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Do credit cards really have prestige?
Do people really look at others differently depending on what type of credit card they have?
*I'm not talking about stores, or companies- I'm talking about individuals.
*I'm not talking about stores, or companies- I'm talking about individuals.
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| April 21, 2009 05:38 AM |
Yes, in my opinion they do, people look at the particular type of card a bit. Like the American Express Black card that is actually made of metal and has no limit. None. At all.
Some cards like that carry prestige for the same reason having a big wad of cash does.
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Other Answers (5)
April 21, 2009 02:04 AM
- Fact Refuted
Actually certain credit cards require higher incomes and better credit scores. And there are people out there who actually don't qualify for a credit card.
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April 21, 2009 01:43 AM
I don't think so, unless you're trying to impress the person running the cash register or trying to make a large purchase on one (like a boat--ship. I mean ship). I know someone who swears he was treated with kid gloves while buying a boat with a credit card. But I think it was more the fact that he didn't need a loan to do so.
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April 21, 2009 02:08 PM
Personally, I don't find it impressive to have a wallet filled with debt making devices. Credit cards are both one of the good things you can do with your credit, and one of the worst possible things to do to your credit. When I see someone with a wallet full of credit cards I go, "Wow, what an idiot, what are they trying to prove?" Because, without fail, you'll see that person hand someone a card, have it denied because it's maxed out, and they'll just pull another card out of their wallet and charge to that. Silly.
You only need one or two to help your credit. Even then, they're only useful if the balances are nearly non-existant and you've never missed a payment. Anymore than that is getting into the wasteful and stupid zone.
Credit Cards with no limit? Scary. Financing large purchases on your credit card is like financing through a check cashing place. Why pay up to 24% interest on something you could've financed for 8.9%? Or 4.99%? At least with a loan, the bank can't randomly raise your interest rate in the middle of making payments. Interest rates on credit cards are NOT by any means static.
Source(s):
work at a bank
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April 21, 2009 02:32 PM
Excellent input. I agree with you completely. I know several people well who would be considered very wealthy by any standards, and I know that all of them carry maybe 3 credit cards at the very most, and a handful of store charge cards (which are different than credit cards).
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April 21, 2009 03:28 PM
I speak from experience. One of my biggest regrets was charging up a $5,000 card, getting it paid off, then doing it again. I hate credit cards now. The only reason I hang on to the one I have left is because I've had it since I was 18 and the long term good relationship I have with the company makes my credit score nice and juicy.
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April 21, 2009 03:05 PM
If Credit Cards have prestige then it is an illusion. Bank of America posted a $1.8 billion lose in 2009 verses a $867 billion profit in 2008. BoA wants to reduce credit to only the credit worthy and raise rates. Historically, consumer CC debt risk is higher and less profitable than business debt. Consumer debt has more fluctuation in cash flow.
If you have a card that earns points and you receive rewards on those points then there must exist a premium paid. The premium paid is covered by consumer that carry a balance, an annual fee, and hidden penalty fees.
Source(s):
Cash is prestigous in any environment. Cash is king!
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"Oh! A platinum card! I better upsell! They can just charge it!"
Some people may assume you have tons of money and look at you differently.