Date: 2020-05-06 22:30:01


These are the new upcoming changes to your credit score and credit cards – and what this means going forward, enjoy! Add me on Instagram: GPStephan – Click show more to view ad disclosure

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FIRST CHANGE: Thanks to ASKSEBBY for covering this earlier!
Credit Card companies are becoming more strict about approvals, and might be verifying your income by requiring a 4506T form which allows them to view your tax return with the IRS.

SECOND CHANGE: Credit Limits are being decreased with no advance notice
Credit limit DECREASES during this time – from a credit card companies perspective – make sense. If someone loses their job, or begins using up their savings – then typically, credit cards are next in line. And, if people don’t soon get jobs to be able to repay those cards – the payments will then go into default, and that hurts the credit card companies bottom line.

HOWEVER…the downside of this, to you as the consumer, is that – if your credit line decreases, so could your credit score. That’s because 30% of your credit score is made up of your “Credit Utilization,” or – in other words – how much credit you have available to you, versus how much you actually use.

Credit Cards are offering new different rewards. We’ll start with the American Express Platinum, one of my all time favorite credit cards…and they’re EXTENDING the deadline for the signup bonus by 3 months. In addition to that, the American Express Platinum card is adding a $20 per month streaming credit from May 1st until December 31st when you pay for those services with your credit card. That includes Netflix, Hulu, Spotify, and even YOUTUBE PREMIUM.

The Platinum BUSINESS card will also include an extra $20 per month SHIPPING credit, as well…which comes in handy if you don’t have amazon prime, which…you probably should have Amazon prime.

Updated American Express Benefits and Credit from churning

Another change to a popular card out there is with the Chase Sapphire Reserve which is now offering 5x points on Restaurants until the end of the year.

[Expired] Chase Cards To Earn 3x/5x Points Per $1 Spent At Grocery Stores

So, all in all…looks like some credit companies are shifting around their resources to make the user experience better…or, make it so that you’re less likely to cancel something with a high annual fee, because you’re stuck at home…so, for people who have these cards already, it’s just a nice little bonus to get while we’re home watching YouTube and smashing the like button.


The Chase Freedom Unlimited – NO ANNUAL FEE! AND, they’ll give you BACK $200 when you spend $500 in the first 3 months. So, for anyone who was planning on spending $500 within 3 months, anyway…this is a no brainer.

The Bank of America cash rewards card – NO ANNUAL FEE! And you get a $200 bonus when you spend $1000 in the first 90 days. Plus you’ll get 3% cash back in the category of your choice, 2% back at grocery stores, and 1% cash back on other purchases.

The Citi Doublecash is also a REALLY great 0% interest card, and even though there’s no bonus…you DO get 2% cash back, unlimited, on all purchases…and 0% interest for 18 months.

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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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