Award Tour: Credit Card Debt. ⇒
17 February 2006, lunch time
I don't have any credit card debt; the interest rates are so high that you'd be silly to use your credit card for any long term sort of loan. That said, I do spend way too much a month on my card. It feels like i'm walking around with free money -- till I get my bill.
This is a post from my link log: If you click the title of this post you will be taken the web page I am discussing.
I like my credit card. It’s nice to know you have a history of all your spending. Just think, when your 45, you can look back and make fun of your spending habits at 25 when you stumble upon an ancient CC bill you didn’t throw away.
by Vic on February 17 2006, 1:27 pm #
Vic, if you have started to use CIBC Aerogold, you can get free airfares when you reach 45. Hopefully, Air Canada will be in business at the time.
Ram, is there any Money Management course being offered by University of Waterloo?
Here is a myth:
A couple of years ago, it was used as a market segmenting strategy by an American financial institution. According to the company records, more than 3% of its credit cards users paid off their entire payment before the 30 days threshold period. As a result, the company basically received no interest income on those short-term credit loans. The company’s marketing managers were required to come up with some innovative ideas to overcome the issue. Consequently, a marketing manager came up with a new advertising strategy, saying “People who pay off their entire payment before the threshold period will get a ‘prime-minus-one’ interest rate; however, they need to pay an annual charge of fifty dollars if they wanted to be part of the plan.” Without realizing the fact they are being charged for basically nothing, 76% of the 3% accepted the offer.
by The West Coast Express on February 17 2006, 6:27 pm #