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Other than Brewing => The Pub => Topic started by: bluefoxicy on September 26, 2012, 10:52:08 AM

Title: Credit cards
Post by: bluefoxicy on September 26, 2012, 10:52:08 AM
I wanted to know why Bank of America raises my credit limit--I got an $800 card a while back and it went to $1300, then $3000, then $3300 by itself, without anyone ever asking me.  PenFed offered me $15000 but I declined, went for $3000 instead (I wanted to consolidate my accounts under the credit union--plus that card is 9% APR).

Curious, I asked Google about these automatic credit line increases.

What I found was a bunch of people with scores like 563 and 528 talking about their $14k, $18k, $25k credit cards--just one card with a $25,000 limit--and how they called the bank and got an increase of $5k in 10 minutes.

Wait, what?

My credit score is 783.

WHAT?

Okay folks, what's about normal for you for a single credit card limit?  Why do all these broke bastards who can't pay their bills have cards half the size of my mortgage?

Seriously.  $25,000 credit cards.  Man I'm thinking on closing the BoA one, $3000 is good for me.
Title: Re: Credit cards
Post by: weazletoe on September 26, 2012, 12:37:42 PM
Personally, I went the 25k limit. Mainly to but animal feed. Because Well..........

http://www.youtube.com/watch?v=ii8wO0KvECI&feature=related
Title: Re: Credit cards
Post by: nateo on September 26, 2012, 12:43:59 PM
The bank's job is to make as much money as possible. Their job isn't helping people to make sound financial decisions. Banks set their credit limits and rates to maximize their profit. If they can get some sucker to put $25k on a card and charge him 15% APR, (and hope that sucker doesn't understand why APY is different) why not?
Title: Re: Credit cards
Post by: bluefoxicy on September 27, 2012, 12:16:15 PM
The bank's job is to make as much money as possible. Their job isn't helping people to make sound financial decisions. Banks set their credit limits and rates to maximize their profit. If they can get some sucker to put $25k on a card and charge him 15% APR, (and hope that sucker doesn't understand why APY is different) why not?

I'm more thinking about the crazy stupid bastards that have more revolving debt than income per annum.  The bank offered me $15k and I was like... uh, no?

Weaze has animals now?  They need to be fed?
Title: Re: Credit cards
Post by: Slowbrew on September 27, 2012, 12:45:33 PM
I hate to say this (because I work for a bank) but people often mistake a credit card company for a partner and not a for profit entity.  Credit card companies make their money off of people who are not smart financially but are very honest and intent on "doing what is right". 

CC companies don't want customers who payoff their balance every month since they make no money on them.  The perfect customer is the person who makes $1100/mo and has a $5000+ balance on their CC.  These people will never pay off their debt but they will keep trying to because "it's the right thing to do". 

Financially smart people know that when you get in a hole so deep you can't get out by yourself, you look to bankruptcy to level the field.  "Doing the right thing" only keeps you digging in further.

Banks like B0fA are not your partner because to them you are a profit center.  It's sad but true.  Look at the business from the bank's perspective and you will understand why they do what they do.  You won't be happy about it but at least you will understand.

Happy shopping!

Paul
Title: Re: Credit cards
Post by: The Professor on September 27, 2012, 03:47:07 PM
...Banks like B0fA are not your partner because to them you are a profit center.  It's sad but true.  Look at the business from the bank's perspective and you will understand why they do what they do.  You won't be happy about it but at least you will understand.

Right. The banks don't make much money off of folks who pay on time ...and within  the industry, people who their full balance off every month and on time are called "deadbeats".  That alone tells us where the credit card industry is coming from.   :P
Title: Re: Credit cards
Post by: phillamb168 on September 28, 2012, 03:09:45 AM
Funny, that. Credit cards as they exist in the USA do not exist in France, or most of Europe. You can get the equivalent of Macy's cards and whatnot, for individual purchases in specific shops, but pretty much everybody uses debit cards here. It's one way (I think) that Jacques Shmoe dodged the bullet. There are still plenty of people here who get in over their heads, but not nearly as much as in the US. Of course, the society is to some degree less consumer-driven here, which has its upsides (everything is closed on Sundays, people spend time with their in-laws and family) and its downsides (everything is closed on Sundays, people spend time with their in-laws).
Title: Re: Credit cards
Post by: punatic on September 28, 2012, 06:25:26 AM
Personally, I went the 25k limit. Mainly to but animal feed. Because Well..........

http://www.youtube.com/watch?v=ii8wO0KvECI&feature=related

I'm calling BS on that.  Zombies don't talk...  shuh!
Title: Re: Credit cards
Post by: Slowbrew on September 28, 2012, 06:27:34 AM
Very true Phil.  If you all remember back in the 70's you had to pay a yearly fee to have a credit card and you were expected to pay it off every month.  Only after people started carrying a balance and the companies started to collecting the interest did they realize the cash cow they had created.

Paul
Title: Re: Credit cards
Post by: MDixon on September 28, 2012, 06:28:21 AM
Part of your credit score is the amount of credit utilized vs available. So if you have like a $1000 limit and use 50% of that on a monthly basis and everything else is equal you will have a lower credit score than someone with a $25000 limit and using that same $500 per month.
Title: Re: Credit cards
Post by: Slowbrew on September 28, 2012, 07:12:36 AM
Part of your credit score is the amount of credit utilized vs available. So if you have like a $1000 limit and use 50% of that on a monthly basis and everything else is equal you will have a lower credit score than someone with a $25000 limit and using that same $500 per month.

Another side of that little rule is that if you decide you don't want a card anymore and cancel the account, the rating agencies will assume that you can no longer afford the card and rate you a higher risk because you decreased your available credit.  So if you do the right thing for you, they will drop your credit rating.  Ironically, if you decrease your risk level they assume you are now a higher risk to creditors.

Paul
Title: Re: Credit cards
Post by: weithman5 on September 28, 2012, 07:21:16 AM
I
CC companies don't want customers who payoff their balance every month since they make no money on them. 



Make less money.  they still ding a few percent on each transaction to the retailer that is usually somehow passed to the consumer.
Title: Re: Credit cards
Post by: Slowbrew on September 28, 2012, 07:25:58 AM
I
CC companies don't want customers who payoff their balance every month since they make no money on them. 



Make less money.  they still ding a few percent on each transaction to the retailer that is usually somehow passed to the consumer.

That's true.  The numbers are not as big as the interest on the debt though.  That's basically what drove the regulations on debit card charges.  Banks were charging per swipe fees and %-take offs on debit that were highway robbery because they don't make any interest on the debt.

Paul
Title: Re: Credit cards
Post by: nateo on September 28, 2012, 07:38:03 AM
That's true.  The numbers are not as big as the interest on the debt though.  That's basically what drove the regulations on debit card charges.  Banks were charging per swipe fees and %-take offs on debit that were highway robbery because they don't make any interest on the debt.

Yeah, I was thrilled when they passed those regulations. We're charged a % for each transaction, plus flat batch fees, plus flat monthly fees. We get charged more if we swipe a card again if it's declined, we get charged twice as much if the magnetic strip is worn out and we have to punch the numbers in. And AMEX and those rewards cards cost more to run too. Sadly, we do probably 1/3 of our business on credit cards otherwise we'd ditch the machine.

Thanks to Dodd-Frank, we'll be paying a capped .05%+ $0.21 per debit-card swipes for Visa/MC debit cards, and most the cards we run are debit, not credit. But, since the banks can't screw the merchants (as hard) anymore, they tried to screw consumers (if you remember last year when the big banks announced they would start charging for checking accounts with debit cards, then quickly reversed tack.)
Title: Re: Credit cards
Post by: Joe Sr. on September 28, 2012, 08:15:25 AM
I
CC companies don't want customers who payoff their balance every month since they make no money on them. 



Make less money.  they still ding a few percent on each transaction to the retailer that is usually somehow passed to the consumer.

Cash price and credit price is coming back at gas stations.  Way back in the day (late 70s? early 80s?) it was common for the credit price to be slightly higher.
Title: Re: Credit cards
Post by: dcdwort on September 28, 2012, 08:58:18 AM
Joe Sr,  Now you are taking me back.....  When I was growing up in OK our local gas stations near the interstate also gave a cash discount to locals that was not available to "outsiders".  I would be 3-4 cents a gallon when gas was less than $0.60/gal.
Title: Re: Credit cards
Post by: euge on September 28, 2012, 09:22:51 AM
I remember back in the 70's my Dad had an American Express... I was very young and impressionable. He said- "it's the only one I have and can charge as much as I want but have to pay it off at the end of the month..." It was used sparingly and as we spent a lot of time overseas American Express Traveler's checks were used primarily. I remember Dad having sheaths of them. Probably he used the card when renting cars. Regardless, it wasn't until the 90's where people seemed to have more of them. Cards were still for business or for people who could afford them as a convenience as writing checks for large purchases was commonplace.

As a result it stuck with me through my 20's and 30's that credit cards are extremely dangerous so took refuge in zero credit. Which incidentally, is one way to foil identity thieves as it takes a while to establish and have decently dangerous access to credit; but, is a pain in the ass when you actually want to buy anything that requires a loan or a credit check- such as a vehicle or rental property.

When I actually established credit it was with a low-limit secured credit card and built it up quickly. I paid in full each month and my limit was extended until I hit my discomfort level. I haven't asked for an increase in 6 years- nor has an offer been extended.

All I can say in these days of easy credit it appears to me that the creditors want to hook you young and hard- deep enough to where it'll take real effort to clear the balance. My opinion is that if an individual cannot afford to pay off the card every month then it is being utilized wrong or they can ill-afford to possess the instrument.

I like the idea of loadable cards but think the fees that are charged outweigh the benefits of actually using one. A debit card linked to a separate low-balance personal expense account to which one can transfer funds to sounds like a decent alternative. Give one to each kid and put their allowance on it twice a month. Teach them how easy it is to wipe oneself out... ;D Establish discipline! BTW what is the average "allowance" these days?

Funny thing is I've gone for months and months without any cash at all. Too easy to use the card. 8)
Title: Re: Credit cards
Post by: Slowbrew on September 28, 2012, 09:31:30 AM
My high school age kids get $40/mo from Mom and Dad.  We cover the major expenses (gas, insurance, the car and such) so the allowance is so they have spending money for a movie, snack, date or some such.  I know kids who get 100-200 but they're folks expect them to cover more of the basic expenses.

Paul
Title: Re: Credit cards
Post by: morticaixavier on September 28, 2012, 10:15:23 AM
Part of your credit score is the amount of credit utilized vs available. So if you have like a $1000 limit and use 50% of that on a monthly basis and everything else is equal you will have a lower credit score than someone with a $25000 limit and using that same $500 per month.

It's the ratio between your balance and available credit it's true but if yo pay off your balance every month it doesn't really matter as the ratio between $0.00 owed and $1,000.00 available and $0.00 owed and $25,000.00 availabe is exactly the same. Now if you are carrying a balance on one card and cancel a different card then your score takes a hit because your ration has changed by the amount available on the closed card.

I just did this research becuase I finally got rid off all my credit card debt by borrowing money from family. (yeah family) one upside of the poor economic condition in the country right now is it actually makes good economic sense for my mother in law to take money out of her retirement investements and lend it to me at 5% interest over two years. She's going to make more on that couple grand than she would have leaving it in mutual funds.
Title: Re: Credit cards
Post by: Slowbrew on September 28, 2012, 11:06:54 AM
Part of your credit score is the amount of credit utilized vs available. So if you have like a $1000 limit and use 50% of that on a monthly basis and everything else is equal you will have a lower credit score than someone with a $25000 limit and using that same $500 per month.

It's the ratio between your balance and available credit it's true but if yo pay off your balance every month it doesn't really matter as the ratio between $0.00 owed and $1,000.00 available and $0.00 owed and $25,000.00 availabe is exactly the same. Now if you are carrying a balance on one card and cancel a different card then your score takes a hit because your ration has changed by the amount available on the closed card.

I just did this research becuase I finally got rid off all my credit card debt by borrowing money from family. (yeah family) one upside of the poor economic condition in the country right now is it actually makes good economic sense for my mother in law to take money out of her retirement investements and lend it to me at 5% interest over two years. She's going to make more on that couple grand than she would have leaving it in mutual funds.

Glad to hear I'm not the only one doing creative banking.  8^)

Last year when we suddenly needed to replace the high school car (but not the high school kids, thankfully) we were looking at financing part of the cost.  We didn't want to impact the "have money set aside to live on if you get laid off" plan but we decided to "borrow" the money from a savings account that only makes .2%.  We paid it back over 12 months at 8%.  It was the best return on a cash investment I made all year.

Paul
Title: Re: Credit cards
Post by: phillamb168 on September 29, 2012, 10:44:46 PM
Something not many people outside of my (Gen Y) generation realize: our generation got screwed with a capital S on college loans. Right about 1995,98, when credit in general became more accessible, people started getting loans for college. Right about 2000, 2002, when I went to college, Universities had realized that they, too, were sitting on cash cows, and so raised tuition -a LOT- and made a big deal of how they would help you finance your education. Looking back on it, it's basically like the used car lot guy who says "don't worry, I've got a cousin at the bank, we'll get you taken care of (... for 7%)."

I came from a background of not having much money, and while I had scholarships, they didn't begin to cover the costs. I now have about $600 to pay back every month, and there's 15 years left on the damn things. I failed out, for reasons that are too complicated to go into here, and what was amazing, looking back on it, was that the school never once contacted me when my grades started slipping (some of the profs did, though) but I got about a phone call a day when I dropped out and they stopped getting paid.
Title: Re: Credit cards
Post by: punatic on September 30, 2012, 01:44:35 AM
BFI actually drove by and put up a thread with legs?

What next, homebrewing in Alabama?
Title: Re: Credit cards
Post by: nateo on September 30, 2012, 06:31:40 AM
Looking back on it, it's basically like the used car lot guy who says "don't worry, I've got a cousin at the bank, we'll get you taken care of (... for 7%)."

Yeah, something I wish more people knew about was how college loans have gotten screwed recently. Hank Paulson fixed Stafford loans at 6.8%. Before that they were variable and capped at 8%. That happened in 2004 IIRC. The loans I took out first (subsidized Stafford with variable rates) are about 2% right now, but all the others are 6.8%.

What I don't get it is why Federally subsidized loans should even be run through for-profit banks, especially since you can't refinance them or wipe them out with bankruptcy. It's basically a no-risk cash cow for a private bank, and there's no way a no-risk loan should be 6.8%.

BFI actually drove by and put up a thread with legs?

I'm just as perplexed as you are.
Title: Re: Credit cards
Post by: euge on September 30, 2012, 07:38:26 AM
I got my student loans consolidated at 6.25% and have halfway paid them off. Was paying 3x the monthly amount until things got bad in euge's personal economy. ::)

First opportunity that particular loan is gone. Then the mortgage. After that I'm very unlikely to go into personal debt again. For business I'll possibly risk debt but owing money with interest sucks in my opinion.
Title: Re: Credit cards
Post by: nateo on September 30, 2012, 07:47:29 AM
I got my student loans consolidated at 6.25% and have halfway paid them off. Was paying 3x the monthly amount until things got bad in euge's personal economy. ::)

First opportunity that particular loan is gone. Then the mortgage. After that I'm very unlikely to go into personal debt again. For business I'll possibly risk debt but owing money with interest sucks in my opinion.

Congrats on making headway on the debt. I'm back in school (recidivism?) and since most of my loans are subsidized Uncle Sam is paying the interest right now. I'm still making payments and trying to get my principle down in the meantime.

I agree re:personal debt. Taking on debt that generates revenue makes more sense than unproductive debt. Buying a big house makes no sense to me at all. Buying a big brewery however. . .
Title: Re: Credit cards
Post by: euge on September 30, 2012, 08:09:21 AM
Well getting back along to the lines of BFI's thread... When I went shopping for home-loans in 2007 it quickly became apparent that the lenders would lend me far more than I could afford to pay back. My friends counseled me to buy! Buy as much (debt) as I could afford!

Well, I actually had to calculate what I could afford, and it was far below what the banks were encouraging me to take on.

For nine months I looked at about a thousand houses in the area online; sussed out the market, settled on a quiet family/retiree neighborhood and looked at 10 houses. Picked a 34yo 3/2 ranch-style with a two car garage and a decent sized back yard. Put a bid in, my broker low-balled them a grand lower (without my knowing) and they took the offer. Without discussing the down-payment amount I can tell you what my monthly mortgage payment is: $224 a month...

Title: Re: Credit cards
Post by: nateo on September 30, 2012, 09:20:31 AM
Well, I actually had to calculate what I could afford, and it was far below what the banks were encouraging me to take on.

I think a lot of people don't really think about what they can afford. But if they do, it's pretty hard for someone with no background in accounting to realistically calculate how much one can afford. I know I couldn't before I had wrapped my head around the conceptual framework.
Title: Re: Credit cards
Post by: bluefoxicy on September 30, 2012, 09:49:51 AM
it's basically like the used car lot guy who says "don't worry, I've got a cousin at the bank, we'll get you taken care of (... for 7%)."

No, wrong, completely.

A car loan at 11% isn't so bad.  It's not great, but it's not terrible.  You'd be stuck paying like $200/mo in interest at the beginning, which really sucks.

Let's take a mortgage though, at 3%?  For an $80,000 mortgage, 30 year, you're paying $200/mo in interest at 3%, instead of 11%.

Look at college loans now.  Tuition is going to take some time to pay off.  30, 40 years sometimes.  People go at least 20 years out.  And in the beginning, your loans sit and you don't even pay on them!  These days people go $150k, $200k in debt, at what 6%?  Think about taking a mortgage like that at 6%, and then not making payments, just let the interest accrue for 5 years or so.  Hint:  It's a lot more than $200/mo in interest accrual.

This is absolutely terrible.  I had a car loan at 10.73% and now it's like 1.99%, and I'm telling you long-term, huge loans are serious bad mojo.  Mortgages put a huge amount of interest on you--if you take a 15 year mortgage, your payment actually doesn't double (weird huh?), because you pay SO MUCH LESS in interest and yet you're paying like 2.875% instead of 3.0%.  How the heck does a $1000/mo mortgage at 15 years become a $920/mo mortgage at 30 years instead of a $250-ish/mo mortgage?

11% for 5 years and you're still not paying 73% of your payment into interest.  6% for 30 years and you're above 50%.  The higher your debt, the more interest you pay; the longer your debt, the less balance you pay down per time, which means again you  pay more interest.  Same interest rate but the payoff period is twice as long?  You're going to pay just about twice as much in interest, slightly less.
Title: Re: Credit cards
Post by: narvin on September 30, 2012, 02:55:51 PM
For better or worse, credit, debt, and spending drives our economy.  If all the people complaining about thrift and personal responsibility got their wish, their favorite corporations would suddenly become a lot less profitable.
Title: Re: Credit cards
Post by: nateo on September 30, 2012, 03:23:34 PM
For better or worse, credit, debt, and spending drives our economy.  If all the people complaining about thrift and personal responsibility got their wish, their favorite corporations would suddenly become a lot less profitable.

I'm taking an MBA program right now. There's a huge emphasis on "corporate responsibility" and generating "value" for all parties involved, including stockholders, employees, neighbors, etc. rather than generating maximum short-term profits. This is all at a university in Missouri, which isn't exactly known for being "progressive." So, the times are a'changing, but maybe not very quickly.
Title: Re: Credit cards
Post by: bluefoxicy on September 30, 2012, 03:57:08 PM
I'm taking an MBA program right now. There's a huge emphasis on "corporate responsibility" and generating "value" for all parties involved, including stockholders, employees, neighbors, etc. rather than generating maximum short-term profits. This is all at a university in Missouri, which isn't exactly known for being "progressive." So, the times are a'changing, but maybe not very quickly.

How does generating value fit in with buying TechTV, renaming it G4tv, and replacing all the shows that made TechTV wildly popular with your own garbage?
Title: Re: Credit cards
Post by: gymrat on September 30, 2012, 07:57:38 PM
When I got divorced in 03 I took on 13 grand in debt. I took two of those 0% credit card offers. Back then they only went 6 months. So 5 months in I took two more cards. 5 months later they were offering a year 0% and I had one of my cards paid off. So I transferred the other one to the new 0% promotional offer. 11 months later I transferred to yet another 0% offer. Eventually all of that debt was paid off. No interest just occasional transfer fees. I then cancelled all of my cards but one. Now I put my gas and incidentals on that card and pay it off every two weeks. I pay no interest but get rewards from it. I recently used those rewards to pay for a copy of beersmith. I love getting over on credit card companies.
Title: Re: Credit cards
Post by: punatic on October 01, 2012, 12:28:24 AM
All that... and a cool German Sheppard too.   8)
Title: Re: Credit cards
Post by: narvin on October 01, 2012, 05:46:31 AM
For better or worse, credit, debt, and spending drives our economy.  If all the people complaining about thrift and personal responsibility got their wish, their favorite corporations would suddenly become a lot less profitable.

I'm taking an MBA program right now. There's a huge emphasis on "corporate responsibility" and generating "value" for all parties involved, including stockholders, employees, neighbors, etc. rather than generating maximum short-term profits. This is all at a university in Missouri, which isn't exactly known for being "progressive." So, the times are a'changing, but maybe not very quickly.

Well, that's good to know.  But I wasn't even necessarily talking about unethical profits.  Our economic growth has in general been based on credit and spending over saving.
Title: Re: Credit cards
Post by: Jimmy K on October 02, 2012, 12:15:20 PM
Cash price and credit price is coming back at gas stations.  Way back in the day (late 70s? early 80s?) it was common for the credit price to be slightly higher.

Except - at least around here, the cash price is often the same as the price at "one price for all" stations and the credit price is about 10 cents higher than average. It is only a deal if you are not paying attention.
Title: Re: Credit cards
Post by: Joe Sr. on October 02, 2012, 12:23:22 PM
Cash price and credit price is coming back at gas stations.  Way back in the day (late 70s? early 80s?) it was common for the credit price to be slightly higher.

Except - at least around here, the cash price is often the same as the price at "one price for all" stations and the credit price is about 10 cents higher than average. It is only a deal if you are not paying attention.

I wasn't suggesting that it's a deal.  It's a penalty for the credit purchaser as the gas station is pushing the transaction fees for use of credit onto the consumer.  The retailer pays a fixed fee every time a card is swiped.  I believe they also pay a variable fee depending on the size of the transaction.

If the differential to the consumer is $0.10 per gallon, then the fee must be more than that.  Which adds up quickly.
Title: Re: Credit cards
Post by: nateo on October 02, 2012, 02:25:00 PM
I wasn't suggesting that it's a deal.  It's a penalty for the credit purchaser as the gas station is pushing the transaction fees for use of credit onto the consumer.  The retailer pays a fixed fee every time a card is swiped.  I believe they also pay a variable fee depending on the size of the transaction.

We don't do gas, but our CC account charges us a per-swipe fee, a flat fee +% of trans for debit, a different flat fee and % for credit, a batch fee to run the cards at the end of the day, and a monthly fee. If you don't close your "batch" out within 24 hours, the % per trans goes up.

For someone spending $50 on 15 gallons of gas, a surcharge of $0.10/gallon is enough to cover the cost of running the card if you have more than 20 CC transactions per day. Our cost to run a transaction that size is about 2% for debit, and 3% for credit on a typical day.

We've thought about adding a surcharge to credit card payment, or doing a minimum credit card amount, but so far we feel the cost (hassle, explaining/arguing to/with customers) don't outweigh the 2-3% gain from implementing that policy.

If your retailer isn't checking your ID everytime they run your card (we do), they're getting hit with chargebacks from stolen cards that drive up the price you pay. We've never run a stolen card, and that keeps our costs a lot lower, since chargebacks and associated fees are typically for 2-3x the amount stolen, and the retailer has to eat the cost.
Title: Re: Credit cards
Post by: euge on October 03, 2012, 09:22:53 AM
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

I knew there were fees to the retailer but damn. ??? Regardless, as an entrepreneur it's better to pay these fees to have access to the card carrying customer-base. I think people carry less cash and write fewer checks for purchases these days.
Title: Re: Credit cards
Post by: punatic on October 03, 2012, 11:14:03 AM
I knew there were fees to the retailer but damn. ??? Regardless, as an entrepreneur it's better to pay these fees to have access to the card carrying customer-base. I think people carry less cash and write fewer checks

I think you might mean retailers, not entrepreneurs.  My businesses provide services.  They receive payments almost exclusively by checks or transfers.  Ocassionally invoices are paid with cash.  Credit cards are not accepted.  We have never lost a sale because we don't take credit cards.  Credit cards are faster, but there is a price for that speed.

 Provide a service and send the bill.  In 7 1/2 years of business we've only been stiffed two times, on two small bills.

Title: Re: Credit cards
Post by: bluefoxicy on October 03, 2012, 11:34:52 AM
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

Yes but did you need $25,000 of cash for Pho?
Title: Re: Credit cards
Post by: punatic on October 03, 2012, 12:27:47 PM
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

Yes but did you need $25,000 of cash for Pho?

Only for the barbequed pho.   8) 
Title: Re: Credit cards
Post by: euge on October 03, 2012, 02:24:49 PM
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

Yes but did you need $25,000 of cash for Pho?

I'm not sure what you mean by that- but, while there may be a need for 25K it isn't for my beloved Phở!
Title: Re: Credit cards
Post by: ccfoo242 on October 03, 2012, 04:22:16 PM
I've found Clark Howard to be a great teacher of all things money related.

http://www.clarkhoward.com

He has a radio show that you can also get as a podcast.  I started listening about 6 months before buying my house and learned a whole lot about my credit score.

Sent from the future...