Posted on 01/28/2020 8:22:25 AM PST by GraceG
COOL SPRINGS, TN—Popular financial guru Dave Ramsey announced Tuesday that he has teamed up with financial services corporation Visa to offer an exciting new credit card with a credit line of up to zero dollars for everyone.
“What’s great about the official Dave Ramsey card is that it always gets declined,” Ramsey said on his radio program. “Try to buy a new fishing reel? Declined. Try to book a family vacation you can’t afford? Declined. Replace a shredded tire you failed to budget for? Yup, you guessed it—declined.”
According to Ramsey, the new card also offers rewards points, giving 0% back on all food and gas purchases and 0% back when used and declined for purchases at online retailers like Amazon and eBay.
Ramsey also noted that the new cards will be made of a special, cut-resistant plastic, in case users are overcome with a desire to shear it in half with a large pair of scissors.
(Excerpt) Read more at babylonbee.com ...
LOL...what a brilliant idea!
Do you need a good credit score to get one of these new cards?
Does the card have a good Loyalty / Rewards Program?
You know....
:)
I hope it comes with an emergency number to call in case it is lost or stolen.
Somewhere around here I’ve an old store ad that actually arrived at the store I worked at: Buy 0 Get 0 Free.
Shared on Facebook.
The irony of all this is that Dave Ramsey’s “financial freedom” program requires a debit card to sign up (will not accept credit cards).
Debit cards are more dangerous than credit cards imho—if they are hacked the money comes out of your checking account and is lost.
With credit cards any theft is immediately addressed by the credit card company and you are not responsible for payment.
“Financial freedom” to get ripped off!
(I actually like the guy but do not like debit cards.)
Can handle the debit card issue by depositing all $ directly into savings (or into debit, then auto-transfer to savings), then [auto-]transferring the weekly budgeted amount to the debit card. At worst you lose a week’s spending.
Variant (which I do): have _two_ debit accounts, one receiving direct deposits and handling automated payments, auto-transfers $ to savings, savings auto-transfers limited/budgeted $ to general spending debit card.
So long as use of the debit card operates via Visa/MC credit system (vs you having to enter your PIN), Visa/MC is responsible for stolen funds. (Might be a bit harder to persuade them into restitution, but they’re legally on the hook.)
(I actually like the guy but do not like debit cards.)
I like him too, and I think he has helped millions get out of debt and get control of their finance and lives, which benefits society as a whole.
He’s a bit extreme when it comes to credit cards, but I sort of get where he’s coming from. For a lot of people it becomes a temptation to overspend and eventually end up with a balance they can’t pay off, especially for those who are undisciplined or on the edge financially.
I use a credit card and pay it off every month. It monitors strange expenses and covers any frauds.
Regarding debit cards: That would only be the case if you waited to report it more than 60 calendar days after your statement is sent to you.
ATM or Debit Card Loss or Fraudulent Transfers.
If you report an ATM or debit card missing before someone uses it, the EFTA says you are not responsible for any unauthorized transactions. If someone uses your ATM or debit card before you report it lost or stolen, your liability depends on how quickly you report it:
If you report: Your maximum loss:
Before any unauthorized charges are made. $0
Within 2 business days after you learn about the loss or theft. $50
More than 2 business days after you learn about the loss or theft, but less than 60 calendar days after your statement is sent to you, $500
More than 60 calendar days after your statement is sent to you. All the money taken from
your ATM/debit card acount, and possibly more; for example, money in accounts linked to your debit account.
If someone makes unauthorized transactions with your debit card number, but your card is not lost, you are not liable for those transactions if you report them within 60 days of your statement being sent to you.
https://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards
Should have been an “Elizabeth Warren Credit Card”
Zero Down, Zero Limit, Zero Responsibility to pay back
Do you need a good credit score to get one of these new cards?
Our first Robocall this morning was from a credit card company (un known) offering us a great credit card offering us a great deal on a credit card due to our credit rating.
Saw an old, beat up Honda with a bumper sticker that read: “Dave Ramsey makes me drive this car”
A lot of people might get this card for their significant others if it were real...
Me too. Credit card companies hate my guts. I have about $60k worth of credit on them (they keep upping it to suck me in) and barely use 2% of that. A couple of years ago I bought a new (to me) motorcycle, and put it on one of my cards. I can just imagine the CC company rubbing it's hands in anticipation of me finally paying interest, only to be crushed completely when I paid off the interest free loan on the following billing cycle.
You bet you’d better have a score of 850 otherwise they won’t issue the card. The card company wants to make sure you don’t spend too much on this new card.
There’s a lot of them that give you a few percentages back. I have the Costco Citi card that give you 4% back on gas purchases and a bit less on other purchases.
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