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Started By
Message
re: Lawmakers trying to take away credit card rewards
Posted on 7/21/23 at 7:06 am to rintintin
Posted on 7/21/23 at 7:06 am to rintintin
Yeah like a few have said. I buy almost literally EVERY thing with a credit card and haven't held a balance in 12+ years.
You either are about that life or you're not.
You either are about that life or you're not.
0
Posted on 7/21/23 at 7:07 am to TJG210
That is the epitome of stupid. So what is the difference to getting 1.5% cash back or taking 1.5% off an order.
And to get the rewards you have to pay the balance off.
If it wasn’t for rewards I would just use my check card.
And to get the rewards you have to pay the balance off.
If it wasn’t for rewards I would just use my check card.
Posted on 7/21/23 at 7:09 am to AndyCBR
What he is trying to explain to you is that you get the reward points for how much you spend, not by paying it off every month. The people that make minimum payments get the same reward points as those that pay it off completely.
Posted on 7/21/23 at 8:13 am to tigeraddict
quote:
That is the epitome of stupid. So what is the difference to getting 1.5% cash back or taking 1.5% off an order.
And to get the rewards you have to pay the balance off.
If it wasn’t for rewards I would just use my check card.
You are assuming retailers will discount you 1.5%.
That 100% wont happen as the rewards are marketing tools to differentiate card company offerings.
Not sure why you mention you have to pay the balance off to get rewards. Pretty understood you have to pay off your credit cards either over time or at one time.
And using your check (debit) card is not very smart.
If it gets skimmed, thieves are stealing real dollars from you, not fictitious credit dollars from the bank. Even if you get it back, it isn't instant and it is real money so using a credit card is always safer.
Posted on 7/21/23 at 8:22 am to TJG210
quote:
Lawmakers
quote:
“an untaxed kickback,”
Posted on 7/21/23 at 8:53 am to TJG210
My cash back is the only reason that I use my credit card. If I'm not getting it anymore, I'll go back to cash.
Posted on 7/21/23 at 8:57 am to highcotton2
(no message)
This post was edited on 9/3/23 at 5:11 pm
Posted on 7/21/23 at 9:10 am to AndyCBR
quote:
You mean people that pay their balance off on time in order to get the rewards? Essentially this is an early pay discount and pretty common across all industries.
I was going to post this exact thought. You don’t get points if you don’t pay on time. And yea this is a very common a/p incentive.
It can also be seen as an effective reduction in interest on credit card debt, which is not deductible for individuals. You want to tax it as revenue, increase the standard deduction. And let’s have the annual increases keep up with inflation while we are at it.
The federal government is a damn parasite.
Posted on 7/21/23 at 9:27 am to OceanMan
Always knew they would eventually come after my skymiles dammit. I pay all my company bills with my Delta Amex card. Finally reached Diamond Medallion and only flew twice last year.
Posted on 7/21/23 at 10:18 am to bigblake
quote:
Looks like you have Citi Thankyou points. FYI, some of the best redemption is via airline partners for flights. For the first few years I did straight cash redemption (1 pt for 1 cent), but now use almost exclusively for flights via partners where it can easily be 1 pt for 1.5 cents or more.
What card are you using? The ones I looked at had limits or special categories for different pitches. Things I buy did not qualify.
Posted on 7/21/23 at 10:22 am to tigeraddict
quote:
And to get the rewards you have to pay the balance off.
100% not true. As long as you pay what they ask for you get the rewards. Is it a good idea to be paying all that interest? No. It dilutes or erases the gain but it is false that you have to pay the balance off to get the rewards.
Posted on 7/21/23 at 10:23 am to highcotton2
(no message)
This post was edited on 9/3/23 at 5:11 pm
Posted on 7/21/23 at 10:24 am to TJG210
quote:
“The payment system is silently becoming a reverse Robin Hood, generating billions in untaxed side income for rich people.”
Gullible idiots will believe it.
Posted on 7/21/23 at 10:26 am to TJG210
Posted on 7/21/23 at 10:27 am to OceanMan
Robin Hood stole tax dollars from the government and gave it to taxpayers.
Posted on 7/21/23 at 10:37 am to TJG210
quote:
Those rewards are “an untaxed kickback,” said Brookings Institution senior fellow Aaron Klein, a former Treasury official and congressional economist.
this government stooge had the absolute gall to even utter the words “untaxed kickback”? There has been hearing after hearing about millions of “untaxed kickbacks” here recently that they have been trying to throw shade over. And those “untaxed kickbacks” were obtained by spending money subject to income tax, the money that was not part of the money you didn’t get to spend because of FICA, social security, and state income taxes. And then money you paid sales taxes to spend the money on the card that got you the “untaxed kickbacks”.
Wanna find revenue? End the lifetime pension of dumbass congressional lawmakers who think of more taxes to screw the people.
quote:
The payment system is silently becoming a reverse Robin Hood, generating billions in untaxed side income for rich people.”
I bought my last tv with Best Buy gift cards from credit card rewards. And these overpaid bunch of gimmie gimmie gimme gremlins probably make more than I do.
This post was edited on 7/21/23 at 10:41 am
Posted on 7/21/23 at 10:43 am to TJG210
quote:
Those rewards are “an untaxed kickback,
How the eff do they figure that. If I buy a concert ticket for $100, Discover tells me it will only charge me 95%. Yet I still paid sales taxes on $100.
Where the hell is the untaxed kickback?
Posted on 7/21/23 at 11:00 am to Tantal
quote:
My cash back is the only reason that I use my credit card. If I'm not getting it anymore, I'll go back to cash.
Its the major reason I use them but the second most important is security. It's by far the most secure method of payment for the consumer out there.
Posted on 7/21/23 at 11:06 am to AndyCBR
quote:
You get penalized with interest if you don't pay the statement balance o
use it for everything and pay it off every month
quote:
FFS some of you people are dense.
idiot
Posted on 7/21/23 at 11:10 am to TJG210
No one is forced to have a credit card.
Klein should beat his tongue with a hammer, over and over.
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