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Credit cards restricting firearms purchases

EJFudd said:
Okay, you got me there. I hate most of the big banks, but if you are getting 3% back with no fees or strings attached, I can't argue with that. [thumbsup]
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It's a game of chicken with the card company. The interest rate is huge. So they are betting I'll miss paying it off each month, I'm betting I won't. I miss one month and that changes the balance in their direction.
 
42! said:
It's a game of chicken with the card company. The interest rate is huge. So they are betting I'll miss paying it off each month, I'm betting I won't. I miss one month and that changes the balance in their direction.
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If the APR is say, 23%, but you're getting 3% back on all purchases, you'd have to fail to pay the balance down to zero twice in a year before your return goes negative.

If this really were the ploy the bank was making, it seems very strange for them to make it so easy to enable autopay? (You can set it to automatically send just the minimum amount due so you never again incur a late fee).
 
42! said:
It's a game of chicken with the card company. The interest rate is huge. So they are betting I'll miss paying it off each month, I'm betting I won't. I miss one month and that changes the balance in their direction.
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Being old, retired and dirt poor, I probably wouldn't qualify for such a card anyway. I see that Chase offers a good sounding cashback card, but they are the same people that cut my available credit on my regular Chase credit card by 66% for no reason. Of course, that's still better than Citi-Bank which simply terminated my credit card with no notice. :(

When you get old and your income goes down, these things happen. It shocked me at first, but I'm making extra efforts to keep my remaining cards alive.

But back on topic, I don't recall ever having used a credit card to purchase a gun, certainly not any in the last 8 years. 🤔
 
Kevin_NH said:
If the APR is say, 23%, but you're getting 3% back on all purchases, you'd have to fail to pay the balance down to zero twice in a year before your return goes negative.

If this really were the ploy the bank was making, it seems very strange for them to make it so easy to enable autopay? (You can set it to automatically send just the minimum amount due so you never again incur a late fee).
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That sounds right. They want you to set up the autopay for the minimum, that way you will be paying interest forever. If I was to carry a balance and only pay the minimum, I'd be losing money after the 2 minimum payments and I'd still owe the original amount. The only way to win the game is to always pay in full. The card company still makes money off the purchase, but that's a lot less than what they'd get in interest. And I've started using virtual card numbers for auto payments and online purchases. This cost me nothing but gives me greater control and tracking. They also offer a plug-in for web purchases that searches for discount codes. and it actually works. They want me to use the card in the hope that I won't pay it off, too many fall into this trap, I don't.
 
Kevin_NH said:
If the APR is say, 23%, but you're getting 3% back on all purchases, you'd have to fail to pay the balance down to zero twice in a year before your return goes negative.

If this really were the ploy the bank was making, it seems very strange for them to make it so easy to enable autopay? (You can set it to automatically send just the minimum amount due so you never again incur a late fee).
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Your still paying interest on any balance you still have. Setting up auto pay is in their best interest. They're hoping you don't check.
 
jct61765 said:
Your still paying interest on any balance you still have. Setting up auto pay is in their best interest. They're hoping you don't check.
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If you pay the balance down to zero during the grace period, you aren't paying interest.

Letting autopay zero out the balance for you sounds easy, until you have to file a dispute on a bogus charge.

42! said:
That sounds right. They want you to set up the autopay for the minimum, that way you will be paying interest forever. If I was to carry a balance and only pay the minimum, I'd be losing money after the 2 minimum payments and I'd still owe the original amount. The only way to win the game is to always pay in full. The card company still makes money off the purchase, but that's a lot less than what they'd get in interest
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You could set the autopay to always pay the full balance, but that comes with risks -- still have to stay on top of it, if only to double-check the statement for fraud or error -- if you find a bogus charge, they'll defer interest while the dispute is processed.

So I prefer to set the autopay at the minimum; before the due date I log in, review the charges, and adjust that month's autopay if all is well. If autopay were to automatically pay down a fraudulent charge, you're out the money until the dispute is resolved.

42! said:
And I've started using virtual card numbers for auto payments and online purchases. This cost me nothing but gives me greater control and tracking.
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Yeah, I've long been a proponent of virtual account numbers (including on NES, at least as far back as 2011).

Actual utility varies by bank or credit union.
 
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enbloc said:
Maybe I can make this work to my advantage by curtailing my purchases of guns & ammo...??? 🤔
Nah... [rofl][mg][cheers]
View attachment 696514
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Free state version
IwOdnTS.gif
 
ESG, Luckily some states are fighting it
Same with trying to put that special code for firearms.
Ups and Fedex shipping everything in separate packages and maybe losing some shit
The any transaction over $600 the bank has to report it to the feds rule
Now they are going for digital currency so everyone has a government bank account for the 87,000 irs agents to look at
The Marxist train keeps chugging along thanks with help from the republicrates
 
SS1 said:
ESG, Luckily some states are fighting it
Same with trying to put that special code for firearms.
Ups and Fedex shipping everything in separate packages and maybe losing some shit
The any transaction over $600 the bank has to report it to the feds rule
Now they are going for digital currency so everyone has a government bank account for the 87,000 irs agents to look at
The Marxist train keeps chugging along thanks with help from the republicrates
Click to expand...

The party hasn’t even started yet.
 
I have never bought a gun on a card, but figured i would give it a shot to see if any drama would occur. Bought a Sig M18 off a dealer on GB, no CC fee so it was a free experiment. Nothing from the CC Co. (Capitalone) and its already at the FFL. Am waiting to see how it looks b4 paying off the card.
 
Shawnyc said:
I’ll buy a new gun with each of my credit cards and report back, for research of course 😉
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I pretty much did this in January and February........nothing got blocked on any of the cards.

Did they track it? Who knows? The state and feds get a copy of what I bought anyway...so whats the big deal.

I pay in full every month and get 2% back......never paid a day of interest. Credit card companies have paid me over 10K in cash back since we started putting
all our expenses on there. I have 2K sitting in rewards cash right now.

Been buying guns for years on CC, I don't know what all the big deal is. Buy gun online, ship to my FFL, pass Fed background check, do FA-10, walk out door. Pay bill when its due.

People that have a problem with that last part or can't control impulsive behavior shouldn't do it.
 
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me109g4 said:
I have never bought a gun on a card, but figured i would give it a shot to see if any drama would occur. Bought a Sig M18 off a dealer on GB, no CC fee so it was a free experiment. Nothing from the CC Co. (Capitalone) and its already at the FFL. Am waiting to see how it looks b4 paying off the card.
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The only drama is if something comes in broken, wrong or damaged. This has never happened to me.

However, if it does, don't do the background check and transfer or you'll own it. It must go back to the dealer.
 
KBCraig said:
MasterCard has been tracking your carbon footprint for almost 2 years now.

www.mastercard.com

Mastercard Unveils New Carbon Calculator Tool for Banks Globally, as Consumer Passion for the Environment Grows

Mastercard, in collaboration with Doconomy, developed the Mastercard Carbon Calculator for banks to adopt and customize for eco-conscious consumers who are looking for more ways to be informed about their spending.
www.mastercard.com www.mastercard.com
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All will be part of
Your Chinese social credit score
 
Kevin_NH said:
If the APR is say, 23%, but you're getting 3% back on all purchases, you'd have to fail to pay the balance down to zero twice in a year before your return goes negative.

If this really were the ploy the bank was making, it seems very strange for them to make it so easy to enable autopay? (You can set it to automatically send just the minimum amount due so you never again incur a late fee).
Click to expand...
Sure, "Autopay the minimum" avoids a chance of late fee but assures that the balance, including new purchases, incurs interest.

The only autopay that makes sense is autopay full balance, however, that can result in paying a fraudulent charge before you have a chance to read your statement. Even so, it should (emphasis should) work out in the end.
 

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