4 ms·

What's sad is that the rewards cards are generally only available to people with good credit which correlates strongly with the middle class and up. That makes

by guelo 10y ago

What's sad is that the rewards cards are generally only available to people with good credit which correlates strongly with the middle class and up. That makes rewards cards a transfer of wealth from lower classes up. Making us all complicit in the ursury evilness of credit cards.

matt_wulfeck 10y ago
Oh please. Here's a better reward: don't buy anything you don't need. Since credit cards are commonly used to purchase luxury goods -- generally associated with middle class and up -- I could make a similarly inane argument that it's a transfer of wealth from spendthrifts to those that are disciplined and save their money.
- nommm-nommm 10y ago
  Business do a lot of credit card spending too. A real lot.
  - tracker1 10y ago
    If you do business travel, or other per-deim expenses, it's a huge boost to have a rewards card... the original bill is reimbursed and you get the points/miles.
    - usrusr 10y ago
      Oh great, an incentive mechanism that rewards going for the most expensive acceptable option even if there is not only no business value in it, but also no direct personal value.
      - tracker1 10y ago
        That's what limits on reimbursements are for...
tracker1 10y ago
Good credit isn't so hard to establish, and not so tightly based on income... My ex wife has incredible credit and she doesn't make that much more than minimum wage. It comes down to money management, and paying your bills on time, over time. Too many people will let frivolous expenses take priority over paying the bills. I've been down and out... unemployed most of 2002, and saddled with a six figure hospital bill (after insurance max) about 7 years ago... I still have two rewards cards... I put everything day to day on them, and generally pay them off at payday. I try not to carry much of a balance, except for larger outlays that I'll do over time. The bigger problem is that parents should talk to their kids about bills, the importance of paying them, and actually show them a spreadsheet with how much is coming in, and how much is going out just for bills, and then working with what's left. Parents don't do this, schools should as well, and even then, the stigma prevents parents from showing this to their kids, so they get to be adults with no understanding, prioritization or coping skills.

by guelo 10y ago

matt_wulfeck 10y ago

Oh please. Here's a better reward: don't buy anything you don't need. Since credit cards are commonly used to purchase luxury goods -- generally associated with middle class and up -- I could make a similarly inane argument that it's a transfer of wealth from spendthrifts to those that are disciplined and save their money.

nommm-nommm 10y ago
Business do a lot of credit card spending too. A real lot.
- tracker1 10y ago
  If you do business travel, or other per-deim expenses, it's a huge boost to have a rewards card... the original bill is reimbursed and you get the points/miles.
  - usrusr 10y ago
    Oh great, an incentive mechanism that rewards going for the most expensive acceptable option even if there is not only no business value in it, but also no direct personal value.
    - tracker1 10y ago
      That's what limits on reimbursements are for...

tracker1 10y ago

Good credit isn't so hard to establish, and not so tightly based on income... My ex wife has incredible credit and she doesn't make that much more than minimum wage. It comes down to money management, and paying your bills on time, over time. Too many people will let frivolous expenses take priority over paying the bills. I've been down and out... unemployed most of 2002, and saddled with a six figure hospital bill (after insurance max) about 7 years ago... I still have two rewards cards... I put everything day to day on them, and generally pay them off at payday. I try not to carry much of a balance, except for larger outlays that I'll do over time. The bigger problem is that parents should talk to their kids about bills, the importance of paying them, and actually show them a spreadsheet with how much is coming in, and how much is going out just for bills, and then working with what's left. Parents don't do this, schools should as well, and even then, the stigma prevents parents from showing this to their kids, so they get to be adults with no understanding, prioritization or coping skills.