GO CHECK YOUR DEBIT CARDS NOW!!

[fifth column]

They hardly make anything off the guy or gal who pays their bill in full every month. They make billions off the people who carry balances and pay interest. That's where the money is for them. Its probably like 10% or less of people who pay in full every month and 90% people who carry a balance and rack up debt year in and year out. The pay in full reward maximizers crowd is a loss for the banks but they take that risk because the balance carriers more than make up for it x1000.

Partially true, the pay in full/rewards crowd is what fuel the merchant fees profit side for credit card companies.

 

[fifth column]

The problem with this statement is that you are speaking to people who know what they’re doing. If a breh tells you he’s been using credit cards for normal shyt he buys every day and has never paid interest for 7, 8, 9, 10 years, this kind of speak falls flat on its face. You seem to think “credit card bad” in all scenarios and ignore people who tell you how they haven’t managed their debt responsibly. That’s just being bullheaded.

I have not told anyone what to do with their credit card in here. I don’t mind other people business. I am just sharing some insights on how the credit card companies make some people in here feel special when it is all by design. A lot of head in the sand syndrome going on.

 

[Cobalt Sire]

This is objectively false. Only about 25% of credit card company revenue comes from transaction fees. The large majority of their income comes from interest charged to their customers, advance fees charged to their customers, annual feeds charged to their customers, and penalties charged to their customers:

This Is How Credit Card Companies Hauled in $163 Billion in 2016

So it looks like the people paying credit card interest every month are making the cash back rewards possible.

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.

I should've said mitigate instead of balance. I understand how it works now, as I said.

 

[The Devil's Advocate]

The best replies get ignored

That was a dumbass reply and everything he said was wrong

I really can't believe y'all this dumb

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.

It's like they can't wrap their head around the concept

If I have $100 in cash... I'm either going to use it to buy $100 in groceries.......

OR

Use the credit card for $100 in groceries... And use the $100 cash to pay the credit card


Either way... You only spent $100 and got groceries... But one earned you something extra and the other didn't

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

You're not supposed to maximize it.. That would mean you were spending more than you have... That would mean you'd end up paying interest.. That would mean they win

You're supposed to use the SAME AMOUNT of credit as cash you have right now.. If you planned on spending $1000 cash this month, spend it on your credit card bill and not directly to the merchant.

I have not told anyone what to do with their credit card in here. I don’t mind other people business. I am just sharing some insights on how the credit card companies make some people in here feel special when it is all by design. A lot of head in the sand syndrome going on.

Who gives a shyt what the CC company is doing if you're not the one being taken for the profit


That's like saying "I get coupons daily, use them on specific items and leave the store... But it's not smart to use coupons cause that's marketing to get you in the store and overspend.""

Yea but I'm not the dumbass falling for that. I'm the smart one using them and leaving. So why do I care?

 

[Zero]

That was a dumbass reply and everything he said was wrong

I really can't believe y'all this dumb

This thread went 10 pages with nikkas posting novels over a dude getting a double charge for a $30 meal.

Have a great fukking weekend

 

[fifth column]

That was a dumbass reply and everything he said was wrong

I really can't believe y'all this dumb


It's like they can't wrap their head around the concept

If I have $100 in cash... I'm either going to use it to buy $100 in groceries.......

OR

Use the credit card for $100 in groceries... And use the $100 cash to pay the credit card


Either way... You only spent $100 and got groceries... But one earned you something extra and the other didn't


You're not supposed to maximize it.. That would mean you were spending more than you have... That would mean you'd end up paying interest.. That would mean they win

You're supposed to use the SAME AMOUNT of credit as cash you have right now.. If you planned on spending $1000 cash this month, spend it on your credit card bill and not directly to the merchant.

Who gives a shyt what the CC company is doing if you're not the one being taken for the profit


That's like saying "I get coupons daily, use them on specific items and leave the store... But it's not smart to use coupons cause that's marketing to get you in the store and overspend.""

Yea but I'm not the dumbass falling for that. I'm the smart one using them and leaving. So why do I care?

My arms are not long enough to reach down that far so I’ll let you tell it.

 

[Truefan31]

My arms are not long enough to reach down that far so I’ll let you tell it.

So we’re supposedly looking down on people responsibly getting kickbacks from credit cards

again it sounds like you don’t trust yourself to use credit cards. So be it. But many of us are getting some real benefits.

 

[fifth column]

So we’re supposedly looking down on people responsibly getting kickbacks from credit cards

again it sounds like you don’t trust yourself to use credit cards. So be it. But many of us are getting some real benefits.

Breh you just making stuff up now. Enjoy the rewards fam, I can’t do this anymore

 

[Truefan31]

Breh you just making stuff up now. Enjoy the rewards fam, I can’t do this anymore

you the one talking about your arms not being long enough lol wtf is that? So you’re saying we’re lower than you

 

[fifth column]

you the one talking about your arms not being long enough lol wtf is that? So you’re saying we’re lower than you

Never that, I was referring to dude saying that we don’t care what the credit card company does. Dangerous statement to make if it goes for all y’all credit card gang.

 

[pete clemenza]

Partially true, the pay in full/rewards crowd is what fuel the merchant fees profit side for credit card companies.

MC, Visa, Discover, and Amex gets the merchant swipe fees

 

[The Devil's Advocate]

Never that, I was referring to dude saying that we don’t care what the credit card company does. Dangerous statement to make if it goes for all y’all credit card gang.

I said I don't care if they make profits off other people if I'm not the dumbass who is falling for their tactics by going outside my rule of never charging more than the cash I currently can transfer over

Thanks for playing

 

[fifth column]

I said I don't care if they make profits off other people if I'm not the dumbass who is falling for their tactics by going outside my rule of never charging more than the cash I currently can transfer over

Thanks for playing

I get all that but don’t try to suppress knowledge to intentionally keep people ignorant. I’m just peeling back the curtain nothing more nothing less.

 

[The Devil's Advocate]

I get all that but don’t try to suppress knowledge to intentionally keep people ignorant. I’m just peeling back the curtain nothing more nothing less.

Breh


I think if you said that off top, you wouldn’t have had a single argument. People were explaining how to do it right. You came in like nah, that’s not it.

You should have came in on some…. Yes but only if you’re careful. If you’re not, this is what happens. And this is why they even let you loophole things.

This entire time you came off like you was saying it wasn’t possible or even if it was, you still a sucker. I get it now. Miscommunication.

 

[DJSmooth]

Yall broke nikkas keep not using credit cards. I booked 6 days in a hotel in another country for FREE off straight points.