4 ms·
Maybe my choice of words was insufficient, my apologies. What I mean is making money off of interest is not their first choice. Interest money is not guarantee
by Dalewyn 2y ago
Maybe my choice of words was insufficient, my apologies.
What I mean is making money off of interest is not their first choice. Interest money is not guaranteed, there is no collateral securing that debt. If the debtor (card holder) can't or doesn't pay up, the bank lost that money.
Banks prefer making money off of fees which are guaranteed revenue, and they strongly incentivize card holders to not carry balances over by waiving interest if statement balances are paid in full every time.
- 0xEF 2y agoLol, okay, you definitely do not know what you are talking about. Sorry for engaging. I will stop wasting my time.
- Dalewyn 2y agoYou're certainly wasting everyone else's time, you don't even know why credit cards have interest rates as high as they do. (No, it's not to prey on low income people.)