Posted on 05/05/2020 5:37:56 PM PDT by fluorescence
I always pay my card off every month. Credit cards are the fastest way to build massive debt and destroy credit. They’re a necessity though
The credit card companies have seen the commercials - “What your credit card company does’t want you to know - we can get you off of having to pay them back...”
Nothing is ever free.
More likely it will reduce the available amount of credit. Credit card rates take into account not only the bank’s profit target, but its cost of money and the risk it won’t be paid back. I understand the impulse to punish credit card companies, but the net effect is rarely (never?) that the credit card company is happy to make a lower profit. The obvious move is to reduce credit lines and to eliminate credit altogether for those who become delinquent.
I would like to think that you are correct but its just not reality.
Well I know that credit card companies jack up the interest rate on people with good credit. Know it for a fact.
“The best way to screw them is to pay it off each month.”
That’s what we do. I worry they’ll cut us off since they aren’t earning much, if anything, from us.
Free money with perks. We get a cash bonus every couple of months. Better than a savings account at a bank.
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