That's a lot of profit. Wonder what their return on sales is?
Well, then they shouldn’t offer those conditions if they don’t want people to use them. If they will give you 5% on gas, then you use the card that gives you that.
I know a woman who is a credit super user. I frequently let her run some of my high dollar business purchases through one of her cards and then pay her by check. It costs me nothing except the few piddling dollars I’d earn back and she has been instrumental in helping me with my business. She parlays the points into travel benefits like upgrades to business class, which she flies frequently. (Right now she’s on the first of two European cruises largely paid for by points.)
The Costco checker told me one of their customers recently cashed a credit card voucher for $8000. The customer uses his card for all his business purchases.
These programs are probably targeted for people who keep a balance, not those who use the card for everything and then pay it off every month.
I’ve taken several trips to Europe on points. But don’t try it if you can’t control your spending.
Headline: Banks Think Their Customers Are Dumb!
“’There’s a subset of savvy credit-card users who are diligent about maximizing their usage to capture the biggest benefit they can,’ McBride said.”
And good for them!
What do they give you for $450.00 a year?
Well, boo hoo for Chase. Look, banks basically create money out of thin air. All the money is based on debt. Is the money real or counterfeit?
So because they are bankers who apparently can’t do math, in a few years they will be back to ask us for another bailout.
Banks have been hosing people since the day of the first Bank.
Yet they have more respect than a pawn shop?
WTF is wrong with this picture?