Top Credit Card Mistakes To AVOID (For Military Members)

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If you're using credit cards wrong, it could cost you a lot of money. If you're someone in the military who isn't knowledgeable about credit cards, you clicked the right video because I'll go over the top credit card mistakes you should avoid, so make sure to watch until the end!

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Summary:

Mistake #1: Using Your Full Credit Limit:
This means that you spend up to or borrow the maximum amount that your credit card allows. This will make your credit score lower because banks want you to use less of the total credit limit. Using your full credit limit is telling them that you're in trouble financially.

Mistake #2: Carrying A Credit Card Balance:
This means that you haven't paid off your credit card by the due date. If this happens, then the credit card company is gonna charge you interest. This can add up quickly and can lower your credit score as well. I highly recommend paying off your balances in full each month.

Mistake #3: Getting A Cash Advance:
This is when you use your credit card at a bank/atm to get cash. This gives you quick cash but this comes with higher interest rates compared to regular credit card purchases. This interest also starts right away. You might have to pay a fee as well for doing this. Unless it's an emergency, I don't recommend anyone to do this.

Mistake #4: Only Paying The Minimum Payment:
This means that you're only paying the smallest amount required, which is around $20-$40 per month. If you do this, then you're not actually paying off your credit card bill, and you're actually making it worse due to the interest.

Mistake #5: Not Using The Right Credit Card
There are so many different credit cards, and all of them have different benefits. You need to find a credit card that fits your spending habits or financial goals if you want to maximize them. If you use the wrong credit card, then you could miss out on a lot of perks that can save you money in the long run.

Mistake #6: Not Using Your Credit Card:
If you don't use your credit cards at all, some credit cards are gonna close your card down after a certain amount of time, which will affect your credit score. To avoid this, set up automatic purchases to pay it in full on your due date.

If you're interested in learning more about money, check out my other videos on the channel:

7 Side Hustles To Make $300+ Per Day In The Military For Beginners:
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Do THIS to Save Your First $10,000 In The Military:
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If you enjoyed this video, then make sure to like, and subscribe for more videos like this in the future! Also, if you know someone who's in the military who could benefit from this information, please send this to them!

My goal with this channel is to help inform, entertain, and educate military members and people looking to join the military on all things finance, business, and mindset because these are things I wish someone had taught me earlier on in life. If there's anything you want me to make a video about, comment down below what you'd like to see next!

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Thanks for watching and I hope you have a great rest of your day! :)

#military #creditcard #finance

Timeline:
0:00 - Intro
0:24 - Mistake #1
1:35 - Mistake #2
2:54 - Mistake #3
3:54 - Mistake #4
4:49 - Mistake #5
5:59 - Mistake #6
6:52 - Conclusion

Disclaimer: Some of the links above may be affiliate links, which means that if you click on them, I may receive a small commission. The commission is paid by the retailers at no cost to you, and this helps to support our channel and keep our videos free. Thank you! All info from our videos is compiled from online sources and our own experience, and we encourage you to do your own due diligence. We appreciate your viewership!

In addition, I am not a financial advisor. I don't provide tax, legal, or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your own due diligence before making any financial decisions.