PIF "deadbeats" saved by AF

[Anonymous]

Myself along with a few of my friends like to PIF each month.  I know the CCC may consider us deadbeats. My question is, does the annual fee offset your "deadbeat" status.  I can understand if you PIF and your card has no AF, but what if it does? They still make money every year.

[MidnightVoice]

They make money every time you use the card!

But an increasing percentage of their profits is coming from late fees and over the limit fees, not to mention punitive interest rates.

[Red1Blue]

yep. 30-90% interest and $25-$99 late fees they charge. It is a great business to make money.

[Anonymous]

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turbowrx wrote:

Myself along with a few of my friends like to PIF each month.  I know the CCC may consider us deadbeats. My question is, does the annual fee offset your "deadbeat" status.  I can understand if you PIF and your card has no AF, but what if it does? They still make money every year.

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Dont they make a transaction fee every time you swipe you're card?

[MidnightVoice]

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ddd wrote:

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turbowrx wrote:

Myself along with a few of my friends like to PIF each month.  I know the CCC may consider us deadbeats. My question is, does the annual fee offset your "deadbeat" status.  I can understand if you PIF and your card has no AF, but what if it does? They still make money every year.

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Dont they make a transaction fee every time you swipe you're card?

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yes

[Anonymous]

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MidnightVoice wrote:

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ddd wrote:

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turbowrx wrote:

Myself along with a few of my friends like to PIF each month.  I know the CCC may consider us deadbeats. My question is, does the annual fee offset your "deadbeat" status.  I can understand if you PIF and your card has no AF, but what if it does? They still make money every year.

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Dont they make a transaction fee every time you swipe you're card?

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yes

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The only money I'll ever plan on earning for the CCC's are their POS fees, I've heard they are as high as 1.5%, someone correct me if that's too high.  That's probably not a good enough return for the use I make of them.  CC's to me are just basically a cash flow management tool to:

(1) take advantage of the cash back rewards,

(2) give my purchases extra protection,

(3) help protect me from ID theft (no debit cards!),

(4) buffer the utility of my HELOC,

(5) and round out my credit report to make it look the way it needs to look.

I won't feel guilty using them this way, although I do feel bad for the people who end up paying those high APR's and fees.

[Anonymous]

I always wondered if my BOA amex transaction fees are higher than my BOA visa.

[Anonymous]

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turbowrx wrote:

I always wondered if my BOA amex transaction fees are higher than my BOA visa.

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Yes, they are.  POS fees are determined by the network the card uses, not the issuer.  The Amex network is considerably more expensive than MC/Visa.

[Anonymous]

So, my BOA amex should be happy when I pay in full. Just like a regular amex. Correct?

[Anonymous]

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turbowrx wrote:

So, my BOA amex should be happy when I pay in full. Just like a regular amex. Correct?

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Yes as long as you keep using it !!!!!!!!!!!!