Your Minimum Viable Product is Processing Credit Cards

Re:Your Minimum Viable Product is Processing Credit Cards by omni on Wednesday January 09, 2013 @09:29AM (#5031615)

Not sure how credit cards work in Europe, but in the US, I use credit cards exclusively for the rewards they give out. I get 2% on all of my purchases plus an interest-free 30 day loan until my payment's due. I've never missed a payment and never carried a balance, so at the age of 24 I've made something like $3,000 net off of credit card companies.

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Re:Your Minimum Viable Product is Processing Credit Cards by jpdoctor on Wednesday January 09, 2013 @10:10AM (#5031842)

> I've never missed a payment and never carried a balance

Hilariously, in banker lingo you are referred to as a "deadbeat", without any apparent sense of irony.

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Re:Your Minimum Viable Product is Processing Credit Cards by jmaskell on Wednesday January 09, 2013 @09:49AM (#5031727)

I'm not sure about the rest of Europe, but the UK works pretty much like this. Lots of cashback, store vouchers or airline miles.

I guess the card companies win either way - in interest on people who rack up debts (enticed by the benefits) and also on transaction fees charged to merchants when the card is used.

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Re:Your Minimum Viable Product is Processing Credit Cards by digitalengineer on Wednesday January 09, 2013 @09:37AM (#5031667)

I think with "I've never missed a payment and never carried a balance" you're not the tipical joe. I've read some banks can charce excessive rates when people forget (or can't) to pay.

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Re:Your Minimum Viable Product is Processing Credit Cards by amalag on Wednesday January 09, 2013 @10:21AM (#5031905)

Everyone in my family does this. I also have around $1000 from my 2% back over the last 3 years.

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