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@Genkeim wrote:I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.
And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash. So don't use them.
@longtimelurker wrote:
@Genkeim wrote:I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.
And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash. So don't use them.
Not sure I can agree with that
@Genkeim wrote:
@longtimelurker wrote:
@Genkeim wrote:I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.
And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash. So don't use them.
Not sure I can agree with that
Which part do you not agree with?
@longtimelurker wrote:And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash. So don't use them.
I can't tell if you're being serious or just joking,as most of the cards you have seem to have rewards on them.
@longtimelurker wrote:
@Genkeim wrote:
@longtimelurker wrote:
@Genkeim wrote:I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.
And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash. So don't use them.
Not sure I can agree with that
Which part do you not agree with?
Isn't that why creditors are getting savvy, and issuing WMC, WEMC, Siggys more "loosely" than before, so they can recoup with higher MFs, along with the typically associated AF?
*edit: yeah, guys...I know it's an amex thread. Just using that as a general example. FWIW, I'm screwed on bonuses now too, and am deadlocked with what I have.
@navigatethis12 wrote:
@longtimelurker wrote:And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash. So don't use them.
I can't tell if you're being serious or just joking,as most of the cards you have seem to have rewards on them.
Not joking, just pointing out an equivalence of a certain sort. As above, it really is generally true that an abuser is someone who is doing something more than you do. Using reward credit cards really does raise costs for everyone. Most or all of this extra cost is returned in rewards to those that have the cards, it is the most vulnerable who pay the price.
So comments about a few bad apples ruining the game seem hypocritical to me. Extreme churners are playing by the rules (until they are changed) and benefitting (perhaps lowering rewards overall for everyone) in much the same way as reward card users are.
@longtimelurker wrote:
@Genkeim wrote:
@longtimelurker wrote:
@Genkeim wrote:I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.
And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash. So don't use them.
Not sure I can agree with that
Which part do you not agree with?
Why do I have a feeling I'm missing the joke?
Taking it at face value... My understanding is the rewards from the reward cards come form a percentage of the swipe fee that the CCC charge merchants to accept their cards. Which in turn I'm sure the merchants are passing on to their customers, so in this regard, yes it is driving up costs for everyone. However the same fee is charged if it's a reward card or not so using or not using a reward card doesn't make any difference.
@longtimelurker wrote:Depending how long the exclusion is, it will potentially impact more than the hard core churners. ... So it may not even be a great decision for Amex.
There's a whole lot of rationalizing a poor consumer practice in your post longtimelurker. The average person has about 3 credit cards; most people who heavily participate on these forums have 10+ credit cards and rationalize in all kinds of ways why they are absolutely essential. Amex's policy will not effect the average card user in any negative way because the average card user will keep their cards for a lifetime (baring financial difficulty), not change cards like seasonal clothing in an temperate climate region.
@Genkeim wrote:Taking it at face value... My understanding is the rewards from the reward cards come form a percentage of the swipe fee that the CCC charge merchants to accept their cards. Which in turn I'm sure the merchants are passing on to their customers, so in this regard, yes it is driving up costs for everyone. However the same fee is charged if it's a reward card or not so using or not using a reward card doesn't make any difference.
Actually, I think rewards cards generally have a slightly higher swipe fee. Not 100% sure, though.