Why I Have 30+ Credit Cards [Churning 101 Fundamentals]

[00:00] This video is gonna be the most valuable YouTube

[00:05] So far it saved me over $20,000.

[00:08] Sound good?

[00:10] Stay tuned!

[00:16] What's going on guys?

[00:17] Dr. Jubbal, MedSchoolInsiders.com.

[00:19] I'm out here in New York, in this beautiful

[00:23] merch.

[00:24] You can get your own down below this video.

[00:25] Now in this video, we're gonna be talking

[00:29] I've opened about 30 credit cards, most of

[00:33] And it is because of this hobby called credit

[00:37] 20 of my residency interviews all at different

[00:42] That's also allowed me to fly out here to

[00:47] to the West Coast also for free.

[00:50] In fact, I've done hotels for the last four

[00:55] If you guys follow me on Instagram, that's

[00:59] traveling.

[01:00] I did Asia for six weeks earlier this year

[01:04] I flew to Capetown before that for free, I

[01:10] Seattle, to and from Northern and Southern

[01:13] So essentially, credit card churning can offer

[01:17] Now, at this point you're probably thinking

[01:23] because of credit card churning.

[01:24] Credit card churning actually makes a lot

[01:27] You probably think I have a terrible credit

[01:30] I'm gonna be going over all the factors that

[01:34] there's so much misinformation, so many misconceptions out there about it.

[01:38] You may be thinking this is a scam, there

[01:41] There is kind of a catch, the catch is it

[01:45] do this.

[01:46] No one's gonna spoon-feed you, I myself have

[01:51] of which I've been doing this.

[01:53] And I'm not saying you need to put it over

[01:56] help you, but you should be putting in at

[02:01] a couple of months to be proficient and actually

[02:05] You may be thinking that you can lose money

[02:08] I would actually argue that if you are not

[02:12] of financial discipline and some financial

[02:16] safe.

[02:17] That being said, I am not your doctor, I am

[02:22] purposes only, proceed at your own risk!

[02:25] Now, with that said, how I got into this,

[02:29] of my friends told me about this hobby that

[02:33] residency interviews.

[02:34] For residency, you need to fly to multiple

[02:39] don't pay for that, that's out of your own

[02:41] Now, I paid for my own college, my own medical

[02:45] So being in debt, I couldn't really afford

[02:50] So that's where credit card churning really

[02:52] Now, why would companies do this?

[02:54] Well, here's the thing, credit card companies

[02:58] in two primary ways; first, anytime you make

[03:02] go to medschoolinsiders.com, you buy some

[03:07] needs to pay the credit card companies a percentage

[03:11] That's one way they make a lot of money.

[03:13] Number two and more importantly, they make

[03:16] For some reason, people rack up credit card

[03:21] the state that you reside has anywhere between

[03:26] that debt accumulates interest at somewhere

[03:31] But, if you're able to open up the new credit

[03:36] not rack up like thousands of dollars of credit

[03:40] gonna explain how, then you have a lot to

[03:44] Now, who should do this?

[03:46] Again, informational purposes only, I am not

[03:50] this.

[03:51] I think that most premed and medical students

[03:54] gonna be doing other medical school or residency

[03:58] cities or if you just like traveling, and

[04:02] you have a lot to gain.

[04:03] Now, I'm making this video because as I've

[04:09] the one thing that bothers me so much is when

[04:13] I remember when I was a medical student, there

[04:16] would tell me "oh you know, only stick with

[04:20] with them, stick with the same hotel".

[04:23] That is such bad advice, do not do that.

[04:26] Some other YouTubers have also started talking

[04:30] that I don't necessarily agree with.

[04:31] So, that's why making these video, I wanna

[04:34] most effective, proper and effective way of

[04:38] Now, who should not do this?

[04:39] And this is actually even more important than

[04:42] First of all, if you don't have financial

[04:45] to have a positive net worth.

[04:46] I was a medical student with debt, I had a

[04:50] like credit cards are not free money, if you

[04:53] money, you should not do this.

[04:54] If you carry any statement on your credit

[04:58] as free money that you for some reason forget

[05:03] this.

[05:04] If you lack discipline, do not do this and

[05:08] the Med School Insiders channel.

[05:10] If you are an impulsive shopper, do not do

[05:11] In short, if you are stupid with money, do

[05:16] For churning, there's a couple rules you need

[05:20] you wouldn't normally spend.

[05:22] So, anytime you have a credit card bonus,

[05:26] after you meet the minimum spend requirement

[05:29] That's something like $4,000 over three months.

[05:32] Now, as a medical student, I definitely wasn't

[05:37] So, the answer is not to go buy expensive

[05:40] idiotic.

[05:41] So, what I did is, my mom who was living hundreds

[05:45] utilities, you pay me cash and that way I

[05:50] There's also paying your rent with a credit

[05:53] 2 to 3% and usually that makes sense if you're

[05:59] Anyways, we'll go into more details about

[06:02] In fact, this is gonna be, again, the most

[06:07] credit card churning and rewards.

[06:09] So, if you wanna follow along, make sure you're

[06:12] button because it really helps this Youtube

[06:16] Churning playlist which I will be updating

[06:19] Now, going back to meeting the MSR, You can

[06:23] you essentially buy money orders or gift cards,

[06:27] balance.

[06:28] It's a little more advanced, it's a little

[06:32] but anyways, for completeness sake, that's

[06:35] Rule number two; never carry a statement balance.

[06:38] If you do this, you are doing it so wrong,

[06:41] I don't know why people believe that carrying

[06:46] not.

[06:47] Pay off your balance, don't pay interest,

[06:48] Number three, don't do this before you need

[06:51] mortgage, or a car loan or anything like that

[06:55] temporarily ding your credit score even though

[06:59] it.

[07:00] And rule number four, avoid canceling credit

[07:02] Ideally, you want to downgrade a credit card

[07:06] A lot of the credit cards I've opened, a lot

[07:10] fee for those cards that are worth it, but

[07:13] And for those you - I wanna avoid canceling,

[07:17] when possible, after one year, don't do it

[07:20] Now, the final point is what kind of credit

[07:26] be?

[07:27] So, first of all, don't be a champ.

[07:28] So again that means paying your full statement

[07:32] I do automatic payments.

[07:33] What I recommend is actually using both Mint

[07:38] because if you have 25 credit cards, it's

[07:42] that's just absurd, right?

[07:44] So, Personal Capital, what I love about them

[07:48] that has all of my credit card transactions

[07:52] previous day.

[07:53] And I can then look at that to make sure there's

[07:57] like that.

[07:58] I also use Mint and that does a very similar

[08:01] So I use both Personal Capital is my favorite

[08:05] down in the description below.

[08:07] You also have to be very organized to do this

[08:11] Now, I use Google Sheets, I have one that's

[08:14] and bank account churning that I do.

[08:16] That's a topic for another video and in there,

[08:21] description below so you can click it, make

[08:23] It'll save you some time but you're gonna

[08:28] what the minimum spend requirement is, the

[08:32] that stuff.

[08:33] And that just helps you long term maximize

[08:37] gains from this hobby.

[08:38] Okay, now, there's three levels of doing this;

[08:42] So let's say you don't really want to put

[08:48] the bare minimum, this is very low-risk, low

[08:54] and maximizing their bonus spend.

[08:57] So each credit card has a different bonus,

[09:01] which is not bad, it's decent.

[09:03] If you do Chase Freedom, there's a 5% rotating

[09:07] So any time you make a purchase you're getting

[09:09] It's not bad, a lot of people get very excited

[09:12] Again, in the grand scheme of things in this

[09:15] It's better than nothing, but it's essentially

[09:18] I wouldn't even call it churning, it's like

[09:23] Now the next level up, let's say you're moderate

[09:27] doing is opening up multiple credit cards

[09:31] on hitting the minimum spend requirement.

[09:32] So, it's less important now, the 1%, the 2%,

[09:38] requirement, you spend $2,000 you get $60,000+

[09:43] more on your spend.

[09:45] So, now you're not getting 5%, now you're

[09:48] that you've done.

[09:49] So this is much higher value and requires

[09:53] be constantly opening up new credit cards,

[09:56] educate yourself about the new offerings,

[10:00] like that.

[10:01] Now, advanced, so this is the final level,

[10:04] You are opening up both personal and business

[10:09] several every single month.

[10:11] And now you really don't care about the percentage

[10:16] any moment, you're working towards a minimum

[10:19] So you should always have a new credit card

[10:23] and you just keep rotating, keep rotating.

[10:24] Now, at this level, you may also get into

[10:28] I don't advise it for most people, I personally

[10:31] Anyway, that's the fundamentals of credit

[10:33] Now, beyond credit card churning, and I've

[10:37] free hotels things like that, there's so much

[10:40] So, you get extended warranty if you make

[10:45] on the right credit card.

[10:47] And that can extend your warranty by sometimes

[10:49] So that's huge.

[10:50] If there's any fraudulent activity on a credit

[10:54] never an issue with any of these major credit

[10:57] If you travel a lot, you can get lounge access

[11:01] and like pretty good free food and free alcohol.

[11:03] So there's a lot of things beyond just the

[11:08] value from these free flights and hotels.

[11:11] That's why I'm emphasizing that.

[11:12] So again, if you found this video helpful,

[11:15] Please press that Like button because that

[11:19] I'm gonna be updating this playlist in future

[11:24] more advanced theory, getting into bank account

[11:27] So thank you again so much for watching and