Codie Sanchez argues debit cards don't build credit history, while credit cards offer rewards, fraud protection, and interest-free loans if you pay the balance monthly. She warns that carrying a balance leads to high interest and financial ruin, and challenges you to spend 30 days acquiring and tracking credit cards to learn how credit actually works.
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Do you know the difference between debit and credit cards and why you should never be using debit cards? Good credit in this country is the underpinning of wealth. Meaning super important. Debit cards, they don't help with that. Credit cards, they offer rewards, purchase protection, fraud protection, and they allow you to use the bank's money with little 30-day loans, basically. But this is critical. They also build up your credit, which is a way that you get access to other people's money over time. So my rule of thumb is you never, ever, ever use debit cards. You always use credit cards, but you pay them off every 30 days. Credit cards are bad if you don't pay off your payment every single month. If you allow these big interest rates to stockpile, then the bank is a happy camper and you're gonna be broke. I want you to spend the next 30 days doing two things. I want you to get credit cards and track them. I want you to understand the difference between good and bad credit. And then I want you to, every time you go through that process and you don't understand a word, I want you to Google it or just put it into AI. I'd recommend starting right there. That's it. Because the real secret, The best way to learn business is just doing business.
