Financial Literacy 101

Credit
Cards

I’m no money expert.  I still have TONS to learn about it.  This page is meant to document the little that I do know.  It will grow as my money knowledge does.  Eventually, it may even be useful for someone other than me.

Tier

What are Credit Cards?

The credit card game is a way to think about using credit cards.  Players of the game build financial literacy skills while earning rewards.  Played well, the credit card game can help you save money, earn free travel, and more—all while increasing your credit score.

How the Credit Card Game Works

For credit card newbies:

The first thing to understand is the Credit Card “Game.”

You don’t want to accrue credit card debt.  You want to accrue Credit Card Rewards.  Done right, you can earn cash back, travel rewards, and other perks without hurting your credit.

In fact, you can do this while enhancing your credit profile.

Playing the game right opens you up to better financial opportunities.

In order to do so, you need to learn about Credit itself.

Your Credit Score comes from your Credit Report.

Reports are compiled by the three major credit bureaus—Experian, TransUnion, and Equifax.  Then, FICO applies a propiertary formula to turn those reports into a 3-digit number, from 300-850.

Better cards require better scores.  Higher scores also lead to better terms for all types of credit lines.  Some employers check credit scores as well.

So learn the game.

Once you do, you’ll see that playing it requires some planning.

I like the tier systems from Ask Sebby and Credit Shifu.  They generally group cards by their annual fees.  I think that’s probably a good place to start for most people.

Educate yourself a little and it’s easy to take a more sophisticated look.

Then you can set goals like:

  1. Build Credit for Better Loan Terms.
  2. Rack Up on Credit Card Rewards.
  3. Maximize Credit Card Cashback.
  4. Gain Perks with Prestigious Cards.
  5. Churn Cards for Sign Up Bonuses.

To take this from knowledge to practical application requires some planning.

How See Credit Cards

I see credit cards as a game to be played.

It wasn’t always this way.  I used to be scared of credit.  I certainly wouldn’t have used words like “game” or “play.”

But that’s because I was associating Credit with Debt.

Similar.  But different.

And credit cards are a different beast altogether.  To play the game right, you don’t accrue debt.  You pay your bills in full every month.

This way you don’t pay interest.  Instead, you earn rewards.

Those rewards can take many forms.

But it comes down to this:

Credit card companies and their partners are giving out free money.  As long as you avoid credit card debt, credit cards are one of the most effective ways to build credit.  Done well, you get free value without changing behavior.  Meanwhile, you build credit worthiness.

That’s an easy win-win.

 

Building
Credit

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Credit Card
Management

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Credit Card
Rewards

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Credit Card
Cashback

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Credit Card
Perks

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There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration by injected humour.  There are many variations of Capitalism available, but the majority have suffered alteration by injected humour.  There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration by injected humour.

Here’s how it breaks down for me

Credit Card
Churning

This site is the definition of a work-in-progress.  I can’t make up my mind whether to focus on the writing or the designing.  I guess it doesn’t matter.  The daily content challenge marches on.

My Progress

More than anyone else:

Gary is the reason I started creating hero profiles.

Now that I’ve started, I see that his profile may be less useful than my other heroes to other people.  But his will likely always remain the most important to me.

I fucking love this dude.  He changed my life.

More accurately, he teamed up with Nahko to save my life.

I’m not quite sure when I found him.  I featured him all the way back in one of my first posts for Greensboro SEO Pro.

  • My Knowledge – 85%
  • My Progress – 20%
  • My Motivation – 75%

Videos Watched

Journey Started

My Favorite Credit Cards Videos

How to Get Started with the Credit Card Game

For credit card newbies:

The first thing to understand is the Credit Card “Game.”

You don’t want to accrue credit card debt.  You want to accrue Credit Card Rewards.  Done right, you can earn cash back, travel rewards, and other perks without hurting your credit.

In fact, you can do this while enhancing your credit profile.

Playing the game right opens you up to better financial opportunities.

In order to do so, you need to learn about Credit itself.

Your Credit Score comes from your Credit Report.

Reports are compiled by the three major credit bureaus—Experian, TransUnion, and Equifax.  Then, FICO applies a propiertary formula to turn those reports into a 3-digit number, from 300-850.

Better cards require better scores.  Higher scores also lead to better terms for all types of credit lines.  Some employers check credit scores as well.

So learn the game.

Once you do, you’ll see that playing it requires some planning.

I like the tier systems from Ask Sebby and Credit Shifu.  They generally group cards by their annual fees.  I think that’s probably a good place to start for most people.

Educate yourself a little and it’s easy to take a more sophisticated look.

What are your credit goals?

  • Earn Cashback on Spending
  • Churn Cards for Sign Up Bonuses
  • Build Credit for Better Terms

 

 

To take this from knowledge to practical application requires some planning.

 

My main focus is rewards… cc companies give you lot’s of free stuff… some offer upwards of xyz positive value per year first years are even bigger… I’ll eventually get into collecting sign up bonuses… but I have more of a long term approach

 

choosing a cc info or embedded article playing markets blurb

where this card ranks in different lists

Best Travel Cards

Best Business Cards

Best Premium Cards

Similar Favorites

Playing Markets

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Business Cards

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Amex Business Gold

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My Top Three Credit Card Teachers

I stand on the shoulders of giants.  I stand on the shoulders of giants.  I stand on the shoulders of giants.  

 

Ask Sebby

operation Director, Elegant Themes

Credit Shifu

Tech Support, Elegant Themes

Brian Jung

operation Director, Elegant Themes

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Where the Credit Card Game Fits

For me, Money Mastery is basically one half of the

On the same level, I have Economics.  It’s the practical side whereas Economics is more about curiosity.  egories, already 4 or 5 tiers deep

It has many sub categories, already 4 or 5 tiers deep–and growing as more knowledge does.  Like it’s parent category, I break Money Mast into two big chunks… Playing Markets and Financial Literacy.

On the same level, I have Economics.  It’s the practical side whereas Economics is more about curiosity.

Final CTA

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