12.11.24 Tariffs And Car Prices / Store-Branded Credit Cards

Summary

The Clark Howard Podcast: Episode Summary – December 11, 2024

Title: Tariffs and Car Prices / Store-Branded Credit Cards
Host: Clark Howard
Release Date: December 11, 2024

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Introduction and Holiday Campaign

Clark Howard opens the episode by expressing gratitude for donations to the annual Clark's Christmas Kids campaign, now in its 34th year. He highlights the campaign's mission to provide gifts for children in foster care, ensuring they experience the joy of Christmas despite their challenging circumstances.

"I hope you'll consider donating whatever you can... you know, that absolute stranger cares about them, loves them and wants them to have a Christmas morning like other kids get."
[00:56] Clark Howard

Discussion on Tariffs and Car Prices

Clark delves into the prevalent discussion about tariffs, especially in the context of President Elect Trump's potential return to office. He critiques the hype surrounding tariffs and their actual economic impact, drawing parallels to the harmful universal tariffs of the 1930s.

"Tariffs are not a dollar for dollar, it's a percent of purchase increase in an item."
[03:20] Clark Howard

Clark argues that while some tariffs may lead to increased prices for consumers, the widespread fear of tariffs is largely exaggerated. He emphasizes that many new vehicle brands are currently overstocked, giving consumers more bargaining power than in previous years.

"Don't let the politicians and the media hype the tariffs. Don't let them change your behavior."
[05:15] Clark Howard

Listener Questions on Car Buying and Leasing

Clark addresses multiple listener inquiries related to car purchasing and leasing:

1. Renee from Florida on Leasing Incentives:

   • Clark advises understanding personal intentions behind leasing versus buying.
   • Suggests that buying is generally more cost-effective for those who keep cars long-term.
   • Points out that leasing can be beneficial for those who prefer newer models every few years and can take advantage of manufacturer incentives.

   "If you do, as a general rule, you're better off buying rather than going through a lease."
   [06:33] Clark Howard

2. Susie from Oregon on Selling vs. Donating an Old Honda Accord:

   • Clark commends Susie's frugality and long-term ownership.
   • Recommends selling the car to recoup repair costs, as the vehicle's value remains despite aging.
   • Suggests that selling and then donating proceeds can be more beneficial than donating the vehicle itself.

   "From a straight financial standpoint, you will make up that cost... So don't feel bad that you spent that money."
   [10:01] Clark Howard

3. Anita from Georgia on Nissan’s Future and Vehicle Value:

   • Clark reassures Anita about the stability of Japanese automakers, explaining the likelihood of acquisitions rather than shutdowns.
   • Advises against preemptively trading in her Nissan based on unlikely scenarios.

   "It would be very, very extremely remote that a possibility like that would occur."
   [12:24] Clark Howard

The Dangers of Store-Branded Credit Cards

A significant portion of the episode is dedicated to Clark's critique of store-branded (monoline) credit cards. He explains why these cards often carry exorbitant interest rates and minimal benefits, making them detrimental to consumers.

"These store cards are a poison in your pocketbook, and I don't want you to carry them because... the interest you're paying is obscene."
[16:13] Clark Howard

Key Points:

• High Interest Rates: Many store cards now charge between 35-36% interest, significantly higher than typical credit union or bank credit cards.
• Limited Usefulness: While some may offer discounts or rewards, the high interest rates negate these benefits unless balances are paid in full each month.
• Credit Impact: Carrying multiple store cards can negatively affect credit scores, as seen in his reference to monoline cards being viewed as "junk credit."

Clark advises consumers to avoid store-branded credit cards altogether, emphasizing that the financial risks outweigh any short-term perks.

Listener Guidance on Credit Improvement

Clark responds to a listener, Chaz from Georgia, who has impressively improved his credit score from 345 to 755 in a year. Chaz seeks advice on managing his credit utilization and future credit strategies.

"That is the most extreme improvement in credit score in a year I think I've ever heard from a listener or viewer."
[19:15] Clark Howard

Recommendations:

• Maintain Low Utilization: Keep overall credit utilization below 30%, ideally paying down balances before statement closing dates to reflect lower utilization.
• Diversify Credit Lines: Maintain at least two different credit cards from different issuers to enhance credit profiles.
• Strategic Card Usage: Use the new Southwest card responsibly by paying balances in full each month to avoid high-interest charges.

Advice on Gifting for Daycare Teachers

Mike from Minnesota asks about the best way to give holiday gifts to daycare teachers, expressing concerns over the reliability of Visa gift cards.

"The Visa gift card product has been a very vulnerable product where you buy the card, you give it to somebody... there's no money on the card because of the lack of security."
[23:52] Clark Howard

Clark strongly advises against using Visa gift cards due to security vulnerabilities that can lead to cards being emptied by fraudsters. Instead, he recommends giving cash directly to ensure the full value reaches the recipient without the risk of theft or loss.

"Cash is king. Nobody's going to be able to compromise that $20 bill or $40 you give."
[24:05] Clark Howard

Rental Car Rates During Holidays

Tony from Massachusetts inquires about reducing exorbitant rental car rates during the Christmas-New Year period. Clark provides practical suggestions to potentially lower costs.

"Check Turo... it's like an Airbnb for cars, rent their own vehicles out and you may find a better deal."
[26:11] Clark Howard

Additional Tips:

• Reshop Rates: Re-examining rental options closer to the travel date may uncover better deals.
• Leverage Memberships: Utilize memberships like Costco Travel for discounted rates.

Conclusion

Clark Howard wraps up the episode by reiterating his commitment to helping listeners save more, spend less, and avoid financial pitfalls. He encourages continual engagement through his platforms for ongoing financial advice and support.

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Notable Quotes:

• "These store cards are a poison in your pocketbook..."
  [16:13] Clark Howard

• "Cash is king. Nobody's going to be able to compromise that $20 bill or $40 you give."
  [24:05] Clark Howard

• "Tariffs are a tax on consumers, on goods they buy."
  [03:25] Clark Howard

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This episode of The Clark Howard Podcast offers valuable insights into navigating economic headlines, making informed decisions about vehicle purchases, managing credit wisely, and selecting secure gift options. Clark's practical advice empowers listeners to make sound financial choices amidst seasonal challenges and broader economic discussions.

Transcript

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[Clark Howard]

It'S great to have you here on the Car Howard Show. You know, our mission is to serve you with advice and information that empowers you to make better financial decisions in your life. And I want to thank everyone who's donated already this year to our Clark's Christmas Kids campaign. This is our 34th year collecting your donations for children who are in foster care. You can see more about it if you're not aware how this works where you actually buy one of the three gifts or two or three that a young child in foster care has actually wished for so you know the kid's name, age and male or female and what they'd love to have this Christmas season so they know even though their parents couldn't take care of them, that an absolute stranger cares about them, loves them and wants them to have a Christmas morning like other kids get. And if you go to Clark's Christmas kids.com you can see it. Or [e-mail] we've got information right on our home screen about Clark's Christmas Kids. So I hope you'll consider donating whatever you can. You can either buy gifts for an individual child or just give us some money and we'll buy for that child. Now here's something I'm getting so many questions about. All the talk about tariffs, tariffs, tariffs when President Elect Trump goes back into the White House next month. So there's a big pitch going on in ads about how you better hurry up and buy a car right now, right now, right now before the tariffs. So I'm going to tell you what I think about all that and also if you've listened to this show for a while. You know, I despise store credit cards. And I've got one more reason that you should hate them as much as I do that I'm going to share with you later in this podcast. Okay, President Elect Tariff. I mean, Trump has talked over and over again about how he's going to tariff everybody in the world on everything. And if you think back to the first Trump administration, President Trump repeatedly would talk about what he was going to do, and the bark was always much worse than the bite. And the reason is that everything about him is being a real estate developer. Everything's about telling the big story and using it as a bargaining chip. So if President Elect Trump actually impose tariffs like he's been making noises about, it would be brutal for our economy and brutal for the world. All you got to do is go read the economic history of the 1930s and you'd understand how harmful widespread universal tariffs actually are. I believe, and I could be proven wrong. But all the hype about the tariffs is really about trying to tell other countries and manufacturing facilities that if you don't play a game that feels reciprocal, then we're going to tax you into oblivion with tariffs. That's all tariff is. It's a tax on consumers, on goods they buy. So are there going to be some tariffs? Yeah. Are some items going to get more expensive because of that? Yes. But tariffs are not. A dollar for dollar is a percent of purchase increase in an item. And I will tell you upfront, I don't like tariffs. I am the last of the ardent free traders. I believe that the whole world becomes wealthier if you just allow the free movement of goods and services. That's my thing. But obviously that is out of tune with the times and how people feel about our economy versus competing with others. And so there are going to be some tariffs, but it's not going to be anything like the bluster that we've heard from President Elect Trump. So all this hype that you should run out right now, right now and buy a brand new car before the Trump tariffs, don't buy into that. Don't be sucked into it. Because I've noticed that some vehicles are now pricing higher than they were before the November election because dealers are looking at the psychology of the market and they think, hey, I'm going to be able to charge more right now because of this whole thing of getting in people's minds that there's this shortage coming, shortage meaning because the prices and you got to buy, buy, buy, buy, the marketplace is going to be fine. And in fact, the truth is most new vehicle brands are overstocked at this point. And tariff, no tariff. You as a consumer have more power buying a new vehicle than you've had in years. So let the politicians and the media hype the tariffs. Don't let them change your behavior.

[Listener/Caller]

All right, I got a few car questions for you here, Clark, to go with that. Renee in Florida says after hearing Clark speak about new and used car prices, I wanted to hear what he thinks about the current new car incentives, specifically in leasing.

[Clark Howard]

So Renee, anytime we talk about leasing, it's a question first of what's your intent? Do you tend to own a car a long time? Do you tend to buy that vehicle and have it? I would consider a long time, five or more years. In the mentality of how long people keep new cars, if you do, as a general rule, you're better off buying rather than going through a lease, because then what happens is at the end of the lease, you have to then either turn that vehicle back in or go through the purchase process as already negotiated in that lease. Now, there are times with certain luxury brands or near luxury brands where they use a lease as the backdoor method of discounting. In those circumstances, as long as the residual value looks like it's going to be a deal, that's the price that you can buy it at. Three or four years, usually three years. As long as you prepare yourself to buy it at that point, then it's a backdoor way into you ultimately having a lower cost of ownership. But you're asking for a lot of complexity going into a lease and a lot of fees that you really may not have been prepared for. And so leasing is something that, eh. But if you like to cycle through vehicles in three, four years time and there's special incentives on the leases, go for it.

[Listener/Caller]

Saw a lot of Black Friday lease specials advertised when that was coming.

[Clark Howard]

Oh, yeah. I mean, well, you know, why all these leases? Because the manufacturers have been able to get a little bit lower cost of funds that they can use for these leases. And they've got too much product and a lot of models on the lot.

[Listener/Caller]

Right. And the years about the 24s are going to be cheaper because that year is about to turn over.

[Clark Howard]

Yeah, the 25s. A lot of dealer lots have 24s when the 25s should already be what they've got on their lots. And they got the 24s that the manufacturers need to push out the door, as do the dealers.

[Listener/Caller]

All right. Susie in Oregon wrote in with this. I have a 1995 Honda Accord with 230,000 miles on it.

[Clark Howard]

All right, Susie, you're just about my hero here. 30 year old, 30 model year old vehicle because of what we were just talking about, that the 25s are out. I love that. 30 years, 230,000 miles a year, driving less than 10,000 miles a year. Wow.

[Listener/Caller]

I am the original owner. It has been a great car, but recently has required some costly repairs. The fuel pump went out and it cost $1,300 to replace. I'm starting to regret having the fuel pump repaired since I don't think the car is worth very much. My question is, should I try to sell the car to recoup the repair money or donate it to PBS for example, as a tax write off? The car is in good working order now, but it's probably only a matter of time before it breaks down again. What should I do?

[Clark Howard]

Right? Susie, I love this. You are really, really thrifty. So you've been driving this as the original owner for roughly 30 years. Unbelievable. And if you are tired of this Honda, you want to get something newer or a brand new vehicle and you can afford to do so, go ahead.

[Listener/Caller]

You're going to feel like you're driving a spaceship if you get.

[Clark Howard]

Because the tech, the technology changes in 30 years. Unreal. Okay, so if you want to get rid of it, go ahead. But from a straight financial standpoint, if other than having to replace the fuel pump, the vehicle's still working fine, you will make up that cost. The average new vehicle costs nearly $1,000 a month, all in payments, everything like that. So you make up that $1,300 repair in about six weeks, five weeks, I mean, no time flat. So don't feel bad that you spent that money. And as far as selling that vehicle, it's worth more than it would have been if you hadn't replaced the fuel pump. So it's not like net you paid a full 1300. So if you are done with the vehicle, sell it. If you want to donate money in the semiannual fundraising drive for whatever PBS station or whatever you want to give money to, you'll give them more money if you sell that Honda and take the proceeds and give it as a charitable donation than you would donating the vehicle because it still works. Because you've already done the repair. And believe it or not, that vehicle has more value than you realize even as a 30 year old vehicle. Because Honda Accords, Toyota Camrys and Corollas maintain such crazy value year after year after year.

[Listener/Caller]

Anita in Georgia says, I have a one year old Nissan. I've read that Nissan may go out of business in the next year. Would it be in my best interest financially and car wise to trade to another brand and avoid the issues that a dealership that is no longer around may occur? My Nissan is in pristine condition with 10,000 miles on it. It hasn't been in any accidents and maintenance has been kept up with. I don't want to lose too much value should Nissan go out of business.

[Clark Howard]

So Anita, the way the Japanese automakers work is when one of them gets into serious financial trouble or insolvency, the Japanese government engineers a takeover by another Japanese auto brand or another Japanese auto brand will do some level of investment for partial ownership of the brand. It would be extremely unlikely, even with Nissan's been a long suffering brand and for a long time was controlled by the French. And that was only undone in recent years. But Nissan has had a long, long time of trying to find its way financially in a very competitive automotive market. So I would be beyond shocked if Nissan's financial difficulties led to a shutdown of the company and a dissolving of the brand. Owning something for a year. You've already taken a big depreciation hit in that first year of ownership. The vehicle's working fine for you. I would not make a change like that, dumping the vehicle because I don't think that your scenario you're worried about is likely at all. It would be very, very extremely remote that a possibility like that would occur. And coming up ahead, I want to talk about something that I have consistently just hated and that is store branded credit cards. And they've actually managed to get worse than they already were. And I'm going to tell you why. When they say, wouldn't you like to save 15% today? The answer is no. I'd rather pay 15% more. And maybe the cashier who says it like a robot, well, look up. Really, you want to pay more? I'll tell you why this episode is.

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[Clark Howard]

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[Clark Howard]

Jobs that Krista had, when she was growing up, was folding khakis at the Gap. What was it used to say when people would come in, we'd tell them.

[Listener/Caller]

The different types of khakis we had. We've flat, front, pleated. We had all different styles of khakis. And I folded T shirts. It was a lot of folding because people would come along and they just mess up your table.

[Clark Howard]

It's funny at Costco, where they have two people whose only job is to refold clothes that shoppers like me pull something up, we look at it, then we try to put it back into shape, and it looks terrible.

[Listener/Caller]

I refold very well because of my past experience in retail, for sure.

[Clark Howard]

Well, there's something about the Gap.

[Listener/Caller]

Would you say I worked at more than the Gap? I worked at a lot of stores.

[Clark Howard]

Yeah, but you'd say, well, welcome to the Gap. Welcome to the Gap. Welcome to this. New York Post reports that the Gap is one of the retailers that for their crummy store credit, they're all crummy, by the way. Any store. What's called a monoline credit card that. I'll explain what monoline is in a second. They're all garbage.

[Listener/Caller]

Except Target gives you 5%.

[Clark Howard]

We'll get to that.

[Listener/Caller]

Okay. I just want to make sure.

[Clark Howard]

Okay. So the interest rate on the gap card is 35%. And there are a number of clothing retailers that are 35% of their store cards. Some credit card issuers now for store cards, monolines, 36%. In fact, 35, 36% has become common. The New York Post reports that 50 different retailers this fall, as interest rates were going down, hiked the interest rate on their store cards by a bunch of points. So what's the difference between a store card that's a monoline and a store card that would be, in my book, not junk credit. A store card that is tied in with a major issuer where you can use the card anywhere. That may not be a good card to carry, but is not junk credit. But if you have a card that is only for that retailer, you got junk in your hands. It's looked at as junk by credit issuers, by the credit scoring models. I mean, they're just terrible. Macy's is one of the companies that raised their store cards well into the 30s. So you say, oh, well, they're giving me 10% off on everything if I use my blah, blah, blah, store card. But if you're then paying 35% interest, are you actually saving money? The answer is no, you're not the only people who benefit are the people who like to shop at that retailer, want the discount and then pay the balance in full on the card. While they're in the grace period and there's no interest, everybody else is being played as a sucker. These store cards are a poison in your pocketbook, and I don't want you to carry them because now not only do they reflect as poor types of credit that you carry, but now the interest you're paying is obscene. Think about the average credit union in the United states charges about 11% on their credit cards. Average bank about double that. And then the store cards are triple what the credit unions charge on average. Triple. Do you want to do that to yourself? My answer is no. What's up, Christa?

[Listener/Caller]

All right, we'll go to questions. This one came in from Chaz in Georgia. Hi, Clark. I have a few credit questions. I've been rebuilding my credit over the last 14 months. I started with a chime debit and secured credit card and quicksilver card from Capital One, following the guidance on your website. Also, I had to take out a personal loan right at the time I started to build my credit. And it went from. My credit. Went from a 345 to 755 credit score in my.

[Clark Howard]

Wait, wait, wait, wait. In a year. Okay. I gotta tell you, that is the most extreme improvement in credit score in a year I think I've ever heard from a listener or viewer. That is exceptional, and that is very, very impressive on your part. If I were to speculate, and I'm only speculating here, there may have been some older items, some charge offs or whatever on the credit report that aged out and are no longer on there. In addition to you building a current good credit record. But that is extraordinary, and you should be really proud of your credit score. I didn't. No one could go as low as 345. And now 755. Excellent.

[Listener/Caller]

Yep. Okay. And so Chow said went from 345 to 755 credit score. And my lines of credit have doubled twice since. A longtime goal of mine was to get a Southwest card so I could rack up points for flights. Finally, I was approved last week for it with a $2,000 credit limit.

[Clark Howard]

Congratulations to you.

[Listener/Caller]

Having the one unsecured card, I did my best not to use more than 30% of the credit limit of that card. And just for bills. Now that I have two cards, do I have to stay below 30% of my credit lines collectively or do I need to stay under the 30% for each card. And under the credit limit, I plan on closing the CHIME accounts and keeping the Quicksilver card. My goal is to make my Southwest card the main spender. What should be my next move once my credit doubles on the Southwest card? Should I keep the Quicksilver open for emergencies, or should I move on to another line of credit that has better benefits and close the Quicksilver card?

[Clark Howard]

Okay, gosh, that's a lot of questions all at once. So, Chaz, I'm going to do the best I can to run through them. The Southwest card that you had been seeking and now you have is only a good decision if you pay the balance in full every month on the Southwest card. When you're talking about credit utilization, keeping it below 30%, I can't tell from your question if you mean you're leaving a balance of 30% or your high limit in the month is roughly 30% of your credit. But with the airline cards, the airline cards don't charge the crazy high interest of the store cards I was just talking about, but they do charge higher than normal credit card interest rates. And so it's really important with that Southwest card that you use it as a payment system, and that is a borrowing card. In other words, that you pay the balance in full every month. Don't know what the interest rate is on the Quicksilver card. As to having the Capital One card, as your credit continues to rehabilitate, at some point Capital One is going to offer you another card, and they'll offer you one of the ones that they push very heavily, that pays one and a half percent cash back. And when you get to that point, you want to convert your Quicksilver, if it's not earning any cash back, to a card that's earning at least 1.5% back. You don't want to just reduce the number of lines you have. You want to at least have two from two different issuers. Right now you have the Southwest card from Chase, then you have the Capital One card. You want to maintain having at least two different cards from two different companies. Now, on your question, utilization, 30% is the absolute max of available credit you want to charge up in a month. Depending on the scoring models, they're either looking at individual cards, but usually they're looking at overall utilization. So as long as you Never go above 30% in your overall amount of credit, you should be okay. But what I prefer for you to do is follow the methods we Talk about on clark.com where you send in payments Regularly through a month before your statement closing date. And that will allow you to report a lower utilization rate. Because you get steadily below 30% utilization, your credit score goes even higher.

[Listener/Caller]

Mike in Minnesota says a group of parents want to give our children's daycare teachers something extra for the holidays. The default suggestion is a Visa gift card. I tried to search your website to see why cash is best, but I could not find a great article. Please advise.

[Clark Howard]

I'm shallow breathing. I'm shallow breathing. The Visa gift cards have been a nightmare for people. As I've detailed in my TV work. As we've talked about here on the podcast and our YouTube show, the Visa gift card product has been a very vulnerable product where you buy the card, you give it to somebody, they're smiling until they're embarrassed or angry when they go to a store and try to use it and there's no money on it. This has been an Achilles heel of gift cards generally, but specifically the Visa gift cards have had a terrible problem with criminals being able to empty those cards the second they're activated. And the recipient who thinks they're getting, you know, 50, 100, whatever number of dollars daycare teacher goes to use it and they're all excited and thankful for what you gave them. And then there's no money on the card because of the lack of security Visa has on their gift cards. And getting Visa to restore the money after their system has been compromised and that card has no money on it, well, you might as well go out and try to move a mountain by yourself. They're very difficult to work with. So cash is king. Nobody's going to be able to compromise that $20 bill or $40 you give or whatever amount of money it is you give. The money is rock solid. Will be in that teacher's hand. He or she will be able to use that. The Visa card, though, way too often is fool's gold. Ends up being worth nothing.

[Listener/Caller]

Tony in Massachusetts says my new company shuts down between Christmas and New Year's. So we're moving our annual trip to Naples, Florida from late January to December 25th to January 4th.

[Clark Howard]

Smart to fly on the 25th.

[Listener/Caller]

Flying, I assume.

[Clark Howard]

Okay.

[Listener/Caller]

Yep. While I was able to find a decent not great airfare. Oh yeah, flying for sure. The rental car rates are outrageous for this week. I'm currently booked at just over $500 for the 10 days. Do I have any chance of getting a lower rate?

[Clark Howard]

Minor. You know, the rental car market is so intensely strong in Florida during those key Christmas weeks. Christmas New Year's weeks that it is. I know this is going to be weird to say, but paying $50 a day during the Christmas New Year's period is actually a lot lower than most people are paying now. Is there a chance of you getting a lower rate? First thing I'd say is check Turo Turo. It's where individuals, it's kind of like an Airbnb for cars, rent their own vehicles out and you may find a better deal on Turo Turo has its own issues, but that could be a way for you to save a fair amount of money and reshop your car rental rate a week out before your trip. So just about 18. Well, no, one more week from now.

[Listener/Caller]

Yeah. Okay.

[Clark Howard]

Yeah, one more week.

[Listener/Caller]

Sent in. His question I wanted to mention I should have told you this came in like a few weeks ago. So I'm just getting through all the questions.

[Clark Howard]

Oh, great. All right. So Tony, since we were not an on time airline and you're hearing the answer later than you submitted, I want you to reshop it on the 18th and I want you to reshop on the 23rd and see if there's a better deal. And if you're a Costco member set up through Costco Travel. Well, actually your regular Costco membership sign in works on Costco Travel. Now sign into that, see if Costco Travel has a cheaper rate for you on that rental a week out or just a couple of days out and hope you have a great, great time in southwest Florida. I love going to Collier County, Florida. I just hope that you have great warm weather through that time. You're there over the Christmas New Year's holiday period. And we look forward to being with you tomorrow on the podcast to YouTube show and know what we're all about you learning ways to save more, spend less and avoid getting ripped off.