... Hey, Kroger, credit card fee is one bad idea. Published: Wednesday, July 18, 2012. By STEPHEN FRYE steve.frye@oakpress.com; Twitter: @stevefrye. Kroger has floated the idea that it may pass along the fee it pays for credit card usage onto the customer. Readers: Hey, Kroger, credit card fee is one bad idea
Gas credit cards offer rewards to their clients just like other credit cards do. The lending institutions realize that most consumers are looking to the possibility of getting more gas for their money and that is why the credit card lets them build up points that they can use toward their gasoline purchases. This is a great idea and most customers like it but to make the rewards even more tempting a lot of the oil companies want the customers to be able to use their reward points towards the purchases of other items while they are shopping at the station
The idea behind rewards is to give the customer something back for using their gas credit card on gasoline purchases. The service station makes more sales, the oil refineries can keep the prices a little higher and the lending institutions are making money from the credit they are extending so it stands to reason that the consumer should not be left out of the loop.
The consumer is the one who is actually making the profit for everyone with a gas credit card. The consumer is also getting the benefits of having buying power without cash up front. Still the consumer feels that they should be able to get some rewards for their line of credit. That is why the gas credit card reward system is now including other things like oil, transmission fluids, batteries, spark plugs, oil changes and smaller vehicle parts. In some cases since the service stations often provide food products the card can be used to buy these items as well. Find More Gas Credit Cards For Bad Credit ArticlesQuestion by lonelioness: Why is paying the minimum balance on a credit card a bad idea? Best answer for Why is paying the minimum balance on a credit card a bad idea?:
Answer by SPIFIMAN1
It's not that it's a bad idea it's just that by only paying the minimum you never pay off your balance. Credit cards are great if they are used properly, you should never exceed 30% of your credit limit in any given month and pay in full before the due date if at all possible. This way you get to use other peoples money for 30 days with no interest, earn bonus points, cash back, airline miles, have a paper trail of your spending and don't have to carry around large amounts of cash. This also gives you a great credit score over time.
Answer by elaeblue
Because the longer you hold a loan the more interest you pay for the amount of money you "borrowed". So in fact you usually pay twice the amount when using a card and only paying the minimum - it could even be three times as much depending on the terms of your card.
Answer by gogo7
The ideal way to use a card is to not charge more than you can pay off at the end of the month. Paying the minimum means you are borrowing and in debt. When you pay the balance off each month, you also don't pay finance charges. If you look at your bills, it tells you what is added for a finance charge and that could be money you could have for yourself instead of giving it to your credit card company. It adds up.
Answer by tw158
You will end up paying a TON in interest. Instead of me rambling on, check it out for yourseld. This calculator will tell you how long it will take (and how much interest you will pay) if you only make minimum payments. http://www.e-wisdom.com/calculators/DebtPayoff2.html
Answer by D C
your not paying enough on your pricable.
Answer by heybulldog
It's a bad idea because you have to pay back more money than you borrow. Its not only a bad idea its stupid. If you pay as you go and live on less than you make you will have more money. If you play the credit card game you will lose. Credit cards = debt Debt free is the way to be!
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