Forum Post: Cut Your Credit Cards, Use CASH
Posted 13 years ago on Nov. 2, 2011, 6:28 a.m. EST by memahoo
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This content is user submitted and not an official statement
How do the banks make money- From YOU! Every time a credit card is used, they MAKE money.. Not only from the transaction, but also the added Fees.
Do you really want to make a statement, BURN\CUT your credit cards up and use CASH.
Let's make that our Xmas present to the Banks and the financial world. It WILL get their attention. Hit them where it hurts the most, with losing Billions of dollars...
Exactly how does a bank make money off of me with "added fees"? The only way banks make money directly from you is if you don't pay off your card. It's your choice to own a credit card, it's your choice to sign a piece of paper to agree to its financial terms, it's your fault if you get charged fees. Do you even know what you're talking about? I use my credit card every day, for as many things as I can. I get cash back for it. There is no annual fee. I pay off my credit card off every month after floating my money for 30 days. Credit Card issuers only make money directly from the consumers who can't manage their own financial lives.
Nice commercial for credit cards.
Memahoo has a good point; don't use them.
That's fine, too - all the better. But get your facts straight about fees. I was just relating my own experience. And I don't prescribe or project my life onto others.
Whatever works for you.
But I get a great deal with my cards. I pay the balance off in full each month, in essence receiving a continuous interest free short term loan while at the same time earning "cash back" in the form of a credit to my account each month. All it takes is the discipline to play the terms of the credit agreement to your advantage.
And read about Green Friday! Buy local, buy from other consumers! http://occupywallst.org/forum/green-friday-instead-of-black-friday-nov-25-2011/
Cash is King!