So I recently, got my first credit card. I notice that this particular credit card has a reward program like many other credit card companies. Given this particular credit card it divides the year into 4 quarters (similar to college semester). Within each semester the credit card company will have a given group of stores, where if users shop at these particular stores, during that particular semester, they will receive 5% cash back per a $1 spent. Every other transaction will have 1% per a $1. This is an awesome program, but me being the paranoid , lol I started to drift into this heavy prophecy lol. So, I started to think about credit card companies they now have the ability to curtail or shift the shopping crowds to a particular store. They're able to predict which stores will have an increase in retail. For Example: Semester 1 | Sept - Dec | Walmart One can then predict Walmart will have an increase in sales given that their is an incentive to shop at Walmart v it's competition. It can be used to bully other merchants into accepting that particular credit card to yield higher interest from the merchant. Now Keep in mind the only research done was smoking a blunt and the only evidence I have is a roach. I feel like I crack some code lol, but I think I'm going to sober up and feel restarted. .......<look at my hat it claps> ........ <WTF
I think yer correct, OP. My wife owns a shop and she feels absolutely compelled, if not forced, to accept CCs and their never ending rewards schemes. Rest assured, though, the consumer is paying for each and every dime the consumer thinks s/he's saving and or earning. It all gets passed along.
The credit card companies always screw us around. Spend $100 and get $1 back, then we will charge you $19...
Lol I here ya man let me see if perhaps I can clean it up a bit: 1% on every dollar spent = .01 (1 cent) This means for every $1 you spend, the credit card company will give you back 1 cent. So if you spend $100 dollars you are receiving $1 back. 5% on every dollar spent = .05 (5 cents) This means for every $1 you spend, the credit card company will give you back 5 cents. So if you spend $100 dollars you are receiving $5 back.
Credit card companies are cool with me. For the convenience I'll gladly pay the interest. I don't stay over the limit though.
An old thread but credit cards have been a mixed bag for me. A drug n booze addled gambling freak can find themselves in deep and fast. They work great if handled responsibly tho as I mainly use mine for online purchases now that I don’t travel.
Off topic... But what I hate about the credit system is that I need to owe debts in order to get a higher credit score. I hate borrowing because I hate owing money. Being financially responsible makes me look financially irresponsible on paper.
I have no debts and pay all of my credit cards in full every month so I carry no balances. I have a high credit score. All you need to do is pay your bills on time you don't need to have any debt.
I have allus used a debit card. Never any fee's, and you cant spend more than you have in your account.
So this is how it works. I read owing one percent at the end of the month is better than paying off your card before the months ends in full. It's odd. Sent from my SM-S901U1 using Grasscity Forum mobile app