GO CHECK YOUR DEBIT CARDS NOW!!

[Truefan31]

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

while I’m a fan of having an emergency fund, if you can make money from other peoples money, that’s the true win. Leverage.

 

[Professor Emeritus]

i think a lot of people need to educate themselves on credit cards.

credit card companies make money on transactions. It’s why they offer signup bonuses for spending a certain amount in a time period. Interest fees are icing on the cake but the majority of their revenue is you using the credit card for transactions.

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

 

[MoneyTron]

How did I shyt on people using cc? I’m just sharing some marketing insights. I have credit cards just like you

Marketing to rubes. You're obviously dealing with people in here who are educated on how to minimize interest risk on a credit card while taking advantage of the benefits. Please read the audience.

 

[fifth column]

while I’m a fan of having an emergency fund, if you can make money from other peoples money, that’s the true win. Leverage.

I agree if you are a producer and not a hyper consumer. Leverage is for business mined people.

 

[Truefan31]

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

my mistake. Read the wrong article.

 

[Professor Emeritus]

Think Chase Bank and Chase Credit are different brehs

Think your bank is special but the debit card has a credit card logo on it brehs

I already answered this - we KNOW that debit card companies make their money off of the ability to invest your money while you store it in their bank. They allow you debit card use as a perk for what they're already getting out of storing your money. If you have money in a bank at all then there's zero drawback to using the debit card.

On the other hand, credit card companies are LOSING money whenever they advance it to you. They are LOSING that ability to make interest. Therefore they make those huge profits by making a lot of money off of their consumers, to the tune of well over $120 billion/year. That's close to $700 per American credit card user per year.

Marketing to rubes. You're obviously dealing with people in here who are educated on how to minimize interest risk on a credit card while taking advantage of the benefits. Please read the audience.

But those people are irrelevant - none of you are going to change your mind based on what @fifth column or I say. We're speaking to the regular-ass people in here, the vast majority of Americans who are lining the credit card companies' pockets. It's very easy to prove that your advice is objectively bad advice for them - the receipts don't lie. You're encouraging them to keep doing the exact same shyt they've been doing that have been costing them money.

The posters against credit cards aren't wrong. Obviously I can see the danger in telling people to use a credit card for all expenses. They won't have the discipline to actually pay the balance in full. It's usually why I keep my mouth shut when it comes to this sort of thing, even if I think my way is better. Y'all do you and I'll do me. I ate good on sign up bonuses and cash back over the years and haven't paid 1 cent in interest.

The problem is that everyone wants to claim they're the special one it won't happen to.

The # of people who practice perfect fiscal responsibility every month by month, year by year forever is clear. Credit card companies make about $700 per customer per year off of interest and penalties. That's reality. Whereas most of the people in the thread are just offering insults, "Well that wouldn't happen if you didn't suck! Ha ha!", ignoring that their advice obviously fails for the majority of credit card users.

 

[Truefan31]

I agree if you are a producer and not a hyper consumer. Leverage is for business mined people.

different strokes for different folks but I think leverage is used by the wealthy in general. If you can get something for just doing the norm then it’s a win.

pay all my bills/utilities on my fidelity card. To get 2% cb. Which I use to invest and make more. That’s a big win imo.

 

[MoneyTron]

But those people are irrelevant - none of you are going to change your mind based on what @fifth column or I say. We're speaking to the regular-ass people in here, the vast majority of Americans who are lining the credit card companies' pockets. It's very easy to prove that your advice is objectively bad advice for them - the receipts don't lie. You're encouraging them to keep doing the exact same shyt they've been doing that have been costing them money.

No one is forcing the OP or anyone else in this thread to do anything. I'm saying that if you can do it responsibly, using your credit card has more benefits than using other methods of payment.

 

[Bboystyle]

No one is forcing the OP or anyone else in this thread to do anything. I'm saying that if you can do it responsibly, using your credit card has more benefits than using other methods of payment.

thats the problem, more than 50% of this country isn't responsible and have credit card debt. So its no surprise you will get mixed responses on the coli.

 

[bnew]

The posters against credit cards aren't wrong. Obviously I can see the danger in telling people to use a credit card for all expenses. They won't have the discipline to actually pay the balance in full. It's usually why I keep my mouth shut when it comes to this sort of thing, even if I think my way is better. Y'all do you and I'll do me. I ate good on sign up bonuses and cash back over the years and haven't paid 1 cent in interest.

I haven't paid a cent in interest ever since I started using credit cards too.

 

[seabreeze80]

My friend just had this happen to her after she went through a drive through restaurant to buy fast food. She said the lil girl took too long to give her the card back. The bank called her a couple days later. The lil girl wrote down her info and went on a spending spree online. When it happened to me these were the steps I took.

Call the manager of the establishment and request a refund
File a dispute with your bank and launch an investigation
File a police report if nothing was done

 

[Wayans Brehs]

@Rhakim I agree with your points. Generally speaking the credit card game is a dangerous one. I don't think I'm special, if my post came off that way. I was lucky to have a dad who gave me the game at 18. He told me to open a CC and just put small purchases on it and pay it off in full after the statement. What I do now with putting everything on my cards is just a graduate level of that. But like I said, I don't tell anyone to do this because I don't want to be held responsible if they fukk up. Only person I put onto this is my wife.

 

[The Devil's Advocate]

I already answered this - we KNOW that debit card companies make their money off of the ability to invest your money while you store it in their bank. They allow you debit card use as a perk for what they're already getting out of storing your money. If you have money in a bank at all then there's zero drawback to using the debit card.

On the other hand, credit card companies are LOSING money whenever they advance it to you. They are LOSING that ability to make interest. Therefore they make those huge profits by making a lot of money off of their consumers, to the tune of well over $120 billion/year. That's close to $700 per American credit card user per year.




But those people are irrelevant - none of you are going to change your mind based on what @fifth column or I say. We're speaking to the regular-ass people in here, the vast majority of Americans who are lining the credit card companies' pockets. It's very easy to prove that your advice is objectively bad advice for them - the receipts don't lie. You're encouraging them to keep doing the exact same shyt they've been doing that have been costing them money.





The problem is that everyone wants to claim they're the special one it won't happen to.

The # of people who practice perfect fiscal responsibility every month by month, year by year forever is clear. Credit card companies make about $700 per customer per year off of interest and penalties. That's reality. Whereas most of the people in the thread are just offering insults, "Well that wouldn't happen if you didn't suck! Ha ha!", ignoring that their advice obviously fails for the majority of credit card users.

The problem is you’re making broad generations to people who are telling you their personal stories.

Yes. The credit card company is trying to fukk you. But if you pay your bill every month and don’t have a monthly fee, they don’t fukk YOU. Who gives a crap how they make money if it’s not your money. Who cares if they aren’t eating off you if they still letting you charge. Who cares if they luring people in with bigger limits if you have the self discipline to not break your rules.

We are simply saying, hey fellas, if you’re smart and don’t fukk it up, there’s free money here. But if you do fukk it up, here’s what’s gonna happen. And here’s proof it works. There’s nothing wrong with that.

Maybe if more people were taught this early, less people would be victims.

 

[The Devil's Advocate]

thats the problem, more than 50% of this country isn't responsible and have credit card debt. So its no surprise you will get mixed responses on the coli.

It’s not the mixed responses. It’s people acting like we’re discussing time travel. Like it can’t be done. Like nobody is doing it. Like it so far fetched from reality, that even saying you do this, automatically means you’re lying your ass off

Meanwhile people are doing this daily and improving their credit and saving money. Things our community needs to be discussing. Not calling make believe.

 

[The Devil's Advocate]

Also. For all the people worried about overspending or messing up… They have secured credit cards. You pay $300 in cash and they give you a credit card with $300 limit. Limit yourself before you ever start.

And trust me. I filed for bankruptcy in my life. I was NOT mr smart with money from birth. I fukked a lot of credit cards up. First thing my lawyer said to do was get a secured cc, charge it up monthly and you pay it off at the end of the month. Credit bounced back past 750 in two years. They send me increases and I call and tell them remove it.

It’s all in the contract. You got rights too. And the moment you feel you bout to buy that 1500 tv that’s gonna cost you 2500…. Cut it up. You got your use out of it.