On Sat, 13 May 2017 11:39:48 -0500, Markem
wrote:

On Sat, 13 May 2017 09:07:22 -0700 (PDT), "
wrote:

You guys are reading something into this that isn't there. Leon is the kind of guys credit card companies hate. The price match program isn't for him, and they resent the fact that he uses it. I did a stint working for a bank working on all types of residential construction loans so I was required to take all kinds of classes on credit vehicles and applications. Seriously, the term in the industry for brother Leon is a "deadbeat" because the make NO money from him. No interest, no annual fees, no cash advance interest, no transfer fees, nothing. Worse, they have to pay him under the agreement with the card of reference! Hence, since theypay money out without receiving anything from him, "deadbeat".

According to NerdWallet, Bloomberg, and a couple of others, the CC debt for the average household is over $16K! According to Bankrate.com, the average low interest card is at an APR of a little over 13%, but the average cash back/points back/rewards card is 17.68%. I used this calculator (which is also used by banks to check numbers) to get some idea of what that means to the consumer.

http://www.bankrate.com/calculators/...m-payment.aspx

Using a 16K balance, a 17.68% APR, a 4% required payment, the calculator shows that there will be $25K paid out at the minimum payment to pay off the principal and interest! Depending on their method, the front end interest on the monthly payment of $640 is about $230 per payment. YMMV, depending on the calculator. I have a Citibank that has no annual fee, a points system, etc., different crap I don't use or want, and the interest payment (according to them) using those parameters is closer to $325 a month.

Regardless, look at the income average for the CC companies. Add in annual fees for many, add in late fees for many, fees from cash advances, fees from balance transfers, etc., and you have to wonder how much CC companies make per user a month on average. With all costs, fees, interest and anything else that can be added, I'll bet it is around $350 a month.

So really, does anyone think they care about price matching and sending Leon a credit? The CC companies are plucking so many chickens that they don't even notice him.

On the other hand, thanks a lot, Leon. Since you are a deadbeat, every other chicken is being plucked so you can have a free feather pillow!


On top of all that he owns his house ::gasp::

I have three more payments. ;-)