I guess I don’t get how credit cards work

So I paid off my discover credit card. I had owed $5,700 on it. I got capital one and I owe like 2,700 on it currently. My limit was 3k. So out of nowhere they increased my limit to 6k. I thought you had to request it?

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OlderSometimesWiser · F

Not necessarily. They’re often glad to increase your limit so you’ll spend more and if you don’t pay it off in full, that’s more interest paid to them.

Morrowind · 26-30, M

@OlderSometimesWiser that’s the thing I paid discover off before the deadline for interest and capital one gave me like another year of 0% apr so I know I’ll pay it off. I feel like they’re just loaning me building my score and getting nothing

OlderSometimesWiser · F

@Morrowind They don’t do anything for nothing. It’s a numbers game. For every person who pays it off within the allotted time frame, there are God knows how many who don’t and that’s where they make their money.

Ontheroad · M

@Morrowind and, for every purchase made with a credit card they get a percentage of the cost ranging from 1.5 to 3.5% of the sale.

Each year there are 1.86 billion purchases made on credit cards and with the average purchase per sale they make... are you ready for this?

$3,480,500,000 - that's billions!

OlderSometimesWiser · F

@Ontheroad Excellent catch on my oversight. 🙂

Ontheroad · M

@OlderSometimesWiser and now my brain hurts... it's way too early to do all that math😁

OlderSometimesWiser · F

@Ontheroad Lol….. I would imagine part of it’s a hangover from all that coffee maker advice you were getting the other day. I think world peace could have been negotiated more quickly.

Ontheroad · M

@OlderSometimesWiser anybody who drinks coffee has an opinion on what coffee to buy, should it be already ground or whole beans, should... wait, there I go again🤣

OlderSometimesWiser · F

@Ontheroad I was gonna jump in and say FFS, just go to Walmart and get a Mainstays coffee maker for ten bucks but I was outclassed and outmatched so I got the heck out of Dodge. 🤠

Ontheroad · M

@OlderSometimesWiser good lord woman, I bet you drink tea too😅