Are credit card points and rewards as beneficial as they seem, or are they secretly costing you more than you realize?

Doug Hoyes and Ted Michalos discuss the truths behind credit card reward systems, revealing how spending habits, annual fees, and high-interest cards may affect your financial health. Learn how credit card companies use your data, the psychology behind reward marketing, and whether these points and rewards are worth it in the long run. (0:50) – Have you changed your spending habits to earn credit card rewards? (1:45) – The history of credit card rewards: How they started and why they're popular. (5:45) – What personal data do credit card companies collect from you? (8:00) – How credit card companies market rewards and why we're drawn to them. (10:45) – The biggest downside of credit card rewards (12:55) – Doug and Ted's advice: How many credit cards should you really have? (14:30) – Why using high-interest cards can lead to risky financial situations. (18:20) – How credit card usage affects your credit score: Tips to avoid negative impacts. (22:30) – The overlooked cost of annual fees (26:00) – The risk of losing your points during insolvency: Use them, or lose them. (27:00) – Expert advice on credit card rewards Learn more from Hoyes Michalos: What Happens to Points If You Go Bankrupt? Pros and Cons of Preapproved Limit Increase Unpaid Credit Card Consequences Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE https://www.hoyes.com/subscribe-newsletter/ Watch the Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here

Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.