Community Chat

[gertrudecloset]

---

@Carmie wrote:

---

@gertrudecloset wrote:

---

@froggy wrote:

---

@gertrudecloset wrote:

---

---

@froggynot all cards offer cash back.  You know one does have to "shop around for good rates and perks for their credit cards.  And you must have excellent credit to get the good cards don't you?

@gertrudecloset  I didn't say they did. My point was that the CC companies make money whether or not they give rewards or whether you pay the balance every month.

---

---

@froggyHow are they making money if you don't pay their exhorbitant APR's?  Don't say merchant fees because that doesn't even come close.

---

The big CC companies  are making millions every month from these percentages they take.  People are using the cards 24/7/365 all over the world.  They make so much they give you cash back.

Think big as in millions and millions of dollars spent and fees collected.

---

I get what your saying....trust, I do.  But the are they leaving all the rest of that cheddar on the table because many people decide to pay their balance every month and not carry it (so it earns interest)? 

You can't really expect me to believe private companies (banks) are in that kind of business @Carmie .  It's not the "American Way."

[TurnerGal]

---

@gertrudecloset wrote:

---

@skatting44 wrote:

1)  Do you spend  even though you don't have the cash by putting all bills on credit cards.

2) Do you spend the amount you have saved or expect to be paid for working ?

3) Do you pay for most things on credit cards and then pay the balance off at end of month ?

4) Do you spend  by using credit cards and don't care if you ever pay off the balance ?

5) What happens when the  spending party stops ?

---

@skatting44 These are very intrusive questions.  Anyhow, it folks want to answer you, they have every right to do that.  I wouldn't though....because it's no one's business but me, myself and I.

---

I really don't think they are intrusive.  I think finances and weight are a big "secret."  I know at one time I had too much credit card debt.  I made too many purchases.  I refinanced my house a couple of times.  At times I was probably a "shopaholic."  I have worked very hard over the last 10 years to pay everything off (except house which has about 1 more year).  I had to really stop and ask myself and think about it for awhile if I really wanted the item.  There were too many impulse purchases.

My point is I think lots of people say I pay my credit cards off every month, but according to surveys that is not true.  If we didn't shame people about their spending  then maybe would be more responsible. 

I see many kids going into massive debt with student loans.  I think if you are a parent you have responsibility to teach your kids how to budget and spend their money.  Familes often don't discuss it and bad habits continue down the line.  Other than teaching our kids to be good people,  I think the second most important thing is to teach them financial security.

For any of you now struggling,  you can get out of debt.  It may take some time,  but it will ease your stress.  Make a plan and change your habits.  Now if I can only get my weight under control  then all will be well.

[froggy]

---

@gertrudecloset wrote:

---

@froggy wrote:

---

@gertrudecloset wrote:

---

---

@froggynot all cards offer cash back.  You know one does have to "shop around for good rates and perks for their credit cards.  And you must have excellent credit to get the good cards don't you?

@gertrudecloset  I didn't say they did. My point was that the CC companies make money whether or not they give rewards or whether you pay the balance every month.

---

---

@froggyHow are they making money if you don't pay their exhorbitant APR's?  Don't say merchant fees because that doesn't even come close.

---

Oh, good grief! I guess they just let me use their cards and give me cash back and airline points because they like my beauty and sparkling personality.

[gertrudecloset]

---

@froggy wrote:

---

@gertrudecloset wrote:

---

@froggy wrote:

---

@gertrudecloset wrote:

---

---

@froggynot all cards offer cash back.  You know one does have to "shop around for good rates and perks for their credit cards.  And you must have excellent credit to get the good cards don't you?

@gertrudecloset  I didn't say they did. My point was that the CC companies make money whether or not they give rewards or whether you pay the balance every month.

---

---

@froggyHow are they making money if you don't pay their exhorbitant APR's?  Don't say merchant fees because that doesn't even come close.

---

Oh, good grief! I guess they just let me use their cards and give me cash back and airline points because they like my beauty and sparkling personality.

---

Awww man, you'd be the exception instead of the rule @froggy .

I challenged your assertion and you come back with snark.  I asked you because you seemed to know more than me about what Credit Companies do for people.

[froggy]

---

@gertrudecloset wrote:

---

@froggy wrote:

---

@gertrudecloset wrote:

---

@froggy wrote:

---

@gertrudecloset wrote:

---

---

@froggynot all cards offer cash back.  You know one does have to "shop around for good rates and perks for their credit cards.  And you must have excellent credit to get the good cards don't you?

@gertrudecloset  I didn't say they did. My point was that the CC companies make money whether or not they give rewards or whether you pay the balance every month.

---

---

@froggyHow are they making money if you don't pay their exhorbitant APR's?  Don't say merchant fees because that doesn't even come close.

---

Oh, good grief! I guess they just let me use their cards and give me cash back and airline points because they like my beauty and sparkling personality.

---

Awww man, you'd be the exception instead of the rule @froggy .

I challenged your assertion and you come back with snark.  I asked you because you seemed to know more than me about what Credit Companies do for people.

---

@gertrudecloset  OK. The CC companies probably do make most of their money from whatever percentage of those who do not pay off their balances. But they still make money from merchant fees. Why would they cancel all those cards from which they make these incremental amounts? As @Carmie  said, there are millions of cards and billions of transactions going on every day. They add up to a lot of money whether or not anyone pays interest on it.

[gertrudecloset]

---

@froggy wrote:

---

@gertrudecloset wrote:

---

@froggy wrote:

---

@gertrudecloset wrote:

---

@froggy wrote:

---

@gertrudecloset wrote:

---

---

@froggynot all cards offer cash back.  You know one does have to "shop around for good rates and perks for their credit cards.  And you must have excellent credit to get the good cards don't you?

@gertrudecloset  I didn't say they did. My point was that the CC companies make money whether or not they give rewards or whether you pay the balance every month.

---

---

@froggyHow are they making money if you don't pay their exhorbitant APR's?  Don't say merchant fees because that doesn't even come close.

---

Oh, good grief! I guess they just let me use their cards and give me cash back and airline points because they like my beauty and sparkling personality.

---

Awww man, you'd be the exception instead of the rule @froggy .

I challenged your assertion and you come back with snark.  I asked you because you seemed to know more than me about what Credit Companies do for people.

---

@gertrudecloset  OK. The CC companies probably do make most of their money from whatever percentage of those who do not pay off their balances. But they still make money from merchant fees. Why would they cancel all those cards from which they make these incremental amounts? As @Carmie  said, there are millions of cards and billions of transactions going on every day. They add up to a lot of money whether or not anyone pays interest on it.

---

@froggyYou hit the NAIL ON THE HEAD!  Most people don't pay off their balances every month.  The companies wouldn't make money. 

Asking this sort of question is futile because most are not going to be truthful.  Very rew will, most won't.  Thank you for your response.

[millieshops]

@Kachina624   Your post reminded me of a woman who showed up at our community pool raging about being denied for a new credit card.  "I need it to pay off what I owe on the card I've been using."  Anyone surprised she eventually lost her house to foreclosure?     Real story -  from the 1980's!

[Carmie]

Many, manyyears ago, I had a QVC cc.  I used it occasionally,but not a lot.

Sometimes I paid the balance in full and sometimes, I paid the minimum due.

My error, one month, I didn't make a payment. I just overlooked it.  I got a letter saying my card was cancelled for non payment.   I only missed one payment, one time...and poof!

That was a surprise.  

[RedTop]

I could have written @Carmie's post.

We have always lived within our means; never maxed out a credit card or even been close to it, and buy only what we need.

We are grateful to live a comfortable and simple life in our retirement.

My parents never had a mortgage on the house they built; when they saved enough money, they built and finished the basement.   We lived in the basement while they saved enough to frame the rooms upstairs and get it closed up and under roof.   Only half of the upstairs had sheetrock when we moved up there right before I started school a month before my 5th birthday.   My parents never had a credit card; Mom is 87 and still doesn't have one.   

[Love my grandkids]

@skatting44 I NEVER discuss my finances with anyone and I sure as heck won't share such personal information with a bunch of strangers!