Why are people okay with credit and credit ratings ruling their lives?


Why are people okay with credit and credit ratings ruling their lives?

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>discovers credit rewards for the first time
I got my first credit card, threw it in a drawer and a year later had a 720 credit score, am i a financial genius?

He is basically cheating the system without realizing it. 99% of population does not have this sort of ability to plan ahead and strategically spend resources. Hell, my ex got in pretty serious debt 2 month after getting her first credit card, because she had no self control.

I do this. I even pay my rent by credit card becasue it costs those cocksucking lanndlords 2 points to process the payment haha

>baby's first credit card
Wow, mind blown, credit cards can be used to your advantage if you are not an idiot.

Here's what actually happens with your 3% cashback BTW: the bank charges the shop 20% processing fee, prices go up 20% to reflect this, you get thrown a 3% bone, shops don't dare refuse credit cards because they are so (((convenient))) and nobody would shop there anymore.

This. If you have a planning horizon that extends further than 6 weeks you can use credit as a resource. I rotate every expense across my Amazon CC, take the 5% cash reward and all my Amazon shopping is free. Thinking about using the card to pay my mortgage just for the glorious scam of it all.

>shops don't dare refuse credit cards because they are so (((convenient))) and nobody would shop there anymore.
Many shops in the cash are US only and it was starting to spread to Europe as well, but Europe just outlawed it. I (((wonder)) why.

This is good. I'm glad your family didn't fall for the hyper-independence meme. Unfortunately, most in the US did.

Pretty much no shops in major cities refuse credit cards

It is a very ((strange)) trend. I've ((noticed)) that as well.

I don't own a credit card and i managed to buy a flat so who fucking cares, credit cards are for window licking cunts.

>go to the jewish strongholds
>not expecting jewish practices

wtf so credit cards leech a fee off literally everything and the goys have to use them to build credit

why is this (((allowed)))

I have plenty of money in my bank account, but use my credit card whenever I can. If you pay off your bill every month, the rewards are free money. 1% back on everything and 5% on big rotating categories.

You're stupid if you don't do this.

You should care. Credit cards have caused the cost of literally everything to go up 2% or more. Do you really think the businesses are just gonna say ok and take that hit on every single transaction they make?

i am trying to understand this, i thought every purchase it was automatically 15% interest. I dont understand how credit cards work desu. So your saying if i have 100$ of charges to my credit card and its 15% interest, but as long as i pay more then the minium pay of 15$...then i am essentially gaining from this?

Debit cards do as well, except the fee to vendors is even higher.

yes, credit cards can benefit the user (depending on the credit card) if you pay off the ENTIRE balance on every billing cycle where you can get a couple percent of your purchases back
the problem is the credit card company operates by pushing credit cards on financially illiterate individuals who don't understand that it isn't free money and get stuck paying interest payments because they're dumb

Plus you get a fuck ton of protection from fraudulent purchases and credit card skimming.

Image Search - "Le Happy Merchant"

Well that is annoying but not much i can do about that.

You know why.

As long as you pay the entire charge before the timeframe after the statement comes(usually 21-25 days) you don't get charged any interest. After that you get charged interest daily and it compounds.

no, you only gain if you have a cashback/rewards program and you pay off the entire balance
the "minimum payment" is to avoid additional late payment fees, the 15% interest is on the loan the credit card company is extending to you, it's you paying them 15% of whatever you haven't paid off

No. You pay interest on any amount you owe at the end of the payment period.

If you payoff your balance at the end of every month, you pay no interest.

>another plebit thread
>1 post by this ID
kys faggot

>am i a financial genius?
No. You're missing out on free money from the points. Pay your bill and the credit card companies literally pay you.

There used to be a group on Reddit that planned out the best paths possible for reward cards. What they would do is "tumbling" the same debt through a dozen cards to rack up insane amounts of reward points and pay it off in full. This lead them to get shit like free airfare and vacations nonstop. My understanding right now is the credit card companies realize we're heading into a recession and are cutting back on rewards for cards now. No idea if this card tumbling group still exists. The idea is too based to be allowed to exist on Reddit.

This stuff has power over you and there's nothing you can do besides take advantage. It's like saying you don't let gravity control your life, but refusing to board planes instead of being able to levitate

Pay complete balance each and every month. I zero out my balance every three weeks to avoid all charges and fees. If you do that it is a on-demand interest free loan, plus whatever bonus the card grants.


People are sheep.

And they want everyone else to be sheep and fall in line as well.

Sheeps hates dogs, but they love and follow their shepherd. And they especially hate wolves.

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There's a grace period. So long as you pay your statement balance, there is no interest. If you don't, then there is no grace period and every charge instantly accrues interest.

to reiterate, DO NOT use a credit card unless you are fully capable of paying off the ENTIRE balance spent each billing cycle or you're gonna get fucked in the ass

I had a credit score of 820 before I bought my house. After buying my house (only debt I have) my score dropped to 720.

On the flip side my cousin, who owes well over $40k in car loans, has score of 800 even after trading his car every year and rolling over the negative equity. My other cousin who owes $20k on his car also has a score of around 800.

It’s like (((they))) resent you for not making bad decisions and punish you with lower credit scores.

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haven't had a credit card in 20 years...pay cash for everything...

feels good

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Truth. Credit Cards are a meticulously designed machine that will rape you to death should you allow it to land a hook on you.

This is fine and normal if you aren't retarded.
They rely on you being a moron however.

Destroyed my credit card. It brought nothing but misery and am better off without it.

they're useful if you know what you're doing, assuming you can pay off your balance every month you can get 2-3% back on your purchases plus fraud protection
if you're not able to keep track or don't want to worry about this then absolutely cash only is the way to go.

Maybe not everyone is impulsive with money?

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Credit is private money, created by high street banks.
When you use credit, new money is created. When you pay it off, the money is destroyed.

That 15% interest is not off every purchase, its off whatever you owe at the end of the month.
So if you spend $1500 dollars across several purchases and at the end of the month pay back only $500 then you are going to get charged 15% of the remaining $1000.

They make money because the majority of the population doesn't plan ahead in a financially responsible way. They buy a ton of shit and at the end of the month they pay back whatever they can. The company makes money off the unpaid portion.

If you can plan your credit card payments around your income, making sure you never spend more than what you will be able to pay, and then you pay what you owe before the end of the month you are basically not gaining nor losing anything.

But if you get a card that gets you rewards for each purchase and never fail your timely full payments then you are basically making money.

they are not...

live within your means...pay cash...

stop paying evil

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Righteous Post

Sit quietly for a moment and let this fact wash over you.

>Credit cards have caused the cost of literally everything to go up 2% or more
way way waaaaaaay more than 2%. Thats the adjustment for the interested they charge the vendor maybe. Credit in general, and insurance are the reason everything is unavoidable. Nothing has to be affordable if you dont have to afford it and can just insure it.

I have one credit card that gives cash back rewards. I use it to pay as many utilities as possible and do my grocery shopping with it. With the cash back I buy myself guns and ammo. Last time I racked up a nice $800 cash back which I used to buy an AK. Nothing wrong with it as long as you pay your card on time and never pay interest or any fees.

my ex ran up debt that took me 7 years to pay off...I said never again...am very happy

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If I want something, I save for it and pay in full. Debt-free all my life. I won't let anyone own me or my time.

The simplified idea is you only buy things you could actually pay in cash at the moment, but by using the card you get a small percentage back, then you zero out the balance.
The problem is that if it slips off your mind and you forget to zero it out then you are going to get fucked.

Shilling (((Credit Cards))) on (((Reddit))). Jews are worse than Niggers.

>my ex ran up debt that took me 7 years to pay off

Jesus man, cuck the fuck down

because in our debt based economy, debt is king. the more debt you are able to take on, the more capital you can allocate to investments. You then arbitrage the interest rates between the rates you owe on the debts and the amount of interest you are earning from investments. You can make more if your cash flow is on point and you end up owing less interest.

When someone hands you a line of credit, say $1000. You use it to gross $1200. You then repay the $1000 and keep the $200. Continue ad infinitum until you don't feel like doing so anymore.

Of course you don't need credit if you inherited a shit load of money to continue to build on, but those without that utilize debt to start with. Why do you think Connecticut, of all places, has the highest debt-per-capita out of all the states in the republic? It's because they know how to appropriately balance debt/equity to continue acquiring assets.

Good luck building credit without a co-signer.

>Many shops in the cash are US only

^she said^

"cash back rewards"

like it makes her fiscally responsible

it does not congressman

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>threw it in a drawer and a year later had a 720 credit score, am i a financial genius?

you are still missing out
I did the same thing when I was younger and had about a 715-730 score too
then I started making every possible purchase on my CC, basically everything but rent and the power bill
I kept the same financial habits otherwise; when some loan officer did a credit check a few months ago on me he said I had an 825
unless the vendor gives you a few percentage discount for paying cash there is no reason not to use a CC, especially vs. a debit card as the CC is sort of a buffer against fraud too

these terms are kind of beyond the scale of most victims of credit card debt
they're not leveraging their credit cards, they're buying stupid shit they can't pay off because they don't understand what they signed up for
and if you do understand leveraging you probably aren't looking for financial advice on an anonymous siberian twine knot twisting forum

you can pay evil...

or you can pay cash...

your choice

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>That 15% interest is not off every purchase, its off whatever you owe at the end of the month.
APR is annual. If you have a debt of $1000 on your credit card at 15% interest, it'll increase to like $1012 when the month rolls over. If you let it keep going for a whole year it'll go to $1150.

>missing out

These two posts
I do not like them

I don't understand how this isn't everyone's mindset towards credit cards. For the longest time I didn't even have one, and only got my first like two years ago. None of my expenses changed, only the card I used to pay for them.

You only get 3% on non-Amazon purchases.

be me
have credit card
doing things the right way

be me
girlfriend moves out
dont have enough rent money for multiple months
have to fucking paypal myself from a credit card

be me
too in debt to pay it off
minimum payments are too high for me
now I must slowly pay them a fuck ton over time

they can help you but they can also fuck you over its pretty 50/50

>you can get 2-3% back on your purchases
what is the interest rate charged? i assume it must be less than 2-3%, otherwise you'd be giving away money for no reason... right user?

basically preying on the mentally ill with no sense of self control
same deal with gambling or drugs i suppose

enjoy a life of paying evil

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gets it

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>they can help you but they can also fuck you over its pretty 50/50

False, it’s all about keeping tabs on it. This isn’t about luck or mysterious forces, it’s about you having to think about it and budget accordingly and stay away from $5 purchases that you don’t see everyday.

People who think like you end up with $10k in CC debt and wonder how

rewards programs give you rebates on what you spend
if i spend $100 bucks a month, I get $2 back
you only pay interest if you fuck up and miss a payment
if you don't miss payments you're good

Why should anyone listen to you? You're the retard who was dumb enough to let some woman run up 7 years of debt in your name, faggot.

The cash back rewards are not enough to justify the entire credit system.

>Credit card companies don't already make a huge profit from financially illiterate black people to pay your measly 3% cash back

well we live in a society where money is king, so the only choice at the moment is to make it work for us
I saved money and kept 10s of thousands in the bank after 2008, but that was the absolute worst thing to do even though saving money is considered a virtue by conservatives

I use a credit card for every single purchase in my life, just like your cancerous reddit screenshot. I too have never paid a cent in interest, and I get 1.5% back on all purchases, I have a Costco credit card that gets be 5% back on gas and 3% at restaurants. There are only positives to credit cards *IF* you only ever spend money you have. I have a total credit limit of I dont know $30,000? I would never use that fully.

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no, there is only interest if you do not pay off the balance by the end of the month. The downside of using it as a glorified banking account is that you can get surcharged using a credit card.

I learned faggot..

but please slave on to evil...

you sound like you love sucking the devils dick

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and if you miss a payment, how much could it cost you? cos it seems to me that you burgers are risking huge debt for a few dollars in """free money"""

You're credit is holding you back. The cash back has you groveling over pennies and contentment towards making more money with work.

i'm sure it's astronomical
the point is yes, if you are diligent about keeping track of your expenses, credit cards can help you, there's no such thing as risk-free anything
if you're hopeless with your expenses you shouldn't be touching them with a ten foot pole

>free money

They track your purchases and sell the info plus the money they make off debt leverages

and thats only on gas, drug stores, and something else everything else is 1 percent

A lot of things are labeled as a convenience these days that are not but owning a credit card is the textbook definition of a convenience.

What he is doing is whats called credit optimization. He is taking all the perks if credit cards while
Avoiding all the negatives. Namely interest. There is absolutely nothing wrong with living life in credit as long as you make sure to pay your statement, thus avoiding interest. You can make money (small amounts) if you are not retarded. (Cash back adds up especially if you use the card as a daily driver)

Have fun buying a house later in life

wrong. any balance on a card past a billing cycle is compounded. It works to the APR divided by 12 per month. If we go with this theoretical 15% APR then it would be 1.25% per month and our theoretical $1000 balance would, after a year, be roughly $1160.76

When it comes to credit, for some reason right wingers lose their balls.

Baby sitting shortsighted retards is not a reason to give up on the idea of having credit.
Stupid people are going to destroy themselves no matter what you do. Somebody is going to profit off of their incompetence. You can't stop that.

By all means, destroy the jewish establishment, but doing it by railing against an important and valuable economic tool is so idiotic.

Credit cards don't help you make more money.

You're right, I fucked that up. My main point was that it doesn't charge you 15% of the balance each month, which is what that Canadian was saying.

some may get it

stop "wanting"

start living a FREE life free of debt...

20+ years debt free...

feels good

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a lot of this could be avoided by teaching home economics in school
i am fortunate that i learned all this from my parents since i sure as shit didn't get it in school
too many people in this country are financially illiterate, which goes hand in hand with why student debt is a huge problem, it's all the same thing

Interest on credit cards is usually around 20%, and missing a payment causes your credit score to plummet.

They are brainwashed, weak minded morons. They read a book once on economics, and doing so made them feel smart. And to maintain that self-delusion, they had to belive it. saying, "weird that our banks can print money to bail out the eliete and subvert the so called 'free market' but if i tried that it would be called counterfeiting" wasn't an option to them.
so they keep investing in this sunken cost. and that's how you get things like, "oh, i NEED to go into debt and pay these companies my money so they give me (yet another artificial) score that says i can go into even more debt at some point.

I don't follow. My spending habits are identical to if I used cash only, I just get thinks functionally slightly cheaper.

addendum: and with that theoretical new balance you wind up actually owing more than 15% in interest.

>they are so convenient oy vey how can you not use them. Everyone else is

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I own my house...

payed cash

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contrary to popular belief, the FICO score isn't based totally on how likely one is to pay their debts on time.
Its a measure of how profitable it is to lend to you.
If you have little or no debt, you aren't making (((them))) any interest. This will lower your score. It don't drop it completely without some negative events like late payments or charge offs, but the highest scores will only be had by those who do carry some decent debt and pay some interest.
Basically an 800+ FICO is a sign saying "Target me, (((bankers)))"

they can if you're responsible and pay off your balance every billing cycle
when i ran my own business all my expenses went through a business credit card, with rebates that's 2% back on all your expenses

No, you didnt user. I misread your post as saying that it would be 1012 after a year. So, I am the one who is the retard here, at least I am not a canadian.