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FrozenVent posted:Student cards are a whole different animal though, you're assumed not to have credit in the first place. It's an introductory thing to get used to having a credit card. This is true, that and the student "interest free" overdraft.
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Sep 1, 2014 05:33
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It's my dad, he's bad with money. He's just turned 60, has been crap with money his whole life. He has just borrowed $10,000 to 'invest' in some app my cousin has made. He's going to pay it back with his superannuation apparently and he's invested the money in my name. Welp. So upset my cousin would allow this as my pa works a minimum wage job and lives in Sydney and I definitely don't want guilt money hanging over my head! My finances were pretty bad about a year ago but I've sorted it all out now and grown from the experience (thanks to BFC). I'm sure he's got crap all super too. Ugh. He insists he borrowed money from the bank and said the interest rate "wasn't important" which is mildly terrifying as there is no way he has a clean credit history (lots of Cash Converters/Payday-type loans when I was younger etc).
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Sep 2, 2014 08:35
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FrozenVent posted:Student cards are a whole different animal though, you're assumed not to have credit in the first place. It's an introductory thing to get used to having a credit card. I think it's more a chance to lock in customers when they are just starting out in life, since people are slow to change their habits once they have established them. I know CIBC made a fortune off me between my stupid years of floating balances and my later high income years when I was farming points. If I do a life-time-value calculation of me as a customer I've paid for the annual salary of more than one employee. All because of an offer for a credit card when I was 19. Averaged across an entire population of students it makes a lot of sense.
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Sep 2, 2014 09:29
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My parents are bad with money and I was a bit naive as a result. As soon as I had my first job, my dad who is a car fanatic took me to the car dealership and I spent basically all my savings on a car that was as much as one year in wages. I asked him countless times if this was a good idea and he showed me some handkerchief math that driving diesel would save me money in the long run. After a few months diesel was at the highest point ever and yeah, that was lesson number one. I still have the car and will likely drive it until it dies, so maybe it will still be a good thing in the long run. Then I wanted to buy a apartment and consulted with my parents, we found a very nice place and my parents where persistent that I could afford it. It would've been around 1000 a month in payments, that and having to pay 300 euro's a month to drive to work would've left me around 300 euro's a month to eat and pay the other bills. As I wasn't so sure about the situation I went to some rich family members, who promptly stepped in and asked my parents what the gently caress they were thinking. After that I had a long distance relationship which cost me a lot of money by traveling every three weeks. Only as I turned 25 I grew up and looking at my finances and managed to save a bunch of money since then. Girlfriend didn't even know what a savings account was so I guess it could've been worse.
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Sep 2, 2014 14:24
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FrozenVent posted:University I'm taking classes at right now uses a payment processor that charges a $10 convenience fee for cc payments online. Maybe I should call some credit card companies: My University posted:Web Credit Card transactions incur a 2.75% convenience fee based on the amount of the transaction ($3.00 minimum fee)
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Sep 2, 2014 15:07
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thegreatcodfish posted:Maybe I should call some credit card companies: But think of the universities, it costs them money to accept credit cards 
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Sep 2, 2014 15:10
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Renegret posted:But think of the universities, it costs them money to accept credit cards What's the usual fee charged to vendors for accepting credit cards? edit: http://www.cardfellow.com/blog/credit-card-processing-fees/#basefees For Visa, it is .11% + 4.22 cents + up to 20 more cents for some transactions, + .95% for non-US cards. Oh. Plus the processor fees. Looks like even without a deal on it it'll probably come out to about 2%, so that being the total rate your employer was paying sounds right. VideoTapir fucked around with this message at 17:23 on Sep 2, 2014 |
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Sep 2, 2014 17:05
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VideoTapir posted:What's the usual fee charged to vendors for accepting credit cards? Don't quote me on this, but I think it's a flat rate or ~2% of the transaction cost, whichever is larger, which is part of the reason why lots of small businesses have a minimum cost before they let you use a card. It's also against the ToS for some cards to charge a CC processing fee but it's not like that's going to stop some places from trying. (This is just my experience from working at a big box retailer for several years but I always worried about surviving to the end of the day over making money)
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Sep 2, 2014 17:15
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The rates depend on the volume the merchant does, the payment service provider they're using and a few other things, I think. Basically, Amazon pays less in cc fees (as a %) than your hairdresser using square or whatever.
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Sep 2, 2014 17:22
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A lot of other things, really. Also, the size of the transactions; the fees are a % + a fixed amount. I think 2%-3% + ~$0.25 is a normal range, though they can go much higher for riskier transactions.
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Sep 2, 2014 17:39
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Just saw someone ask for advice on building non-existent credit on another forum. First reply suggested taking out a mortgage. For the purpose of building credit.  The people on this forum are generally younger (~20) but drat I hope they grow some more sense before they get in a position to make big life decisions like that.
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Sep 2, 2014 17:42
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Credit card fees are generally 2%-5%. Business-to-business transactions will be higher esp with American Express. Also businesses will often use Level 2 transaction data which means much more information is provided on the statement than just the name of the company. The level 2 stuff is usually tax, destination data, ship from zip, etc. Level 3 transactions are even more expensive, but generally only government uses this. This provides line item level detail on the transaction. So it will have the item name, the item sku, quantity of the item, tax per item, unit of measure, etc. Using a rewards card generally means higher % rates for businesses. Processors will often advertise something like " as low as 1% per transaction!" But that is usually a perfect case scenario that rarely happens. Small businesses generally pay 2.9% + $0.30 https://stripe.com/us/pricing (Paypal) with less variation. I just got done programming a credit card processor for a monster of a company, so I had to find out a lot about it in the process. 
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Sep 2, 2014 18:11
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thegreatcodfish posted:Maybe I should call some credit card companies:
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Sep 2, 2014 20:18
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melon cat posted:I've always wondered about this sort of thing. I see retailers doing it all of the time, ie. "Credit card only accepted for orders over $30." What are credit card holders rights when they run into this sort of thing? Usually I have to spend several minutes strong-arming them into accepting my payment via credit card if it doesn't meet their arbitrary threshold. I'm pretty sure that their made-up rules violate their merchant agreement with Visa/Mastercard. Republicans passed into law as part of the Dodd-Frank Act of 2010 that merchants could legally impose minimums of up to $10 on credit card purchases  http://creditcardforum.com/blog/credit-card-minimum-purchase/ EugeneJ fucked around with this message at 20:30 on Sep 2, 2014 |
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Sep 2, 2014 20:27
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Why don't you just carry some cash around
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Sep 2, 2014 20:28
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EugeneJ posted:Republicans passed into law as part of the Dodd-Frank Act of 2010 that merchants could legally impose minimums of up to $10 on credit card purchases It's either that or they jack up margins further and then everyone pays more either way. Or they could also do what my local corner store does and charge $0.35 on every single debit transaction regardless of price (and not take credit cards). Many credit unions will pay back ATM fees so just use cash if it is that much of a problem. Also it's hardly even a partisan issue.
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Sep 2, 2014 20:33
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EugeneJ posted:Republicans passed into law as part of the Dodd-Frank Act of 2010 that merchants could legally impose minimums of up to $10 on credit card purchases I don't like Republicans in general but this is as silly as every single THANKS OBAMA comment on CNN/at your relatives' dinner table.
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Sep 2, 2014 20:51
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drat Bananas posted:Just saw someone ask for advice on building non-existent credit on another forum. First reply suggested taking out a mortgage. For the purpose of building credit. When did secured credit cards go out of style?
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Sep 2, 2014 22:05
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Use your own money to build credit? That's totally against the point of getting free money on credit!
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Sep 3, 2014 01:16
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Droo posted:Why don't you just carry some cash around 
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Sep 3, 2014 02:01
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This just popped up in a Quora digest email:quote:I'm THIS close to achieving my dream. Should I take this once-in-a-lifetime opportunity?
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Sep 3, 2014 02:28
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Mr. Fix It posted:This just popped up in a Quora digest email: http://www.quora.com/Im-THIS-close-to-achieving-my-dream-Should-I-take-this-once-in-a-lifetime-opportunity?share=1 quote:Here is another scenario I want you to think long and hard about. Your employer gives you a check for $500,000. Do you take this once in a lifetime chance to embezzle your employer and make your dreams come true, or do you man up and fulfill your responsibilities? 
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Sep 3, 2014 02:56
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Not so much bad with money as bad at being a decent human being.
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Sep 3, 2014 04:59
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He's also trying to position it as an either or option to justify stealing. He can give the cheque back and move to his new job. When I got my first job I borrowed money to get work suits and to relocate. Job contracts are drat handy for getting a short term loan.
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Sep 3, 2014 05:06
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Wait, is the Quora dude saying he needs the $21K to make the move or that he can use it to begin his dream as a web-development entrepreneur? I don't know much about web design entrepreneurs but the amount seems way too much for the former and way too little for the latter. If he wasn't a greedy gently caress he'd just ask his cousin for a portion to fund the move, the guy has obviously been helpful so far.
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Sep 3, 2014 06:19
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I'm confused about what parts of his story are about college and what are about Hack Reactor. He gets money from cousin to go to college, then begs for money to enroll in Hack Reactor. Then while listening to morning announcements at Hack Reactor (is this some sort of campus?), he says gently caress it and drops out of... college I guess? And then graduates from Hack Reactor? This kid needs to learn how to write narrative prose so we can follow exactly in what way he is a giant fuckup.
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Sep 3, 2014 07:30
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SpelledBackwards posted:I'm confused about what parts of his story are about college and what are about Hack Reactor. He gets money from cousin to go to college, then begs for money to enroll in Hack Reactor. Then while listening to morning announcements at Hack Reactor (is this some sort of campus?), he says gently caress it and drops out of... college I guess? And then graduates from Hack Reactor? Well he didn't take a writing course and he's an idiot as well. Hack Reactor is apparently a 12 coding bootcamp. Not really a substitute for a CS degree but if he has some job out of it then so be it.
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Sep 3, 2014 07:37
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I believe Hack Reactor is one of the more reputable coding bootcamps, so at least that's good, I guess?
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Sep 3, 2014 07:42
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I often advise people that if they can do a 1-2 year course that gets them a job then they should do it. If he has a job then that's a good time investment, and probably course cost investment. The rest of it is about ripping off his family.
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Sep 3, 2014 07:49
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Cicero posted:I believe Hack Reactor is one of the more reputable coding bootcamps, so at least that's good, I guess? 
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Sep 3, 2014 16:51
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melon cat posted:Yikes! It's $17,780 for a 12-week course? Hrm. That's about 1 semester of college, at about twice the price. But without the general ed stuff, which took up about half a semester when I was in school. So it's not completely ridiculous if you use the cost college as a baseline. Of course, at the moment, the cost college is a lovely baseline. But what else do you compare it to? I'm kinda torn on this one...
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Sep 3, 2014 16:58
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melon cat posted:Yikes! It's $17,780 for a 12-week course? If the number they cite for average starting salary is true(105k), then it's way better ROI than most colleges. Seems reasonable to me. I'd like to see a more detailed breakdown of how they got to that number. "12 weeks, 6 days per week, 11 hours of in-classroom instruction per day" also is a lot more than a standard college would provide, and those sound like a loving miserable 12 weeks. Jeffrey of YOSPOS fucked around with this message at 17:03 on Sep 3, 2014 |
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Sep 3, 2014 17:00
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We hired one of those coding bootcamp guys at our place, he was a total flake, always late, and quit three weeks into the job to literally "spend more time with his girlfriend."
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Sep 3, 2014 17:03
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melon cat posted:Yikes! It's $17,780 for a 12-week course? I mean, if they really do have a 99% hiring rate with an average starting salary of $100k+, then I'd say it would probably be worth it.
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Sep 3, 2014 17:05
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I read it as dropping out of hack reactor as well. Useless and greedy!
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Sep 3, 2014 17:08
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Saros posted:I read it as dropping out of hack reactor as well. Useless and greedy! That's not what he did though, and if he can actually program and got a reasonable job offer then dropping out of school was probably the right choice.
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Sep 3, 2014 17:10
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ranbo das posted:I mean, if they really do have a 99% hiring rate with an average starting salary of $100k+, then I'd say it would probably be worth it. Having been in software development for 8 years after graduating with a CS degree, and looking around at other salaries pretty regularly on glassdoor etc., the claim seems highly dubious to me.
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Sep 3, 2014 17:12
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Nail Rat posted:Having been in software development for 8 years after graduating with a CS degree, and looking around at other salaries pretty regularly on glassdoor etc., the claim seems highly dubious to me. Do you live in the bay area? It definitely seems on par with what I've seen, I had plenty of friends right out of school getting offers around that 5 years ago and the pots have only sweetened since then. It wasn't the average then but I could see how, for a selective program, it could be now. They do also have every motivation to fudge it, and haven't exactly given out their data, so it's hard to tell. If they're lying it is a good enough lie that I don't think you can disprove it with just a sanity check.
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Sep 3, 2014 17:17
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Jeffrey posted:Do you live in the bay area? It definitely seems on par with what I've seen, I had plenty of friends right out of school getting offers around that 5 years ago and the pots have only sweetened since then. It wasn't the average then but I could see how, for a selective program, it could be now. They do also have every motivation to fudge it, and haven't exactly given out their data, so it's hard to tell. If they're lying it is a good enough lie that I don't think you can disprove it with just a sanity check. No, I live in Chicago. Bay area may be one thing, but national average for "senior software engineer" (i.e. not entry level) is 100k. edit: seems the average for Senior Software Engineer in SF is about 110k. I'm really calling bullshit on their 105k starting average with 99% placement. It may be a selective program, but there's just no way you get the equivalent of several years of experience and several years of formal education in 12 weeks. Maybe one or two guys could land that. Nail Rat fucked around with this message at 17:39 on Sep 3, 2014 |
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Sep 3, 2014 17:36
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Nail Rat posted:No, I live in Chicago. Bay area may be one thing, but national average for "senior software engineer" (i.e. not entry level) is 100k. Yeah but that school is in the bay area and it doesn't sound like they provide housing, I'm guessing most people going there are going to stick around, and their job-finding assistance is centered around there. I have to imagine they are including a yearly bonus as well, I'm guessing it is self-reported 1 year earnings, not base salary. Glassdoor says the average for the bay area is 107k for all people listed as "programmer", not just senior ones, but that still doesn't explain 105k for entry-level.
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Sep 3, 2014 17:42
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