Tuesday, June 17, 2008

Credit Card Myths

I've been dealing with some family stuff for a bit and I'm out of town, so this post will be short 'n sweet.

In the meantime, in my brief foray back into financial news I stumbled upon this, 9 Big Credit Card Myths-- among them, minimum credit card purchase. Good luck raising holy hell trying to get that bodega to comply.

4 comments:

Alisa said...

Nice article.

Thanks for sharing it. I recently started My Journey into the Stock Market:

http://www.ourstockmarketjourney.blogspot.com/

and I think that we have to be very careful with credit card usage. It is so easy to get into debt and become part of a cycle of debt that is not easy to break.

Through this journey I learned a little something about the big credit card processing centers. As a business, you can imagine, they seem to do very well.

They collect various fees from merchant banks, card issuing banks, and other entities as well.

If you multiply these fees by the hundreds (maybe thousands) of issuing banks and merchants and the millions of cardholders around the world; the revenue is huge. And because (I believe) the issuing bank bears the liability for the debt of the cardholders, I would guess that there is not much risk for the processing center.

Be well and keep up the great work.

frugal zeitgeist said...

Sorry to hear that things have been tough. Best wishes to you and your family.

Suzy said...

Thanks for the great link - I've been looking for a good source to call out the specific cards for awhile.

Hope all is well otherwise - I linked to you on my post today...

PiggyBankBlues said...

thanks everyone! it's good to be back :)