GO CHECK YOUR DEBIT CARDS NOW!!

[Pure Water]

Dudes in here saying they use a credit card for 99% of their purchases

I’ve heard it all now

I use it for all my purchases except my rent. If I'm going to purchase something anyway, why not use my credit card? I don't spend money I don't have. I just use my credit card because it's more secure and I get rewards.

My debit card is really only used to get money out of the ATM.

 

[Pure Water]

So how does the credit card company make money off of you then?

They sell your data just like every other company (including the bank that supplies your with debit card). The other way is irresponsible people who don't pay off their balance at the end of the month. And probably the biggest way is the fees that get from merchants throughout the world. They charge a business a fee every time a customer uses their card there.

 

[fifth column]

I've seen this before here and sometimes I wonder how these people think credit card companies make so much fukking money.



It's especially funny how they in here talking about credit card rewards as if they're just benevolent charity for their users.

You are my sports opp but I agree with this. These dudes in here have to be the most financially responsible people on known earth not to ever pay credit card interest ever or just lying

 

[Pure Water]

my credit bank requires me to use my debit card at least 10 times a month or I get charged.

They probably have a direct deposit prerequisite you can meet to avoid the fee as well. Check your fee schedule at your current bank.

 

[Bboystyle]

It cost you money to use other people’s money. Use your cash breh

No it doesnt if u pay it off immediately.

 

[Bboystyle]

You are my sports opp but I agree with this. These dudes in here have to be the most financially responsible people on known earth not to ever pay credit card interest ever or just lying

Interest only accumulates over time. If you buy something big and pay the minimum for months on end, then the interest piles up. But if u pay the shyt off in a month or two, u aint paying nothing extra.


I do this every month and have never paid extra. Only thing i paid extra for is one of my cards have a wack ass yearly fee of $49.

 

[Kornball The Conqueror]

You are my sports opp but I agree with this. These dudes in here have to be the most financially responsible people on known earth not to ever pay credit card interest ever or just lying

You have a month to log on and transfer money, how is this difficult with modern cell phones?

 

[Professor Emeritus]

You have a month to log on and transfer money, how is this difficult with modern cell phones?

You right man, credit card companies just offer the public use of their money as a benevolent charity service. They're damn near modern Mother Theresas.

 

[Pure Water]

You right man, credit card companies just offer the public use of their money as a benevolent charity service. They're damn near modern Mother Theresas.

Does it matter though? There's no benevolent business in America. That's an oxymoron. As long as a person is responsible they will not have any interest to pay on their part.

I've been using a credit card for 9 years now and I've never paid a late fee or interest. When I first got the card while in college, the banker told me to only use this to pay for gas, groceries or things you were going to purchase anyway. I've kept that same philosophy into my late 20s. Don't spend what you don't have and you'll be alright.

In my opinion, credit cards are the least predatory forms of credit you can give a person. This ain't student loans or a car loan.

 

[Professor Emeritus]

Does it matter though? There's no benevolent business in America. That's an oxymoron. As long as a person is responsible they will not have any interest to pay on their part.

It does matter because the thread is full of people suggesting that Credit Cards are automatically superior when they CLEARLY cost their users far more cash than banks do.

We know how banks make money. They want to hold your money so they can invest it and make interest on it. Therefore they don't have to charge you to use your own money and in fact will pay you interest on the money they are holding.

As people have pointed out, with credit card companies you're using THEIR money. Why would credit cards want to give you their own money? Because they know they'll make a LOT more money back in the deal off of your own errors.



The very fact that debit cards use your own money, while credit cards are letting you use the credit card company's money, is all you need to know to realize that credit card companies are going to make a LOT more money off of their users in order to justify their existence than banks are ever going to.

 

[Pure Water]

It does matter because the thread is full of people suggesting that Credit Cards are automatically superior when they CLEARLY cost their users far more cash than banks do.

We know how banks make money. They want to hold your money so they can invest it and make interest on it. Therefore they don't have to charge you to use your own money and in fact will pay you interest on the money they are holding.

As people have pointed out, with credit card companies you're using THEIR money. Why would credit cards want to give you their own money? Because they know they'll make a LOT more money back in the deal off of your own errors.



The very fact that debit cards use your own money, while credit cards are letting you use the credit card company's money, is all you need to know to realize that credit card companies are going to make a LOT more money off of their users in order to justify their existence than banks are ever going to.

Personal responsibility has to play a factor though. I just pointed out that I've never received any fees or interest charges because I pay off my balance every month.

Would you say this statement is fair? "For fiscally responsible individuals, credit cards are better options than debit cards."

 

[Professor Emeritus]

Personal responsibility has to play a factor though. I just pointed out that I've never received any fees or interest charges because I pay off my balance every month.

Would you say this statement is fair? "For fiscally responsible individuals, credit cards are better options than debit cards."

For perfectly fiscally responsible individuals, credit cards may sometimes be a better option. The issue is that about 10x as many people believe they are fiscally responsible than are actually fiscally responsible in reality. The credit card companies are making a ton of money betting that most of their customers aren't going to be as fiscally responsible as they believe themselves to be.

Personally, I'm very fiscally responsible, and I haven't owned a credit card for over 12 years, cause fukk them.

 

[Bboystyle]

For perfectly fiscally responsible individuals, credit cards may sometimes be a better option. The issue is that about 10x as many people believe they are fiscally responsible than are actually fiscally responsible in reality. The credit card companies are making a ton of money betting that most of their customers aren't going to be as fiscally responsible as they believe themselves to be.

Personally, I'm very fiscally responsible, and I haven't owned a credit card for over 12 years, cause fukk them.

So u just basically agreeing with us. Those who are financially responsible and pay shyt off monthly can use credit cards with no drawbacks or interests.

Those who dont, get raped with fees and interest and those are the suckers who hope credit card companies get approved for.

 

[fifth column]

There’s a saying “don’t be penny wise and pound foolish” tricking your mind into thinking that credit card companies are giving you free money and rewards is just a marketing illusion. Once they have y’all hooked then y’all become advocates for them.

 

[NaijaProdigy Redux]

You are my sports opp but I agree with this. These dudes in here have to be the most financially responsible people on known earth not to ever pay credit card interest ever or just lying

I've used credit cards since high school. I'm 34 now and have never paid interest. Never.

I pay my entire balance off monthly. Similar situation with most of my friends