6d • General discussion
Credit cards and TCG
Rules of having a credit card:
- Spend only what you have.
- SPEND ONLY WHAT YOU HAVE!!!
- Keep utilization under 7%
- Pay it off every day
- Don’t become the product
Spending what you have is how you don’t become the product of a credit card company. Understanding credit cards is no different than the psychology of understanding TCG. You have to know when to get out from underneath debt.
You have to pay it off everyday no exceptions. I recently sat down with the CFO of Cracker Barrel and all of this was his advice to me. I’m not great with keeping up with financials in my construction business so I reached out to him and we sat down for 2 hours on how to better deal with the financial side of my business. But that’s beside the point. Be responsible with your credit and make sure that you have a system in place with rules for using it and know how much money you have.
Keeping utilization low or even 0 every month is a non negotiable. If you have $10,000 in credit, don’t spend $9,000 every month and let the payment day get you. It’ll destroy your credit that month. Get another credit card every six months if you need to spend more. Rotating 3-6 credit cards can get complicated and I know people with even more. Learn how to deal with just one credit card then you can add more as long as your credit is strong.
Zack… this is about flipping cards, how does that pertain to TCG cards?
Because you can’t get money out of credit cards. You can pay for things but you can’t treat it like a bank. However, if you buy TCG cards and flip them using credit cards you can 4x your results. I have a points card from capital one as shown below. I can use those points for hotels and plane rides. My wife has one as well and we will use these points to go to Japan next year. And the credit card company is going to pay for our entire trip. You can also get money cards with 2%-3% money back. Robinhood recently produced a 3% credit card which is amazing but I don’t know how long it will last. (I’m watching that credit card). Next, It builds your credit which makes everything in your life cheaper. Your bills suddenly become lower because those companies checked your FICO and decided we are going to reward you because it rewards us. After that if you buy and flip TCG cards you are basically buying money using credit. By using the system that I use in here you can create cash flow and compound your money.
So using a credit card brings you:
- Points or money back
- A higher credit score if used correctly
- Cash flow with cards
- Compounding capital with grading
All you did was get a credit card, used it wisely, and 4x’d your results.
Flipping cards the way I’ve shown will make you money. But now you can make more per flip.
“But Zack, I have horrible credit.” Then find any credit card that a reputable company will give you and spend 3 months using it on every purchase staying within the rules of what I have laid out for you here. After 3 months your FICO will have risen around 700. Maybe further. Go another 3 months doing the same exact thing, then get a points or money back credit card. Be responsible. If you have to quit drinking, quit drinking. I’ll be the first to tell you that when I was in my 20’s I spent thousands with “buy with one click” on Amazon. That button was dangerous for me. Drinking was not my friend so I quit.
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Credit cards and TCG
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