Current Events > How do you pay for things?

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If you use a credit card, are you a deadbeat (term from the banking industry for people who pay off the card in full every month), or a revolver (people who do not pay in full every month and carries a balance every month)?

>deadbeat (term from the banking industry for people who pay off the card in full every month)

"I don't know why everyone hates bankers!" -- bankers

I used to pay the current balance, but I'm just paying the statement balance the past few statements.

Naysaspace posted...

>deadbeat (term from the banking industry for people who pay off the card in full every month)

"I don't know why everyone hates bankers!" -- bankers

I mean if you pay off every month, all the bank ever gets is the interchange fee (about 1%-3%); so to them, youre probably breaking them even with the cost of doing business plus your rewards. Networks and payment processors dont give a crap since they make a flat fee no matter what and doesnt matter to them if you carry a balance lol.

Credit/Debit. If I can, I use Apple Pay because I feel like its safer.

Cash for most things these days. Its taken some getting used to going back to that. Used to always be debit card.

Credit card

I like using every opportunity to get cash back

E-wallet / QR pay

Proud deadbeat lol

Credit card for everything I can possibly use it on. Full on deadbeat.

Proud deadbeat checking in

Always my debit card... Don't even have a credit card to use...

Now that interchange fees are passed on to the consumer, I use cash as much as possible. No way am I paying fees over and above the purchase price if I can help it.

Trumpo posted...

Proud deadbeat checking in

This

An entire cashless society is dangerous.

Bank notes can't disappear out of thin air.

CableZL posted...

Credit card for everything I can possibly use it on. Full on deadbeat.

That's only if you pay off every bill on time and they cannot get your late fees and APR

MI4_REAL posted...

That's only if you pay off every bill on time and they cannot get your late fees and APR

That's what I do. I pay off my credit card balances weekly.

Debit card for 99% of my daily/weekly purchases, like groceries or a pack of mints or other random stuff.

Credit for larger purchases, because the account I use to pay off my CC isn't attached to my debit card.

Credit card

I have fallen (into the cycle of paying part of the balance just so I have 'money' to afford anything) and I can't get up

I trade magic beans

Were_Wyrm posted...

I trade magic beans

I'll give you 10 Rupees for one piece.

Ass or grass

Usually with Apple Pay, but Im thinking of going back to cash because people are getting too frisky with adding like 50 to 90 cent onto purchases.

At least one place I went to charged extra for credit cards because of the fee for using it.

Stagmar posted...

Now that interchange fees are passed on to the consumer, I use cash as much as possible. No way am I paying fees over and above the purchase price if I can help it.

Interchange fees are passed on to the consumer by raising prices on items; so you lose out if you buy in cash, by not getting any rewards to begin with.

Usually use debit, use cash if I'm buying something from someone off Craigslist or Facebook marketplace though.

I heard that if your credit gets hacked, it's their responsibility.

If it is debit, it can be levied on you.

Debit card, I have not carried cash in a few years, why do people still carry cash?

thx1138 posted...

Debit card, I have not carried cash in a few years, why do people still carry cash?

Cash is king. Plus it will not disappear spontaneously out of your pocket.

If I'm physically at a store, I'll pay in cash, unless I'm buying something that's priced at over $500, then I'll use a credit card.

If there's no other option, then I'll use my debit card, but that hasn't happened since I got my credit card.

IdiotMachine posted...

Interchange fees are passed on to the consumer by raising prices on items; so you lose out if you buy in cash, by not getting any rewards to begin with.

This.

The fee is already priced in...extremely rare to see anyone charge a % fee for using a credit card

rent i still have to pay in check
certain items ill only pay in cash
98% of everything else i use debit
CC is reserved for emergencies

IdiotMachine posted...

Interchange fees are passed on to the consumer by raising prices on items; so you lose out if you buy in cash, by not getting any rewards to begin with.

SergeantGander posted...

This.

The fee is already priced in...extremely rare to see anyone charge a % fee for using a credit card

No, they are specifically adding them to credit card purchases here. By paying cash I save money.

Credit card almost all the time because Im a deadbeat

I keep some cash in case I go somewhere that doesnt take cards or charges a wack ass fee

Stagmar posted...

No, they are specifically adding them to credit card purchases here. By paying cash I save money.

Interesting where at?

IdiotMachine posted...

I mean if you pay off every month, all the bank ever gets is the interchange fee (about 1%-3%); so to them, youre probably breaking them even with the cost of doing business plus your rewards. Networks and payment processors dont give a crap since they make a flat fee no matter what and doesnt matter to them if you carry a balance lol.

Its guaranteed profit for the credit card company. Obviously the best profit comes from fees and penalties and such but guaranteed 2% profit in perpetuity is better then losing it because the customer took their business elsewhere.

not to mention they lose customers if they have a reputation of being heavy handed with the fees and penalties, its not worth it in the long run to take everybody for every dime at every opportunity if the business suffers for it.

MI4_REAL posted...

At least one place I went to charged extra for credit cards because of the fee for using it.

for minimum purchases thats standard, otherwise I question the legality of doing it just because.

IdiotMachine posted...

Interesting where at?

Canada. As of earlier this month retailers can charge up to 2.4% on credit card purchases.

Credit card, pay in full every month and collect that sweet free money via cash back

Credit card, paying off the last statement's balance each month.

Credit cards for everything, paid off every month. Cash only if I'm under a minimum, there are extra fees for credit cards, or if it's cash only anyway (obviously). I only use my debit card for ATMs.

That said, cashless stores should be outlawed.

Lmao damn apparently I'm a deadbeat to bankers. I put most of my expenses on my credit card (1.5-2% cash back) and then pay it down to 0 each month.