What Capital One Doesn't Want You To Know

[@piecesofme8531]

Let's be real. That store owner would NOT be reducing his prices if he could magically get rid of swipe fees.

[@sarkaranish]

exactly, small business owners are some of the most entitled people i have met. they want locals to pay exorbitant prices for their business when the product is mediocre and the owner doesn't want to give back to the community.

[@ooogyman]

He wouldn't lower prices on his own, but if his competitors, who would also get the benefit of lower swipe fees, decided to lower prices, he would be compelled to lower prices as well.

[@LeeHawkinsPhoto]

I’d still rather he get it than do-nothing bankers.

[@christiantabares6713]

I could believe OPs claim. To add onto it, small business owners still conduct business, they're Capitalists too after all. Their labor practices are also put into question via family business not paying certain family members (the young or the children) for instance. Or exploiting immigrant workers. Literal child labor laws. That said, such enterprises, franchises, etc., are microcosms of the similar practices corporations and companies make. Tax write offs, tax loopholes, wage theft, deregulation (legal or otherwise). There is also outsourcing and downsizing, violating laws as a business expense (companies literally put civil fees and the like into their expenses, as paying those fees are less costly to them than actually following laws and regulations. When there is little punishment accountability or payments aside from proportionately small fees, companies are literally incentivized to break laws. We also have the reliance of wage slave to actual slave labor (look at chocolate and cobalt for instance). Often exploiting the Global South by the Global North for centuries. Thats not even getting into anti-union, anti-consumer, disability discrimination and other forms of prejudice (often but not exclusively the implicit kind, see the mock test of higher hiring rates for American and European sounding names over other names despite conteolling for worker xp, qualifications and education etc.), greedflation and keeping prices up despite inflation going down, etc.

[@sarkaranish]

@@LeeHawkinsPhoto That's the opposite of what you should think. Small business owners are MORE greedy and feel more entitled to your money. At least credit cards give us a guaranteed way of getting 1-3% cashback on all purchases.

[@ohiasdxfcghbljokasdjhnfvaw4ehr]

WHY ARE WE STILL ALLOWING GIANT MERGERS! If you already have more than 10% of the market, or are publicly traded, or are worth over 500m, you should be completely disqualified from all mergers and acquisitions.

[@dao8805]

The DOJ and the CFB should have stopped this long ago. The problem is that our government agencies are controlled by corporations including the banking industry. Ending corporate capture of government agencies that are supposed to be protecting us is one of the main reasons I am voting for the only candidate commited to ending it: RFK Jr.

[@garlicgalore]

Nina Kahn is trying to catch up on years of ignoring mergers. She needs to stay at the FTC, hence need to reelect Biden because I doubt Republicans will let her stay.

[@TerrenceSullivan1335]

2/3 of your recommendations are reasonable, but expecting all publicly traded corporations to be banned from acquisitions is never going to be accepted. Not by businesses, not by voters.

[@someguy6075]

Neoliberal economics. Biden is actually the first president in a long time trying to rebuild the antitrust movement in the US but it's been sort of quiet.

[@YourCapyFrenBigly_3DPipes1999]

I know that's right 👍

[@Miszel-l5k]

Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Pecuniary backdoors*

[@toni94245]

🎉🪄✨ ALL YOU WANT IS YOURS IF YOU BELIEVE!! I love this for you!!!

[@rcord12]

Don’t give them a cent! Pay your card statement OFF monthly! If you can’t afford to then your living above your means! Start budgeting and only charge what you can afford to pay at the end of your billing cycle each month! If you can’t do that then stop using it!!

[@coye9r]

This. Credit cards are more secure since it's their money. Just avoid an annual fee

[@moebadderman227]

@rcord12 - "Pay your card statement OFF monthly! " I did that, and American Express cancelled my card after a couple of years.

[@wendieghostie]

​@moebadderman227 I've had my amex for almost a decade paying it off every month, what do you mean?

[@helena3631]

This

[@MVK_GS]

I have been paying my cc off monthly without any issues for years. I just live within my means.

[@sinan_3384]

If you’re using credit cards for large transactions with a goal of paying it off over time because you can’t afford it at the time of purchase, you’re using credit cards incorrectly I’m afraid.

[@meee2014]

im a registered nurse, and when talking with my coworkers, some have quite a bit of savings, invested into retirement or stock market, and some are drowning in credit card debt. why, we all make roughly the same amount of money? the only logical explanation is one type of people know how to handle money well and the other dont and are impulsive.

[@sinan_3384]

@@meee2014there has to be personal responsibility involved. Yes credit card companies may use tactics to get people into the debt but it’s no different than gambling websites and casinos. Can’t just yell “credit card companies bad!” When millions of people use them responsibly

[@harrymagooslum5770]

Retail therapy is like a drug addiction. I still spend like I’m broke yet I’m not. Why am I not??? Because I don’t spend if I can at all help it. I fix my car myself when I can find a KZbin video that shows me how… even if I have to buy or rent tool or two to do so, if it saves me money. Btw, I do have Capital One in my wallet and I put absolutely everything possible including my bills on it. I think that only one charges me a fee by using a credit card. Yet I get 2% back. Yeah, they all probably get charged 3% but I don’t think that they would pass the savings back to me. The CEOs would simply pat themselves on the back and pay themselves more. I do pay off my credit card each and every month because I will go without rather than paying a high interest loan.

[@droma2366]

Unless, unless it's a 0% interest card for signing up. Im paying off a $4,000 Sony TV at my own pace for next 24 months.

[@K4R3N]

My buddy bought a house, new truck, motorcycle and had his kid in private school. I knew he didn't make a lot but I was happy for him. Then he calls me 6 months later says he's losing everything. I dug into a little and turned out he was maxing out credit cards about $40k+ in cc debt. I yelled at him "that's not how you're supposed to use credit cards!" He was living a lifestyle he couldn't afford.

[@dvdv8197]

"What's in your wallet?" A TRAP!!

[@Zyo117]

[Insert shocked Admiral Ackbar here]

[@blazingfuryoffire1]

Paper bills.

[@ForumArcade]

I don't see what crossdressing has to do with this discussion.

[@paulgermano7837]

​@@Zyo117 IT'S A TRAP!

[@veronicaalleyne]

you mean besides their hand?

[@Peterl4290]

Really, banks require more regulation. The entire idea of banking as "let's gamble" is terrifying. Because they discovered in 2008 that the government will always bail them out, there are no repercussions. These bank crisis are so worrisome. This whole financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies. And this is only the beginning!

[@Mrshuster]

Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply focus on diversified investments through a financial advisor, collect my profits, which I either spend or repeat the process. Never been this comfortable with my finances.

[@larrypaul-cw9nk]

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

[@sabastinenoah]

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

[@larrypaul-cw9nk]

Her name is “Annette Christine Conte” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@sabastinenoah]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@xGamerGuy]

I went through a bankruptcy because I was hospitalized during a time when I had no health insurance. Capital One was the only company to offer me credit afterwards. Two years later I have several capital one cards with high limits, and pay them in full every month. I love capital one. I believe the moral of the story is to not purchase things you can’t afford, that’s how you end up paying any credit company interest.

[@korycoleman9517]

Same here, they were the only company who would give me a secured card ,before that I didn't know you needed good credit for a secured card so here I am ,out of debt n starting fresh and they have been a big help

[@swampwiz]

Why didn't you have health insurance? Was this pre-ACA? BTW, I myself filed for Chapter 7 during the Great Recession, both from that and from the cumulative effects of having a major loss in a weather event a few years prior in Aug 2005. Of the $140K in unsecured debt I had, none of it was from Capital One (although it pretty much included every other big name, LOL), and Capital One was the first bank to offer me a non-secured (but still with a $39 fee) CC; I guess they thought I was "prime meat".

[@aok6694]

Yes, pay the amount in full EVERY month! You really cannot go wrong with that strategy. And, remember, you receive perks from the purchase. So, using that approach is a win for you!!!

[@yanomanches1375]

I love capital one too! They have the best option for savings with interest. I have credit cards, but don’t use them less I have to.

[@always_be_eri]

SAME

[@yurareigiryu]

Lowering swipe fees makes sense if retailers lowers price of goods in turn, but Walmart or BP or Atlas have no intention of passing on those savings.

[@wasd____]

There's literally no savings to pass on, at least not directly from swipe fee reduction. Merchants are prohibited from passing on the fees to customers, it's just an extra chunk coming out of their bottom line that they can't do anything about. That said, yeah, huge corporate merchants are definitely profiteering and then blaming it on 'supply chain' or 'cost of labor' expenses they can easily afford, so they should be called to task on those BS excuses and made to lower artificially high prices for _other_ reasons, but they could do it without swipe fees changing so it's kinda unrelated.

[@ctcristo]

@@wasd____ what you just said made zero sense. "just an extra chunk coming out of their bottom line" - e.g., WMT's profit. and yet, "there is no savings to pass on", guess just more profit for WMT.

[@xant8344]

@@wasd____ This isn't possibly true even if it's the written rule

[@this_epic_name]

In the vast majority of cases, the absolute amount an individual consumer would gain from those savings is relatively paltry. The sin in all this is that the death by a thousand cuts adds up to a hefty sum, and that hefty sum goes predominantly to two companies. Split out among *all* consumers, it's not that much. But at the company level, the absolute amount of fees charged adds up to a substantial pile of cash that a business could use to grow and innovate (and hire more people). That's the "wealth transfer" the analyst in the video was talking about. It's a giant suck from entrepreneurs and small business owners, with piles of cash being hoovered up and doled out to CEOs, shareholders, and banks. If that money were to stay in the hands of small businesses, their ability to expand, hire more people, and generate more wealth would increase.

[@addanametocontinue]

Swipe fees are so minimal, it wouldn't be noticed even if companies did return those to us.

[@radicant7283]

That one guy being all like "whoa can you imagine if the grocery stores fixed food prices" when that's exactly what they're doing 🗿

[@ggsilik]

I guess he doesn't live anywhere near where Kroger's got a tentacle in the food market...yet.

[@AndyPhu]

They not fixing food prices. They're just cutting their artificially inflated profit margins from covid.

[@mathgasm8484]

I want to buy more farm land in an underserved area and sell my produce. I mostly produce honey to buy the land and then the other stuff is just gravy.

[@childishlandino7697]

Target and Publix is way worse than Walmart where I live

[@Inbal_Feuchtwanger]

Thats just populist nonsense with absolutely not credible source supporting that claim. Grocery stores never prices gouged and you can look at their income statements to see that for yourself. WMT, COST, KR, ect are all on razor thin margins usually around 2-3% and that hasnt changed. This stuff isnt even rocket science either, just look at COGS[Cost of goods sold] relative to revenues and you can even see that they have kept strongly correlated with eachother. Put simply, grocery stores have been paying more for food and that gets passed along to you. Dont believe everything you read on the news and social media, they dont care about giving you the truth. They will say whatever gets you to click, and people just want to hear negative things.

[@grayisgood]

I live on disability. I use credit cards. I get cash back. I don't spend more than I can pay off at the end of the month and pay my bills off in full every month. I am making money by using cash back credit cards. You are not obligated to make poor decisions that are going to waste your money and potentially fuck your life up. You can choose instead to use the cards wisely. It's not hard. What has happened to maturity and responsibility? Everyone is like an uncontrolled child these days, and seem to believe they're supposed to be. What? Me responsible for my own choices? NO! My behavior is YOUR fault. I'm not defending the wealthy corporations that fuck us over every single day of our lives, I wish we would make wise voting choices and elect politicians who would do something about it. That would require mature responsible voting decisions from the masses so, you know. This entire concept that is prevalent these days that we are not responsible for our own choices is really leaving us totally vulnerable to being totally fucked over by anyone who wants to take advantage, and they are. You, me, each of us is responsible for our own choices and the consequences of those choices. Grow up.

[@w8what575]

Problem with the voting suggestion is…they’ll say whatever it takes to get elected but they aren’t held to what they promise during their campaign…that’s what needs to be changed…hold them responsible for what they promise and without reasonable explanation for failing to fulfill those promises, they should be held accountable for lying and exploitation of their constituents..but that’s based on the understanding that we live in a constitutional republic where we all matter and have a say…that’s been replaced awhile ago with this s o c I a l is t democracy we see today where we don’t matter at all and are simply tax cattle

[@gelan8543]

Plus, as the buyer, you get Buyer Protection for purchase, extended warranties, and other benefits. I made about $300-$400 / year on cash buy. I never paid any interest charges on my cards

[@grayisgood]

@@gelan8543 Yes I use chase freedom unlimited and I find they have some great benefits. I have some other cards that don't offer the same.

[@furyofbongos]

Yep. So many "victims" are merely victims of their own irresponsibility. I haven't paid any fees on any credit card in decades. And have racked up thousands in cash back.

[@seeyouinhell4evr]

It's cool that you're not paying interest or late fees, plus you're earning cash back, but...did you comprehend the video at all? All of us who use these cards are earning like 5-10% for the credit card company, who pays us 1-3%, while retailers charge 5-10% more for their products to make up for credit processing fees. Are we all going to grow up and boycott credit cards? Nah, we'll use them responsibly, enriching the credit card companies at our personal expense, and just keep praying for our elected officials to suddenly become interested in fighting corruption, or protecting consumers - yes?

[@kikidee9623]

The store owner putting out that belief that if swipe fees didn’t exist that would have been more money that they would be able to pay their employees. Who does he think buys that line anymore?

[@HanzDeez]

Yeah the second he said that I said BS. You’ll make take all of it.

[@LordDarthBaiter]

As a small business owner who paid credit card companies $2000 to $3000 a month, I ended up cutting my workforce and doing less upgrades to my business every year while taking home less.

[@Firefenex1996]

​@@LordDarthBaiter I'm genuinely curious about the finance part. Based on your numbers your business has 100k a year in transactions? How much of that 100k goes to materials and other operational expenses outside of paying people?

[@LordDarthBaiter]

@Firefenex1996 Rent was >$25000 a month, utilities was $2500 to $3500 a month. Half of sales were used to restock. After Covid, I cut my work force 1/4....hoping to re hire afterward. But the rate of Credit Card use went feom 1/3 of sales to over 1/2. Could not re hire the workers and ended up working 14 to 16 hours 6 to 7 days...depending on my Bro in Law's schedule. So glad I am done with small business.

[@Firefenex1996]

@@LordDarthBaiter dang. 25k for rent is crazy for a small business. A company I worked foe paid 25k a month for a 70 person office in the heard of downtown Portland. Thanks for the info!

[@JiaDhillon-g9h]

This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the *Pecuniary backdoors* on the internet movement when I say ancestral your a gift to our people

[@RobertDean-x5e]

Why are they allowing up to 30% interest ?? The cap used to be 18% These companies are worst than LOAN SHARKS !!!

[@tommybotts]

Why are they allowing up to 30% interest ?? Answer: Campaign contributions.

[@jmg7825]

You can when there is demented guy in office, his nickname is senator MBNA.

[@chadheese2103]

18% is the max for federal credit unions, as they are regulated by the NCUA.

[@flyer3455]

30% interest is a result of an increase in the prime rate.

[@Hotdryandsunny]

@@flyer3455 The consumer is allowing up to 30% interest. Don't borrow the money if you feel the interest is too high. Simple solution.

[@mariusfacktor3597]

Paying in cash should be cheaper than swiping a credit card. Otherwise you are making cash payers (typically poorer) subsidize credit card rewards (typically richer). There should be a law that credit card fees are added to the receipt at POS so the customer can see how much more they are paying.

[@LastGoodHandle]

Absolutely the cash-paying customer subsidizes; however, what you are proposing is exactly what society demands against. We want all inclusive pricing and not having a X% fee added at POS. Also, within a payment network itself, there's different interchange fees based on the card tier (eg VISA has vanilla, signature and infinite). If a customer asks why its different if they used different cards, no chance store employees wants to deal with that. Capping fees also won't work as stores have no incentives to lower prices unilaterally. Realistically, there's only two ways: 1) Merchants offer cash-paying customers a discount, if they so choose. 2) Americans needs to obtain financial literacy. Don't buy what you can't afford; pay off your card in full, on-time each month; play the CC game by hunting for cards with the best cashback in your highest spend categories.

[@deanmbrunk1]

Cash has a cost too though. Physical storage. Fees to the armored car carriers. Not disagreeing either you but cash isn’t without its costs either.

[@mariusfacktor3597]

@@LastGoodHandle If swiping a card incurs a $2.04 fee then the screen should notify the customer that a $2.04 fee will be added. I'm saying that should be a law. All stores probably want to do this so they can charge lower prices, but no individual store can single out credit cards without customer backlash. That's why a law would be a good solution. A Karen can't berate an employee when they have no control over the law.

[@mariusfacktor3597]

@@deanmbrunk1 Good point. I think if consumers knew they were hit with a fee for every credit card swipe, there would be pressure to lower credit card swipe fees. It's ridiculous that Visa or Mastercard can get 3% of all our purchases. All they do is an electronic financial transaction which is as easy as sending an email, which we all do for free because its cost is so negligible.

[@thatoneguy94512]

Most places bake in the CC fees whether you pay with one or not. If you're not using one and getting rewards, you're subsidizing others who are

[@redhot663]

3% swipe fee for sellers is diabolical. As a small business owner in UK, I thought that was a typo and you meant 0.3% which is what I pay. Only realised when you confirmed its different in Europe, then my mouth was literally open in shock for the rest of the video. If my merchant fees were ten times higher than they are now there is no way my business could survive.

[@shawnjoseph4009]

It's just factored into the price of things really. Basically everyone pays with card so everyone is paying an extra 3% in the cost of goods in credit card fees, just transparently. If you get a cash back credit card like Citi Double Cash, Fidelity's credit card, etc. you can get 2% cash back on every purchase and there are a lot of rewards cards like SavorOne, Discover IT, etc. which give you 3-5% cash back on common purchases so with a combination of both you can get back most of the swipe fees on your purchases as cash back. In some specific cases this is actually great for consumers, eg if you travel a lot for work and you pay for flights with your credit card you get airline points or cash back from the credit card transaction and airline miles for free since your company is eating the cost of the flight with a reimbursement, but in other ways it's not the best system and could use reform.

[@andrewkovnat]

The fact that so many people rely on credit and can't pay for goods and services up front speaks to where our economy's strength really is, just like the stock market: the big wigs. And they're the same people that also encourage us to buy things we don't need with money we don't have. You can't blame people for trying to fruitlessly keep up with consumer trends.

[@DearOldMom]

These fees are also charged to debit cards where there is a cash transfer. Even those who have the money pay the penalty.

[@Golflegend410]

@@DearOldMomI’m confused, where does the cash transfer take place when you pay your entire credit card balance using a debit card?

[@johnny14980]

and where it's headed

[@xeridea]

Let's be honest, most people buy a ton of stuff they don't need.

[@nathanbrady8529]

Fees are applied to debit cards too. It doesn't matter if it's a credit card or a debit card linked to your checking account.

[@HRMColoniallifeinsurance]

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

[@EricaWaters-lr6zw]

What about the Fed lending program for banks that was said to ease financial tensions after the domino effect from Signature and Silicon Valley bank?

[@HRMColoniallifeinsurance]

Yeah, that sufficed, but what really helped the economy was rising immigration that helped even out the mismatch between open jobs and people looking for work.

[@LeahLewis-ny9iu]

I agree. Rising productivity is manna for central banks, allowing faster growth without inflation because each hour of work yields more goods and services at the same cost.

[@WhitneyRoss-dj4rf]

I’m indifferent. All I really do care about is what assets and securities will drive the Santa Rally? It is upon us, folks. I have a $100k portfolio, and I have a friend who has grown theirs to over 30% with the recent rallies. He is up 4% this month alone!

[@HRMColoniallifeinsurance]

I might sell to the tune, but not without the approval of my broker as usual since 2022. With eyes and ears on Wall Street, I have raked in 140% on a managed portfolio currently worth $315k run under a hedge fund by Desiree Ruth Hoffman.

[@dan-qe1tb]

I know, I know, HOW DARE THEY charge me 23% on borrowed money, and 30% on cash advances, after I had agreed this when I got the card!

[@DougUnfunny]

reminds me of activation fees from cell phone carriers. It litteral takes seconds for phone line to be activated and deactivated. Nobody is climbing a phone poll to activate your number. Its a been set up already. The info gets sent to phone server which most likey automated to activate or deactivate. No person is paid manually activate the line. its like flipping on a switch is so easy yet they want to charge a fee.

[@MaximilianOOO491]

They were robbing us and it was legal to do so.

[@RAJOHN-ke7mc]

You're paying for the labor. Im.going to activate my own phone so I don't have to pay a fee

[@MaximilianOOO491]

@@RAJOHN-ke7mc 🤣 and they literally just push a button. What labor? 🤣

[@MaximilianOOO491]

@@joejones6842 that’s not how business is done in America. Costs are never spread out to include the top and companies actively search for ways to add fees to the customer and also search for politicians to buy who will enact legislation to back this racket up. Adding a turn on fee is bullshit. Just another way to gouge. We find the cheapest materials and cheapest assembly, pay workers the least possible for their labor, strip them of as many rights as allowed by law, use them until they are unusable, toss them out, hire new staff for less and redirect that money to the top. Buy out competition, lay off staff to a bare bones team and redirect the money to the top. Rinse repeat. Welcome to America. This is how you make a billionaire.

[@DougUnfunny]

@@joejones6842 Look A billionaire bootlicker. Bet you agree that CEO's deserve their million or billion payouts who don't do a damn thing. They raise cost have hidden fee's and collect the pay increases then have mass layoffs only to do stock buybacks and falsy increasing shareholder value by inflating stock with its own money. GTFO.

[@magikmycology6660]

🙄 No one makes you use credit cards. If you don't want to pay their fees, don't use them. It's pretty simple.

[@Deheck-b3p]

The fee is passed down to ALL customers (card using or not) as stores need to raise the prices to cover swiping fees monopolized by the major card companies. Watch the video closer

[@JoshuaCyberNerd]

Agreed. Use a debit card and use tap or PIN number.

[@teresaP749]

Merchants are charged a fee for the swipe of a debit or credit card. Overall the cash paying customers are charged from the merchant (by increase in item cost) to recover the fees charged to them from the banks. In the end, the banks are winning.

[@davidk4860]

Why wouldn't I use a credit card? I have self discipline for one. Let's not get into all the protections with credit cards, but i get anywhere from 2-6% back on things i spend my money on anyway. It's a no brainer. It also helps keep my credit score high, which in turn lowers my bills. The only negative is if you have no self discipline and cant control your spending.

[@hoopandhands3328]

But that's the point no? Most people have zero control. The people using them correctly are perfectly fine, but also a small group.

[@ItsCamaro3]

Sorry david, but you will never be wealthy with your little 4% cashback.

[@davidk4860]

@@ItsCamaro3 who said it was?

[@tararochford1737]

If he is paying $630K in swipe fees his top line sales are between $20-30 million. It is not an obstacle to paying his team a decent wage.

[@mcznbd234]

That's actually what I thought when I calculated it out.as well. Making $30,000,000 in sales and only paying $630k for them to process all of the transactions for the whole year isn't a whole lot and I doubt if all of that money was just given back to them that they'd decide to lower prices or increase their employee's wages

[@caledon66]

If he's paying over 600000 in swipe fees, he's not a victim. He's an idiot. Every company I shop with passes those small fees on to the customer. Maybe he needs to go back to buisness school.

[@Demopans5990]

​@@caledon66 Processers prohibit vendors from passing the cost of transaction along. It is also one of the rules that most small business owners ignore, albeit indirectly. Minimum credit card spending limits, and a "surcharge"

[@Tb0n3]

​@@Demopans5990They only prohibit charging more for credit card use. If you raise the price for everyone especially in a business where everyone uses a credit card it's not an issue. If you look at a lot of gas stations they have a credit card price anyway so it's unenforced.

[@supernova743]

​@Demopans5990 even if its not directly youre paying through higher prices at the vendor.

[@connied8507]

Some stores are starting to refuse cards. Their prices are usually lower.

[@Golflegend410]

@@ahunt1054That’s really interesting. I had thought that it was because stores got sick and tired of scammers. This is why I’ve been using only cash at gas and convenience stores for years now

[@trashcatlinol]

I worked at a store where they reluctantly had a card reader. At the time, every charge costed the store $.25 . And the charge doubled while I was there. They were already turning down card purchases for less than $1 as they lost money because the profit margins on those items were so low. The owners retired a year or two after the increase. No clue how the owners system works, but I bet the fees are a lot worse now. And you couldn't not have an option to pay by card because so few carry cash.

[@matthewsanchez7953]

I worked for a grocery chain who refused to take credit cards due to the fees. They were (and still are) the cheapest and most profitable chain in the area.

[@Debate_everything]

@@ahunt1054 I don’t think this is the right answer. I think this drives customers away from your business, especially when the mass percentage of your customer base is going to swipe a card. You’re going to lose the business. I personally wont shop at places that want to add fees to use a card.

[@VideoGameStarChannelSupreme]

And there's others that are going cashless.

[@icecoldmicah]

1:00 in already confused. Credit card cash back gives you cash back on every purchase. There is no fee as long as you pay your card balance every month from the month before.

[@dominicc4076]

I've had a cc since I was 15.5 when I started working. I always treat it like cash, pay it off every month, and use the cash back to benefit me. CCs hate people like me. Now all the small businesses I know charge 3% for using a cc, so now I use cash a lot more.

[@TheZombaslaya]

Use cash at smaller stores, use your cards at big box stores and chains. What Costco pays in fees is a whole lot less than what your local coffee shop does.

[@anthonydelfino6171]

I worked for Discover for several years.... no. they don't hate people like you. sure, they'd like if they could get even more money from you from fees and interest, but the bulk of the money brought in by credit card companies is from merchant fees

[@waylonk2453]

@@TheZombaslaya Well said. Another commentor suggested this strategy, and I'm all for it. Screw the big companies with the swipe, and pass cash to local businesses.

[@TheZombaslaya]

@@waylonk2453 I also don't see big box stores lowering prices if swipe fees got capped either, so I'm a bit skeptical about nerfing credit cards, but I do try to carry cash for smaller businesses.

[@ff144k]

they love u. merchant fees are massive.

[@stephencurry8552]

However, for someone with discipline, they raise your limit, you do not use it. Your credit score will rise faster.

[@ambiarock590]

I rarely even use my card. It's a super dangerous game that I'd rather just choose not to play all the time. I put a couple things on it from time to time that I know I can afford and make the payments when the bill rolls in.

[@stephencurry8552]

@@ambiarock590 Good that you do that. Also, never use more than 30 per cent of the credit you have available. That will also work to elevate your FICO. Good to have a variety of credit also lifts your FICO.

[@maninscrubdallas8694]

You can call the credit card company and ask to reduce your $12,000 credit (for example) to $500 or $1,000 and the credit company, by law, must reduce it to your preference.

[@stephencurry8552]

@@maninscrubdallas8694 Why are you attaching that to my post? Obviously stunningly ignorant thing to do. Then you are in texas, so ignorance of politics and finance is a given.

[@MrOverclocked92]

@@maninscrubdallas8694 Lowing your credit limit will reduce your total credit available in your credit report thereby raising your credit utilization and lowering your credit score. Just because you have a high credit limit doesn't mean you have to use it.

[@wen6519]

I wish y'all had covered the cash back part. A local coffeeshop refuses to accept American Express because their fees are higher than others, meanwhile my rewards for that card where the highest. I decided to not use American Express on local business, and a little part of me feels vengeance when I swipe it at major retailers. Do I accomplish anything? No. Am I petty enough to still be satisfied? Yes.

[@sarkaranish]

I wouldn't sweat it to be honest. IF the small business won't lower prices for you using cash, there is no reason not to take a 1-3% cash back that Amex provides. I like Amex because they target high wealth individuals and are overall a joy to use. I get good rewards and businesses get the pleasure of having repeat high-wealth customers like you and me. Don't feel bad using Amex at a local coffeeshop, because chances are they care less about you than you think, and are more interested in serving up 25% tip add ons on making a coffee. The real problem is the high fees and predatory tactics that discover/capital one use.

[@Rollermonkey1]

The only person who pays for your "rewards" is you. Read up on how much they cost you. It will blow your mind. Think of how much these companies are profiting. They aren't giving you (or me) a damned thing we aren't paying for.

[@waylonk2453]

That's a great idea, swipe the card at big retailers and pass cash on to local businesses. You've convinced me that's a way I can affect economic change!

[@waylonk2453]

@@Rollermonkey1 I was looking at credit cards once and did the math on how much I would have to spend to cover the annual expense of an american express cash back card. It was not even close to worth it.

[@Zaiqukaj]

If a business uses square as their card machine it’s a flat fee. I was amazed when I realized how different it was from the giant machine that used dialup. Big fee cards like Amex are the same fee as any other credit card on square.

[@gordonadams5891]

I was paying off a card debt. I made a 6¢ mistake and the interest charged was almost $2! Why? Interest is calculated on the entire amount as of the posting date.

[@MahHairChronicles]

Usually, if it is the only mistake you have made, you can call and have the fee waived. But the fact that they will automatically charge you that fee on a six cent mistake, in the hope that you don't contest and they pocket the money, says volumes.

[@drrocketman7794]

I quit the credit card scam when a $4 mistake made because my bank intentionally gave me incorrect balance to data got me $178 in charges against me when I had no food.

[@bradjbourgeois73]

It's calculated daily on the entire amount if you don't pay the entire balance. I thought they would just charge interest on the amount of the balance I didn't pay off... boy was I ever wrong! The charge was 156% higher than I expected!

[@chiaralistica]

Yes and don't ever mess up on one of those interest free over time cards. They're great as long as every dime is paid by the date. If not, you're paying interest on the whole amount from day 1 at like 30%. Imagine...

[@Aaron565]

Yes it just as easily could be interpreted as a predatory contract. Id sue in small claims.

[@stephen3164]

“The cost of moving money should be close to zero.” Oh, ok - great! So YOU start up a business that moves currency from customers to businesses, collects money from customers, covers their debt until they can afford to pay you, monitors for fraud, deals with defaults and personal bankruptcy, staffs customer service to take phone calls, has a legal team to deal with issues that arise between customers and businesses, etc. Set your swipe fees to 0.3%. (You won’t be able to offer cash back rewards.) See how well that business model works before the company has to shutter its doors. Much like a repairman that fixes something in 10 minutes and charges $500 - you’re not paying him $500 for the 10 minutes of his time, you’re paying him $500 for the years of experience and knowledge on how to fix the thing. Same with credit card companies - stores aren’t paying 3% swipe fee to cover the cost to move funds. They’re paying the swipe fee for everything else that happens in the background.

[@oneofus6924]

As a teenager, I would watch fight club and think, man...seems a little crazy and an overreaction. As an adult, I watch fight club and think, man....these guys have got it figured out.

[@aishtaealatalniyranfialsaqie]

I watched fightclub for the first time in university drinking a 6 pack of beers. Afterwards, I went to the Gym at 2am and started boxing.

[@4nxy]

Dumb movie for college stoners. Everyone thinks Fight Club is cool in college, then they grow up

[@TheMisterGuy]

I love Fight Club, but I want to say, no, they don't have it figured out. They identified a problem, but their "solution" doesn't fix anything. I'll explain briefly: Blowing everything up and starting over means that because we couldn't fix our recent capitalism problems, we go all the way back to caveman times and have to re-solve every single problem along the way. We go back to slavery, to having no proper medical care, to being ruled by bandits and warlords, all of that. Things we took thousands of years to get past, we have to do it all over again. But it's even worse this time, because cavemen didn't have nuclear power plants sitting around. The whole time we're restarting civilization from nothing, we have to maintain control over power plants so they don't leak or melt down and poison everything. Who's going to do that when we don't have a stable society that can educate people into becoming nuclear physicists? Even if we had those people, how are we going to pay them and keep them safe? So just to say it one more time: Fight Club recognized a problem, but did not propose a reasonable solution.

[@aishtaealatalniyranfialsaqie]

@@4nxy Thats the movie plot, we grow up and start an organization

[@4nxy]

@@TheMisterGuy Exactly. This shouldn't even be a debate, the characters in Fight Club are not admirable lmao. They live in an abandoned house run by a madman plotting civilizational destruction. It's insanity

[@abigailrose9270]

Y’all should do a video on the number of layoffs in 2024!!!! It’s wild

[@CoercedJab]

They don’t seem to report on anything that would rock the boat TBH. Like the 💉 or the 😷 or the left over expired hand sanitizer 😂 trashed ventilators etc

[@CoercedJab]

Layoffs would rock the boat since Biden says he has been creating jobs lol

[@Debate_everything]

@@CoercedJab well the economy has created a lot of jobs that doesn’t mean that layoffs don’t happen layoff happen because we dont have regulations on it.

[@peanutnjessy7864]

I lost my job (again) this year actually. Second time since biden has been president.

[@Dumbledore6969x]

@@CoercedJablol

[@AmandaDavid-nb3kr]

How do most of you guys still make profit, even with the downturn of the economy and also increasing life standards?

[@helenmike4763]

Well, I picked the challenge to put my finances in order. Then i invested in cryptocurrency, stocks, through the assistance of my discretionary fund manager

[@HidalgoTanner]

This is correct, Beatrice's strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started..

[@kathrynkathryn2571]

Beatrice O Wendy is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.

[@HarmonyGodson]

​@@kathrynkathryn2571Please educate me. I've come across this name before. Now I am interested. How can I reach her?

[@kathrynkathryn2571]

​She's mostly on FACE-BOOK , using the user name 👇.

[@ItsLikeAShammy]

They didn't even talk about all the rewards you get from credit cards and how that is more pillaging from the poor. How do you think Amazon/Chase is able to afford giving all of their customers 5% cash back on purchases? They have to be making boatloads of cash on a portion of their poorest customers. The 5% they're giving us is table scraps compared to whatever amount they make.

[@mariusfacktor3597]

Right, the 2% rewards are paid for by the 3% fee every swipe. So everything is priced 3% more than it otherwise would be. This hurts low income people who don't qualify for credit cards the most. They pay 3% more and get zero rewards. So some rich person's free flights is being paid for by a tax on poor people levied by a corporation which those poor people have never interacted with.

[@BryanBortz]

A whole second video could cover how rewards programs are bad too.

[@Laotzu.Goldbug]

This is fundamentally untrue. only a small fraction of what the credit card companies make are from the poor or even late payinfg/unpaying customers. The overwhelming majority of their revenue and profit comes from Merchant fees. that's 1.5% to 3.5% on each transaction, approximately. They're making that money every time someone pays regardless of their balance, interest or fees at the end of the month. Last year Visa processed just under 250 billion transactions. You do the math

[@ev25zv]

@@Laotzu.Goldbug I think the 18-30% interest broke people are paying on a $5000 balance dwarfs merchant transaction fees. The average household credit card debt in the US is almost $8K. You do the math.

[@dr33776]

@@mariusfacktor3597”poor” is not the same as “irresponsible”. If they can’t pay their balances at the end of the month then they have no business owning a credit card.

[@JR0298]

The audio levels are all over the place in this video.. annoying to watch. Host either needs to annunciate/speak louder or the cutaway interviews need to be lowered.

[@ringsystemmusic]

Sounds like there’s only a 6dB delta between them, which is acceptable imo.

[@aromad5557]

I have an average monthly credit score of 800+, but still have 3 cards with 20%-25% interest rates. My Apple Card is 21% interest. I pay my monthly balances off in full to avoid interest. I can’t imagine having debt at 20+% interest. Banks pay customers .02% interest on the money they borrow, but charge 20% to people they lend your money too? It’s organized crime.

[@steveurbach3093]

Why do you see so many ads for Rewards type cards??? Simple. Those are added to the Swipe fees the merchant pays.

[@Psi-Storm]

No, those card rewards are paid with the swipe fees. That's also the reason why customers won't choose cards from a cheaper payment network. Only the retailer profits from cheaper swipe fees. Customers chose the card with the higher swipe fee, because the issuer has more money to push into their cashback program, so they offer better multipliers.

[@TheZombaslaya]

I churn those rewards cards, I have around 200k points from Amex, Chase and Capital One, I've gotten free hotel nights, discounted flights, rental car insurance and a lot of stuff.

[@anthonydelfino6171]

this is exactly how Discover was built back in the day when it was trying to compete with visa/master card it was the first cash reward card to market, and it was able to pay its customers those rewards by doing exactly that. they charged a higher fee to the vendors and shared that fee back to the customer. this is also why Discover had a harder time breaking into the market in the 80s because vendors didn't want to accept the card with the higher merchant fee.

[@KK-dv3wh]

So at least 90% of the fee is not required to operate the network. Far from "paying for r&d beneficial to consumers", this more likely incentivizes expansion of predatory credit models into additional areas such as auto financing.

[@phillipduvall8638]

What kind of research is even needed at this point? They certainly don't need any to fully exploit customers

[@KK-dv3wh]

@@phillipduvall8638 The video posited that the card industry claims that's something the money goes to.

[@someguy6075]

Wait, do they actually claim they're using revenue for R&D? That's hilarious given that we've had uncloneable card technology (chip and now tap) for decades and they refuse to ever phase out the magnetic stripe. It's a huge security hole but they don't care if they can shirk liability or pass on costs. They should use that 90% profit margin to do that.

[@jordanledoux197]

@@someguy6075 Actually, Visa makes almost a QUARTER of their money through international transaction fees. Allowing people to pay in different currencies in different places at different times. 36% is merchant fees, 33% is "Services" which is paid by banks and financial institutions that issue the cards and actually service the debts. They pay almost 25% of their revenue out immediately in "incentives", but those aren't the card rewards you're probably thinking of (directly anyway). Those are incentives to banks to issue more cards with Visa than Mastercard, or merchants, or things like that to increase total transaction flow. Some of those "incentives" probably get paid to the bank who then uses it to pay for the card rewards. Reading Form 10-K filings to figure all this out drives me crazy though.

[@thomashunter5645]

People should pay off their entire balance every month. If can't then don't use the credit card. Use cash or debit. It is like blaming the Miller or Heineken for your alcoholism.

[@adeliawilliams4884]

I'm a Capital One customer and only charge what I can pay off the next month. The cash back is credited to my statement because of this. They also have a top CD rate (I locked in 5.25%) for a 12-mo CD. What I like about Chase is purchasing (say on Amazon) and getting the option of months long interest free payments. People need to beware of consolidating debt fees (i.e. transfer higher interest debt to a lower-interest card) because a 3% transfer fee can basically cost the same as interest due on existing debt. To help businesses, it's better to pay cash so they don't have the credit card use fees. Never take a cash advance off a credit card because of exorbitant daily interest fees!

[@lokipokey]

Beware of those" Months-Long interest-free payments." That's known as bnpl, or buy now pay later, and it's even more profitable than credit cards. If you don't pay it off in the specified time, the interest and fees are even higher than you would find in credit cards. Also, the average bnpl buyer checks out with $50 to 75% more merchandise in their cart. It encourages overspending. It's another way for big Banks to rape poor people

[@swampwiz]

The transfer fee just needs to be spread over the life of the payoff. It seems to always be about what the going Fed rate is, so I guess the banks think that if someone like myself takes full advantage of these balance transfer deals, they aren't losing anything - but if they get someone who can't pay the balance off when the promotional term ends, they've got some fresh meat to feast on at the loan-shark rates.

[@edrope2011]

@@swampwiz UHHHH...that would be me! Guilty as charged. I transferred my $500 balance from my Prime Visa card to Cap One Quicksilver card last year. Interest free for 15 months. We made a trip to Alaska and we could not get it paid off before the "grace period" ended. Now paying 26% interest monthly.

[@clue___]

Dave Ramsey in the corner of the room rocking back and forth. " I TOLD YOU!"

[@motleyassortment5512]

Cut up both of my credit cards, fees are ridiculous. One of the card charges $80.00 every month for interest if you don't pay it off.

[@roselee4445]

So pay it off

[@patbaptiste9510]

I receive a minimum of 3 letters a week from capital one *EVERY* week - for the past 3 years. I rip them up without opening them and throw them in the garbage...but they keep on coming however. I will *NEVER* accept their credit offers...never.

[@LoriR.Wilson-uo8sh]

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

[@AnissaT.Roller]

Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.

[@DavidJ.Knecht]

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

[@RichardK.Turner]

How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.

[@DavidJ.Knecht]

Leicia Zavala Perkins is the licensed advisor I use.Just research the name. You'd find necessary details to work with to set up an appointment

[@DanielA.Slayton]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@jtg3765]

Credit cards should only be for a convenience of not carrying cash, not for a loan-taking opportunity. Don't use credit cards if you can't pay it off every month: only charge what you can pay off "in full." If you can't do this, then you're overspending and can't afford the things you're buying. Also, paying every month without fail will make your credit score rise significantly.

[@ArchThaBoss]

This merger out of all mergers shouldn’t even be on the table. Why is this even up for discussion? Shut it down

[@RDKirbyN]

Keep up the awesome work you guys.

[@nanaban80]

How do you know if you have a capitol 1 cc. I think I might’ve applied through my friends referred code but they haven’t sent me one and it’s been over 1-2 months

[@FennaVa]

The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Sometimes I find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.

[@PhilipCox-ws9tk]

I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash , so my question is do I still save in the United States dollar or is this a good time to buy gold or some other assets ?

[@marcellasilva4015]

Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.

[@McCachren]

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@marcellasilva4015]

The decision on when to pick an Adviser is a very personal one. I take guidance from Sharon Ann Meny to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@WinnifredWalter]

I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@Ricgibs]

From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family

[@dorathystephanie7702]

I agree just reached my goal of $100k monthly trade earnings. Setting realistic goals is an essential part of trading

[@adamdouglas9888]

Please educate me, i'm willing to make consultations to improve my situation

[@charles2395]

Get yourself someone like Stacey Macken who understands the market very well and is also a professional in placing trades. That's the key

[@waynes4369]

I made a lot from last week, a vision of the effective signals alone assured me of the turnovers. all thanks to Stacey Macken .

[@aniniels-hw5iv]

Stacey's understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her signals are top notch .

[@AyaanAmaan-yl5ns]

Having someone like you who’s not only a great innovator but also pulls his best to get people's credit fixed so beautifully needs nothing but appreciation. *Future imperative corps* Thanks for the well off work you consistently bring your all and I truly appreciate that. Thank you for making corporate life so smooth. Proud to have you on our team. Great work as always.

[@gman9033]

I HAVE CREDIT CARDS FOR 45 YEARS & NEVER PAID A PENNY IN INTEREST. INSTEAD OF RAISING MY LIMIT THEY KEEP LOWERING IT EVERY YEAR. MY CREDIT SCORE IS 850.

[@swampwiz]

OK, Boomer.

[@darlenesloniger1934]

Or they just eliminate you if you don't use it often.

[@surfninjafishing8297]

My card got its limited lowered during covid time

[@henrywarmoth1792]

You should investigate the research and development behind the replacement for the M3A3 Bradley fighting vehicle in the US Army. Since the 1980's, the US has spent billions on research to replace a tank that already works great and is one of the most advanced and effective on the planet. If it ain't broke, spend over 200 billion trying to fix it right? All this while we spend less on healthcare for vets and pass higher spending budgets for defense than over half of the rest of the world combined. We can't have anything even close to Socialism in this country because we're spending 70% of our tax money on useless spending for the military. Let me state this again in case you missed it, we've spent over 200 BILLION dollars on NOTHING. Because the tank they're trying to replace is still the best option around.

[@joaoalcantara6676]

Users: don't spend more than you can pay. Vendors: give discounts for debit or cash transactions or abandon credit altogether. What am I missing here? 🤔

[@randxalthor]

The terms of the small businesses' merchant agreements with credit card processors explicitly disallow charging different prices for cash vs credit. You either follow their rules or get locked out of accepting credit cards altogether.

[@sarkaranish]

@@randxalthor These agreements don't exist. It's illegal for credit card processors to require flat purchase prices. also credit cards are a godsend for businesses. less cash to handle, less theft, less transaction time, automatic accounting. Nowadays, it costs more to use cash than credit cards. Small business owners just are angry that they have to pay for convenience. As usual, they continue to prove they are the most entitled people...

[@Chrissiela]

Debit cards are processed like credit cards, aren't they? Same swipe fees. That's why those retailers who pass on those fees do so whether your card is debit or credit. So while the consumer may be saving on possible interest charges, the retailers are being charged the same fees. And if they aren't they are certainly not showing that distinction when they pass on that fee to the consumer.... that I have seen.

[@sylvainh2o]

credit card is required to make safe purchase and build credit history. A good credit card gives you good reward and should be used only if you pay it in full every month. Retailers won't pass the saved money if the fees goes down.

[@dr33776]

The whining of the store owner is mind boggling. He isn’t “losing” out on $630k, customers are paying that. He won’t give that money to the “team members”, he’ll just pocket it.

[@dragonf1092]

Credit scores are illegal unconstitutional discrimination.

[@dragonf1092]

Credit cards are nothing but legalized extortion, racketeering, predatory practices. The same with loans and mortgages.

[@ChickenMcThiccken]

rewards are pointless. 3% cash back? bro. what 3% gonna do when my average total is 20 dollars? you know how much i would have to spend ? 3% cash back on $30,000 credit purchase. sure. but who do that ? no one. so this is just for a very small percentage of people who actually benefit from this. but these are mega millionaires.

[@revitalcohen558]

I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude sir and *Pecuniary backdoors* was so helpful during the process of boosting my credit.

[@FreddieVee]

You load 16 tons, what do you get? Another day older and deeper in debt St. Peter, don't you call me 'cause I can't go I owe my soul to the company store.

[@davidrichardson4131]

Thank you for the update on the rip offs

[@heathercox1898]

We only use CO credit card because they gave us 5% cashback on groceries at Walmart. After $0.00 paid in interest and over $800 in cashback they reduced that 5% down to 1%. Back to the Verizon card for groceries. This is how you use CC. If you can't control your spending and use a budget correctly then you shouldn't have a single CC.

[@pinaerpowac4130]

Ive been to small locally owned stores that didnt accept card because the prosessing fees would eat into profit and force them to charge customers more.

[@partydean17]

@@pinaerpowac4130 I wonder if anyone has offered to pay for it themselves if they really wanted to use a credit card.

[@LynnWinx]

That's so American. Where I live, there's no extra fee. Or if there is, it's for the seller to pay. I haven't held cash in my pocket for the past ten years because I can just swipe my card for free. Oh, and the only place I had to pay for withdrawing cash at an ATM was in the USA; no other country does that.

[@LynnWinx]

@PacmanBrunner > What. That's just how everybody pays in my country. Most places don't even accept cash in the Netherlands. Oh, and our cards are debit cards, not credit cards, so we can't spend money we don't have.

[@josephguerassio6680]

When the seller pays a fee they dont just eat that cost. They pass that cost off in the form of increasing prices.

[@Ziegfried82]

You're getting hosed. Anyone in the credit card matrix is paying an extra 3% or more cost wrapped into the price of all goods. Nothing is free. Also your data is valuable and the companies use your transaction data.

[@LynnWinx]

@PacmanBrunner > What. Are you drunk?

[@josephguerassio6680]

credit card companies wouldn't operate in your contry if they didnt make money. There is a fee somewhere.

[@RussellD11]

If you have a "special 4% reward" on YOUR card, then when you buy something at my store, I PAY THAT REWARD in excess of the normal swipe fee! Its charged to me as a "special Commercial Card Fee", and I have NO IDEA I will be charged that by looking at your card! ~ Did you know that?

[@marwanak10]

Crazy. sounds like something to be said to the reward issuer

[@esonon5210]

So stop accepting credit cards and only take cash. Don't blame the customers because you have to pay for the cost of doing business.

[@ev25zv]

So you say you're paying 7% on a swipe? Seems dubious.

[@roselee4445]

What card does that

[@RussellD11]

@@ev25zv no normal swipe fee's are like 1.75% then they add to thant based on rewards, ect... A high rewrad card can cost the merchant as high as 4.5%, Ive seem some AMEX cards that high, hence why no one ecepted AMEX back in the day, remember?

[@ncochran01]

There is a price to using cash. Having to keep it in stock, going to the bank, dropping money in the safe and the chance of someone skimming/stealing it. Credit cards do prevent much of this. Credit cards have become so convenient that we would be in trouble without them.

[@SamLee-ds7fi]

No we wouldn't lol The companies have convinced the American people they need them when we really don't

[@joen4088]

That cost is still much smaller than the swipe fees, so not really.

[@chalkylover]

@@joen4088like you would know how hard it is to handle pallets full of cash.

[@crystalharvey8798]

With credit cards, the theives are in your pocket. 30 cent of every dollar you pay. It would be OK if it was a reasonable rate . People say pay it before it's due ,but let's be reasonable if you could pay for it outright people would own their cars. People are adding to debt in this fractional bank system. Even the banks only hold 10% of all banking. We have created a cycle of constant debt. If we didn't bail out the banks in 2008 (with we shouldn't have, they should have been more responsible) the average American wouldn't feel like they are bad for the choices they have to make. Some people can't afford the bare necessities to live. So they are not paying their CEOs large bonuses, but for their insulin

[@sirheisenberg4459]

Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60, therefore I need suggestions on what investments to make.

[@MarcyLoccy]

Most people either do not understand the power of compound interest, or are just impatient. For the average Joe, however, I think it is just best to invest in the S&P 500, and just wait, which is reliable, albeit extremely long-- lots of years. Or just use a professional analyst and speed up wealth creation. Most people underestimate the power of the latter.

[@belobelonce35]

On my end I've been in touch with a financial analyst ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.

[@SavannahMitchell-b3d]

Interesting, Mind if I ask you recommend this particular professional you use their service? honestly right now i have quite a lot of marketing problems.

[@belobelonce35]

Rebecca Nassar Dunne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@PennyBernadette]

I searched her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

[@cliveklg7739]

This is why paying cash is far more valuable to a community in the long run. You pay $40 in cash, it remains $40 when it is used to pay wages, and buy other goods. Where when you pay credit, every transaction on that $40 takes a little bit away, and really ends up being jsut $5 to the community as a whole on average. The credit card companies have taken the rest of that money.

[@chalkylover]

Even better than cash is bartering. Then there is no money to carry and no banking system at all. We should just go back to the Stone Age.

[@mahoser64]

We the people should stop using charge cards!!! Then we force them to lower fees!!! We got charge cards I believe in 1958!!!

[@todddunn945]

Personally I am not overly concerned about swipe fees since I pay them even when I pay cash because the retailers have built the swipe fees into the cash prices as well as into items purchased on a card. Also I carry only rewards cards that pay me 1-2% cash back on most purchases and up to 5% back on some purchases. Since I pay the swipe fees even if I pay cash, my rewards cards create an incentive for me to use my cards for as much as possible. I don't care at all about consumer interest and fees since I never carry a balance on my cards and have only no fee cards. Personally I think anyone who carries a balance on their card is nuts.

[@roselee4445]

Yes. Some restaurants charge a service fee even if you pay cash. They don't ask. Just run it through. If you pay cash your paying unless you check carefully

[@SleepingInsomniac19]

Don’t like the convenience of credit cards? Just pay cash. Don’t be stupid.

[@hackman88]

Does using alternatives such as Google, Apple and Samsung Pay funded directly from your bank account or debit card avoid the 2-3% to the payment network? (I'm OK with retailer keeping the 3%)

[@alexsteven.m6414]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[@samuelrandy-k8x]

The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.

[@vanessahopkins-g5y]

The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.

[@antoniaribeiro8073]

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.

[@vanessahopkins-g5y]

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with "Rebecca Nassar Dunne" for the last five years or so, and her returns have been pretty much amazing.

[@Tanner-c2m]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@krazus2036]

This is a load of bullshit, Capital one doesn't increase limits of people for no reason. They only increase, or even automatically increase limits for those who don't show a balance and pay their bills in full. So they are only doing it for responsible people who don't carry a balance. Capital One is the largest Subprime lender, meaning they are the only large bank that will help those with terrible credit that other large banks won't risk. This whole video is one fear mongering thing that doesn't understand how Capital One Opperates.

[@simplesimon8583]

I just closed my 8 year old cap one because they refused to lower my rate and stop the annual fee from 30% even with a perfect payment record. A different company that I went for next fought me until I said "cancel" then magically the impossible became possible, and I got 3 points knocked off, which brings them into the middle of my list.

[@dilyaabrarova1977]

I cannot imagine completing this project without you *Top phase resolution* . You are amazing. Thank you for being there for me. Not a single effort of yours will go in vain. You will be rewarded for your pain. Your hard work will bring you a lot of gains. Well done. Your achievements speaks itself about your capabilities. Slow and steady makes it to the top! Good job! Jon

[@alphaomega1351]

Credit card companies are evil 😈 doers! 😳

[@iancarrey4123]

Don’t forget stores have to collect taxes on the credit card payment but has to pay taxes in cash. So they pay fees on money they collect for the government.

[@dragonf1092]

Sales tax is you paying the business/stores taxes while they keep their profits. And a way for them to con their customers with the excuse to jack up their prices and rip off and extort their customers.

[@iancarrey4123]

@@dragonf1092 you know businesses still have to pay dozens of other taxes too right ? Payroll, property, licenses etc right ?

[@dragonf1092]

@@iancarrey4123 property tax shouldn't even legally lawfully constitutionally exist

[@dragonf1092]

@@iancarrey4123 the payroll tax comes out of the employees check not the employers pocket.

[@dragonf1092]

@@iancarrey4123 licenses and permits are unconstitutional as well. No American citizen should have to have permission from anyone to open or operate a business. Or be extorted to do so.

[@rickporier]

Loving your content. Please keep up the good work. Knowledge is power.

[@dealsbetweenfriends]

when we were kids n young . credit cards were not easy to get! last 10 years it was avail for almost anyone>

[@anthonydelfino6171]

it's been longer than that. I was able to get 4 cards when I was 22 (back in 2003) with basically zero credit

[@jasonmoquin]

And let's be real, they'll continue to get away with it.

[@ChickenMcThiccken]

cant do it forever

[@Kastalom02]

The efficiency of this *Top phase resolution* is next level. To juggle walk throughs of various angles on the topic delivered to-camera, differnet content per topic from various folks underneath the umbrella of the track list of the larger big band concert itself is engaging and refined. To make a dense taccess like this so digestible is really something. Awesome work jon!!

[@MadhanMohan555]

Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Future imperative corps*

[@itypograf]

Just don't overspend and pay on time. It's that simple. This video is ridiculous.

[@VijayViju-zi2nc]

Not going to lie, but we are actually really proud to have a credit technician expert like you as our main guidance. The job is done so gracefully and neatly. Very well done, dear *future imperative corps* . First of all. Thank you for making the work environment so friendly and taking your responsibility seriously and completing the repair gracefully! You deserve so much.

[@hellofriend545]

I often tip in cash but then I feel like my credit card company will one day release my tipping history to show I’m a bad person. That is my weird paranoid thought when I hand over the money. I also feel like cash tips are more fun and personable than the button on the iPad or whatever.

[@yurareigiryu]

It's more money for the servers if you tip in cash because it's not subject to swipe fee. And they can maybe get away with not reporting it on their taxes.

[@wasd____]

Maybe we should just have a culture of actually paying service workers a living wage instead of tipping being expected.

[@anthonydelfino6171]

@@yurareigiryu that second part more than the first. I hid SO many tips when I was working a tipped job, maybe reported only half the tips I actually made just to make it not look like I was blatantly lying on my taxes

[@alquinn8576]

@@wasd____ service in the US seems to be better than in no-tip European countries, and hard to say if it's cultural, but could be due to tips

[@noksuan59]

they became the toll bridge of the economy

[@Bapi81447]

Impossible to fully express the significance of your contribution to this issue. Awesome work you did by helping me repair it. Thank you, *Future imperative corps* for bravely tackling the challenge and assisting me in repairing my credit.

[@andysplants]

Capital One are bastards. My dad paid for payment protection on his Capital One card, now that he passed away theyre still coming after my mother for $6k. Dont bother paying them for payment protection, your loved ones will still be stuck with the bill when youre gone regardless.

[@ironhalocorp]

That cannot be legal.

[@andysplants]

@@ironhalocorp I know right?! 😭Hopefully the probate lawyer gets them sorted out:(

[@simulatednatas]

Thats why i use cash as much as i can.

[@eileenzphotography]

Thanks for the information because I was charged a 3% more at the register when making purchase at a deli in NY. They placed a sign even telling us { the patron’s that an additional charge is being placed on my credit card because I choice to use a credit card. I questioned the clerk about it and she stated that they are allowed to do this. I’m not sure if that was legal. I decided note to patronize them any more. I have stopped by the deli recently and I noticed that the sign was removed by the register. What do you think about this issue?

[@discreetphaseresolutiononi299]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@discreetphaseresolutiononi299]

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

[@Paradys8]

Thank you very much for this information!

[@imadmaghfour557]

I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found *_Pecuniary backdoors_* . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy

[@SpaceCowboy2071]

I wonder how contactless payments through PayPal, Google and Apple play into this. Are they offering competition, or does Visa/MC still get a cut?

[@Katiekatie948]

Since the price is the same…no business offers me less if I pay cash….so why would I not use the card?

[@jimo680]

This is not new. They all attempted that at one time or another with me; not just capital one. I contacted the card company right away and told them NO. Then set the card limit to not be raised. They have to give that option by law. The 2007-08 crash should have taught people to dump their credit debt as much and as soon as possible. That was a hard lesson. I watched a bunch of debt management vids and bought a book of one of the most popular debt gurus. It worked. It took time, but I found it was overcoming my own behaviors; and developing new ones. It really helps to do this with a friend or relative. Gotta get away from the behavioral part of using credit cards. I was never a budget guy, but now I love it.

[@salvacionstapletoncaquilal3653]

I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Pecuniary backdoors* and realizes that as long as you're still alive and breathing, there's a chance, there's HOPE that the future is brighter then the present day.

[@lokipokey]

How about looking into workers compensation, especially in California? My son had an on-the-job injury in CA, and it was almost impossible for him to get any medical care. He was lucky that the three breaks in his humerus healed in alignment, because if the bone had needed to be set, he would have had to wait 5 to 7 weeks to have that done. At that point, the doctor would have had to re-break the bones in order to realign them because normally they set themselves out of alignment. Alignment. It took him 3 weeks to even see someone with an MD after his name, despite three breaks in his arm, two broken fingers, and is severely torn and separated shoulder. One of our employees fell on the stairs at our office in Iowa, and she got immediate medical attention and thorough follow-up after having broken her wrist. She was able to see someone at the local ER and then follow up with her own doctor and was back at work within 3 weeks. California 's workers comp is such a nightmare, that when I typed California workers comp into a search engine, the next suggested word was nightmare. Almost no doctors there will accept workers comp so you have to go to a special workers comp clinic, which will not give you appointments.

[@RinoaL]

The government offers a way to keep track of and spend money for free called cash. Using a private service is using private money, which you'll have to pay a fee for. Many people understand this, may don't.

[@baljeetbaljeet2808]

This marks the beginning of many fantastic things, *future imperative corps* . I’m truly grateful for your consistent dedication. Having you manage my credit brings me great joy. Meeting you on was a blessing. Keep up the excellent work

[@ziddi2603]

Consumers are the Iditols, not the credit card companies!

[@Ladybug8899]

Hi, May I suggest that you need to use a microphone coz the audio is low when your talking. Nice and informative video

[@gauravKumar-tl8bd]

The way you approached this project added so much to the successful loan & mortgages approval. It’s great to see how your unique perspective contributed to the outcome. The role you play on your job *future imperative corps* is crucial. I really appreciate the constructive consultation you give to me regularly

[@mikewazowski350]

Notice that new bill is being introduced in the Senate, not the Congress.