Why would B&H promote this??

Started 2 months ago | Discussions thread
Michael Fryd
Michael Fryd Forum Pro • Posts: 11,288
Re: Why would B&H promote this??
2

Laybourne wrote:

Marek M wrote:

Laybourne wrote:

Black Elk wrote:

Jonsi wrote:

Black Elk wrote:

Yup. Henry can spin this anyway he wants but the bottom line is that B&H is gonna make money off of this. I have no problem with a business making money......it is how they do it. Both will come out ahead. Caveat emptor. Looks like I will be going elsewhere for my camera gear.

Lol. These posts are always funny.

You don't get it.....the bottom line is profit. B&H is doing no one a favor in the long run.

Good post. Corporate social responsibility (CSR) has grown in prominence these days , which means it's important not just to make money, but to make it the right way.

What is wrong with the way BH do business?

It was their choice to do business with the bank in question. They could have said NO to the high interest rates.

Admittedly, I'm not an expert in predatory lending law, but here's what Wikipedia has to say: "While there are no legal definitions in the United States for predatory lending per se, a 2006 audit report from the office of inspector general of the Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined..."

Credit card interest? Please, they are not a bank. You do not pay a penny in interest if you are a responsible buyer.

They give you the rules up front. Nothing hidden.

How is it not making money the right way?

Businesses that can't see further than their own $$$ are out of step with the times.

It's an interesting question as to how much the state should treat citizens as children.

Some people are in situations where any loan to that individual is a high risk loan, as there is a noticeable chance of default.   Lenders need to charge higher interest rates for these loans, as some of these loans will either default, or incur significant collection costs.

Should the state make a blanket prohibition on such high interest loans, under the assumption that the individual would be making a mistake in taking out such a loan, or should the state allow such loans, under the assumption that not everyone is an idiot, and it sometimes makes sense to borrow money at high interest rates.

But that's a bit off topic.

The real topic here is where B&H is somehow morally wrong for making this program available. The program has the potential for saving people money by providing higher than average cash back rewards.  It also has the potential for allowing people to take out high interest loans they might be better off without.

By the way, the fact that something can be used both for good or bad is nothing specific to credit cards.   Diet programs can play an important role in a person's health.  Abused, the same diet programs can cause major health problems.

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