Comment on In a way, a gift card is kind of the opposite of a credit card

TranquilTurbulence@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

• dohpaz42@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  If you can pay your statement balance on time, then there is no “+ extra money”.

  ~That is often much easier said than done.~

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  • Michal@programming.dev ⁨3⁩ ⁨weeks⁩ ago

    It’s easy, my bank automatically pays off my cc monthly from my current account. Isn’t it standard?

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    • dohpaz42@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      I guess it depends on what you call it. I’ve seen creditors that have autopay features that can draft it from your bank accounts each month. Usually those are for your minimum payment, which usually stretch out your balance for up to 30 years (to maximize interest charges).

      I personally don’t like autopay. It’s an old habit from back when I would overdraft my checking on the regular because I always spent more than I made. Nowadays, I think it’s because I like the responsibility/control of paying my bills manually, and on my terms.

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• dogdeanafternoon@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

  You mean less money right? Most credit cards give you 1-2% back.

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  • TranquilTurbulence@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

    If you pay your bills on time, you can take advantage of that. You can think of it as a tiny discount, but the credit card company thinks of you as dead weight.

    However, those companies also have clever mathematicians who have figured out how much to give you back and how much interest to demand from the people who don’t pay their bills on time. The house always wins.

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    • dogdeanafternoon@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

      The house wins as a whole, sure.

      But on an individual level, if you are smart about it you’ll spend less than you would with other payment methods.

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• FreshParsnip@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

  Exactly

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