Originally Posted by BarryHalls
VERY true. It's uttery usury, and should be illegal. I fell victim to credit cards because I didn't understand them. Now that I do, I will NEVER have another one!
I don't agree they should be illegal, when I first encountered them I feel pray to them a bit and ran up about 4k in cc debt. I worked hard paid them off and now leverage them to work for me. I pay my balance off several times a month, haven't paid interest in 11 years, and it yeilds between 1 and 3% cash back to me every year which usually comes up to about 2000 dollars. In the end I have gone from paying the credit cards to making them pay me. A credit card is like a gun, or a hammer. Its a tool, used properly it is powerful, used improperly it can be down right deadly.
Don't forget the fringe benifits either. All of the airline executive clubs I have free entry to, very useful on long lay overs, and semi-non-public bathrooms in the airports are a god send. There are also discounts and the availibility to have a whole lot of capitol availible in an oh sh!t situation, without actually having to carry around the money.