and certainly look forward to seeing you on the next video guys until we work with you one on one to play a role in your success and actually coach you by holding your hand dragging you to the results you're looking for then make sure you stay plugged into the videos and watch them all and it's all free enjoy them and we'll see on the next one make it a great day today and take care [Music]