Credit Cards

[jk90029]

I don't understand your logics sir.

None of my CC has annual fees including my airlines credit card. I got free use of the money for a month, paid them off before interest charges, and got cash back or miles back. What is not to like?

There is NEVER free lunch. If you use their money for a month, then you have to give your lifetime purchase history.

I guess that your history may be more valuable than interest amount during the grace periods.

 

[jk90029]

You are missing some important logic circuits there my friend. You claim that credit card companies are selling purchase data. Simply because they could sell the data in no way means they are selling that data. Your assertion that they are is simply incorrect, absent some backing which you are apparently unable to provide.
I'll give you a little paranoid analog: You could be sitting on the public street outside my house watching everything I do, there's no STRICT PROHIBITION by written law against it. Does that mean I can accuse you, saying that you are sitting outside my house watching everything I do?

I should not say all CC companies sell it.

But they may sell it.

 

[Sig]

I should not say all CC companies sell it.

But they may sell it.

NONE OF THEM SELL IT!!!! You are simply incorrect.

 

[jk90029]

NONE OF THEM SELL IT!!!! You are simply incorrect.

If there is ONE CC saying that they destroy all the record (like in a month) in written paper, then I may be their CC customer.

Most never write it. So free to use it.

 

[Sig]

If there is ONE CC saying that they destroy all the record (like in a month) in written paper, then I may be their CC customer.

Most never write it. So free to use it.

Since even a cursory understanding of the credit card industry (or any finance or banking industry) would reveal that it would be impossible to run a credit card company if you destroyed all records after a month, you clearly haven't even the faintest idea of what you're talking about. There actually are laws in the U.S. that would prohibit this. However the privacy policy for all my cards does preclude selling my purchase data, so they'd be foolish to break that contract with hundreds of thousands of customers and expose themselves to hundreds of millions in class action suits to do what, sell your transaction record to bill collectors? Seriously, have you thought about the stuff you're spewing out for even a minute?

 

[jk90029]

Since even a cursory understanding of the credit card industry (or any finance or banking industry) would reveal that it would be impossible to run a credit card company if you destroyed all records after a month, you clearly haven't even the faintest idea of what you're talking about. There actually are laws in the U.S. that would prohibit this. However the privacy policy for all my cards does preclude selling my purchase data, so they'd be foolish to break that contract with hundreds of thousands of customers and expose themselves to hundreds of millions in class action suits to do what, sell your transaction record to bill collectors? Seriously, have you thought about the stuff you're spewing out for even a minute?

If you are debtor(for example), then it is valuable.

I mean that we may need to aware selling possibility.

Someone may say “I will take the chance” that I have no objection.

 

[ironchef]

There is NEVER free lunch. If you use their money for a month, then you have to give your lifetime purchase history.

I guess that your history may be more valuable than interest amount during the grace periods.

For no fee, one month's free money and 3% cash back and can stop payment if the purchase has problem, vs carrying a stack of cash I may forget where I stashed them, may lose them, no interests, etc. I have no complain, they are welcome to my lifetime purchase history to know what brand of instant noodle I purchased for lunch, cereal I ate for breakfast which MacDonald I purchased my cheeseburger for dinner.....

 

[comagnum]

One of the most often cited studies is one conducted by Dun & Bradstreet, where the company found that people spend 12-18% more when using credit cards instead of cash. Years ago people considered you a freak if you did not have a CC, now a days its common and that trend is growing.

Many more college students in 2015 had debit cards (85 percent) than credit cards (56 percent), according to a survey by student loan provider Sallie Mae titled “Majoring in Money.” The top reasons students cite for not having a credit card are that they don’t feel like they need one (51 percent) and they want to avoid debt (47 percent).

Seems like the millennial's have learned from watching the previous generation implode on CC debt.

 

[jk90029]

Attached is a photo of a major CC's written statement.

It seems that most states allow use of customer record with third affiliates, except Vermont and California resident.

 

[Overnight]

Debit card is also for storing your lifetime record, similar to CC.

You remind me of the proverbial kids who were traumatized in high school when getting into a fight in the hallway, or whom were truant, etc., which then went onto their "permanent record".