loan sharking..the legal way

Funny + powerful. We need more vids like this. Comedy can cut through the mind's firewalls.

5*
Its a big ripoff but most people dont understand.

If you're smart you can use them to make money.

I'm sure the credit card companies hate me. I pay off all of my balances every month. In their eyes, I'm sure that makes me a deadbeat. :-)

Law of Averages. They don't care or think about you.

They have statistical models to show what the average person will do and they budget in for the people who pay off every month. It's all built in.

Please share how

If you buy all your groceries and gas with one that gives you points, then you can redeem the points on Amazon.

American Express is basically paying me to use their card.

You still probably buy crap you don’t need that you wouldn’t buy if you used a debit card!

Same here. Many times the same day I charge something.

And yet credit card companies are angels compared to the cash loan companies, those guys are the real loan sharks. They take advantage of the poor and desperate, they should be illegal.

Actually, NO! I use my cards the same way I used to write checks -- to buy gas and groceries. If I don't have the money, I don't buy.

In regard to buying stuff I don't really need, I will admit to buying a new motorcycle a few years ago. I put it on my Discover Card. Shortly after riding my new steed into the garage, I went online and paid it off. I'm old school. If I don't have the cash I don't buy. That goes for cars as well.

I make money using my Discover card. I pay off everything monthly so no charges to me. But I get 2 percent back at the end of the year. That's free money for me.
And I have no annual fees.

You have to use the right card and always payoff the balance. Mine gets paid automatically from the bank.

There was a guy on my ship that loaned 20 for 30, over a couple years he made enough to buy a new corvette.

FED

The true goal of a loan shark is to make it impossible to pay off the debt and keep payments coming in permanently

Good info (OP)

they still take their cut from the merchants

so even if you're paying off your balance every month they're still making money

Correct

They are actually making whomever the merchant is pay for your points

We have air lies in canuckistan

I basically get 2k $ of points per year using the amex

Don't ever use a debit card. Those things are dangerous, and directly connected to your bank.

I use four banks and I would never activate one of those dangerous things.

Credit cards keep things separated, and safe, plus they're insured, unlike debit cards.

The only time I used a debit card was for overseas travel, because they give you the best exchange rates. I opened a separate checking account in a separate bank strictly for the job. In some countries, like India, they only except cash, no credit cards.

they get between 3-5% from the retailer. so even if you think you are not spending money on having the card the retailer is and charging everyone a few percent more to cover those costs.

Sad, funny and true.

Another deadbeat here! I only think of them as a convenience card, to make purchases over the phone or online.
I started a micro business once and used 2 cards get it rolling. 0% for a year, and had them both paid off on time. I used their money for free.

but yeah thanks card users for driving up prices for everyone and they get a little kick back so they think they are winning. lol

I used to have three, now zero. Thinking it was cool. Then I realized it was stupid.

It's like going to Vegas, if you know all the little tricks, you get all kinds of free stuff.

It's just a matter of research, and being smart.

Most people are too lazy to save money, and get the free perks.

Credit card companies use internal scoring to show the profitability of each customer. You can never see this score! But they know exactly what they will make off of you with stunning accuracy.

Also, debt creates wealth. They make money just by extending you credit to build up their balance sheet.

Better than womaning.

God. Glp has gone so pc we can't even say mud and shark anymore.