"Latest bank fee is for paying off credit card on time everymonth"
in [Frugal Living]
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From: SMS on 21 Oct 2009 04:27 The Real Bev wrote: > aesthete8 wrote: <snip> >> http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm?se=yahoorefer >> > > Good luck with that. If I ran a credit card company then I certainly wouldn't be happy with you or me as a customer. Never pay interest, never pay late fees, charge everything, but get more back in cash back then the credit card company collects in merchant fees. How long can they continue these rewards cards? Countrywide had a 2% cash back Visa that they dropped after they got sold to BOA. One card I have offers a $500 airline ticket on any airline for $25,000 in charges, essentially 2% if you use the full value, but they no longer offer the card (though they haven't dropped existing card-holders). Now Schwab has a 2% cash back Visa, which has the additional benefit of not charging any foreign transaction fee--they even absorb the 1% that Visa charges. The Costco Business Amex gives 4% back on gasoline, much more than Amex charges most gas stations. Basically the people subsidizing the credit card system are a) those people that carry a balance, and b) the people using cash, checks, debit cards, and non-rewards credit cards. While it's great that they're willing to do this, how long is this boondoggle going to last?
From: George on 21 Oct 2009 07:39 SMS wrote: > The Real Bev wrote: >> aesthete8 wrote: > > <snip> > >>> http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm?se=yahoorefer >>> >> >> Good luck with that. > > If I ran a credit card company then I certainly wouldn't be happy with > you or me as a customer. Never pay interest, never pay late fees, charge > everything, but get more back in cash back then the credit card company > collects in merchant fees. > > How long can they continue these rewards cards? Countrywide had a 2% > cash back Visa that they dropped after they got sold to BOA. One card I > have offers a $500 airline ticket on any airline for $25,000 in charges, > essentially 2% if you use the full value, but they no longer offer the > card (though they haven't dropped existing card-holders). Now Schwab has > a 2% cash back Visa, which has the additional benefit of not charging > any foreign transaction fee--they even absorb the 1% that Visa charges. > The Costco Business Amex gives 4% back on gasoline, much more than Amex > charges most gas stations. > > Basically the people subsidizing the credit card system are a) those > people that carry a balance, and b) the people using cash, checks, debit > cards, and non-rewards credit cards. While it's great that they're > willing to do this, how long is this boondoggle going to last? Since the mega banks own all of the politicians I can't imagine any changes being made. The ultimate goal is for cash to go away with banks firmly inserted into every single transaction. It will go away when that happens because they won't need to do it. I always thought if someone wants rewards they should pay for them themselves.
From: George on 21 Oct 2009 17:44 Rod Speed wrote: > George wrote: >> SMS wrote: >>> The Real Bev wrote: >>>> aesthete8 wrote: >>> <snip> >>> >>>>> http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm?se=yahoorefer >>>>> >>>> Good luck with that. >>> If I ran a credit card company then I certainly wouldn't be happy >>> with you or me as a customer. Never pay interest, never pay late >>> fees, charge everything, but get more back in cash back then the >>> credit card company collects in merchant fees. >>> >>> How long can they continue these rewards cards? Countrywide had a 2% >>> cash back Visa that they dropped after they got sold to BOA. One >>> card I have offers a $500 airline ticket on any airline for $25,000 >>> in charges, essentially 2% if you use the full value, but they no >>> longer offer the card (though they haven't dropped existing >>> card-holders). Now Schwab has a 2% cash back Visa, which has the >>> additional benefit of not charging any foreign transaction fee--they >>> even absorb the 1% that Visa charges. The Costco Business Amex gives >>> 4% back on gasoline, much more than Amex charges most gas stations. >>> >>> Basically the people subsidizing the credit card system are a) those >>> people that carry a balance, and b) the people using cash, checks, >>> debit cards, and non-rewards credit cards. While it's great that >>> they're willing to do this, how long is this boondoggle going to >>> last? > >> Since the mega banks own all of the politicians > > Just another of your silly little fantasys. > >> I can't imagine any changes being made. > > They just were. Nice theory, pity about the real world. > >> The ultimate goal is for cash to go away with >> banks firmly inserted into every single transaction. > > Doesnt matter what their ultimate goal is, it aint gunna happen. > >> It will go away when that happens > > Nope, because that aint gunna happen. > >> because they won't need to do it. > >> I always thought if someone wants rewards they should pay for them themselves. > > You have always been, and always will be, completely and utterly irrelevant. > > What you claim to have always thought in spades. > > Did I hurt your poor little feelings that much? "Rod Speed" worlds biggest expert on *everything*.
From: George on 22 Oct 2009 07:01 Rod Speed wrote: > George wrote: >> Rod Speed wrote: >>> George wrote: >>>> SMS wrote: >>>>> The Real Bev wrote: >>>>>> aesthete8 wrote: >>>>> <snip> >>>>> >>>>>>> http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm?se=yahoorefer >>>>>>> >>>>>> Good luck with that. >>>>> If I ran a credit card company then I certainly wouldn't be happy >>>>> with you or me as a customer. Never pay interest, never pay late >>>>> fees, charge everything, but get more back in cash back then the >>>>> credit card company collects in merchant fees. >>>>> >>>>> How long can they continue these rewards cards? Countrywide had a >>>>> 2% cash back Visa that they dropped after they got sold to BOA. One >>>>> card I have offers a $500 airline ticket on any airline for $25,000 >>>>> in charges, essentially 2% if you use the full value, but they no >>>>> longer offer the card (though they haven't dropped existing >>>>> card-holders). Now Schwab has a 2% cash back Visa, which has the >>>>> additional benefit of not charging any foreign transaction >>>>> fee--they even absorb the 1% that Visa charges. The Costco >>>>> Business Amex gives 4% back on gasoline, much more than Amex >>>>> charges most gas stations. Basically the people subsidizing the credit card system are a) >>>>> those people that carry a balance, and b) the people using cash, >>>>> checks, debit cards, and non-rewards credit cards. While it's >>>>> great that they're willing to do this, how long is this boondoggle >>>>> going to last? >>>> Since the mega banks own all of the politicians >>> Just another of your silly little fantasys. >>> >>>> I can't imagine any changes being made. >>> They just were. Nice theory, pity about the real world. >>> >>>> The ultimate goal is for cash to go away with >>>> banks firmly inserted into every single transaction. >>> Doesnt matter what their ultimate goal is, it aint gunna happen. >>> >>>> It will go away when that happens >>> Nope, because that aint gunna happen. >>> >>>> because they won't need to do it. >>>> I always thought if someone wants rewards they should pay for them >>>> themselves. >>> You have always been, and always will be, completely and utterly >>> irrelevant. What you claim to have always thought in spades. > >> Did I hurt your poor little feelings that much? > > Never ever could bullshit its way out of a wet paper bag. > > Do you ever tire of making yourself look so silly with your set of robotic responses?
From: SMS on 22 Oct 2009 08:41
George wrote: > Do you ever tire of making yourself look so silly with your set of > robotic responses? Don't you realize that "Rod Speed" actually is an automated response generator? The only people that look silly are the ones that respond to it with indignation over how stupid the responses the bot actually are. Whoever wrote the "Rod Speed" auto-responder probably also has some sort of bot that counts the responses to the posts. |