Rich people use credit cards as free money

Yes, rich people are very smart with their credit card usage. Since it gives them a repayment window of 30 days they use their cash/bank balance to invest and earn from it. It can be either an opportunity in the stock market or short term money market instruments like treasury bills.

On the other hand credit card usage of ordinary people vary from that of rich. The Rich only buy that much which they can afford to pay but non-rich or an average rich fund their lifestyle by taking credit card EMIs which let them fall in the debt trap. They just pay the minimum amount due to clear their bill and later end up paying 36-45% as interest on bills. For the ultra-wealthy, however, credit cards are used for accumulating perks, and rewards.

So many rich people take advantage of this to better manage their cash flow with earning extra money and saving it (the interest)

Another main reason for credit card usage is that all the luxurious credit cards come with purchase protection. So if anything is lost or stolen their credit card companies compensate them with it.

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This video is all about helping viewers choose the right credit card for their specific needs. With so many options out there, it can be overwhelming to navigate through the various features and benefits offered by different credit cards. This video aims to simplify the process and provide clear guidance on how to make an informed decision when selecting a credit card.

The video covers a wide range of topics related to credit cards, including the different types of credit cards available, how credit card companies make money, and the importance of understanding interest rates and fees. It also provides tips on how to evaluate credit card offers and compare them based on factors such as rewards programs, cashback options, and annual fees.

By the end of this video, viewers will have a better understanding of what to look for in a credit card and how to make an informed decision based on their unique financial situation and goals. Whether someone is looking for a card with travel rewards, cashback benefits, or a low interest rate, this video provides valuable insights and tips to help make the right choice.

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