What Banks DON'T Want You To Know 💳 Who Actually Pays For Credit Card Rewards? | CNBC Reaction
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- Опубликовано: 23 сен 2023
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CNBC Video: • Who Actually Pays For ...
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💳 Sebby's Card Picks:
They definitely have a narrative that they are trying to shape. However, like Sebby, that doesn’t apply to me because I rarely carry a balance, and I use the cards to buy things that I could have very well paid cash for. And most often I don’t even wait until my statement comes before I pay it off.
All comes down to one’s discipline. If you see a 30k limit and think you can just go buy 30k worth of stuff then these things aren’t for you. Essentially same concept for alcohol and gambling. Some people can do it in moderation and be fine with others ruin their lives with it
Sebby thanks for pointing out that the Durbin amendment update didn’t result in retailers passing the savings on.. from my perspective that’s game over on the idea of capping interchange because if merchants don’t pass on the savings consumers end up hurt
Retailers aren't charging you extra for using a credit card. They cover the processing fees by raising prices across the board. Everyone who shops in a store that accepts credit cards is paying for your rewards.
I think one of the double edged swords of better education and financial literacy is that it's impossible for everyone to win. If more people are getting credit card rewards, then the average reward per person will be less. It's kind of interesting to think about that Sebby's spreading awareness of this stuff will eventually reduce the amount of rewards he can get
Financial literacy is needed across all social strata. I've known rich and poor people that couldn't manage money and working class poor people with excellent credit because they understood how to budget even if they didn't have a high income. One point missing from the report is a change in consumer habits. Years ago credit was for a MAJOR purchase. Not buffaloe wings and incidental spending. The envenerating creep of debt comes from using credit to replace cash on hand. Card companies do bear responsibility for pushing this type of usage and in some regards predatory interest rates. I will generalize most people can really on manage 1or 2 cards and many will never fully realize their reward benefits.
Our first rewards card was the Discover it... and we still use it. Love it!
Capping debit-card swipe fees didn't 🧮 up: It benefited merchants, but not consumers. I think capping credit swipe fees would be the same: it would not actually benefit consumers. I'm old enough to remember when we had usury laws in California and interest rates were capped at 18%. They repealed those years ago when inflation went sky high and banks couldn't charge what it actually cost them to lend money. And when inflation was low, they didn't bring them back.
This may be your best video yet - thank you!
💳 Glad you made this video. I had seen the segment on CNBC and I think it's worth people watching the whole thing as an exercise and critical thinking. It's good to see something on the news that confirms that some of us are in fact, making money off of our cards. ( and not by taking money away from sub prime borrowers as some would suggest)
2:22
Most of the small businesses in my area have started charging a 3.5% fee to use a credit card. They all have signes posted about it.
11:36
Sebby, FYI in my area, almost all gas stations have an upcharge for using credit cards. Supposedly it is to cover interchange fees, and
Get video Sebby as usual thanks for sharing that information, got a question I have the Amx hilton business card (going into my 2nd year of this card) and was looking for any downgrades, th card is not worth it for me anymore. Are there any downgrades for this business card? Or will Have to cancel this card? Again thanks for sharing and keep the content coming.
Here in California almost all gas stations have a CC price and a Debit/cash price.
🧮Another great content video Sebby. Gotta love the Lagavulin 16! I never buy whisky out either. Usually only wine.
most US cards has 0 foreign transaction fee, however non-US cards are not the same story.... most except a few cards in Canada has foreign transaction fees, including the Amex Plat... I don't know if what they are talking about includes data from outside the US though but its just something to note
Newbies should always look at it as: