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MasterCard Using Justin Bieber To Promote Credit For Teens

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posted on Mar, 3 2013 @ 03:18 PM
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Originally posted by Phage
reply to post by Wrabbit2000
 


They got rich by GIVING credit and making the interest back on their own money, many times over.
And...your point is what? Isn't that sort of the whole idea? You don't think your supermarket owner is rich? He has the gall to make a profit on food! Shameful.

I have a credit card which I use to pay as many of my expenses as I can. It has no annual fee and I pay the balance due each month. I find my well earned credit to be a very useful money management tool and it costs me nothing.
edit on 3/3/2013 by Phage because: (no reason given)


That is the only time where using a credit card regularly is okay, Phage--if you pay the entire balance before interest hits and there are no other associated fees. Unfortunately, the majority of people do not do that. It's not so much about questioning the profit motive because every business operates on just that but, as an accountant, I find it rather unscrupulous to try to condition the use of credit cards on teens when their parents frequently misuse the darn things (though using Bieber could make it potentially backfire as Bieber is popular only with the bubble headed set from what I can tell among the teens I know lol). Then again, it's the bubble heads that also tend to misuse credit cards terribly as adults. I've known people who had upwards of $30k in credit card debt where I use mine only on an emergency basis for things that I could not possibly pay for in a month's time and are required to be paid on the spot. I pay such expenses off as quickly as I can to avoid a permanent balance. Paying minimum only = permanent balance. So either absolute emergency or pay off the balance before interest sets in--those are the only acceptable uses of a credit card at least from this accountant's perspective.




posted on Mar, 3 2013 @ 03:20 PM
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Originally posted by SubSea








Pull up your pants *Hole!!

Don't care if i get dinged for it.



posted on Mar, 3 2013 @ 03:24 PM
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Originally posted by Wrabbit2000
Well, thanks for the economics there and credit is simply the representation of ability to TAKE ON DEBT. Not debt itself, of course. However, to build a credit score, you must handle and responsibly repay debt. One does require the other and over extended periods of time.

To have a credit score--specifically a FICO score, I do not know about PLUS, Vantage, TransRisk, etc.--does not require one to have debt. It requires one to have a certain amount of credit history and recent activity (e.g., opening a new account). You can get that without ever having any debt. You won't max it out without some utilization and a mortgage in the mix, but you'll have a score.


After being sufficiently burned to realize the level of pure scam it is to spend other people's money so I can pay them even more for having something I couldn't afford in the first place,

That's not a scam. That's foolish spending that you later regretted. Your lender didn't force you to buy things you couldn't afford with their money. They didn't trick you, send you a false credit card agreement, or promise something they couldn't deliver. They gave you a set of terms, which you accepted, and you made use of their services. You didn't like how that turned out, and now you are accusing them of "scamming" you.


Debit cards are impossible to avoid...

Fortunately, I've been very successful at avoiding them. I have one locked up at home. I could just as easily shred it. It does nothing for me, its existence puts my checking account balance at risk, and its legal protections are inferior to those of a credit card. Debit cards are dangerous.


Rich people didn't get rich by using credit.

You've never heard of someone borrowing money to start a successful business or professional career?


Choosing to play the debt game, especially with the near predatory terms it comes with these days, is just being a willing part of the game making the rich ever richer by your own hard work.

I'm far from rich, but I am made richer by playing the "debt game." I make money on rewards and float for consuming the same amount of goods and services I would with cash. I also get free warranty extensions, price matching, etc. Card issuers pay me to use their products. So who is making them (and me) richer? The merchants who pay merchant fees--more pointedly, their customers who pay cash--and the poor fools who pay interest. I guess that makes me one of the predators. I'm okay with that.

A question for the no-credit people: I go to a restaurant. I sit down and order a hamburger. Over the next hour, I eat my burger. Then I pay the bill and leave. I am not charged interest for the hour between my first bite and the moment I settle the bill. Was I in debt to the restaurant for an hour?



posted on Mar, 3 2013 @ 03:26 PM
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reply to post by WhiteAlice
 

As an accountant you understand that this is not a credit card. It cannot encourage overspending. It cannot encourage debt. In this regard it is no different than cash.

I don't buy the "conditioning" line.



posted on Mar, 3 2013 @ 03:35 PM
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Originally posted by Phage
reply to post by WhiteAlice
 

As an accountant you understand that this is not a credit card. It cannot encourage overspending. It cannot encourage debt. In this regard it is no different than cash.

I don't buy the "conditioning" line.


Yep, I do but it also doesn't teach kids to budget either. One of the biggest issues with using a card (whether it's debit or credit) is that one tends to forget transactions and more in making purchases. I've seen this over and over again. Give a kid $100 cash and they will always know exactly how much they have. Give a kid a pre-paid card worth $100 and they'll start losing track unless they spend it all in one go. The former keeps that balance in mind so that they can judge whether they truly want something or not and understand the financial repercussions of their choices on an immediate basis. The latter allows for spending to happen without that impact until it gets denied at the register.

We have a difference of opinion on the conditioning aspect. I will point out though that there is a reason why many marketing firms use psychologists in order to sell their product regardless of whether the product is cereal, a clothing line, or a pre-paid credit card.



posted on Mar, 3 2013 @ 03:40 PM
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reply to post by WhiteAlice
 


One of the biggest issues with using a card (whether it's debit or credit) is that one tends to forget transactions and more in making purchases. I've seen this over and over again.

One of the biggest issues with using cash is that it tends to get spent here and there without any tracking. I've seen it over and over again. This makes creating and following a budget difficult. With this card, not only do you get a statement but each transaction is provided to the parent as it occurs. The parent has the ability to shut down the card at any time.

Can lose cash. Cash can be stolen. Not so with a prepaid card.

You keep using incorrect terminology. This is not a debit card, this is not a credit card. It is the same as carrying a wad of cash in your pocket but without the drawbacks (see above).
edit on 3/3/2013 by Phage because: (no reason given)



posted on Mar, 3 2013 @ 03:45 PM
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reply to post by FurvusRexCaeli
 

I'm glad it works for you and I'm glad you haven't been burned. It didn't for me, it doesn't for millions (given current consumer debt numbers) and frankly, I think people are crazy to try. You dance with the devil (Major banks and their credit system) and you get away without being bitten. Might happen that way a hundred times, too. However as the saying in Vegas goes, the house always wins in the end.

They toss everyone pennies in rewards offerings and gimmicks while they charge you dollars. They aren't philanthropists, after all. Credit Card issuers bank a fortune on the games and gimmicks that make up the overall industry.

We need not even get started on the scam that is financing a vehicle these days. Talk about a losing proposition. How many things can you pay healthy interest on and watch drop in value almost fast enough to literally watch happen. Perhaps not a bad thing when it's paid for but quite another when someone is making higher car payments than I make in mortgage.

To each their own tho. Some play with the banks and interest...some don't. I got tired of playing.



posted on Mar, 3 2013 @ 04:54 PM
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I agree with limiting interactions with banks and credit card companies. It's amazing how if you pay the minimum how long it would take you to pay back a $100 purchase. It shouldn't be legal in my opinion. And letting that little....., well Having Beiber try to promote the idea to kids is sickening



posted on Mar, 3 2013 @ 05:49 PM
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Originally posted by Phage
reply to post by tothetenthpower
 


Why does my child have to pay a financial institution to learn how to budget?
She (he) doesn't.
But getting a monthly statement couldn't hurt the learning process.


But just not actually needed either. Parents do not need that to teach their children to stay away from creditcards so the last thing they should do is make them pay with any sort of plastic card that is branded by 1 of those big CC companies for any such whimsical reasoning.



posted on Mar, 3 2013 @ 05:54 PM
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One of the biggest issues with using cash is that it tends to get spent here and there without any tracking. I've seen it over and over again. This makes creating and following a budget difficult. With this card, not only do you get a statement but each transaction is provided to the parent as it occurs. The parent has the ability to shut down the card at any time.
reply to post by Phage
 


All of my life I have used cash mainly, my tracking system is my eyes and my brain..My eyes tell me I am handing over a 5 dollar bill and my brain tells me I have 30 dollars in my wallet, so now my brain tells me I have only 25 dollars in my wallet.......

Simple No?

Regards, Iwinder



posted on Mar, 3 2013 @ 05:56 PM
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reply to post by Iwinder
 

Yeah. Simple. This card works the same way. When the money is gone, it's gone.
But do you know where each of those dollars goes? That's important if you're setting up a budget.
I get this much a month. That means I can spent this much on movies, this much on food, this much on gas...etc.

The card makes that really easy to keep track of. Of course you can do that manually too. Do you?
edit on 3/3/2013 by Phage because: (no reason given)



posted on Mar, 3 2013 @ 06:01 PM
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On a side note I do not believe that dweeb featured in this thread is actually pushing these cards. His business manager more than likely just phoned him and said hey........One or two commercials and you get another 5 million and I get 10%.

I can't seeing the dweeb lasting so maybe not a bad idea on his part to get the nest egg built and hope for the best.

I still find it very irresponsible to target these very young people, and we all know why.....$$$$$ cha ching .

Regards, Iwinder



posted on Mar, 3 2013 @ 06:03 PM
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Originally posted by Phage
reply to post by Iwinder
 

Yeah. Simple. This card works the same way. When the money is gone, it's gone.
But do you know where each of those dollars goes? That's important if you're setting up a budget.
I get this much a month. That means I can spent this much on movies, this much on food, this much on gas...etc.

The card makes that really easy to keep track of. Of course you can do that manually too. Do you?
edit on 3/3/2013 by Phage because: (no reason given)


But thanks to my brain I am not paying any service charges or fees or whatever they call them.

That five dollar bill is exactly that......Not less a 30 cent fee for using the card.
Regards, Iwinder



posted on Mar, 3 2013 @ 06:12 PM
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Originally posted by Iwinder

Originally posted by Phage
reply to post by Iwinder
 

Yeah. Simple. This card works the same way. When the money is gone, it's gone.
But do you know where each of those dollars goes? That's important if you're setting up a budget.
I get this much a month. That means I can spent this much on movies, this much on food, this much on gas...etc.

The card makes that really easy to keep track of. Of course you can do that manually too. Do you?
edit on 3/3/2013 by Phage because: (no reason given)


But thanks to my brain I am not paying any service charges or fees or whatever they call them.

That five dollar bill is exactly that......Not less a 30 cent fee for using the card.
Regards, Iwinder


Exactly ,this is also why parents do not need to expose their kids to Visa branded plastic cards.

"..people we need these sort of cards to make it easy to keep a budget"
...Talk about dumbing down !


We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline. That way we know what our budget is at anytime and adjust it at anytime. If you teach your kids this (its not rocket science) Then why do we or our kids need a piece of paper printed out and send to us by Visa in order to keep a budget ?

It is just another form of dependency of such a company.

edit on 3-3-2013 by Rubic0n because: (no reason given)



posted on Mar, 3 2013 @ 06:15 PM
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reply to post by Iwinder
 

$3.95 a month.
The parents pay it. Seems not too bad to me.



posted on Mar, 3 2013 @ 06:17 PM
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reply to post by Rubic0n
 




We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline.

Knowing your balance is not the same is developing a budget.
Not ever learning how to budget is probably what gets most people into credit trouble.
This card is a good tool to teach kids how to budget. And the money can't be lost like cash can.



posted on Mar, 3 2013 @ 06:22 PM
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Originally posted by Phage
reply to post by Iwinder
 

$3.95 a month.
The parents pay it. Seems not too bad to me.


That is almost $50.00 a year, That seems really bad to me for a 12 year old to be spending that amount of money when it purchases nothing.

Yes Sir that is a good lesson for the children.

Regards, Iwinder
edit on 3-3-2013 by Iwinder because: (no reason given)



posted on Mar, 3 2013 @ 06:25 PM
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Originally posted by Phage
reply to post by Rubic0n
 




We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline.

Knowing your balance is not the same is developing a budget.
Not ever learning how to budget is probably what gets most people into credit trouble.
This card is a good tool to teach kids how to budget. And the money can't be lost like cash can.


Actually losing money can really make you aware of its value, I once lost 20 bucks years ago but that 20 would have filled up my gas tank twice back then.

In the mean time I never ever spent the fees of almost 50 bucks a year since that loss 20 years ago so whom is losing and whom is ahead?

Regards, Iwinder



posted on Mar, 3 2013 @ 06:28 PM
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reply to post by tothetenthpower
 


Most teens do not have Beiber's means of repaying those credit cards, and any parent willing to co-sign off on letting their kid have a credit card deserves the disaster coming for them.



posted on Mar, 3 2013 @ 06:29 PM
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Originally posted by Phage
reply to post by Rubic0n
 




We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline.

Knowing your balance is not the same is developing a budget.
Not ever learning how to budget is probably what gets most people into credit trouble.
This card is a good tool to teach kids how to budget. And the money can't be lost like cash can.


And ripping a quote apart to dismiss its context is not the same as actually responding to the actual quote. Which was as follows:

We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline. That way we know what our budget is at anytime and adjust it at anytime.


All you need to make or start to learn how to make a budget right there ^.Namely, knowing your limit.
You learn your child to be aware of its expenses withouth the help of Visa's administrators.

I do not see the point of making it easier for kids to budget for themselves when it isnt all that hard in the first place. Why do we need to incorporate Visa in their lifes to do something as simple as that? Why expose them to plastic cards at a young age that says VISA.


It is like exposing them to the drug dealer on the corner who does his best to get them accustomed to the idea , the first time is free.....

Then Visa sends them a couple of newer and shinier cards that give them a bit more "freedom" when they turn 18 or 21. No harm done right?


edit on 3-3-2013 by Rubic0n because: (no reason given)





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