quote:
Originally posted by midknightrider:
No, cash is the same as cash. What does Mastercard want at the end of the month...cash. I guarantee you pay for the convenience of being able to add up how much you spend and making one big payment.
You think Sonic, Krystals, and McDonalds etc. started accepting credit cards and paying processing fees as a customer convenience? No. They do it because they know you can spend more money. Their main objective is to get as much of your money as possible, and with a credit card the potential is unlimited.
I dont send VISA cash at the end of the month, I send them a check (actually, now I send them a bank draft through online banking.) A check is not cash either, now, is it? I dont pay one dime for the convenience, except in the increased cost at the merchant (Im sure they offset credit card fees through increased cost). As long as the 'cash' paying customer continues to pay the same amount as I do with my card, it costs me no more. Very few places have the 'cash' price and 'credit' price like the old gas stations. I dont pay an annual fee, I dont pay any finance charges, my card is completely fee free for me. Thats one benefit of an excellent (top 1% of the nation) credit score, which is earned through fiscal responsibility.
quote:
If you went to Sonic with $10 and no credit card, your spending limit is $10. But, if you went to Sonic with a credit card and no cash, your spending limit is whatever you decide. "Man that banana split sure looks good. Lucky for me I've got this credit card."
Wrong. I know my limits because I was brought up to take responsibility for my finances. If I have $10.00 to eat on, thats what I put on my card. In my
budget (see, thats were many folks fail today, inability to budget), I know what I can spend each month and thats what I spend. If I didnt have but $10.00 left to spend at Mcdonalds, thats all I would put on the card.
Lack of Fiscal Responsibility causes problems with credit cards, not the other way around. Dont get me wrong, credit card companies take advantage of people, no question about it. But if we, as a nation, were fiscally responsible for ourselves, then credit card companies would have very few people to take advantage of.
Jeepin'