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actually, if you have good credit, that's not a problem. I don't have any cards with an annual fee. in fact, they pay me, on average about 1.9% cash back per ye

actually, if you have good credit, that's not a problem. I don't have any cards with an annual fee. in fact, they pay me, on average about 1.9% cash back per year. on the late fee, you're right. but the answer there is to pay in time. not really an issue.

nestlequ1k 15y ago
The financial industry runs on the fact that a tiny fraction of people have good credit. They love people like you who morally justify gouging poor people by saying "well, it's your own damn fault for having bad credit". See also: http://www.cracked.com/blog/5-things-nobody-tells-you-about-being-poor/ http://www.cracked.com/blog/5-things-nobody-tells-you-about-...
- encoderer 15y ago
  That conveniently glosses over the fact that it is your fault if you have bad credit. There are systemic causes of poverty. But nobody forces you to take credit you can't repay. More importantly, your premise is wrong: The average credit score in the US is just below 700 (690ish iirc.) And the median is above 700. This comes from numbers from the CRAs and is supported by the stats reported by CreditKarma.com. That is not bad credit.
anamax 15y ago
> I don't have any cards with an annual fee. in fact, they pay me, on average about 1.9% cash back per year. How are you still getting that much? My 2% for everything and 5% gas/groceries cards went away after Dodd-Frank. I've still got 3% Gas and dining and 2% travel with the occasional special but the rest, the majority, is only getting me 1%.
- encoderer 15y ago
  Grandfathered into the FIA (Formerly Charles Schwab) 2% visa signature card. But if you have a couple cards with the normal 1% plus rotating categories deal, you can get near 2% on average. Last I checked NASA FCU still has a 2% on everything card, and AARP has a great 5% on everything for an intro period.
  - anamax 15y ago
    > Grandfathered into the FIA (Formerly Charles Schwab) 2% visa signature card FIA (nee Schwab) was my 2% on everything card but my account was sold to BofA, which changed the terms to 3% on gas, 2% on groceries, 1% on everything else. My usage dropped a lot with the sale, in part because my wife refuses to use anything BofA.
    - encoderer 15y ago
      I received notice that there would be no changes to my account for the time being -- this was, oh, 6 months ago? I do know that FIA (formerly MBNA) is owned by BofA, and that accounts were being switched to the BankAmericard. Not entirely sure how criteria was chosen? For now I'm just enjoying it while it lasts.

nestlequ1k 15y ago

The financial industry runs on the fact that a tiny fraction of people have good credit. They love people like you who morally justify gouging poor people by saying "well, it's your own damn fault for having bad credit". See also: http://www.cracked.com/blog/5-things-nobody-tells-you-about-being-poor/ http://www.cracked.com/blog/5-things-nobody-tells-you-about-...

encoderer 15y ago
That conveniently glosses over the fact that it is your fault if you have bad credit. There are systemic causes of poverty. But nobody forces you to take credit you can't repay. More importantly, your premise is wrong: The average credit score in the US is just below 700 (690ish iirc.) And the median is above 700. This comes from numbers from the CRAs and is supported by the stats reported by CreditKarma.com. That is not bad credit.

anamax 15y ago

> I don't have any cards with an annual fee. in fact, they pay me, on average about 1.9% cash back per year. How are you still getting that much? My 2% for everything and 5% gas/groceries cards went away after Dodd-Frank. I've still got 3% Gas and dining and 2% travel with the occasional special but the rest, the majority, is only getting me 1%.

encoderer 15y ago
Grandfathered into the FIA (Formerly Charles Schwab) 2% visa signature card. But if you have a couple cards with the normal 1% plus rotating categories deal, you can get near 2% on average. Last I checked NASA FCU still has a 2% on everything card, and AARP has a great 5% on everything for an intro period.
- anamax 15y ago
  > Grandfathered into the FIA (Formerly Charles Schwab) 2% visa signature card FIA (nee Schwab) was my 2% on everything card but my account was sold to BofA, which changed the terms to 3% on gas, 2% on groceries, 1% on everything else. My usage dropped a lot with the sale, in part because my wife refuses to use anything BofA.
  - encoderer 15y ago
    I received notice that there would be no changes to my account for the time being -- this was, oh, 6 months ago? I do know that FIA (formerly MBNA) is owned by BofA, and that accounts were being switched to the BankAmericard. Not entirely sure how criteria was chosen? For now I'm just enjoying it while it lasts.