no more credit cards at HDFS
HD EFI Guru
Joined: Jan 2008
Posts: 4,462
Likes: 4,718
I use my CC for everything i can 2% cash back for money that I would be spending anyways; even more on certain things like wireless communications.
An argument could be made that those who do not pay with a rewards CC are paying a premium. To the point of those who say that the percentage is already built into the retail price consider the following:
I buy a $100 "thing" on a CC, my net cost is $98; new cost otherwise is $100.
At the end of a month, if I purchased $10,000 worth of goods/services I would be buying anyway, my net cost is $9,800 - not the $10K it would be otherwise.
Annually, if I spending $10K monthly on goods/services I'd be purchasing anyway - I pocket $2,400 where if you pay cash, debit card or check - you'd pocket zero.
An argument could be made that those who do not pay with a rewards CC are paying a premium. To the point of those who say that the percentage is already built into the retail price consider the following:
I buy a $100 "thing" on a CC, my net cost is $98; new cost otherwise is $100.
At the end of a month, if I purchased $10,000 worth of goods/services I would be buying anyway, my net cost is $9,800 - not the $10K it would be otherwise.
Annually, if I spending $10K monthly on goods/services I'd be purchasing anyway - I pocket $2,400 where if you pay cash, debit card or check - you'd pocket zero.
How anyone really thinks your getting more for less just means you been fooled IMHO.
Seasoned HDF Member
Joined: Nov 2010
Posts: 17,548
Likes: 7,164
From: Oxford, Nc
That maybe one way to think about it, BUT if anyone thinks they are getting something for free your sadly mistaken, let alone getting "cash back". All these cash back and reward credit cards have raised the rate they charge the sellers to the point that there are now additional credit card charges being added to bills. The current charge to accept a credit card runs 3 - 8% of the total sale off the top, then you add the credit card processing fee's and processing fixed charges and your pushing 5 - 10% now depending on the card and rewards program. So this means the seller is paying for it, NOT the Credit Card Companies! The seller is now allowed by law to add those charges back onto the bill. The net of all this bait and switch from the Credit Card Companies is now cost ALL purchasers more overall than previous to all this stuff coming about.
How anyone really thinks your getting more for less just means you been fooled IMHO.
How anyone really thinks your getting more for less just means you been fooled IMHO.
HD EFI Guru
Joined: Jan 2008
Posts: 4,462
Likes: 4,718
They only think they are getting it back. In the long run it's costing them, much much more, and the finance people are making more and more. The sellers and buys are indeed getting screwed IMHO.
Seasoned HDF Member
Joined: Jan 2011
Posts: 157,417
Likes: 56,983
From: Michigan 15 Minutes East Of Hell
If you don't carry a balance it's their money you're working with ??
Seasoned HDF Member
Joined: Mar 2009
Posts: 24,682
Likes: 9,162
From: Snow Hill, NC
There you go. I pay my statement balance every month, I haven’t had a penny of interest in years. The rewards are really nice. Just bought all my granddaughters Christmas gift cards with my Wells Fargo rewards Amex, just booked a round trip flight to Mexico with my capital 1 and saving for a first class seat for Puerto Vallarta in November on my Delta Amex.
Seasoned HDF Member
Joined: Nov 2010
Posts: 17,548
Likes: 7,164
From: Oxford, Nc
What Steve is trying to say (I think) is that everything we buy is a couple points more expensive because of all these money games, and in the end, it's all actually costing us more than if the cash back cards didn't exist..
Seasoned HDF Member
Joined: Mar 2009
Posts: 24,682
Likes: 9,162
From: Snow Hill, NC
Yes, and I also know that for every reward point I get, some poor schmuck living paycheck to paycheck is paying interest out the wazoo to fund my rewards habit and timeliness in payments . Alas, I enjoy while I can.
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Seasoned HDF Member
Joined: Jan 2007
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From: anacoco, la
but, they do exist. and there is no putting the genie back in the bottle. so, not taking advantage of rewards is not doing anything but costing you more. it isn't like your bill is going to go down if you don't use them.
HD EFI Guru
Joined: Jan 2008
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This is a good part of it, but since the laws have changed you will find that you get extra charges over and above the part cost itself, so it's still costing everyone, not only those who pay with cash. When you think it too good to be true, IT IS! As long as they keep selling this BS to everyone and we continue to believe it our pocket books will continue to decrease while the big wigs keep growing.
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