Quote:
Originally Posted by armysig
So by using credit, you say you're gaining rewards from those purchases. Now I beg to differ, Credit card companies don't offer these rewards and lose money. Every time you use your card you're putting money in their pockets. Every transaction is a fee that the business has to pay. Normally 3% to 9%. Plus you would be more of an impulse buyer compaired to someone paying in cash. You just said that you pay for gum on credit. Why?
|
Thats the cost of doing business. Thats not my problem, thats the choice of the business owner to take a credit card. And those business owners build that into their operating costs which goes into the price of everything you buy, whether you pay cash or credit. There is no store that has a "cash" price and a "credit" price, aside from Gas stations.
Meanwhile you get a good rewards card that give you cash back, and you basically get PAID to use your own money. Last year Citibank gave me $300. I didn't give them one cent besides the amount I charged on my card.
Quote:
I will fully and whole heartly disagree on this. If I have cash in hand I know what I have. I know that my money well be managed by me, not a credit card or loan company. When the ATM machines or credit card swipers go down at a store what form of payment do stores tell you to use? Cash, huge benefit. Plus Cash saves the business money, which COULD lower the cost of merchendise if people used more cash vs Credit.
Instead of using all that credit for those items, why not pay cash, take what you have left over (because you didn't impulse buy) and put it in a money market and EARN 12% gains on average over XX amount of years? You're losing 7% of your money and bought things that you can't retian.
|
You seem to not understand what he means by benefits. First off the benefits you listed are not important to everyone. I know exactly how much I spend without having to hold my own hand and I know I only have $40 in my pocket. I can manage my own money and still spend it wisely. And as for cash saving businesses money, well yes thats an idealistic thought, but it will never happen, so why bother. And yes cash always works, except credit card machines going down is a thing of the past, it doesn't happen much these days. And if it does, theres almost always an ATM within a block.
Meanwhile if I buy something on my credit card and I am unsatisfied with it and the store screws me, well I have a recourse to screw them back without having to waste time filing a small claims suit. If my wallet gets taken, sure have that credit card, I won't be responsible for it and it will be shut off immediately. If I buy something online and some nefarious individual gets my number, shut down! done! Not only that but I get points, discounts, and cash back. As I said I cleared over $300 from Citibank last year alone in cash back.
Finally you assume that because someone uses a credit card they will impulse buy. Maybe SOME people do that, but theres a whole lot of us who don't. I buy everything on credit, I think through all my purchases, and I never carry a balance.
Look I'm not belittling you or anything like that, also I am sure there are many that can appreciate a program like this to help them with their problem. But you do need to realize its your problem and their problem, but not everyones. The credit card company doesn't make people buy stuff. Its still their own choice in the end. And credit cards are a very useful tool in society, you just need to understand how to use them, and have the willpower not to burn yourself with them.