8 ms·
As a Canadian , I thought that was the expected de facto way of using credit cards: you pay everything with it so you get rewards (ie money) at the end of the y
by LeBit 7d ago
As a Canadian , I thought that was the expected de facto way of using credit cards: you pay everything with it so you get rewards (ie money) at the end of the year as a function of how much you used the card during the year. At the end of the month, you pay whatever the outstanding balance is, otherwise you pay high interests.
- zaphirplane 7d agoThere are fees thou and i cant imagine they are losing out as a business
- rootusrootus 7d agoMany of us use it exactly that way, though the rewards (in my personal experience) are immediate as soon as a transaction clears and not yearly. Carrying a revolving balance is a quick way to spiral into bankruptcy because the rates are so high (and the minimum payment is typically 1% of the balance).
- the_af 7d agoI thought this was how credit cards were used the world over. It's certainly how I use them. How do Americans use them that differs from this? Color me confused. (Also: installments. They are often the norm in my country, but I understand they are less common for Americans).
- krzyk 7d agoI don't think that works like that in Europe, cash backs are rare and even fewer people use them. I have credit card only to be able to rent car on vacation. It is not used outside of that. For other payments I use debit card.