Author Topic: PSA: Don't swipe recklessly for others  (Read 472104 times)

Offline mendy from lakewood

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Offline farmbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #2541 on: February 25, 2019, 12:14:56 PM »
If they can't get credit from a bank, then why is it worth your risk to earn a measly 2%?
Just throwing this out there.
2% per month = 24% annualized.

Then again, only junk rated bonds are priced with such high yields.
Risk is opportunity

Offline LoLo

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Re: PSA: Don't swipe recklessly for others
« Reply #2542 on: February 25, 2019, 12:18:06 PM »
Just throwing this out there.
2% per month = 24% annualized.

Then again, only junk rated bonds are priced with such high yields.
It's really 12%, since usually these people take the full ~57 days to pay. (Day after statement close to due date)

Offline yosefsv

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Re: PSA: Don't swipe recklessly for others
« Reply #2543 on: February 25, 2019, 12:20:47 PM »
There is a heimeshe course in the NY area that offers a free payment option: giving them your personal info and they take the money from the points.
The problem is that people are falling for it.
POIDH
i personally know 2 people that gave their personal info to pay for this course. 
If it benefits even just one fellow DDFer, its worth posting it.

Offline LoLo

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Re: PSA: Don't swipe recklessly for others
« Reply #2544 on: February 25, 2019, 12:22:11 PM »
Is this for the Bucher's info or the fathers?

Offline yosefsv

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Re: PSA: Don't swipe recklessly for others
« Reply #2545 on: February 25, 2019, 12:31:15 PM »
Is this for the Bucher's info or the fathers?
I have no idea. The 2 people that i know, attended his class for Men. 
If it benefits even just one fellow DDFer, its worth posting it.

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Re: PSA: Don't swipe recklessly for others
« Reply #2546 on: February 25, 2019, 12:31:28 PM »
If they can't get credit from a bank, then why is it worth your risk to earn a measly 2%?
It's not a measly 2%, depending on how fast they pay back, it can be anywhere from 12%-24%. That's a pretty hefty return.
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Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2547 on: February 25, 2019, 12:32:20 PM »
That's a pretty hefty return.
Not for a high risk "investment."
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: PSA: Don't swipe recklessly for others
« Reply #2548 on: February 25, 2019, 12:42:25 PM »
Not for a high risk "investment."
Yet banks frequently lend at this rate on unsecured, non-recourse lines of credit (translation: credit cards) based on nothing but your credit score and stated income
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Offline Moshe123

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Re: PSA: Don't swipe recklessly for others
« Reply #2549 on: February 25, 2019, 12:43:15 PM »
Yet banks frequently lend at this rate on unsecured, non-recourse lines of credit (translation: credit cards) based on nothing but your credit score and stated income

Because they are very big and can afford to lose it.

Offline Miami

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Re: PSA: Don't swipe recklessly for others
« Reply #2550 on: February 25, 2019, 12:43:38 PM »
Pidypn shvuyim is next :-[
Amazing how he doesn't give his last name but when you scroll to the bottom of the page it says "created by" with the full name

Offline shnozolla

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Re: PSA: Don't swipe recklessly for others
« Reply #2551 on: February 25, 2019, 12:44:43 PM »
It's not a measly 2%, depending on how fast they pay back, it can be anywhere from 12%-24%. That's a pretty hefty return.

Or 60% - 120% in the 5% category, that is a pretty good return, perhaps not good enough for the amount of risk involved! But still, enough to cause many (including myself) to bury my head in the sand.

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Re: PSA: Don't swipe recklessly for others
« Reply #2552 on: February 25, 2019, 12:45:25 PM »
Or 60% - 120% in the 5% category, that is a pretty good return, perhaps not good enough for the amount of risk involved! But still, enough to cause many (including myself) to bury my head in the sand.
I'm pretty sure 120% is a good enough return to handle any risk in the world.

Still, you're fooling yourself if you think you're getting anywhere close to even 60% on a significant amount of money, short of signup bonuses, let alone 120%. There are caps on any major category spending.
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Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2553 on: February 25, 2019, 12:48:34 PM »
Yet banks frequently lend at this rate on unsecured, non-recourse lines of credit (translation: credit cards) based on nothing but your credit score and stated income
Then why are they not lending these businesses (not buying groups) the capital they need?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline shnozolla

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Re: PSA: Don't swipe recklessly for others
« Reply #2554 on: February 25, 2019, 12:54:49 PM »
Then why are they not lending these businesses (not buying groups) the capital they need?

The business is growing? Owners cards are already being used? Credit card companies don't give unlimited credit lines?
Some businesses are in transition mode and not yet structured to receive a line of credit from the bank. e.g. a business that started on amazon and branches out to become a traditional business.

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2555 on: February 25, 2019, 12:56:17 PM »
Yet banks frequently lend at this rate on unsecured, non-recourse lines of credit (translation: credit cards) based on nothing but your credit score and stated income
They peg the apr on the assumption that x amount of loans will default, however most dont default and the profit margin from the performing loans cover the loans that defaulted. In short they can spread their risk over many many customers. You are lending to one person so you have an inordinate amount of exposure. (Same idea as insurance paying out benefits which makes that specific policy a loss, however most policies our BH never claimed).
There are actuaries that get paid very well to price the risk, odds of default, etc.

Offline sruly

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Re: PSA: Don't swipe recklessly for others
« Reply #2556 on: February 25, 2019, 12:57:38 PM »
Not true, they have millions of dollars of funding from investors, they may run behind during busy times but they're primary purpose for using you is not for your cash flow.
agreed that their primary need is not your cash flow but they definitely do not have enough cash on hand to cover  everything.

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2557 on: February 25, 2019, 12:59:31 PM »
The business is growing? Owners cards are already being used? Credit card companies don't give unlimited credit lines?
Some businesses are in transition mode and not yet structured to receive a line of credit from the bank. e.g. a business that started on amazon and branches out to become a traditional business.
That thought process is exactly how tens of millions of dollars vanished.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline mmgfarb

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Re: PSA: Don't swipe recklessly for others
« Reply #2558 on: February 25, 2019, 01:00:54 PM »
agreed that their primary need is not your cash flow but they definitely do not have enough cash on hand to cover  everything.
And you know that this is definitely true, how exactly?
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Re: PSA: Don't swipe recklessly for others
« Reply #2559 on: February 25, 2019, 01:05:02 PM »
And you know that this is definitely true, how exactly?
See comments by @Markmann20 in the Buying Group thread, although that was busy season as you said
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