Today I want to share with you about something I use in my daily life. A few weeks ago, I made a video about wealth front—the investing tool that I use for myself. Why do I think there are a wonderful company and why do a lot of people that are getting into the investing game should consider using them?
Today I want to share the credit card I use with you and why I think it’s a good product to use. This is the credit card. I use Capital One venture card. Now if you know me or if you’ve watched a lot of my videos, you would know that I’m a credit union person. I do most of my banking with one eye. I love what they stand for and I think most people should be with the credit union.
I am using a big bank credit card for a few reasons. Truthfully, I’ve only used credit cards. Let’s say for about eight years. I use my credit union card. I loved it, it was a simple 1 percent cash back card and paid it off in full every month.
There were no annual fees. I supported them, I loved it. But as I got older and I’ve understood personal finance more. I used credit cards for the rewards. More often, I realized that there’s better rewards cards out there.
But it’s true. Now a little bit of a back story that I’ll also lead in as to why I use this card. When my girlfriend and I started dating, it became quickly apparent that we were going to be doing a lot of traveling far more than I’ve ever done in my life. So when we had a big trip coming up, we were going to Morocco and have a virginal traveling experience.
I had no clue international plane tickets cost, so when I found out how much a round trip ticket to Morocco and bad cost. I was not expecting the price I saw. And I quickly realized that. This is expensive, how do I make this a little bit easier? I started looking at travel rewards cards. And after doing a lot of research, I found them.
So I looked into the credit card, read the reviews and I decided to go for it. And why I continue to use them? Firstly, they are extremely easy to communicate with people. Compared to my credit union credit cards, where I submit an application the underwriters are going to view it.
I’ll get an answer in a couple of days, they’re going to make me go to a branch and sign paperwork or sign online. Then the credit card is mailed to me like it’s not a really short process between the time you apply and the time you get your credit card. It could be like two and a half or three weeks and that’s assuming you do things quickly.
So on the card I applied for it, I found the decision and had it mailed to me all on the same day and compared to what I’m used to experiencing, that was in saying I can’t overstate that. It was extremely easy to do. So I will hand it to you that Capital One was easy.
Secondly, they’ve got a good rewards program. The card I use is two miles for every dollar I spend, which is simple. It’s far more valuable than any one percent cash back credit card that I’m going to use. Like what I use at the credit union, it’s already paid for two round-trip tickets to Chicago.
It did that back in April, it didn’t pay a dime for everything that was extremely nice, I believe the promotion they had. When you first signed up, it said if you spend $3,000 in the first three months, you’re going to get a bonus 40,000 miles. I had this trip coming up to Morocco, I just put the purchase on that card collected the rewards.
A couple of months later, BAM, forty thousand miles for free. It was incentive to use them. So they had that going for them next, their app is wonderful. It has an app with which I can do a lot of things on it. But it’s not necessarily the most polished or user-friendly app.
There is on the other hand, their app is wonderful. I can quickly look at the balances, see the transactions that got credit monitoring on there. I can dispute a transaction if I have to, it’s all extremely simple to use. I’ve had no issues with them, it’s one of the few apps that I repeatedly use.
Another feature I use is their alert system. I have a set up to where every single time any purchase. Any purchase is made on my credit card, it texts me the time, the dollar amount and who it is from, because I want to be on top of this stuff, I know what I spend and what I don’t spend.
But we live in a world of fraud debit card and credit card fraud happens all the time. I’ve done too many disputes for members, I’m tired of credit card and debit card disputes. So I want to be on top of my stuff, so I have them text me every single time, any purchase comes through. Luckily, I haven’t had one dispute with them. Whatsoever, I’ve used them for about a year.
Now I haven’t had any issues, but it’s absolutely convenient to swipe the card. I get a text, it tells me the dollar amount, I know that everything’s good, they’re even funny sometimes. Because I’ll get an email that says are you sure. This purchase was legitimate and they’re talking about like a restaurant experience, where maybe I got like a drink and I tip the person pretty well.
Now the last thing I want to talk about is the free credit tracking software, and this is nothing new, a lot of places to do this. So I’m not going to say that these do it exclusively, but they do it well. I made another video where I shared my credit score and Capital One. It is the one that provides me this.
I don’t have to pay for anything, I don’t have to hold my credit to know what the score is. They provide this to me and it’s a good feature to use, because while I don’t care about my credit score heating up, it’s like an 850 or anything like that. It provides me the score, I get to see any new trade lines that are open, which shouldn’t be any.
Going back to that fraud thing, it provides me peace of mind. If there’s anything, that’s new, that’s open in my name, my credit card company is going to tell me about it. So I really appreciate that, and it’s a really good tool to have. Your credit score is that you don’t want to have bad credit.
I’ve already talked about the importance of it, this is a good tool to help you out with that. So those are the main reasons why I use them, it was entirely convenient to get the card, the wonderful rewards program, I like the alerts they have, I like their app, I like the credit tracking. Overall, I would give them solid a plus.
I can’t think of too many complaints to give, now I want to pause here and say there’s a few things that I think people should watch out for. If they consider this card, the first one is the fee, I haven’t had to pay a fee yet, because I haven’t been with them quite a full year.
But the first year, there’s no annual fee going forward, there is a fee now. I talk all the time about how you shouldn’t pay fees, don’t pay overdraft fees, late pay fees or credit card fees. I’m not a fee person.
So why am I voluntarily paying for some fees and the answer is pretty simple—the horns and the benefits that I get from that card outweigh the fee I pay each year. If it pays for round-trip tickets that may cost hundreds of dollars but not thousands of dollars, it is far more beneficial than anything, possibly $100 a year fee that I’m going to pay.
So fee is small compared to the wards. Something I get another thing to watch out for is interest. I have no clue what interest rate I have with Capital One, but I think it’s ridiculously high. And why am I laughing about that? It doesn’t really matter because I don’t pay interest at all. And if you don’t know how that’s possible, you need to watch a credit card video, too. You do not have to pay interest on credit cards.
I’ve used a credit card for eight years and I have never paid a penny in interest, so this card may have a very high interest rate, but you don’t have to pay any interest. So what I want to say is that if you do not plan on paying your card off in every month, no matter what is forever and always do not get this credit card.
I’m sure that card has a very high interest rate and I don’t want anyone to pay any interest whatsoever. So if you’re not going to pay it off, don’t get that card lastly, there’s the moral dilemma. I’m a credit union person, I like to fight the good fight and teach financial responsibility.
I use this big bank credit card instead of my credit union card. But the benefits outweigh the Commons.So while I use my card the right way, I want you to use your card the right way. I know there are thousands of people out there to use Capital One, they pay ridiculous fees and interest rate and they just get right over the coals.
So what I want to do is to have you use it the right way. In fact, I want you to help everyone when it comes to financial responsibility and don’t let people pay interest. I want all of my viewers to be financially responsible and true things the right way, especially when it comes to loans, debts and interest or all the other stuff, including this credit card.
There’s a lot of people that get screwed over by these big credit card companies, it doesn’t mean that you or I have to do so. All in all, that’s why you use the Capital One venture card—wonderful benefits, which is extremely simple and convenient to use.
If you are looking for a credit card, I would say that you should absolutely consider using them. If you know that, you can pay on time, pay your card off in full, not pay any interest. You would get benefit from the airline miles. I would really say consider this credit card on the other hand, there are an infinite number of credit card choices out there, you don’t have to use this one.
But it’s what I use, I hope you can trust my opinion. I hope you learned something new from it and you were able to strengthen your financial position. I’m going to keep coming out with more about it, so please stay tuned, but go ahead and like subscribe comment, and have a good day.