Credit Card Recommendations?

[Ohio Snake]

Bottom line. Stores make more money by offering credit because people buy more stuff than just cash.

In order to make more they need to pay out 3% of your purchase price to the banks. Even with this loss they make more money. Which tells everyone that those people who use credit will buy 3%+ more than they would if they only used cash.
Example:
Store only selling by cash makes 100k month. By selling with credit makes 110k(106,700 net) a month. People buy more with credit...

Then the banks said let’s offer 1 to 3% back.
Now same store sells 200k(194k net) on credit.

The consumer just went from paying 100k in purchases to 110k to 200k. But hey it got his 6k back. He just had to spend another 100k to get his 6k. Yes that’s real smart!

Don’t believe me? Ask those with 2 million plus in the bank. Ask them how they earned it?
Or ask those going through bankruptcy? Ask them how that happened?

Credit will not create riches.

I understand what your now saying. In fewer words...you don’t how how to control your spending on a credit card and you claim people who use credit cards are recklessly poor.

Store A makes more money than Store B because Store A sells by being more competitively priced. I certainly don’t choose where Im shopping at due to which store has the lowest transaction fee for my bank.

People who have no discipline with a credit card should not have a credit card. As stated before, I use my credit card to leverage a planned purchase I know will be paid in full by the next billing cycle. The cash back has no influence to entice me to “ buy more”.

For your information, those people with $2M plus in the bank did not get there because they don’t use credit cards. They got there because they were disciplined using credit in a leveraged way, investing and saving wisely and most likely had a good financial plan. Millionaires use credit and credit cards with discipline.

People go through bankruptcy for various reasons, including over- extending credit. The vast majority of bankruptcies are caused by divorces, job/ revenue loss and excessive medical bills.






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[Ohio Snake]

Sounds like someone had a really bad experience with a credit card...

Your not kidding. Must have been a bad experience with a bank credit card. Then blame the bank that offered the privilege of using their credit services on that lack of self control.


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[Ohio Snake]

In the middle of a 10 day Marriott stay on points.

Got a little down time so I’m going to go through a few years of CC statements and find those extra charges damnit!

I’ve been had!


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Its in the extra extra fine print.


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[ssj4sadie]

The real question is the very specific number of 2 million what he has and the reason all should follow his advice?

 

[MG0h3]

Its in the extra extra fine print.


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Dude sorry. It’s not fine print. I pay 85 a year for the card. I guaran fng tee you every purchase I’ve made is the same as if I’d paid cash. I’ve had a few items with smaller merchants and big purchases where the 3% surcharge is there. I use my debit card. I’m almost 40 and I haven’t paid 1cent interest ever.

Are you telling me when I use my card for groceries I’d save money if I’d paid cash? JFC never mind. I already know I don’t.


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[ssj4sadie]

Dude sorry. It’s not fine print. I pay 85 a year for the card. I guaran fng tee you every purchase I’ve made is the same as if I’d paid cash. I’ve had a few items with smaller merchants and big purchases where the 3% surcharge is there. I use my debit card. I’m almost 40 and I haven’t paid 1cent interest ever.

Are you telling me when I use my card for groceries I’d save money if I’d paid cash? JFC never mind. I already know I don’t.


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Missed the sarcasm?

 

[MG0h3]

Missed the sarcasm?

Apparently I quoted the wrong dude. Good save

Too much Brawndo!


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[Ohio Snake]

Dude sorry. It’s not fine print. I pay 85 a year for the card. I guaran fng tee you every purchase I’ve made is the same as if I’d paid cash. I’ve had a few items with smaller merchants and big purchases where the 3% surcharge is there. I use my debit card. I’m almost 40 and I haven’t paid 1cent interest ever.

Are you telling me when I use my card for groceries I’d save money if I’d paid cash? JFC never mind. I already know I don’t.


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Im being facetious! There is no fine print.


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[Ohio Snake]

Apparently I quoted the wrong dude. Good save

Too much Brawndo!


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Your good...I did not read down far enough.


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[ford fanatic]

I understand what your now saying. In fewer words...you don’t how how to control your spending on a credit card and you claim people who use credit cards are recklessly poor.

Store A makes more money than Store B because Store A sells by being more competitively priced. I certainly don’t choose where Im shopping at due to which store has the lowest transaction fee for my bank.

People who have no discipline with a credit card should not have a credit card. As stated before, I use my credit card to leverage a planned purchase I know will be paid in full by the next billing cycle. The cash back has no influence to entice me to “ buy more”.

For your information, those people with $2M plus in the bank did not get there because they don’t use credit cards. They got there because they were disciplined using credit in a leveraged way, investing and saving wisely and most likely had a good financial plan. Millionaires use credit and credit cards with discipline.

People go through bankruptcy for various reasons, including over- extending credit. The vast majority of bankruptcies are caused by divorces, job/ revenue loss and excessive medical bills.






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Well said, I was trying to say the same thing, but every time I typed it out I came across like a real asshole, so I deleted it lol.

 

[Blk04L]

Well said, I was trying to say the same thing, but every time I typed it out I came across like a real asshole, so I deleted it lol.

He just listens to Dave Ramsey on repeat when he sleeps.

1. People who think credit limit = spending money get in trouble.
2. People who know how to control their spending/know what they can afford(aka pay full on time) get rewarded with any benefits provided by the CC.

Banks/CC companies hope that more fall into the #1 option. And tons of people fall into option 1.
They don't care if a minority of people qualify as #2 as long as they can get those people in option 1 with those huge APR fees.

 

[ford fanatic]

He just listens to Dave Ramsey on repeat when he sleeps.

1. People who think credit limit = spending money get in trouble.
2. People who know how to control their spending/know what they can afford(aka pay full on time) get rewarded with any benefits provided by the CC.

Banks/CC companies hope that more fall into the #1 option. And tons of people fall into option 1.
They don't care if a minority of people qualify as #2 as long as they can get those people in option 1 with those huge APR fees.

Most do, and that's how they make their money, not off of every card holder. For some reason he doesn't understand that.

As I stated earlier in this thread we earned a companion pass from our Southwest card for one year, that's a buy one get one free airline ticket anytime we fly, and not one penny of interest was paid.

 

[Ohio Snake]

Some people actually understand how to leverage credit. Those who do not understand it, may get into trouble or never utilize credit. Im glad to see others who actually know how to get the most bang for their buck.
FYI Ford Fanatic- I wrote and re-wrote that response many times to try not sounding like an a-hole as well. I’m actually a financial planner and investment advisor.


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