Unboxing my First Credit Card at 18 (Chase Freedom Student)


what’s going on everybody welcome back
to another video my name is Chris and in this video I’m gonna be unboxing my very
first credit card so as you can see right here we’ve got it it’s got some of
my personal stuff on here so I found these handy lil’ sticky guys to cover that
up so there’s some sticky notes somewhere but I’m just too lazy to
go find them so I’m right here um I’m actually not a hundred percent sure if
this is my credit card, I know I applied I applied for it like last week and they
said it should be coming in at the end of the week so I checked the mail and I
got a package with my name on it pretty pretty firm so really hoping that
this is my credit card if not I’ll be filming this for nothing and I’ll be
pretty disappointed so without further ado let’s go ahead and start opening
this thing. It’s pretty hard with one hand not gonna lie. Yes I see the chase
freedom on here let’s go, yes, yeah I really hope this has like the fine print
of might the card I got I got like the student card okay so can see right here
I don’t think that any of my other personal stuff you see cash limit a credit
limit 1000 cash access line 200 so enclosed is your new contactless card I
so I’m gonna go ahead and cover this up real quick alrighty we’re back so got it all
covered up right here you guys can check it out this is right there freedom
student got my name on it Christopher Glaze basic a little credit card I know
this is probably not the part you guys clicked on here to watch, okay here
it is this is the perks okay so build your
credit and earn rewards with freedom student. One percent cash back
automatically on all purchases there’s no limit to how much you can earn them in a
minimum to redeem your awards and they will not expire as long as your account
is open. $20 good standing rewards earn $20 good standing rewards after each account
anniversary for the first five years credit limit increase earn a credit limit
increase after five on-time monthly payments within ten months since account
opening when meeting credit criteria and free credit score so unlimited
access to your credit score alerts and score simulator with credit journey
wow that’s pretty cool I didn’t know about that I mean that’s one of the main
reasons that I have this credit card is to build my credit score save a lot of
money on down payment on a house lower interest rates if I need to finance
anything and then ultimately to get qualified for better credit cards
where I can earn more travel points and eventually earn more money more cash
back better perks that sort of stuff so let’s go ahead and dive into the rest of
this see if there’s anything worthwhile sorry if this videos kind of dull guys there’s not
really too much, yeah see right here credit limit $1000 payment due every 27th of
the month. Okay that’s good to know not the 31st, you always have at least 21 days to pay your bill and your due day is the
same every month the purchase APR 17.24% so this this 17.24% is the interest rate that I will be having to pay on the
credit card if I do carry balance over from month to month which I do not plan
on doing that would be not smart that’d be pretty stupid that’s how you spiral into
credit card debt. I plan on paying this off every month in full and probably
only using about 20-30% of my total credit line so
that’s about two to three hundred dollars just for food, gas, groceries, or
whatever I need to do so that’s basically gonna help build my credit
score because when lenders are looking to give someone a loan they
like to have at least two years of credit history and if I start right now
18, by 20 years old I’ll be have two years of credit experience behind me that
lenders will be able to see and hopefully qualify me for better interest
rates and and basically get better deals Alright guys so right now I just want to sit down and talk about why I got this credit card and go a little bit more in depth about the value this card is bringing me, and I know I already touched on it but the first thing is building credit. The earlier I start the easier it’ll be to get into that 700 FICO
score range so that if it does come time for me to purchase a house or rent an
r apartment or something there would be a lot more easier to new to
negotiate you have a lot more leverage for the higher credit score because it
shows you’re not as risky as some other potential clients and a lot of cases you
don’t even have to put a security deposit down if your credit score is
high enough so that’s one good reason having a high credit score is good and
that goes along with a lower interest rate and financing a house with a
mortgage this could be a primary residence or if I get into rental
property investing this would be great to get locked in mortgages at lower
interest rates due to having a high credit score which in turn would save me
tens of thousand dollars over the long run now the second reason is to get
qualified for bigger credit card, I’m sure if you guys have seen graham Stephan’s
video about his 11 credit cards he has 11 credit cards and basically he signs up
for them because of the amazing perks that they offer all the travel points
that you can get I know like the Chase Sapphire reserves offering 50,000 bonus
points to sign up, I’m not sure you have to spend a certain amount of money but I
know that they are offering the 50,000 points for something and those credit
cards are a lot better you can get better cashback rates then right now I
make one percent so I mean that’s better than a debit card but if you can
get more that’d be great so there’s where that Chase Sapphire Reserve and all these higher exclusive credit cards would be a lot better to have and
provide a lot more value and return over the long run especially if you’re using
them frequently and putting a lot of money on them then these perks really
start to return value to you, and you can’t qualify for these unless you have
a track record of having credit so again this is where getting a credit card now
helps save me time and money in the long term,
along with gaining more points and bonus rewards for having it. I’m gonna be
honest I don’t really know too much about credit cards that sort of just got
into it after watching some YouTube so little Nate O’Brien and Graham Stephan
as I previously mentioned they’re sort of opened my eyes to the perks of having
a credit card especially at a young age so you can start building that credit
start, building your FICO score so you can get those reduced mortgage rates
and honestly there’s a lot more than just like mortgage rates and financing
stuff that you can get from having a high credit score, it can even come down
to getting like better packages for your cell phone like unlimited talk,
text, and data your credit score can have an effect on that there’s a
big list of things I’ll try to put them up on the screen a big list of things that
can be affected by your credit score that you might not even think ever
wouldn’t know. The next and final thing that I want to talk about with is the
interest rate so 17% is absolutely ridiculous you know stock market is
historically returning I think 9.6% and a lowball estimate for this or
any time cream would be about 8% and credit card interest at 17% so this is
where you get into big money issues when you run into this revolving credit card
debt that’s what they call them the revolvers where you’re just paying a
minimum monthly payment and then that debt just keeps snowballing and building
every single month until you’re left hopeless so that’s where that 17% comes into that’s how credit cards make their money is the people that are
carrying a balance and that aren’t paying them off they, continue owing more
and more and on the flip side of that there are the deadbeats and the
deadbeats are the people that use credit cards just to take advantage of the
perks and rewards they offer, the cash the points they pay their credit cards
off every single month and the credit card companies hate them because they
lose money on these guys. So my goal is to use about 20-30 percent my credit line, pay
off every month, and do this for a year or two and see where my credit score ends up and
when it comes time to purchase a house or investment property hopefully I’ll be
able to save myself and insane amount of money just by starting early and getting
this credit card now I hope you guys enjoyed this video I know it’s a little
different than some of my other videos with the first person camera and doing
an unboxing I’ve never done anything like this on youtube I had some fun with
it so I hope you guys got some value out of this and if you guys did go ahead
and hit that like button for me and consider subscribing if you haven’t this
channel I just like to talk about financial stuff personal finances and
investing and that sort of stuff so consider doing that if you haven’t and as always
I’ll see you guys next time thank you!

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