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/biz/ - Business & Finance

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50032106 No.50032106 [Reply] [Original]

>Be me
>never use the credit card jew despite the good goy score affecting so shit because I hate debt.
>start to learn that this was actually a meme since low interest debt is a tool against inflation and that debt that isn't backed by violence is a spook.
So I occasionally see a threads about how you can "play" the credit card game by being responsible in paying off the monthly bill and actually jumping through the hopes to get the rewards.
But really, the one thing I don't understand is how doing this cancels out the APR?

>> No.50032759

you dont pay interest if you pay in full before the due date (usually 21-28 days after the statement cycle). credit cards are free short term loans as long as you pay them back within 1-2 months of when you swiped the card. also plenty of them have 12 month 0% apr so you can float a few hundred to a few thousand for up to a year and only pay back minimum payments until that time is up

>> No.50032837

>>50032759
Ok, so for example I found an offer for a Capital One Quicksilver in the mail today. It offers 0 intro APR but that spikes to 15 -25% APR.
You're saying that doesn't exist if I pay my bills on time?

>> No.50032899

>>50032106
Are you retarded? Just use it as though it's a debit card and get free cash back, pay off the full balance each month.

Jesus Christ you're dumb.

>> No.50032988

>>50032899
That's the beauty of anonymous image boards. I can ask the dumbest questions imaginable with zero repercussions and get concise answers without sitting through some pajeet niggers youtube video.

>> No.50033074

>>50032988
Fair enough. Yeah, just get a $0 annual fee one that gives cash back. Build your credit.

I have 50k credit limit with an 843 transunion score (790 equifax) and get a lot of advantages thanks to it.

>> No.50033118

>>50032106
>>50032837
I don’t know how people can function who are this fucking retarded
>these are the people shilling you coins
LOL

>> No.50033283

>>50033118
You know the irony of my question is people were having a heated argument about it in the last big credit card thread on /biz/. Like one group of people were trying to argue that you lose money on credit cards with yearly fees and calling the pro-credit fags kikes.

>> No.50034102

>>50033283
>Like one group of people were trying to argue that you lose money on credit cards with yearly fees
They're probably Chainlink holders. Too retarded to discover no-annual-fee cards.

>> No.50035868

>>50033074
wtf fucking dystopian argument.

Debit is the currency of the slaves
Credit is the currency of the kings

OP do what you want but linving on credit and spending on future interests is way better than debit.

>> No.50035908

Im going to assume you just turned 18 and have worthless parents. If you carry a balance at the end of the month that amount of money accrues interest. So if you owe $130 and make the $30 minimum monthly payment, and accrue interest at a rate of 1.5% a month, then you will start the next month with a balance of $101.50. If you always pay off your ENTIRE balance as soon as possible then you dont get charged anything extra.

Shitty/beginner cards give something like 0-1% cash back. Decent cards give 2-5%, and generally either rotating or static spending categories with 5-10%. Really high end cards dont give more cash back, but tend to get you access into travel lounges, free uber rides, stuff like that.

I recommend trying to get around 2 new cards a year. Never carry a balance. When choosing cards to apply for, consider the annual premium and the intro bonus. If you meet the spending requirements you can get $3-500 back for opening a card with a $100 annual premium. You can just cancel the card after you get the intro bonus.

>> No.50035922

credit card is a kike r4ping you with lube
you think you are smart because you are asking for the lube since you already paid for it but in the end you are just being fucked

>> No.50036024

>>50035908
Can you use other cards to pay off an initial cards debt to "kick the can down the road" so to speak?

>> No.50036204

>>50036024
No, you have to link a checking account to the credit card and payments are drawn from that checking account. You COULD get a cash advance on a credit card and use that to make a payment, but cash advances typically incur additional charges and higher interest rates. Dont spend what you cant immediately pay off unless it is a dire emergency, in which case using a credit card is better than a pay day loan.

>> No.50036870

>>50036204
I see, I had heard there was a way to transfer debt from card to card and this must be it. Supposedly doing this also assrapes your credit score? I know it's something some NEET fags do here.

>> No.50036952

>>50036870
I suspect you're thinking of balance transfers between cards. If I have a 0% apr period on a card from the intro offer and it's about to expire, I can get a different card with another 0% apr period and transfer my balance to the new card. The transfer fee is some small percentage of the balance, but you get to enjoy another several months of not paying interest on your balance.