re: Are you a transactor or revolver?

Maybe that's legit...my info came from a 60 Mins piece a few years back about dense CC contracts and universal default provisions.

Maybe the times have changed.

Are you asking me if I’m a poor?

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Transactor/ bonus point enthusiast

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Same. I use my credit card for everything and pay it off every month. I’ve had enough points to pay for three weeks worth of trips.

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your financial acumen sucks

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Meh, it's usually more complicated than that.

Not everyone who pays their balance on time and collects miles and builds status is making the best financial decisions. It's not how you pay, it's what you buy that really matters. There's a psychological component to all aspects of spending money and the credit lenders have built their entire industry on that.

I mean look around you. So many people in this country just obsessively buying shite they don't need, filling their porches with Amazon boxes, filling their garages with overpriced toys, waiting for grubhub to deliver dinner, standing in line at Starbucks every morning for their $7 caffeine fix (after "the screen is going to ask you a question") when two crisp $20 bills at Walmart will buy you a Mr. Coffee machine and enough filters and grounds to last you the entire year.

Sometimes the best way to beat the game is not to play.

I've made a similar point in car shopping threads where people attack someone who pays cash for a car. Sometimes forcing yourself to pay cash for a car means you buy a used but well-maintained base model Civic for $12k instead of the shiny cool new truck for $65k. That's the smart decision, even if you think you could afford those 72 payments on the truck and even if you get a good deal on the price and a great interest rate and you have confidence that the money not dropped on the Civic will be earning profits in your brokerage account. Because the Civic will get you from A to B just as quickly and efficiently as the truck that has all the bells and whistles and that new car smell.

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And I’d also say that if you’re a Revolver, you shouldn’t have a credit card.

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Ehhh, interest is simply the price of having something now vs. waiting.

Sometimes the credit purchase decision makes sense to pay the interest. Sometimes it doesn’t.

For example, getting your car fixed so you can get to work vs. a deluxe Christmas for the kids.

Transactor but have been a revolver when younger.

Transactor

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In the industry, people who pay their bills in full each month are called "bottom feeders." There's no money in banking them.

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Wrong. Assume you have total monthly cc spend of $10k. The bank makes about $300 off transaction fees each month. That's $3,600 per year, but the bank is "loaning" you the same $10k month after month. So the bank is making 36% on that $10k every year. But you are not paying it, the merchant is.

all I have is a pre-paid debit card from Magic Johnson’s bank idfk