DEBIT CARDS vs CREDIT CARDS | Frank Abagnale (Financial Education)

Get the usury card goy!

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Never will use credit cards only use debit cards uk brittania

Credit cards are not wealth-creation tools, they’re spending accelerators disguised as “financial products.” They give you the illusion of liquidity and trick your brain into thinking you can afford more than you actually can. I learned it the hard way. The points, cashback, and offers look fancy, but one missed payment turns everything upside down.

I had multiple cards, enjoyed the rewards, and ended up with debt that kept growing silently. Interest kills faster than you think.

If you’re using a credit card, use it smart — pay full balance every month or don’t use it at all. It’s not “free money,” it’s a trap wrapped in plastic.

Learn from my mistake — don’t chase points, chase peace of mind. 💯

Man some of these comments are so alarming I truly didn’t realize how stupid people are. Yes credit cards will charge you interest IF you don’t pay your balance off every month. YOU are in control of that. There are many creditors who offer rewards and cash back for every purchase you make, if you’re paying your credit card on time, there is free money while the liquid cash sits in your bank account growing interest. Yeah it’s not a ton of money but count the nickels and the dollars will take care of themselves, it’s a mindset.

He acts like he doesnt use his own money to pay that credit card back. You dont need 30 transactions a month to build credit. 1 purchase, then 30 days later pay the balance.

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This is the greatest con man of all time speaking, so believe him at your own peril.

Hes right but hes leaving out a lot. If you are stable use credit. If you are not stable, get stable, then use credit

Why is almost everyone just complaining about him, saying a credit card isn’t free money? This is not at all what he’s saying, but making a totally different point. He’s talking about the protection a credit card company gives you in case your card information has been stolen and misused. And in case of a credit card you’d have lost none of your personal money at that moment and your liability is in fact zero.

Of course you pay back your debt when you have a credit card. I would never spend more than I actually have. The fact that there are less smart people out there doesn’t discredit him and what he says— it’s two very different things 💁🏻‍♂️

Also the fact that he used to be a criminal (which b. t. w. he hasn’t been for a long time now) is not an argument to undermine he’s talking nonsense. What would he even have from that?! It even shows that he very much knows what he’s talking of. He has even worked as a security consultant for banks and for the FBI, cause he’s been on the other side before & knows how things work.

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Credit card is a trap to people who are no earning

That’s literally the worst financial advice ever

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I was taught the opposite lesson of the horrors of credit cards, never had one never needed one, was taught don’t spend what you don’t have

Worst financial advice ever

Ok

Before listening to his advice, just remember, speaking like this is exactly how he managed to get away with things for years 😂.

This is just dumb. Debit card liability reported in the first 60 days is limited to $500.
If someone tries to spend 1,000,000 on your debit card
A) it's not going to be approved
B) your liability is limited

Did Bernie Madoff come back to life?

These people truly believe the mass majority of humanity is somehow stuck on stupid. He comes off to me as a proverbial snake oil sales man….and if I were financially illiterate, I'd probably believe him; but I'm not 🙂

Spend only what you can afford, use only what belongs to you and ONLY het into debt that's gonna generate wealth and pay for itself…

Debtor is slave to the lender.

Mostnppl doesnt even know who this man is. The con

please if you dont have financial education dont touch a credit card. yes he is 100% right money is debt that the only way its being created someone has to borrow it in order to exist. what he is reffering to that he isnt geting in to depth is paying basic essential liabilities such as food with a credit card and repaying it at the end of the month with no aditional intrest charge on time. thats how he builds credit to be able to aquire a good intrest loan. and obviously debt is essential because the only way you achive up to 100% tax right of if with real estate depreciation tax credit. in order to get in to that you need debt specialy if you want to see an ROI while the property cashflows. with that being said most people fall in to traps of liability debt pupously placed in order to keep the operating for the rest of theire life in the 30-45% tax bracket whilw livong paycheque to paycheque. so to sum things up if you dont have financial education and dont understand what money is and how is being created. please never touch a credit card. i hope god bless you all and your families 🤲

I would love to see him debate Dave Ramsey on this.

This guy is stupid

Tldr
Just treat your Credit Card as the Debit one, make sure that you already have the same amount of money for CC usage

This is a predatory chemical.

So folks try to understand .. you use credit and 90% people don't do full payment and Pay interest. His money sits in money market so he can earn interest from us.

Frank Abagnale is a con artist, a liar, and very stupid. He has no idea what he's talking about. Working banking and bank fraud a debit and credit card work the same exact way. It's only cash and checks and withdrawals at an ATM that aren't secured.

Credit cards are the worst. What is this guy talking about

Well , that’s a straight up lie

ADVICE FROM CON ARTISTS? FUCK OFF

Like who is this for? NO body is gona relate to this fuck

Dave Ramseys greatest nemesis

To pay off your credit card balance, you need to have money in a checking or savings account.

While you don't necessarily need a physical debit card, you do need a bank account that can be accessed to transfer money to your credit card.

Usually, this is done through online banking, which often requires linking a "debit card" or using your "bank account" directly.

So, while you can use your credit card for purchases, you still need a way to pay it off, and that typically involves accessing your bank account — which is what a "debit card" is tied to.

Your fucking smart

Absolutely wrong. Debit card is as you’re own. Credit cards absolutely destroy you. Terrible info

No!, All lies to make the banks rich!