Do the math! Gas Credit Card Companies are Seemingly Stupid, and think you are, too.
- Thread starter 69hurstolds
- Start date
I did the same, too. Except I did it several years before I retired. We still owe on the new SUV and truck, but it's minimal in the scheme of things and we're way ahead on those payments as well. Always remember using a credit card is a loan. Nothing more. A high priced loan. Get in the habit of living inside your means, and you'll have no problem paying off the credit card bills every month and still keeping the perks. The card companies are counting on you not paying them back that quick and soaking you for it.
a friend of mine who is a contractor buys all the supplies for his jobs on his credit card to get his air miles. He would pay the cards off when his clients paid and always within the 30 days. He would take a couple of trips a year on his air miles so he was happy....that was before covid of course
These Credit card "schemes", they do prey on the financially challenged, and not on persons such as you and I and others who pay off the monthly charge in full, reaping the gimmicky rewards programs benefits. That being said, I take advantage of these rewards and love them, never had an issue, and I hope they keep offering such deals in the future, to end or ban such programs because a few select can't manage their monies, would be as bad as banning cars because a few select cant drive.
I find that a credit score and an IQ score often go hand in hand, because when people have bad credit, its not from making the wisest decisions in life, and there is other factors that play into this too, but this is the quick outline. LET THE REWARDS KEEP COMING!..
I find that a credit score and an IQ score often go hand in hand, because when people have bad credit, its not from making the wisest decisions in life, and there is other factors that play into this too, but this is the quick outline. LET THE REWARDS KEEP COMING!..
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What no one has mentioned is the hidden cost of credit cards. We own a couple restaurants. 60% of my revenue is credit cards. I pay about 4.5% of the total receipts for the privelage of accepting a card. That includes if you tip your server. Of course I can't directly pass that cost on to you as a line item on a receipt. You'd take your business elsewhere. So I eat the processing fees on your purchase and my servers tips.
And in case you think this is just a tale of woe from a rich guy. In a perfect year my profit is about 3%. Of course there's no such thing as a perfect year so we usually break even. That's why I keep having to work at my day job. To sum up, the credit card companies make more money providing a digital record of money transfer than I do actually working and running a business. Rewards cards are some of the highest fee cards of the bunch. They can be as high as 5% to the merchant.
Do yourself and your local business owners a favor. Use cash. Then we can charge you less and maybe make a small profit too.
And in case you think this is just a tale of woe from a rich guy. In a perfect year my profit is about 3%. Of course there's no such thing as a perfect year so we usually break even. That's why I keep having to work at my day job. To sum up, the credit card companies make more money providing a digital record of money transfer than I do actually working and running a business. Rewards cards are some of the highest fee cards of the bunch. They can be as high as 5% to the merchant.
Do yourself and your local business owners a favor. Use cash. Then we can charge you less and maybe make a small profit too.
I was under the impression that most businesses had already tacked on that 3-5% in anticipation of folks paying with cards.
unlike your business I can get away without it and that is why I don't accept credit cards or debit cards....banks nickle and dime you to death and they charge you for the equipment to do it...
Which is weird, because many businesses around here prefer you to pay via CC or debit card due to Covid. Obviously they do take cash...but many have a little sign up somewhere saying they prefer that you use the touchless cards/phone wave dealios, or credit/debit cards.
Sorry, unless I'm offered a cash discount, if I'm getting the reward miles, etc., I'm using my card. You'll just have to bump your prices up a little more. Everyone seems to have anyway. I'll decide if I want to pay it.
Sorry, unless I'm offered a cash discount, if I'm getting the reward miles, etc., I'm using my card. You'll just have to bump your prices up a little more. Everyone seems to have anyway. I'll decide if I want to pay it.
cards are perfect for impulse buyers.....my popcorn card is always maxed out....
You ever buy car parts online with cash?
