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People who have an inverted sense of prestige from the use of credit cards. That's who. It's really not a health or even all that smart community once you start thinking about it. It's almost like the Apple Card is a kind of peak travesty ... a card made of titanium (think about that), that has cleaning and care instructions, that has such sharp edges that it is cutting people; not to mention that it's a credit card, a signal that would tell people in a healthy society that "this person does not know how to manage money and therefore has to borrow money for basic daily things". The use of a credit card for anything but mid tier level purchases or where the secondary/ancillary benefits are useful, should make one not trust such a person for their inability to manage their finances. Think about it, credit to buy dinner and/or drinks. It should be a clear sign of untrustworthiness. Yes, I realize that credit cards offer and obscure the reality of the matter through ancillary benefits that I also utilize on occasion. Those are not there though as the primary purpose of the card, they are there to obfuscate and obscure and mask through justifications and rationalizations, the use of the real reason that the financial institutions want you to use the cards, the credit feature that will rack up profits that are then also rolled into the cost of the goods you purchase. People don't realize that every credit card purchase drives up the cost of goods and services, especially due to the contractual agreements of payment processors that prevent different prices for card over cash use. At the heart of it all, the whole credit card industry is a kind of con job monopoly by the very definition of the term: "an act or instance of duping, swindling, or persuading by deception." or a "trick of confidence", imbuing the target with confidence (in this case by tapping into the odd apple fan boy confidence through the shiny titanium apple card) in order to dupe them into using the credit card that will result in interest and fees and conversion arbitrage profits over n% of charges and balances; and all that through the forced monopoly of contractual limitation of competition of cash transactions. I don't know about you, but if the free market/competition were not limited by this cartel of colluding payment processors (MC/Visa, mostly) I would use cash/debit if it meant I could save money (likely more than the cash back amount offered on credit cards). But that's precisely why they limit competition by cash |
You act like credit cards are for the financially irresponsible, but IMO it's almost financially irresponsible to use cash. Why give up free money? Why ignore the time value of money when somebody offers you 18 months interest free?
Obviously there are significant repurcussions if you misuse them, but there are also significant benefits if you manage them well.