Unbelievably, “Are Credit Cards Weapons Of Mass Financial Destruction?” won CreditCardChaser’s $500 AMEX Love/Hate challenge! There were several great entries from fellow bloggers, and we’re truly honored Joel picked ours. You may not be able to tell, but hours were spent writing, re-writing, and editing the post.
One of the best comments from the entry comes from Geek, who writes, “Cash-only payers are subsidizing those who use credit cards because product prices are adjusted upwards to account for the fees credit card companies charge retailers.” This is powerful insight which we never really thought about before. Well done Geek and thanks to others for their support and insight as well.
Peter from Bible Money Matters in his entry points out that as soon as McDonald’s started allowing customers to pay by credit card, the average purchase went from $4.50 to $7, a 55% increase!
Given such great insight from the community, we’d love to know how you’d spend the proceeds for needy children and what would you buy them? It’s important we don’t buy them what we want or what we think they want, but what they really want and need!