loan sharking..the legal way

They make their real money off of retailers, by charging them for their service.

People that overspend are like gamblers, or alcoholics, they lack self control, and are a danger to themselves. People like that should know their addictions, and not have a credit card.

They pay me.
Then when life throws you a curve ball (medical),
pay with one that has 1.5% rewards and then balance transfer
to another at 0%. Pay off within their their terms.

Just look at all the financial wizards we have here...ffs

Then will you loan them your money?

Want a partial solution to the College Tuition ripoff ? How about the college HAS to be the co-maker of the student loan ? (co-signer)

Then we'll see who the college will accept and finance.

Great Video, but I would add how the money flow actually works.

Credit Card banks get the bulk of the money they loan out from the FED at prime rate.

The FED gets their money from you the tax payer.

So the CC banks loan you, your tax money at 18-25% they got from the FED at prime rate. Such a deal, who could resist?


Any wonder why you get 5-10 pre-approved apps a week in your mailbox?

That's a good strategy, but here's a way people can sometimes improve on that.


Let's say I want to buy a new wave runner, and the one I want to buy is $10,000. Let's say I have way more than the $10,000 on hand to pay for it in cash, or to charge it on one of my existing credit cards and then pay it off at the close of the billing cycle so I don't incur any finance charges.

The Yamaha dealer has a 24 month 0% interest finance deal in place with a credit card company.

Let's also say that my investments typically earn me 9% - 12% per year (even a Federal Money Market account earns ~2.6% per year).

If I take out the 0% interest for 24 months credit line the dealer is offering, then I can leave my cash ($10,000) in my investments, and just make the 0% interest payments for 2 years.

This way my money keeps earning me 9% - 12% per year (which is $900 - $1200 per year), while I pay 0% interest and pay off the loan in 2 years.

Net gain in this example is $1800 - $2400 over a 2 year period (or even using a Federal Money Market yield of 2.6% it's still a net gain of ~$520 over the 2 years period)

This is why I only use a debit,credit card... The stupid rating I have is in the high 800's... Whatever that means....

I never use my DC anywhere except in the ATM at an actual bank branch

only use Cash or CC at merchants

if there is a fraud problem with CC
it's their money they will fight for it

with DC if there is a fraud problem the bank's attitude is "FU too bad for you" & you won't likely see your money again

Last Edited by Naunet on 07/21/2019 11:36 AM

I spend about $60K/mo through my business every month... pay off the balance and rack some serious rewards.

I have so many miles I don't know what to do with them.


They have a new credit card for underage kids now (a friend of mine told me about it)...parents can load the card with $ so the kids can swipe...and swipe...and swipe...

They are trying to indoctrinate them even earlier now...used to be they would hit them at college age... with a crack pipe card...

Last Edited by BOOM!™ on 07/21/2019 11:42 AM

Damn!

Back in my day, they would turn up at primary school, and give you a free piggy bank if you opened a savings account...

Not only Amazon. You can redeem points for gift cards for Home Depot and a ton of other places. I love American Express points. Over many years, I've bought a stainless steel stove, a TV, an 8 by 12 area rug, a Vitamix, backsplash tiles.

American Express is not a credit card, because you have to make your payment every month. I use my card even for a $2 purchase. I'm spending the money anyway. I might as well get something for it.

Last Edited by truthwillsetyoufreeagain on 07/21/2019 11:49 AM

In the final analysis, there are producers and there are parasites on the producers.

Which are you?

It would be no exaggeration to claim that every producer has to charge for the burden of 50 potential parasites riding on their backs.

Thats why cost keep going up as the legal system and govt gets more and more parasitic.

Why is this nonsense super pinned??? Wtf??

it's interesting. in switzerland, i have my credit card from my bank. i pay 50.- a year for the card and have a direct debit from my account at the end of the month. so, that means i never pay any interest. of course, i don't charge more than i can afford. i use the card to work for me. 50.- a year for a month's worth of credit, every month of the year. works for me, and i don't have any debt.

Last Edited by Jay3 on 07/21/2019 11:52 AM

I actually bought my last TV new in the box at Rent-a-Center. Rent it when they have a big sale with the first month free, then pay it in full the second month and it costs about half of what buying it at a retailer costs as they are set up for rentals, not someone that buys the TV outright.

use someone else's

I used to have 10 credit cards with a $5000 credit limit on each. All were 0% intro offer for one year. Great! I thought. I used them, transferred balances (they charge you 3% to transfer) ...then I noticed their bills kept coming in late. Bills sent during holidays. Anything to trip you up....make you late....thinking they would get that $39 fee and increase your interest rate.

Finally I got sick of the bullshit. Keeping track of all those accounts. Balance transfers. It took up way to much time and effort. So I cut each one up with scissors and haven't had a credit card since.

I use a debit card or cash only. For all those who say a debit card is to dangerous? You need to get a super Credit Union like I have. If your debit card is fraudulently used they will not charge you anything and return your money....no problem. But you have to use a good honest institution....not B of A, or Wells, or Chase. A good local credit union that you trust.

Good luck....and stay out of debt...

Your pay check is your credit! Get a car! Yes there are lots of scams out there. You just have to be smart, if its to good then its not real.

Many people do get in debt forever. They make huge payments, but with big balances and high interest rates they never, ever pay off their debt.

Maybe it's good most people don't take advantage of such things, because they would probably stop the perks.



.

All you people who think your smart because your getting free points or miles? Did it ever occur to you that you purchase 100% more items simply because your brain is wired to want the points. In other words you are buying stuff you don't need because of the rewards. The credit card company's know this all to well.

We use ours and pay them off so as to not accrue any interest.
We get actual cash back, airline miles and Disney points (whatever those are LOL)

Haven't paid any interest on anything but the mortgage for years....

fucking hilarious,,i swore id only use my card for gas yet every month when i go to make a payment im like WTF?
then its ohh yea

Amzn mktp 765484749349 amzn.com/bill 2049548095

Amzn mktp 093664538743 amzn.com/bill 9489340349

Amzn mktp 457495894598 amzn.com/bill 5485794894


fucking Amazon is killing me...

Locally scammers were putting debit card readers in the ATMs, and then pulling out daily limits on people's checking accounts.

In Mexico the police learned that they could take tourists to a ATM, and get them to pay their bogus fine with a full daily limit, sometimes as much as $600 depending on the bank.

Then there's all the online scams giving crooks a direct connection to people's checking account via a debit card.

Not only should you never own a debit card, you should spread your savings out over several banks, and for added safety have a checking account in a separate bank. The banks hate it because they want all your money in one place, but like the old adage goes, don't keep all your eggs in one basket.

I've had banks fold on me, and if it wasn't for my other accounts in other banks, I would have had access to my money for days, possibly weeks.

That 3-5% is called the" discount rate" about 3% is the processing fee, above that is what the retailer pays for those kick-back offers to the card holder.
In my former micro business, I didn't accept Amex or Discover, the two big kick-back cards. Corporate cards also have high discount rates.

They still make 3% of your purchases. And sell all your data.

shock

Hey!

The entire western economic paradigm requires infinite debt expansion or the entire ponzi scheme collapses in on itself.

It's your patriotic duty to be a debt slave to the Babylonian Money Magicians!

:)

I know, right?....

I don't have a credit card, and I don't live beyond my means.


No problem....