Others dont understand CC rewards

[Anonymous]

No shame in my reward enthusiasm but...

One coworker won't PC their V1. They stated they don't earn many miles and mainly want it for the no FTF. So many cards with better earning and so many more with no FTF now!

Another can't understand why their care credit is threatening to close wo use. They're on the phone complaining to Synch.

SMH. I try. They don't listen. So much opportunity lost.

Both have 2-3 cards total. Income exceeds my own x2 (and I'm middle class American to be simplified). They, and I quote "don't understand how credit cards work." and "credit cards incur too much debt, best to have as few as possible"

Sigh. Arguable, yes. Yet with education, credit can be a wonderful tool that also yields great rewards with responsible use. It requires budgetary reviews! Why carry such a dead card or not use it at all for years?

Feel like a one man army in the world of responsible credit use.

Rant over. Thanks for letting me post.

[Anonymous]

I have CC since I was 18(34 now) and I still dont understand most of it besides paying on time. 

I just go for low apr and cool looking ones.

[UncleB]

---

@Anonymous wrote:
No shame in my reward enthusiasm but...

One coworker won't PC their V1. They stated they don't earn many miles and mainly want it for the no FTF. So many cards with better earning and so many more with no FTF now!

Another can't understand why their care credit is threatening to close wo use. They're on the phone complaining to Synch.

SMH. I try. They don't listen. So much opportunity lost.

Both have 2-3 cards total. Income exceeds my own x2 (and I'm middle class American to be simplified). They, and I quote "don't understand how credit cards work." and "credit cards incur too much debt, best to have as few as possible"

Sigh. Arguable, yes. Yet with education, credit can be a wonderful tool that also yields great rewards with responsible use. It requires budgetary reviews! Why carry such a dead card or not use it at all for years?

Feel like a one man army in the world of responsible credit use.

Rant over. Thanks for letting me post.

---

I feel your pain...

Some of my own family simply can't wrap their minds around credit card rewards... to them credit cards = debt. 

I try to explain that you treat them like a debit card but it just doesn't register.  Honestly my lack of being able to get through to them was becoming frustrating, so I have backed off... if/when they are interested I'll help any way I can, but until then I have decided not to be concerned. 

You can lead a horse to water...

[UncleB]

---

@gunsnlucas wrote:

I have CC since I was 18(34 now) and I still dont understand most of it besides paying on time. 

I just go for low apr and cool looking ones.

---

Welcome to myFICO! 

Hang around here and you'll pick it up quickly. 

[driftless]

My parents had one credit card, a Discover card.  They understood money well, just not credit card rewards.  I think that you need to either travel a lot or have gone through a rebuild or credit crisis to be as focused on the differences in cards that people in this forum are.  

[rmduhon]

I've tried explaining the difference between usage and utilization to my best friend several times and she still doesn't get it. I'm honestly beginning to think she's a lost cause in regards to credit and rebuilding. She wants to buy a house but doesn't realize that going to the ER (and not paying the subsequent bill) just because she doesn't want to pay a copay is ruining her credit. 'Oh, medical bills don't count.'

[Anonymous]

I worked with a guy who is in his 50s and has no credit score because he's never had credit.  Ever.  Not once.  Even his insurance agent told him that with no score he's not getting the best rate but his reply continues to be "I don't want to pay interest."  He makes mid-level 6 figures (think $400,000+) and has always paid cash for most things, debit for others.  Even his debit card worries him.  I've explained to him for years that he needs to show a credit mix but he refuses.  Old school even though he's not that old.

Both his kids are college aged and neither of them has credit either (he paid for their college educations with checks!).  Not sure if they're going to learn well, or learn poorly.

I think about how much he spends with his wife on expensive vacations and fancy restaurants and just see rewards burning as he hands over cash for the bills.

[Revelate]

My dad has one credit card which he doesn't really use in favor of debit or cash.  I've talked to him about credit scoring and doing better rewards wise, but he just doesn't have much interest other than some of the things in the margins around data analytics.  I have tried to get him to join a particular credit union in Texas too

That said, he's 80, has more money coming in than going out (IBM pension, social security), owns his house outright (and the appreciation on that place since 1992, not as good as the old florida home but it's still worth easily 3x what he bought it for), paid cash for a car a few years back, and has similar spending habits to what I have, has a girlfriend that keeps their financial assets scrupulously seperate, and has non-trivial assets... doesn't really need any help as a result.

My best friend and I will sometimes talk credit scoring and credit cards, but nothing really serious.  He's set with what he has, and there isn't enough benefit to try to convince him otherwise on the CC front.

In general I don't talk to anyone else regarding it at all unless they ask first, and typically it never ever comes up though it has once or twice.  Usually there has to be some shared interest (like these dumb corporate cards my soccer league is effectively mandating some people get) to even broach the conversation, and I let it drop quickly unless they express an interest... but to most folks average (660ish) is fine.

I don't have many debit card users in my life anymore though, though I wouldn't notice out of my coworkers since they basically feed us breakfast / lunch / dinner these M-F these days if one wishes to get to the office that early for breakfast haha.

[Subexistence]

Some people get mad at me when I discuss churning and arbitrage.

[Revelate]

---

@Subexistence wrote:

Some people get mad at me when I discuss churning and arbitrage.

---

Well to be fair we've had people get bothered by churning here too.

Arbitrage though, I can't see why people would be bothered by that, but most people dislike talking money maybe because it comes off judgemental in the comparison?  Not sure, that's a thing here too haha.