DO NOT apply for Anything with CHASE

[PCR20]

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@Anonymous wrote:

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@CreditCuriousity wrote:

Meh removed...No sense starting an arguement.

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I just had wine and I am ready to battle.. Stir the pot already (joking)

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You'd better hope CreditCuriousity's not Sicilian... else you soon may be hearing:

“You fool! You fell victim to one of the classic blunders!
The most famous is never to get involved in a land war in Asia.
And only slightly less well known is this: never go in against a Sicilian when (credit) death is on the line!”

(The Princess Bride, 1987)

[Anonymous]

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@TCarson wrote:

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@Anonymous wrote:

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@CreditCuriousity wrote:

Meh removed...No sense starting an arguement.

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I just had wine and I am ready to battle.. Stir the pot already (joking)

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You'd better hope CreditCuriousity's not Sicilian... else you soon may be hearing:

“You fool! You fell victim to one of the classic blunders!
The most famous is never to get involved in a land war in Asia.
And only slightly less well known is this: never go in against a Sicilian when (credit) death is on the line!”

(The Princess Bride, 1987)

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Ha..ha..  I love this forum

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

Meh removed...No sense starting an arguement.

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I just had wine and I am ready to battle.. Stir the pot already (joking)

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About ready to crack open a beer and do a shot of Patron.. I may post later lol....  It wasn't directed at you nor the OP though lol... Have a glass of wine for me though as it would taste bad mixed in with my beer and my patron!

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@CreditCuriousity wrote:

Meh removed...No sense starting an arguement.

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I just had wine and I am ready to battle.. Stir the pot already (joking)

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About ready to crack open a beer and do a shot of Patron.. I may post later lol....  It wasn't directed at you nor the OP though lol... Have a glass of wine for me though as it would taste bad mixed in with my beer and my patron!

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Will do.. I knew it wasn't directed at me but we all need a good laugh.. Its the holidays for petes sake

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@CreditCuriousity wrote:

Meh removed...No sense starting an arguement.

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I just had wine and I am ready to battle.. Stir the pot already (joking)

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About ready to crack open a beer and do a shot of Patron.. I may post later lol....  It wasn't directed at you nor the OP though lol... Have a glass of wine for me though as it would taste bad mixed in with my beer and my patron!

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Will do.. I knew it wasn't directed at me but we all need a good laugh.. Its the holidays for petes sake

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LOL you did read it before I removed it then ... Good for you, lol....  Oh and he has been on Howard Stern as well, that is how big he is in the business .. I don't care for HS either, but still funny

[negg]

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@bz386 wrote:

It seems to me that Chase wants to get rid of unprofitable customers. Remember, credit card companies make money in three ways: swipe fees, interest charges and other fees (f.e. annual fees or late fees). Now, the best customer for a bank is someone who puts regular charges on their credit card, then carries a balance and always pays on time (not in full). Such a customer would maximize their profit (i.e. they would get the swipe fee, the interest charge, any annual fee, plus they would get repaid eventually). But such customers are really rare. If you pay your card in full, you are a deadbeat to the lender, as you are making money off them, not the other way around. Now, the credit limit they give you is something they could be giving out to another customer. So my guess would be that they have somehow concluded that because you have enough credit with other companies that it is unlikely that you will become a profitable customer. Just a guess, but as good as any...

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Banks make more from swipe fees then any other fee. So this makes little to no sense.  For every $50 charged the bank gets bout 1.50 on the avg. it cost them about .10. 

  Most people pay off the balance, so they don't have to pay interest.   

[Anonymous]

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@negg wrote:

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@bz386 wrote:

It seems to me that Chase wants to get rid of unprofitable customers. Remember, credit card companies make money in three ways: swipe fees, interest charges and other fees (f.e. annual fees or late fees). Now, the best customer for a bank is someone who puts regular charges on their credit card, then carries a balance and always pays on time (not in full). Such a customer would maximize their profit (i.e. they would get the swipe fee, the interest charge, any annual fee, plus they would get repaid eventually). But such customers are really rare. If you pay your card in full, you are a deadbeat to the lender, as you are making money off them, not the other way around. Now, the credit limit they give you is something they could be giving out to another customer. So my guess would be that they have somehow concluded that because you have enough credit with other companies that it is unlikely that you will become a profitable customer. Just a guess, but as good as any...

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Banks make more from swipe fees then any other fee. So this makes little to no sense.  For every $50 charged the bank gets bout 1.50 on the avg. it cost them about .10. 

  Most people pay off the balance, so they don't have to pay interest.   

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Where are your figures coming from?   This implies that the bank makes 3% from the swipe fee, AFTER paying Visa/MC and processors?

[Anonymous]

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@negg wrote:

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Banks make more from swipe fees then any other fee. So this makes little to no sense.  For every $50 charged the bank gets bout 1.50 on the avg. it cost them about .10. 

  Most people pay off the balance, so they don't have to pay interest.   

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Chase does not make 3% off my merchant account because I know they have to pay Visa, MC, Discover, and Amex something ..... 

I think it is also a stretch to say "most people" pay off the balance on their credit card to not have to pay interest.  I think most people here and most people with good credit and credit conscious but the "american way" is unfortunately to live in a certain amount of debt and the reason "most people" don't have a 700+ credit score is because they cannot or do not pay their credit cards in full each month and/or live beyond their means.  I think if you are talking about "most people" - again that is broad - but if you are speaking in general terms across say the US .... no, most people are not able to pay their cards in full each month to avoid paying interest.  I disagree 100% with that.

"Most People" live beyond their means and live in a certain amount of debt and average a credit score in the lower 600's .... 

[Anonymous]

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@Anonymous wrote:

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@negg wrote:

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  Most people pay off the balance, so they don't have to pay interest.   

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I think it is also a stretch to say "most people" pay off the balance on their credit card to not have to pay interest.  I think most people here and most people with good credit and credit conscious but the "american way" is unfortunately to live in a certain amount of debt and the reason "most people" don't have a 700+ credit score is because they cannot or do not pay their credit cards in full each month and/or live beyond their means.  I think if you are talking about "most people" - again that is broad - but if you are speaking in general terms across say the US .... no, most people are not able to pay their cards in full each month to avoid paying interest.  I disagree 100% with that.

"Most People" live beyond their means and live in a certain amount of debt and average a credit score in the lower 600's .... 

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Actually, here I agree with negg.   See http://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php

only about 1/3rd of people revolve their credit card debt, the rest PIF each month.

[CreditCuriosity]

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@Anonymous wrote:

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@Anonymous wrote:

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@negg wrote:

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  Most people pay off the balance, so they don't have to pay interest.   

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I think it is also a stretch to say "most people" pay off the balance on their credit card to not have to pay interest.  I think most people here and most people with good credit and credit conscious but the "american way" is unfortunately to live in a certain amount of debt and the reason "most people" don't have a 700+ credit score is because they cannot or do not pay their credit cards in full each month and/or live beyond their means.  I think if you are talking about "most people" - again that is broad - but if you are speaking in general terms across say the US .... no, most people are not able to pay their cards in full each month to avoid paying interest.  I disagree 100% with that.

"Most People" live beyond their means and live in a certain amount of debt and average a credit score in the lower 600's .... 

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Actually, here I agree with negg.   See http://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php

only about 1/3rd of people revolve their credit card debt, the rest PIF each month.

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I am actually suprised by this... I figured it would be more then that..  I will be honest haven't read the article yet, taking your word on it.. Isn't it something like 5k is the average CC debt for a US consumer?  I am just pulling a number out of the air, but I could of sworn I read that somewhere..  Obviously it is based on your age, etc.. But aggregated to a whole, I thought it was somewhere around that figure...  Obviously I must be wrong, unless the 1/3rd that do carry debt offset the PIF people by a large margin...  As stated about to head out and haven't googled my facts, so ya shady math and stats.