This Nasty Financial Habit Is Costing You THOUSANDS Of Dollars…

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Today I'll discuss debit cards …! Mainly why you ought to not be utilizing them to acquire your daily products …

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Brandon Beavis was among the youngest consultants to end up being totally licensed here in Canada.

In 2013, Brandon officially began his market research studies. Throughout the years he has finished his CSC (Canadian Securities Course), CPH (Conduct & Practices Handbook), WME (Wealth Management Essentials), 90-day Financial Investment Advisor Training Program, went to the Manulife Professional Advancement Workshop in Oakville, ON, and went to numerous market workshops, conferences & events to assist even more his learning.

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This Nasty Financial Habit Is Costing You THOUSANDS Of Dollars…

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  1. 📈📚 Join The Investing Academy Today for $19.99 CAD/mo (100+ Hours Of Online Video Training Courses, Discord Community, Trade Calls, Spreadsheet & Downloads, Live Q&As, & More –

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    1. Are the fees for your investing course eligible as a tax deduction? They are incurred for advice on personal investing portfolios, so seems like it would be possible to claim the $240 per year?

  2. Debit only for businesses that don’t allow credit cards, or that charge extra for using a debit card (example: bullion).

  3. I use my debit card for certain locally owned small businesses where I know the owner. It is my why of helping out those business owners by reducing the fees that they have to pay. The business owners pay a fixed price per transaction for debit, but the credit card companies take a non-negligible percentage.

    The company where I work is one of those annoying companies that doesn’t take credit. My boss has decided that the fees are just too high.

  4. I was told once that using a credit card frequently for those small purchases or for groceries and perishables affects credit scores negatively, since now I know that the only thing affecting it negatively is being late on the payments, now I am gonna start stacking up those points!

    1. Multiple behaviours affect you credit score. There is no problem with using your credit card multiple times a day but if you want to optimize your credit score, try to keep your balance around 1/3 of your total credit available or less.

  5. I always use one of my credit cards. Both to accumulate points/get cash back and to improve my credit score. But yes, the key is paying bills on time and in full, and not using a high percentage of your available credit.

  6. For my credit card, I heard that you should only use ~20% of your entire credit limit – when I spend past that amount I usually resort to using my debit card. If this is wrong though, however, please let me know since I only got a credit card last year.

    1. I pay off mine every Friday to avoid going over the 20%. You don’t have to wait for end of month to pay it off if you have the money in your bank account .

  7. I like using a debit card for the sole reason that I simply can never over spend on something. I find that using credit cards give me a false sense of money that I truly don’t have. Using a debit card may not give me points but I can live with that since it makes me a more responsible spender.

  8. Credit card with automatic monthly payment on the entire balance is how I have always done it.
    More secure payment method, No CC interest charged and 1% cash back, much better than debit card.

  9. I’m just starting to learn to use my credit card as much as possible. Thank you for this video! 🙏

  10. I treat my credit card like a debit card. I use my credit card for every single thing and I pay my credit card off in full every month.

  11. I use my credit for EVERYTHING. The debit card is simply used for when I go to the bank or ATM(yes I’m one of the dinosaurs that still carries cash). I use the credit card exclusively for purchases for a variety of reasons:
    -Spending someone else’s money, so there’s less risk if the card is compromised
    -I pay off the balance every month so I’m never near the limit and never have to worry about having money in the account when I’m at the register
    -The points are good for buying stuff or for paying down the balance
    -I have so many transactions(buying one or two coffees a day) that I’d be racking up transaction fees if they went on my debit card

    This is a nice change of pace Brandon. Maybe consider mixing in the odd personal finance video once in a while? Maybe weekly or biweekly?

  12. Years ago I was using my debit card because I thought using credit was bad, and I wanted to make sure I had the money in the bank. I worried about charging more than I could pay off at the end of the month. I changed when I realized I could use credit and go home and transfer the $$ spent to my credit card the same day if I wanted, and I get points.
    I no longer make the same day transfer, , but I do monitor credit card transactions throughout the month and, pay my bill in full every month.

  13. I’m even worse than that, I prefer paying cash for everyday transactions! For me my main credit card is only for online purchases or automated payments and yes I’ll be surprised by the balance every now and then even if I’ll pay if off every month, I just see it more as a luxury balance where I can overspend without noticing. Otherwise I want to see how much money I have, I’ve only been paying debit because of the pandemic and places stopped using cash as much. But I do have another credit card that I’ve started using for those things that I’d pay cash before like going to the restaurant, I’m still working from home so I hardly have everyday spending at the moment but I can certainly see now why you’d want all those things to go on a card.

  14. I am one of those for whom it is a psychological thing. I have never not racked up my credit card when choosing to use it for everyday purchases.

    I do use it for larger purchases so I get at least some of the cash back on mine, but for smaller, every day things, it all goes on my debit. It’s worth the loss of points to not be in debt.

  15. I remember back in the early 2000’s my Mechanic had a sign that asks people to pay for debit or cash since they got charged for credit card payments. For small business’s I use cash or debit but big stores, credit card.

  16. Haven’t used my debit card in years! So much safer!! Pay it off every 2 weeks. But I am never worried about a transaction. Great video!

  17. As a small business owner, I do appreciate when people think about the rate I have pay on their high rate credit cards for small purchases .

  18. I take my spending money for the month out at the beginning of the month and divide it into 4 envelopes, taking a new envelope on each Monday. This helps me to really FEEL the amount of spending I am doing and also to stay on track with savings and investing, ie the money I am spending in April was earned in March. Once my weekly envelope is empty, the spending stops. The deposits in my chequing account collect over the month and I reconcile my accounts on the 1st of the next month. If I have an emergency purchase, I use my credit card and then transfer the money from my high interest savings account to pay for it before the interest kicks in. I have 5 separate high interest accounts for different savings goals. I am debt free apart from my mortgage, which costs me less than an apartment in the area where I live. This system works for me. I spent many years in debt, struggling to pay bills. I now sleep comfortably at night.

  19. Credit card limits are set pretty high, some probably have the tendency to spend more money than they bring in leaving a growing debt potentially. Also, life happens, unforeseen expenses leaving a debt load and no means to pay it off. Debit payers only spend what they have and nothing more.

  20. I work with many lower income or marginalized populations and I’ve seen many cases that credit cards are actually a detriment to keep for their personal finance. Each product has its own purpose so I would not jump into conclusion that a single product is for everyone

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