/biz/ - Business & Finance

[Anonymous No.10736906]

>Americans paid $104 Billion in credit card interest
The Absolute State of the USA

[Anonymous No.10736957]

>>10736906
OBSESSED
B
S
E
S
S
E
D

[Anonymous No.10736962]

I paid like $30 the past year, did I fuck up?

[Anonymous No.10736981]

>>10736906
>cash+ with US Bank
>get around $35 every month
>no maintenance fees
How do people fail at credit cards? Jesus Christ, this shit is easy

[Anonymous No.10736993]

>>10736906
Are europoors even allowed to have credit cards? If so, I imagine that there's like a 30% tax on each transaction lmao

[Anonymous No.10737012]

>>10736993
We can. Difference is we're not retarded financially and prefer using debit. If you can't afford it, save up. Fuck predatory credit solutions.

[Anonymous No.10737015]

Just pay on time? lol? I bet it's niggers paying all that interest anyway

[Anonymous No.10737028]

>>10736906
i became unhinged at a family dinner a couple weeks ago when my brother and mom were both casually talking about their maxed out credit cards. I'm like holy fuck you realize you pay like 20% on that loan right? they almost seemed confused when I referred to it as a "loan" as if they thought it was just magical plastic money that appeared out of thin air.

Shit makes me sick, the average person is so fucking dumb with money I almost feel like anyone who has a clue owes it to themselves to be as slimy as humanly possible and extract as much money as they can from these fucking retards. They're going to waste it all anyway and pay absurd interest rates, might as well take as much of it as you can!

Also the number of people that don't understand debt leverage drives me nuts as well. Had an argument with a retarded uncle who basically said "debt is bad! no exceptions!" I'm telling him that if the interest/inflation you can earn on the borrowed money exceeds the repayment interest then you're a fucking brainlet not to take advantage of that, he didn't get it and went full retard, don't know how I'm related to these people especially considering all it takes is a couple hours with a good book to figure everything out.

[Anonymous No.10737033]

>>10737028
Who gives a fuck, it's high interest for a reason

[Anonymous No.10737074]

>muh debt is bad because muh parents didn't have it
lol some of us are just happy to live in this country and have enough for dinner every night fucking white people are such fragile little babies

[Anonymous No.10737078]

>>10736993
4% if over 100€, 0% fees on any transaction that is not from abroad.
If abroad the 4% is applied.

So if you never order internationally you essentially only pay the yearly maintenance fee.

How does it feel knowing that your third world ameriburger land gets overall taxed out of the ass fair more than the average yuropoor country?
How does it feel knowing that your employment system is so abused and fucked up that you expect customers to pay your workforce directly through tips?
How does it feel knowing that the average American earns less than the average Yuropoor?

[Anonymous No.10737138]

I never understood the point of credit cards, still don't actually. It's like a drug addict who has a random, instant affect and has to take on a loan of 10k out of nowhere? What the fuck, save up or get a proper, planned out loan you idiot subhumans. My nephews are better at handling their pocket money for fuck's sake.

[Anonymous No.10737168]

>>10737012

>If you can't afford it, save up

I put everything on a credit card and pay it off each month. I get 1-5% back on every purchase with one card, and free flights/hotel rooms on another.

Credit companies pay me you stupid faggot.

[Anonymous No.10737169]

>>10736906
Half that debt goes unpaid and a complete loss for the company

[Anonymous No.10737180]

>>10737138
>What the fuck, save up or get a proper, planned out loan you idiot subhumans.


see >>10737168

you're a stupid faggot too

[Anonymous No.10737221]

>open credit cards
>max them out on LINK
>either pay the minimum for 6 months until we moon or don't pay anything
>either sell enough to pay off debt or just pay cash for everything after singularity
Find a flaw. Protip........ You can't!
For all you dumb niggers who think you can't buy crypto with credit, suck my diack
You can get cash advance on your card at a casino or bank and then deposit to your bank, then buy crypto.

[Anonymous No.10737273]

>>10736906
HOW SWAY? HOW!

[Anonymous No.10737277]

>>10737221
you cant buy crypto with CC

[Anonymous No.10737290]

>>10737168
what a fucking american mong
do your homework and learn the basics of economics you cutted-cock fag

[Anonymous No.10737305]

>>10736981
>>no maintenance fees
student account detected

[Anonymous No.10737340]

I have a credit card with zero fees and "RRSP back" so I get about $100+300 in RRSPs a year

[Anonymous No.10737357]

>>10736993
>Are europoors even allowed to have credit cards?
obviously yes you don't even have to pay interest in fact you get some cash rewards for using it sensibly.

[Anonymous No.10737396]

>>10737290
Clearly he's familiar with economics if he's got the bank paying him instead of vice versa.

Having an irrational hatred/fear of credit cards is a top-tier brainlet indicator

[Anonymous No.10737416]

>>10737305
Nope, just as long as you have over 1,500 in your primary account(or you work for certain employers) no maintenance fee.

[Anonymous No.10737426]

>>10737305
plenty of online banking shits offer no fees

[Anonymous No.10737431]

>>10737290
>>10737396

The product costs the same no matter what method of payment i use, and if I use a credit card, I get money back. From the bank. How difficult is this to understand?

[Anonymous No.10737449]

>>10737290
t. third world faggot with no credit

[Anonymous No.10737455]

>>10736906
I think I've paid less than $10 on interest on CC debt in the last 10 years. I pay the bill in full, before it's due, every month.

Credit card companies hate me.

[Anonymous No.10737473]

>>10737455

Amex just lowered my interest rate from 18% to 6% for a year long promo period, I think to entice me to leave shit on it.

[Anonymous No.10737481]

>>10736962
That had better have been an annual fee for a carefully selected travel rewards card.

[Anonymous No.10737506]

>>10737473
why would you even pay interest? just pay off the card at every month!

[Anonymous No.10737523]

>>10736906

[Anonymous No.10737551]

>>10737138
The point of credit cards is not having to carry cash, and having a line of credit available for emergencies. Like if your car breaks down, you have enough of a credit limit to cover the repair costs, instead of having to reach into savings or blow your paycheck on it.

Credit was a tool/priviledge of the wealthy, until the end of the 80's, when the credit card companies were failing, because they'd maxxed out their markets - everyone who wanted a card had one, in the higher income brackets, and American Express was the top dog. So they lessened requirements, and started handing them out to anyone with a pulse. It's one of the earliest and biggest bubbles created from the Reagan era, that will never burst because the cc companies lobbied congress and got the bankruptcy laws changed to exclude cc debt from bankruptcy.
If used correctly, they're just a financial tool that comes in handy. If abused, they're one of the biggest income makers on the planet. People throw millions away on interest they could have easily avoided, the mob wishes they had it that good with their loan sharking.

Source: relative who's worked for MasterCard for 30 years. She hates me, because I pay my card off early, and never pay interest. Says I'm taking money away from her paycheck. And then bitches about how corrupt her business is. Fuck her. She's a dried up old cunt. She's the one who told me years ago to pay early, because they played games back when you had to mail a check, and would claim your payment was late, so they could bump you up to 19% interest rates for being late. (Which should be illegal, but they have better lobbyists and lawyers than we do.)

[Anonymous No.10737563]

>>10737431
I'm agreeing with you, you really need to work on that reading comprehension m8

[Anonymous No.10737565]

>>10737138
Ok, heres how i use credit cards. i have the wells fargo 1.5% cashback card (cashwise) and the 3X bonus points on dining out, gas and travel expenses card (propel).

I pipe all my automatic monthly bills (phone, insurance, utilities ect.) through the cashwise card which nets me an automatic 1.5% cashback. i also use it for anything that isnt gas, dining or travel, which i use the propel card for.

I pay off both of these cards in full every week. I have never paid a dime in interest and reap about $50/mo doing this and have a credit score of 798

[Anonymous No.10737581]

>>10737169
They make more money on late fees and interest than they do on the debt. CC companies make stunning amounts of profit from it. MasterCard made something like 1.5 billion dollars last year, NET.

[Anonymous No.10737587]

>>10737506

i know. i've never paid them interest and i think they lowered it so i would consider not paying it off every month. like a psychological "oh 6% isnt bad."

[Anonymous No.10737597]

I get about $30-$50/mo back in cashback from a debit card, never used credit cards except to buy mining equipment then pay back 0% slowly then finally close it out not caring about it dinging my credit report.

Theres a ton of possible reasons for people paying interest with most people living month to month, paycheck to paycheck. Sudden medical bills, job loss, car breaks, death in the family, theres a ton of reasons why people cant pay it back and start incurring/paying interest.

I feel sick though reading all these credit card cucks defend the credit card industry so vigorously. What do you get out of defending credit cards, encouraging other people to use em, and calling people stupid if they dont apply for cards? You guys are like brainwashed to encourage other people to use financial products. Every article about credit cards use always clearly says a ton of people end up paying interest over their lifetime, so odds are the people you suggest use cards will end up paying interest, but you still encourage people to get a card, build up their credit score. Its just so sickening that you know most people screw up with credit cards but still tell people to use them.

[Anonymous No.10737603]

>>10737563

i know, just wanted to include you in the response. thanks fren, you get it.

[Anonymous No.10737619]

>>10737551
thanks for the bedtime story mate, i'm serious... makes sense

[Anonymous No.10737635]

>>10737587
2% a year isn't so bad you can reliably do better investments above that fuck that shit!

[Anonymous No.10737643]

>>10737597
I don't defend them at all, I use them for my own best interests. What other people do is their own fucking problem.

> finally close it out not caring about it dinging my credit report.

Have fun with your lawsuits. They can come back at you years from now, and usually do, over a certain amount. You're sitting there crying like a baby at people who use credit the way it should be, and you're abusing the system to buy mememiners, and you think you're on higher moral ground? Go fuck yourself, scumbag.

[Anonymous No.10737751]

>>10737619
Of course it makes sense. It's how the world works. Credit cards are a great tool if you educate yourself in how they work, and how they actively seek to take advantage of you. They hire top psychologists to figure out how to lure them in, and placate them with 'just pay the minimum and we won't be mean to you", when doing that doesn't even pay the interest in a lot of cases, so the principle never goes down, and the interest charges slowly grow.

Sit down and work it out. (If you have the math skills, I'm betting a lot of anons here don't) If you pay the minimum, it's pretty easy to work out a scenario where you pay more in interest, than you do in actual debt. It doesn't take long, at 11-19% interest. My dad sat us down in high school and did this with us, and explained that's why he paid cash for new cars, and paid double or triple payments on the mortgage, to get out from under interest as soon as possible, and attack the principle hard.
I paid off my car this year. I don't make as much as he did, and I didn't want to sell stock to buy one, so I sucked it up and bought one on credit. I made double payments and paid it off in half the time. I got no reward for doing that, other than the big green arrow on my credit. Now the car is paid off, and I saved a ton of money not paying years of interest on it.

[Anonymous No.10737756]

>>10737643
Why would they sue me for closing an account? You know people can close an account after they paid off their balance. Do credit card cucks really think its illegal to close a credit card account?

[Anonymous No.10737784]

>>10737756
Oh, sorry, your poor writing skills made it sound like you skipped on the bill.

So, it's worse. You use credit cards, and you're sniveling like a little bitch at other people doing the same thing. Got it.

[Anonymous No.10737795]

>>10737277
Cash advance, deposit to bank, buy crypto
Retard nigger

[Anonymous No.10737858]

>>10737795
Find me a card that will allow you to make a cash advance on the entire credit line.

We'll wait.

[Anonymous No.10737880]

>>10737277
I just bought 15 monero a few days ago with my bank norwegian credit card :')

[Anonymous No.10737922]

>>10737784
I just think its irresponsible to encourage other people to use credit cards.

Also you guys think that your reward points are coming out of other people paying interest, but its not. Its coming from the merchant fees. Its not coming from interest even though you like to think it is. Your merchant fees also cover when they have to charge off debt from people not paying. By using credit cards so much, youve given them the power/incentive to lower the requirements for cards so everyone can have one. They literally dont even care if people pay them back. Thats why I dont think any credit cards even go after people anymore. They just sell the debt directly to a debt collector as they dont care if they dont get paid back even if the person resulted in a net loss, they got your annual fee + merchant fees to cover it all.

[Anonymous No.10737951]

>>10737603
Fuk u

[Anonymous No.10737976]

>>10737922
>
And it's better for you to brag about using them yourself?

Shut the fuck up, you just used the topic to brag about buying mememiners.

[Anonymous No.10738780]

Yeah I stopped using those things except for online purchaces. When you pay cash for everything you spend less money. You think more about where your money is going when you see your wallet get lighter and lighter as the week passes. It sounds strange but having cash on hand rather then a card stops you from making nigger tier purchases. I’d recomend putting the cards down. Just try it for a month.

[Anonymous No.10738827]

>>10736906
No shit? How else would they keep paying for my 5% cashback?

[Anonymous No.10738887]

>>10737028
So long as you balance that with risk assessment. No sense going in debt for high risk, low reward. You'll have to explain that to them though.

[Anonymous No.10738910]

ah yes. legal usury. excellent.

[Anonymous No.10738925]

>>10737784
>Oh, sorry, your poor writing skills made it sound like you skipped on the bill.

Are you a fucking brainlet? It's 100% clear lol

[Anonymous No.10738981]

>>10737028
I can totally relate with your experience mate. Just wanted to add that curiously, the same principle can be applied to the economy as a whole too. As long as economic growth exceeds repayment interest on your debt (g > r), you can basically get in debt as a country perpetually. Problem is, like an individual, the interest on your borrowed money (or growth in the economy) can stagnate or fall and fuck you up.

[Anonymous No.10739025]

I work for a retail bank and peoples excuses for credit are delusional. Cash back and rewards points are for complete fucking losers with 0 foresight. "Da cwedit companee pays me!" I could wipe my ass with the $30 a month cash back you get. Its not worth the fucking risk or hassle. You also are probably single and childless; which having your $20k limit from back in the days of using your time to jerk off on /biz/ will come in handy for them. Your water heater goes or your basement floods or you kids get really sick. Don't spend money you don't have. Its simple. The real problem is FICO making us have to juggle this dumb shit so we can buy a house and retards in this thread who lap it up because they get a three digit number to represent how much interest they have been robbed of. Nobody who works in the FI has a credit card. Fuck you.

[Anonymous No.10739047]

>>10739025
I just have them so I can get custom artwork with Pepe on them.

[Anonymous No.10739083]

>>10738910
mohammed pls

[Anonymous No.10739128]

>>10737455
Dubs of truth checked.

[Anonymous No.10739143]

>>10736906

SO what, we used a piece of plastic with numbers on it to get all the shit we wanted now instead of waiting years to get it, we win starving poor peasant faggots :)

[Anonymous No.10739147]

>>10739025
What if I told you I have a credit card and have literally never paid a cent in interest

[Anonymous No.10739220]

>>10737074
Colored animals don't belong in the United States, fucking insecure pussy

[Anonymous No.10739222]

>>10737565

seriously though don't pay every week. pay your statement amount at the end of the month. your credit score will go up if you hold on. you're not gonna pay the interest anyway

[Anonymous No.10739234]

>>10739222
You wait until they create the statement with the balance on it. Then you pay it off. The statement is sent to credit reporting agencies.

[Anonymous No.10739245]

>>10739143
HOLY SHIT! I just realized credit cards has your private keys and name printed all over it. What a fucking shit technology. BTC to 10 million!

[Anonymous No.10739254]

>>10737012
>not getting 5% cash back with the prime card and paying full statement balance automatically each month
not gonna make it , yuros are truly retarded

[Anonymous No.10739277]

>>10739147
Thats not the game anon. They want you to get a high limit now so when you have an actual emergency in your life and your wife is freaking out you will make the wrong decision. I'm a loan officer and have seen this happen countless times.

[Anonymous No.10739307]

>>10739277
Oh well loan officer, I'm maxing out my cards, no fucks given

[Anonymous No.10739336]

>>10739307
ok

[Anonymous No.10739344]

>>10736906
I only paid about 1.2k

[Anonymous No.10739610]

[Anonymous No.10739729]

>>10739245
Or maybe, you know, there’s that paper thing that you can pay with that comes out of the machi e at the bank.

[Anonymous No.10739813]

>>10739254
Okay faggot. How many millionaires do you think got rich off capital one miles? I’m willing to bet 0 have.

[Anonymous No.10740729]

They just love giving their money to the Jews that much, you can't stop it

[Anonymous No.10741616]

>>10737751
You can deduct the interest paid from your taxes you mongloid

[Anonymous No.10741642]

>>10737028
Sometimes it’s so mentally taxing to not be a normie. I was drinking with a few high school buddies a couple weeks ago and they got to talking about credit cards and they’re both $3000 to $4000 in cc debt. I couldn’t fathom going out drinking beers, visiting restaurants etc. with that much in debt. I don’t get howwarning bells aren’t going off in their heads.

[Anonymous No.10741711]

>>10736906
https://www.youtube.com/watch?v=fcsvabxezPs

Credit is a weapon git gut nubs

[Anonymous No.10742611]

>>10736981
Same card here...idk how ppl r so autistic

[Anonymous No.10743263]

Americans are so stupid with money. They make millions of dollars in their lifetime yet many of them have nothing to show for it. You could be rich if you decided to invest money when you're young but noooooo. You have to buy a new car for 500$/month. You spend $300 twice a month at Costco or Walmart with a credit card for entertainment.

[Anonymous No.10743323]

>>10736906
Credit cards are great if you pay them off monthly or before interest accrues. I get 2% back on everything I buy.

[Anonymous No.10743358]

I don't get it, are people just lazy or shortsighted?

Even if you have £5000 on a card, it's cheaper to just do an interest free balance transfer and pay the 1-3% fee than accumulate interest.

[Anonymous No.10743711]

>>10743323
Have you ever asked yourself how much more you're buying because you have a credit card? When I had a credit card I'd spend way more than I did with cash because in the back of my mind I was thinking "Okay, this will give me cash back." I gave up those credit cards and I found I save more money than I ever earned through cash back.

[Anonymous No.10743735]

>>10741711

woah....I think I figured out crypto. Banks don't let you buy with credit cards anymore though. What are some easy ways to convert credit to cash?

[Anonymous No.10743765]

Sucks being a responsible card user though - I always go for promotions, 0% interest etc, but applying for new ones/etc is a hassle.

It's funny, because sometimes I ask a provider "hey, can you extend my interest free period" and they always say no. Even after asking to close the account due to switching providers, they don't care - you'd have thought they'd want to keep custom? Evidently not, I guess they just want retards to get into debt, not people like me.

[Anonymous No.10743878]

>>10741642
Lack of education from High School. We'll teach you to be a factory worker but not a successful person.

[Anonymous No.10743916]

>>10743711

I'm basically a Jew when it comes to spending money, so no, I never consider it like that. I think more along the lines of rewards categories and which card to use for a specific purchase that I was going to make anyway.

[Anonymous No.10744837]

>>10743711
No because I spend very little. All I get is morning coffee, food if I'm working late, and beer for the weekend.

[Anonymous No.10744935]

>>10736906
Slaves

[Anonymous No.10744949]

>>10737168
You do realize merchants pay those fees to cc companies and then pass them on to you in form of higher prices lol

[Anonymous No.10744974]

>>10743711
>I'd spend way more than I did with cash because in the back of my mind I was thinking "Okay, this will give me cash back."
i think you may have other issues fren

[Anonymous No.10744981]

>>10736906
347 dollars per person isn't so bad, 29 dollars per month

[Anonymous No.10745000]

>>10744935
The left can't meme.

[Anonymous No.10745020]

>>10736906

*ahem*

[Anonymous No.10745069]

>>10745000
The fact that you fell for the bait says otherwise

[Anonymous No.10745140]

>>10736906
This is eye opening. What the fuck? I use a basic credit card to build credit. This is for purposes like if I ever want to get an SBA loan or a mortgage. I think that I get 2% cash back or something, so it's like a discount with benefits for using the card. This is probably why - there's a bunch of retards enslaving themselves on their cards. Imagine believing that you're using someone else's money when you use a credit card.

[Anonymous No.10745171]

>>10737277
That's literally how I buy all my crypto lmao. But 10% for Simplex is anal rape

[Anonymous No.10745195]

>>10736981
I work at US bank. I was astounded by how good their no fee credit cards are.

[Anonymous No.10745249]

>>10737028
>Also the number of people that don't understand debt leverage drives me nuts as well. Had an argument with a retarded uncle who basically said "debt is bad! no exceptions!"
Debt leverage is something you do in a llc, NEVER personally. Unless you're ok with losing literally everything.

[Anonymous No.10745440]

>>10745249
Student loan debt is reasonable personal debt leverage.

[Anonymous No.10746323]

>>10737074
>lma yo whiteboi I got mah mcnuggets and jordans wtf u bitchin about lmao

[Anonymous No.10746361]

>>10737290
>muh "learn economicz argument

I guarantee I'm more proficient in economics than you are.

[Anonymous No.10746849]

>>10737290
Literal dumbass
If you have a high school reading level, it's so easy to make CC companies your bottom bitch.
Sadly, most people don't have a high school reading ability, which is why credit companies make billions a year.

[Anonymous No.10747328]

I had to teach my gf that i live with about not carrying a balance. Wish my parents would have learned about that. They just pay minimums.

[Anonymous No.10747668]

>>10736906
one time i forgot too pay and i paid the whole thing back, they gave me back the interest and im pretty sure my credit is fine. Credit should only be used to make money. using it to buy a TV or other useless shit that you cant afford is straight retarded.

[Anonymous No.10748198]

>>10736906
>mfw one of my side projects is short term loans
skimming a few hundred dollars a month off wagies in accrued interest
literally zero risk as the terms are 6 months or less with collateral

[Anonymous No.10748333]

>>10747668
They will usually refund late fees and interest for people with good credit as they just want you happy so they can keep reaping in their merchant fees. They design the card programs in slightly different ways.
>better credit, slightly higher interest rate (you wont care since you pay it off monthly anyways), lower fees, more forgiving, travel points
>bad credit, slightly lower interest, special low introductory rates, higher late fees | over limit fees, no forgiveness, reward points


>>10743765
You are not far from the truth. 0% introductory is mainly for lower income or less credit. You would get better service from the cards that target responsible / good credit users, mostly the travel reward cards. The 0% intro or 0% balance transfer is just to lure in the poor people.

[Anonymous No.10748364]

>>10737028
See I know you hate your family. I loaned my sister 2600 to get out of debt because I'm not a soulless retard like you. Two years to repay, yeah it's not great. But better than being a fuckhole like yourself.

[Anonymous No.10748496]

>>10748198
are you a loan shark or some shit?

[Anonymous No.10748572]

>>10737078
Europoors pay more in taxes, period. What the fuck is a VAT? That's outright extortion and you know it, you're just too ashamed to admit it.
>caring about service industry workers who rely on tips
Well, I guess europoors don't do anything but wageslave at shitty jobs, so you have no other point of reference.
And for that last statement about europoors making more... you better fucking cite a source, because I'm pretty sure it's the exact opposite lmao

[Anonymous No.10748581]

>>10737290
Can europoors even afford economics?

[Anonymous No.10748617]

>>10748572

VAT is what we call sales tax.............

[Anonymous No.10748621]

>>10748364
>helping out retarded roasties

[Anonymous No.10748647]

>>10748617
...and it's on fucking EVERYTHING. I run an online shop, and I can always tell when one of you subhumans are european because I charge a flat $80 for a certain product, and I get a transaction receipt that says you paid $80. But for european mutants, I still get $80, see that you paid $110.95 or some some shit. What the fuck? No wonder you retards can't afford cars. I even heard you pay a tax on gasoline. No wonder there is not a single "superpower" nation in Europe.

[Anonymous No.10749092]

>>10737074
We didn't build the greatest civilization in the history of the world by being complacent little bitches. You're welcome, Roberto.

[Anonymous No.10749239]

>>10748647
Is this pic that subhuman/mutt meme but UK version?

Her face looks like a punched in Milo tin

[Anonymous No.10749270]

>>10736993

>0% credit card for 32 months
>£4k limit at 25 yo

shits fire yo

use it to buy everything

will pay it off with ETH in 2020

[Anonymous No.10749727]

>>10737643
> I don't care what others do it's their problem

> Someone does something
> Go fuck yourself scumbag
???

[Anonymous No.10749731]

>>10736906
wow, americans feel for (((financial tricks)))? imagine my shock.

[Anonymous No.10749736]

Blame central banks.