this post was submitted on 16 Nov 2024
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I use my credit card all the time, and it's set to auto pay off all of it every month, so there is never any interest charged. It basically delays the time my money leaves my bank account from the time of purchase to up to a month later, with no downside, while building credit history. The interest may be 300%, I don't care because I'm never charged it.
I do the same, but I think they were asking for people who can't pay it off. Those are absurd rates.
Agree 100%
Why even have it then, and not just direct debit? Or is that something American banks don't offer?
I am not in the US. But the purpose is gaining credit score and rewards, at no cost.
So just like grinding in a video game, but irl. Bcs they can just make you do that or don't have normal opportunities in life. Wild.
Increasing one's credit [score] is helpful for when citizens want to make large purchases/transactions, such as getting a homeowner's loan and car, in the US. Having lower credit is an indicator to banks that one is not "trustworthy" with their (bank's) money. And with property prices soaring and most salaries stuck in the 60s (I may be exaggerating a little, haven't checked exact numbers lately), it's hard not to NEED a loan for those. Direct debit is nice to have, but there are advantages to credit cards if the user is wise with their money/credit knowledgeable. It's systemic.
Yes, I still can't believe credit scores of private citizens are legal.