GO CHECK YOUR DEBIT CARDS NOW!!

[beaniemac]

I didn't find out until a few months ago that you could avoid interest payments if you pay the balance down every month. I thought rewards just balanced out the interest.

better late than never. cash rewards typically pay between 1-4%

the interest on the credit card will be like 20% or greater. there's no way in hell they balance out mathematically. if u can pay off ur card in full every month, then you're getting free money from the cash rewards.

 

[Truefan31]

You doing your thing but you a consumer. I’m a producer so I can get the credit card company to pay me just to get more customers like you.

ok. If that’s what it is so be it. Doesn’t change the narrative though. Credit cards used responsibly is a much better option than using a bank debit card. And I have more than enough liquidity to cover my expenses.

just like my rental properties. The tenants pay my mortgage plus extra. Not me.

 

[fifth column]

better late than never. cash rewards typically pay between 1-4%

the interest on the credit card will be like 20% or greater. there's no way in hell they balance out mathematically. if u can pay off ur card in full every month, then you're getting free money from the cash rewards.

You are not getting free money. You are subconsciously over spending to get cash rewards so it’s a net negative. You might not be paying any interest cause you a pay off your card but they get you to overspend so they can make back the money off merchant fees. The more you buy, the more merchant fees the credit card company can rack up so it makes great business sense to incentivize you with cash backs and rewards. It’s called an irresistible offer, it’s all marketing.

 

[Truefan31]

You are not getting free money. You are subconsciously over spending to get cash rewards so it’s a net negative. You might not be paying any interest cause you a pay off your card but they get you to overspend so they can make back the money off merchant fees. The more you buy, the more merchant fees the credit card company can rack up so it makes great business sense to incentivize you with cash backs and rewards. It’s called an irresistible offer, it’s all marketing.

I wish you’d stop generalizing this narrative. I understand the premise but not everyone is overspending because they use credit cards. I, like many others, have a budget that I adhere to. It didn’t suddenly get raised because I used credit cards.

 

[Uitomy]

Crypto debit/credit cards over regular ones, I get 4% xlm back on my Coinbase when I use usdc fukk a Cashback

 

[Truefan31]

Crypto debit/credit cards over regular ones, I get 4% xlm back on my Coinbase when I use usdc fukk a Cashback

Was looking at the BlockFi visa but it isn’t open yet.

 

[fifth column]

ok. If that’s what it is so be it. Doesn’t change the narrative though. Credit cards used responsibly is a much better option than using a bank debit card. And I have more than enough liquidity to cover my expenses.

just like my rental properties. The tenants pay my mortgage plus extra. Not me.

The only advantage I see with credit card is for large purchases where I don’t want to carry the cash around.

 

[beaniemac]

You are not getting free money. You are subconsciously over spending to get cash rewards so it’s a net negative. You might not be paying any interest cause you a pay off your card but they get you to overspend so they can make back the money off merchant fees. The more you buy, the more merchant fees the credit card company can rack up so it makes great business sense to incentivize you with cash backs and rewards. It’s called an irresistible offer, it’s all marketing.

not true. I don't spend money frivolously. I'm using the CC"s for shyt that's necessities. fuel, groceries, cell phone, car insurance, internet etc.

 

[fifth column]

I wish you’d stop generalizing this narrative. I understand the premise but not everyone is overspending because they use credit cards. I, like many others, have a budget that I adhere to. It didn’t suddenly get raised because I used credit cards.

If that’s the case then you are not maximizing your rewards and cash back.

 

[fifth column]

not true. I don't spend money frivolously. I'm using the CC"s for shyt that's necessities. fuel, groceries, cell phone, car insurance, internet etc.

I agree with the paying bills with credit card part, I disagree with credit cards are the new debit card part

 

[Truefan31]

The only advantage I see with credit card is for large purchases where I don’t want to carry the cash around.

That’s cool for you then. But don’t dismiss the benefits of responsibly using credit cards. My budget didn’t rise when I started using credit cards. The tens of thousands I’ve gotten from fidelity just doing what I normally do then using it to invest and make more, anyone can do that.

the paid flights, paid food, complimentary extended warranty on things I’ve bought, roadside assistance, complimentary rental and travel insurance, the faster/easier fraud protection have all been because of credit cards. And I didn’t overspend.

 

[Truefan31]

If that’s the case then you are not maximizing your rewards and cash back.

who said that’s what I was trying to do? The point is I’m getting a kickback for essentially doing all the same things I did before, just with a credit card vs a debit card.

 

[fifth column]

That’s cool for you then. But don’t dismiss the benefits of responsibly using credit cards. My budget didn’t rise when I started using credit cards. The tens of thousands I’ve gotten from fidelity just doing what I normally do then using it to invest and make more, anyone can do that.

the paid flights, paid food, complimentary extended warranty on things I’ve bought, roadside assistance, complimentary rental and travel insurance, the faster/easier fraud protection have all been because of credit cards. And I didn’t overspend.

This is why I love when marketing works

 

[fifth column]

who said that’s what I was trying to do? The point is I’m getting a kickback for essentially doing all the same things I did before, just with a credit card vs a debit card.

So what’s in it for the credit card company that issued you a card?

 

[Truefan31]

This is why I love when marketing works

lol ok. Even though I have liquidity I understand because of inflation it’s losing its value over time. My fidelity investments alone from their cb is more than offsetting that money in my accounts getting hit with inflation.

you don’t have to use credit cards. Do you. But just blindly thinking everyone is getting fleeced by credit cards is patently false.