One Million dollar find!

[rotor]

Let me put it this way. Credit card companies are in the business of loaning money then making money off the money they loaned. They are charging you interest on that money, along with fees to use their card for you have access their money.

How long would anyone stay in business, if they were just breaking even or losing money? Without profits, no business stays in business very long.

I don't dispute that you get the $50 to $75 back at the end of the month. But I'm pretty sure they made a lot more than that off the sale of he items that you bought. Maybe not directly from you, but in the bigger picture, the seller paid a transaction fee when he allowed you to access his credit card machine.

I know this to be a fact because my brother utilizes a credit card machine for his business. It costs him 1.2% for every transaction he does with credit cards. So he charges more for credit card sales than cash sales. Now for him, this is about convenience because a LOT of people use credit cards, and many of his corporate accounts use credit cards for their maintenance and repair shops for keeping track of their expenses. Also, credit card sales are deposited directly into his business accounts. Many of the companies he deals with have moved away from using purchase order numbers for billing and have gone to using credit cards instead.

Everything you are saying is true but still does not reflect the fact that I can purchase an item with a credit card and at the end of the month it is cheaper than if I paid cash.
I find that virtually nobody that I deal with gives a cash discount and almost nobody charges a surcharge fee for using a credit card short of government agencies and a short list of businesses. At the end of the month for me it adds up to money I saved which I usually apply to my credit card bill. My best example is still paying for postage at the post office. Pay cash or pay credit card and total bill is less because of cashback. I have not seen a discount at the post office for cash.

In my case with some quite hefty medical expenses all paid with credit card it adds up to some significant dollars and provides a great paper trail for the IRS.

I rarely have to drive to the bank to cash a check to get cash. I deposit checks directly to my bank either by ACH or using my iPhone apps and it's camera. Some things are obviously paid in cash. They are becoming few and far between.

 

[ZX9RCAM]

ALL of my monthly bills are paid by CC, same as my home and auto insurance.
None of those offer a discount for cash, and I get money back for them.

I always check to see if there is a cash discount offered (when practical), because it typically is more than the return I would get from the card.
In those instances, I pay cash.

 

[SQLGeek]

Lot of FUD in here.

What banks look for is not nearly as simple as some seem to think. I know this first hand. Be leery of advice you get on the internet I guess. There are a lot of people sitting in prison right now that thought they were smarter than they actually were.

I know how I was raised and I'd have a hard time keeping any significant amount of money that wasn't mine.

And now the thread has morphed into the credit card debate.

The credit card genie is out of the bottle and I can't control the merchant fees. I'm disciplined enough to use a budget and ensure every charge I put on my card is covered. I couldn't tell you the last time I paid a cent in credit card interest. It's been years. I do clear over $1000 a year in rewards at the end of the year though. Helped pay for a shed this last year.

 

[Axxe55]

Frankly, it's a pretty moot point. I'm not getting credit cards again. BTDT! I am quite happy with how simple things are, the way I'm doing them, so I see no reason to change at this point. If it ain't broke, don't fix it!

So respectfully to all I'm going to bow out of this part of the discussion.

 

[oldag]

I agree with what you are saying. But in reality, how many people are actually paying off their credit card balances every month? If I had to hazzard a guess, I would think it's a very small number of customers who actually do.

Probably true, but that is their problem.

I always pay mine off in full.

 

[cherok2e]

Min of 1% and depending on what is purchased up to 5%. If at WM and use WM Pay I get 5% back for using it. Bought new batteries for my truck and got over $15 back on that one purchase.

And we all paid $20 more for our batteries. How many have lived in an economy that wasn't based on an oil fiat currency and debit is where it's at?

 

[cherok2e]

I always pay my total bill monthly.

My way of looking at it is simple, if it costs the same cash or credit card use the credit card and see the cash back in your account. If it costs more with credit card then weigh the benefits that a credit card gives vs the savings of cash. I just never see a cash discount in stores I use although I do see a rare surcharge like when renewing a DL or car registration on line in Texas.
If you have ever had a product not arrive or arrive broken or the wrong item, the value of letting the credit card help with the debate and get you a refund is valuable.

I personally don't buy precious metals but let's say you pay by check and that 1 oz gold piece doesn't show up; you might have quite a fight getting your money back. You do know that when you buy insurance and the product doesn't arrive it is the shipper not the recipient that gets the insurance money.

Assuming you pay on time completely every month, the seller bears the cost of the purchase. I was in a service based business, my charge was the same cash or credit card, I knew that I was paying for the use of the credit card but cash instantly vs mailing bills and getting paid months later (or never) made accepting credit cards a very favorable choice and a welcome choice. Cash flow is what keeps most business going.

The dealer pays the insurance and shipping.

 

[cherok2e]

Everything you are saying is true but still does not reflect the fact that I can purchase an item with a credit card and at the end of the month it is cheaper than if I paid cash.
I find that virtually nobody that I deal with gives a cash discount and almost nobody charges a surcharge fee for using a credit card short of government agencies and a short list of businesses. At the end of the month for me it adds up to money I saved which I usually apply to my credit card bill. My best example is still paying for postage at the post office. Pay cash or pay credit card and total bill is less because of cashback. I have not seen a discount at the post office for cash.

In my case with some quite hefty medical expenses all paid with credit card it adds up to some significant dollars and provides a great paper trail for the IRS.

I rarely have to drive to the bank to cash a check to get cash. I deposit checks directly to my bank either by ACH or using my iPhone apps and it's camera. Some things are obviously paid in cash. They are becoming few and far between.

I get that back also but with a click of the mouse it's paid to the bill.

 

[rotor]

The dealer pays the insurance and shipping.

So far off topic but you pay the dealer $1200 by check or whatever for 1 oz of gold, he ships to you and he pays the insurance and shipping ( of course you are paying that as you know ) and the gold gets lost. Dealer collects from insurance. You pay $1200 and dealer collects for lost item and you have to do what to get your gold or money back? May not be easy to get your money or gold as you paid by check. Much easier if you paid by credit card.
"I get that back also but with a click of the mouse it's paid to the bill. " What do you refer to?

 

[IXLR8]

Wow, just wow. This thread has pretty much gone so off track that it is no longer in the same state...
But yes, credit cards do offer a lot in return for their monthly use and repayment.
I’m still thinking of how to “clean” a million in cash...

 

[cherok2e]

Wow, just wow. This thread has pretty much gone so off track that it is no longer in the same state...
But yes, credit cards do offer a lot in return for their monthly use and repayment.
I’m still thinking of how to “clean” a million in cash...

The car wash made good sense. Maybe we won't need to worry about the credit cards when the economy crashes and needs reset.

 

[avvidclif]

I can tell most folks in here have never had a business. At one time I took credit cards in my business. If you read the fine print in your merchant account paperwork you will find in the fine print that if you offer a cash discount they will cancel your account and you can no longer take credit cards. They know that by not taking credit cards you will loose business because most folks can't pay cash every time and use credit. And then can't pay off the bill at the end of the month and they make an exorbitant amount of interest.

I appreciate all the folks that pay in cash for everything as it pays for the "rewards" I get at the end of the month. Thank you thank you. Halfway thru the month and on one card I have a $50+ dollar credit to use. And I will use it just before I pay off the bill as it lessens my bill.

 

[Onforsakensoil]

It would be my civic duty to return that 200 grand at once!

 

[ZX9RCAM]

It would be my civic duty to return that 200 grand at once!

Welcome to the Forum!

 

[Onforsakensoil]

Welcome to the Forum!

Thank you!

 

[SQLGeek]

It would be my civic duty to return that 200 grand at once!

Now that's a kind soul. Good for you for turning in that $75,000 you found.

 

[cherok2e]

I can tell most folks in here have never had a business. At one time I took credit cards in my business. If you read the fine print in your merchant account paperwork you will find in the fine print that if you offer a cash discount they will cancel your account and you can no longer take credit cards. They know that by not taking credit cards you will loose business because most folks can't pay cash every time and use credit. And then can't pay off the bill at the end of the month and they make an exorbitant amount of interest.

I appreciate all the folks that pay in cash for everything as it pays for the "rewards" I get at the end of the month. Thank you thank you. Halfway thru the month and on one card I have a $50+ dollar credit to use. And I will use it just before I pay off the bill as it lessens my bill.

That's what makes it work. The mark up on goods that keep people on credit card rewards and people that like a debt economy so they can have what they can't afford.

That's how I would turn in in since no one needs to know how much I found. Only hoping a bad guy didn't lose it and find out who I am.