About this episode

Alex discusses the different types of credit card users and how to use credit cards effectively.

Credit cards are the topic where everyone has an extreme opinion. Either they're a free travel hack or they're evil and you should cut them all up. Alex's take is neither. A credit card is a tool, and the tool isn't good or bad on its own. What matters is how you're using it, and I am living proof that you can use one very badly for a very long time. The Solution The four types of credit card users. The credit card company's favorite customer, who carries a balance and pays minimums. The rewards optimizer, who pays in full and uses the card strategically. The avoider, who usually got there by clawing out of debt and is now scared of the thing. And the fourth type we added mid-episode, which is me: pays it off, but has no idea what benefits the card even has. How credit card companies actually make money. Interest, annual fees, late fees, and interchange fees paid by merchants. That last one is where your rewards come from. If you're paying 25 percent interest to earn 2 percent cash back, you are not beating the credit card company. The biggest mistakes. Carrying a balance to "build credit," which does not work. Paying only the minimum, which your statement will tell you takes…

People in this episode

Host: Alex

Topics covered

• credit cards
• financial advice
• debt management
• personal finance
• consumer behavior

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