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Are you confused by all the credit card offers you get? Do you want to use credit cards wisely without getting into debt? It can be hard to pick the right card when there are so many choices and rewards. If you're new to credit cards, you probably want to find the best one for you and learn how to use it well. Listen to Ralph Estep, Jr. on the Ask Ralph Podcast as he talks about these common problems and gives helpful advice for beginners and business owners. How Do I Select the best Credit Card for Me? With Ralph Estep Jr.
In this show, Ralph explores the challenges of responsibly building credit, choosing the right card for your needs, and navigating the enticing world of rewards. Join us as we break down the essentials of credit card selection, discuss biblical wisdom on financial stewardship, and provide actionable tips for managing your credit responsibly. This episode offers valuable insights to help you make informed decisions about credit cards and use them as a tool to build financial success.
00:00 Episode Overview
01:37 Listener’s Question
02:34 Bible Verse
03:06 Why Do You Need A Credit Card?
03:27 Credit Card For Beginners
04:11 Truth On Credit Card Rewards
04:37 Tips For Using Credit Cards Wisely
05:41 Final Thoughts
06:02 Outro
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Ralph Estep Jr.:
Have you ever felt like you're drowning in a sea of credit card offers, each one promising you the world? Well, today we're throwing on our financial life vests and navigating those choppy credit card waters together. Stay tuned to learn how to choose the perfect credit card for you and unlock those sweet, sweet rewards.
Ralph Estep Jr.:
Hey everyone, welcome back to the Ask Ralph show, where we tackle your financial questions through the lens of our Christian faith. It's Motivational Monday and you know what that means, it's time to ditch the Monday blues and grab those financial goals by the horns. Just a reminder, if you missed yesterday's show on conquering comparison and finding contentment in Christ, you can check it out at askralphpodcast.com.
Ralph Estep Jr.:
Today we're diving into a topic that's near and dear to many of your hearts and that's credit cards. And I know what you're thinking: “Credit cards? Aren't those dangerous, Ralph? Don't they lead to debt and temptation?” Well, hold your horses. Like most things in life, credit cards are not inherently good or bad. It's all about how we use them.
Ralph Estep Jr.:
Think of a credit card like a power tool, like a chainsaw. In the right hands, it can clear a path. It can build something beautiful. And when used responsibly, it can be incredibly useful. But misuse it and well, let's just say things can get messy real fast. So today we're going to learn how to wield that credit card power responsibly. We're going to find the best ones for your needs, and even unlock some pretty sweet rewards along the way.
Ralph Estep Jr.:
But first, let's hear from one of our listeners who has a burning credit card question. “Dear Ralph, I'm a young entrepreneur, just starting my own bakery. I'm so excited to be living my dream. But I'm also a little overwhelmed by the financial side of things. I know I need to build good credit, and everyone keeps telling me to get a credit card.”
Ralph Estep Jr.:
“But honestly, the whole thing seems like a minefield. There are so many options. I'm scared of getting it over my head. What should I look for in a credit card? And are there any specifically good for beginners like me? Thanks, Danielle from Sweet Success Bakery.”
Ralph Estep Jr.:
Well, Danielle, you hit the nail on the head! Choosing the right credit card can feel overwhelming. Especially when you're starting out. But don't worry, we're here to break it down step by step. And guess what? The Good Book has something to say on this too.
Ralph Estep Jr.:
My favorite book of the Bible, Romans 13:8 says: “Owe no one anything except your obligation to love one another. For whoever loves others has fulfilled the law.” Well, this verse speaks to the importance of avoiding unnecessary debt while emphasizing the greater debt we owe to love and to serve others. It can truly be a good reminder for all of us to keep our financial commitments in check and prioritize generosity and love in our financial decisions.
Ralph Estep Jr.:
So let's dive into the world of credit cards, shall we? First things first. Why even bother with a credit card? Well, the truth is, building good credit is essential, Danielle. It's like your financial report card. It affects your ability to get loans, rent an apartment, rent a new location, or even secure certain jobs. Now for beginners like you, Danielle, I always recommend starting with a simple no frills credit card.
Ralph Estep Jr.:
Look for one with these things. You want one with a low or no annual fee. You don't want to pay a hefty fee just for having the card. You also want to look for one with a low APR. Now, APR means annual percentage rate. That's the interest you pay on the balance. And lower is always better. And finally, you want to look for something that has clear and simple terms.
Ralph Estep Jr.:
Avoid cards with confusing fees or complicated reward structures, especially at the beginning. Some great options for beginners include cards designed specifically for building credit or secure credit cards if that's what you need. These often have lower credit limits and help you establish a positive credit history right from the beginning.
Ralph Estep Jr.:
Well now let's talk rewards. Who doesn't love a little something extra, right? Many credit cards offer enticing rewards like cash back, travel points, or discounts on purchases. But here's the catch, don't let the allure of rewards lead you into spending more than you can afford. Remember, the goal is to use the card responsibly, pay your balance in full each and every month and let those rewards work for you, not against you.
Ralph Estep Jr.:
So here's an actionable tip, set a budget for your credit card spending and stick to it. Treat it like cash. If you wouldn't spend that amount of cash, don't put it on your credit card. Now Danielle mentioned feeling overwhelmed by all the options and trust me, I get it. I get emails every day, try this card, get this card. Especially being a podcast host, you wouldn't believe how many emails I get trying to sell my listener stuff.
Ralph Estep Jr.:
The good news is there are resources out there to help you compare different cards and find the best fit for your needs. So here's another actionable tip. Websites like NerdWallet, Bankrate, and Credit Karma offer helpful tools and comparisons to simplify your search for that perfect credit card. But remember, a credit card is just a tool, it's that chainsaw we talked about earlier. It's up to us to use it wisely and responsibly.
Ralph Estep Jr.:
Just like the parable of the talents in Matthew 25. We're called to be good stewards of what we've been given, and that includes our finances. That's really the purpose of this show. Well, that's all the time we have for today. I hope you found this deep dive into the world of credit cards helpful. Remember, building good credit is a marathon, not a sprint. I think I said that before. It's all about the journey. So the key is to start small. Be patient. And always prioritize responsible spending habits.
Ralph Estep Jr.:
Now, before I go, I want to hear from you. What are your biggest credit card questions or concerns? Head on over to our website at askralphpodcast.com and send me your questions. You never know, you might just hear your question answered on the next episode of Ask Ralph.
Ralph Estep Jr.:
And while you're there, be sure to join our email list and get a free copy of my book. This is it right here, Mastering Your Finances. Which normally sells for 10 bucks on Amazon. That's right, it's yours for absolutely free just for joining our community.
Ralph Estep Jr.:
And don't forget to tune in tomorrow We'll be tackling the world of online banking and bill pay We're going to explore the best platforms discuss how to stay safe online and share tips for avoiding those pesky scams So until then as I always say, stay financially savvy and God bless you abundantly.
