Why would B&H promote this??

Started 2 months ago | Discussions thread
Michael Fryd
Michael Fryd Forum Pro • Posts: 11,274
Re: Why would B&H promote this??
3

WunWegWunDarWun wrote:

Michael Fryd wrote:

WunWegWunDarWun wrote:

Michael Fryd wrote:

WunWegWunDarWun wrote:

Doug J wrote:

WunWegWunDarWun wrote:

Doug J wrote:

Black Elk wrote:

If you are gullible enough to buy in to this then go for it. Trust me, the folks at B&H are very astute, savvy business people and know exactly what they are doing. The credit card company also knows what they are doing. There is no risk at their end and the buyer assumes all of the risk. I do cash only on all of my purchases and paying sales tax is minor compared to the potential results of getting yourself in to a interest rate such as this. Just a thought.

Alternatively, use the card(s), reap the benefits and pay off the total balance when the monthly statement arrives. I've done this for years and have never paid interest. Can't afford to pay off the balance? Don't make the purchase to begin with.

Cheers,
Doug

I guess, but ever thought why these things can't be automatically linked to your checking account to be deducted debit-style the moment they are incurred if you have the funds ?

I have this option with a couple of accounts, but do not want anyone, anywhere to have the ability to reach into my account and take funds. I want to initiate the transaction. It's easy enough to pay bills electronically from my bank account each month.

Cheers,
Doug

Do you have this option with credit cards that were not issued by your own bank ?

Typically yes.

I have a credit card issued by Citibank. My checking account is with a different bank. On the Citicard web site I can initiate a payment from my non-citibank checking account to my Citibank credit card account.

Of course you can initiate payment, but can you make it so that the Citibank cards automatically charges its balance at time of purchase from the checking account ?

I don't believe so. If I wanted that functionality I would use a Debit card on an account with overdraft protection.

But then you wouldn't enjoy CC cashbacks and other benefits - point is that having people not pay their balance on time or have it larger than can be accommodated by their checking account at the end of the month is an inherent interest of the CC business.

But I don't need to [ay every day in order to enjoy those benefits.

I can tell Citibank to automatically pull full payment each month from my non-citibank credit card.  I get all the credit card benefits (including cashback), no interest charges (unless I take a cash advance), and the convenience of having the bills automatically paid.

Personally, I prefer to manually initiate the payment each month.  This gives me the opportunity to review the statement and detect fraudulent charges,  erroneous charges, or missing credits.

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