NGPF Podcast: Tim Talks to Credit Card Guru, Sean McQuay

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Jul 25, 2016
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Credit Cards, Credit Scores, Behavioral Finance, Identity Theft, Debit Cards, Current Events, Credit Reports, Audio Resource, Podcasts

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Credit cards reign as one of the most ubiquitous financial products for consumers. Yet, they are often still not well understand by cardholders and non-cardholders alike. To bring some clarity to the credit card world, I was fortunate to have Nerd Wallet’s credit card guru, Sean McQuay, join me on this NGPF podcast to help answer such questions as:

  • Why are those 0% APR offers so prevalent?
  • Why can’t you find out the interest rate on your new credit card until it arrives in the mail?
  • What credit card has the best awards program?
  • What’s a secured credit card and how can it help a young person establish a credit history?

I hope that you enjoy this entertaining conversation with Sean!

Details:

  • 0:00~1:03 – Introduction
  • 1:03~2:49Sean‘s background
  • 2:49~4:48Sean‘s credit card habits
  • 4:48~7:00Sean‘s favorite credit card
  • 7:00~10:59 – How do credit card companies make money?
  • 10:59~12:43 – Why do some stores not accept certain credit cards?
  • 12:43~16:56 – Should students get a credit card?
  • 16:56~18:12 – Can signing up as authorized user help establish a credit history?
  • 18:12~20:16 – What’s a secured credit card?
  • 20:16~23:41 – Why don’t consumers receive their interest rate on approval of a credit card?
  • 23:41~24:10 – A word from our sponsor, Next Gen Personal Finance
  • 24:10~25:32 – How attractive is the 0% APR offer for consumers?
  • 25:32~30:10 – The genesis story for NerdWallet
  • 30:10~31:47 – Are all credit cards listed on NerdWallet and other comparison websites?
  • 31:47~34:32 – Trends in student credit cards
  • 34:32~37:22 – Biggest mistakes students make with credit cards
  • 37:22~43:02 – Cash vs. debit cards vs. credit cards
  • 43:02~47:52 – How can people protect their credit cards from fraud?
  • 47:52~48:54 – Three tips for every young adult when it comes to credit cards
  • 48:54~50:28 – Are credit cards right for everyone?
  • 50:28~51:25 – Conclusion
Resources:
Quotes:
  • “An important metric that goes into your credit score, which we can all agree is a very important metric for finances in general, is how old your average history of credit accounts is”
  • “The way I use my credit card is that I completely make sure my credit card statement never exceeds the balance I have available to spend out of my checking account”

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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