Save Money on Credit Cards: Bitsy's Quick Tips (The Frugalicious Show)

[strawberriesncandii]

Like if you buy something like a washing machine with your credit card for example and it's like $299 would the balance be 299? I've never understood how credit cards worked. Like I hear some people leaving in a balance. Aren't you supposed to pay the full amount like every other bill? I live on a college dorm and a lot of people have credit cards but I don't wanna jump on the bandwagon and ruin my credit at 19 so I pay everything in cash.

[TheFrugaliciousShow]

Respond to this video... So if you want a credit card, make sure you pay attention to the interest rates (and some are 0% for the first year an then skyrocket up, so make sure you read all the fine print!), if you're going to carry a balance. I don't recommend carrying a balance, you should only charge what you can afford to pay off every month. Most companies will let you set automatic reminders for payment dates so you're never late.

[TheFrugaliciousShow]

Respond to this video... If you're really worried why not get a debit card, linked to your bank? Unless you're focusing on building your credit right now so you can get a better rate on your mortgage in the next 5 years or so, you prob don't need a credit card. The only other reason I can think to get one is for rental cars (most places won't accept debit cards), but it's kind of hard to rent a car til your 25 anyway, so that might be a moot point...

[TheFrugaliciousShow]

Respond to this video...Oh (and sorry this so so long!) if you have a student loan, you're building your credit score anyway, so you don't need to worry about doing it through a credit card.

[TheFrugaliciousShow]

@strawberriesncandii sorry I just sent you like 4 more replies but not @ you - to the regular comments. Hope this helps!

[Stephanie20222]

doesn't your credit score go down if you pay the full balance each month?

[TheFrugaliciousShow]

@Stephanie20222 Nope.It's tough to make blanket statements about your credit score, because it's based on different factors, but here's something from Suze Orman's website "Your FICO credit score is based on a series of calculations that measure how good a credit risk you are. One of the biggest factors in your credit score,accounting for about 30 % is how much debt you have.

[TheFrugaliciousShow]

Respond to this video... There are a few ways that this specific calculation is done, but one of the chief ways it’s determined is the debt-to-available credit ratio. Debt is how much money you owe on all your credit cards. Available credit is the sum of all the credit lines that have been extended to you. The higher your debt, the worse it is for your FICO score." Please check out Suze Orman's website for more information on your FICO score! Thanks for watching!

[strawberriesncandii]

Can you make a video on how credit cards actually work?

[TheFrugaliciousShow]

@strawberriesncandii That's a great idea! What parts do you think are most confusing for most people? Thanks for watching!

[xoxBitt3rSw33txox]

Can you guys make a video providing tips on how to pay off credit card bill quickly

[TheFrugaliciousShow]

@xoxBitt3rSw33txox That's a great idea! Thanks for watching!

[SueParkLove]

1st!

[TheFrugaliciousShow]

@SueParkLove LOL you've finally un-seated joveen! Thanks for watching :) 

[SueParkLove]

@TheFrugaliciousShow Haha !!! Yeah, i love your videos!! xD