if wealthy people have money,why pay interest?why not use bank cards?
2007-10-23 04:22:16 · 13 answers · asked by i tell it like it is 3 in Business & Finance ➔ Credit
Convenience and for a record of how their money is spent.
And as for credit card versus bank cards, most bank (debit) cards don't provide the security protection that credit cards do; also, credit cards offer perks, like airline miles, etc.
2007-10-23 04:31:39 · answer #1 · answered by Anonymous · 2⤊ 1⤋
"wealthy" people use credit cards for the same people as smart people use credit cards and that is not about interests. They use them so they don't have to carry cash around, so that their transactions are way safer and they are less likely to be ripped off. Paying credit card interests has nothing to do with being rich or poor, it is more to do with being smart or not.
RE:
Why do "wealthy" people use credit cards?
if wealthy people have money,why pay interest?why not use bank cards?
2014-12-07 08:19:59 · answer #2 · answered by Anonymous · 1⤊ 1⤋
Wealth isn't always having money. You can be wealthy, have a million dollar home and a mercedes, but not have cash for gas or electric. Credit allows a person to spend on big ticket items and pay them off over time, like layaway.
Also, They may just be using it to get free air miles.
2007-10-23 04:27:38 · answer #3 · answered by Stephen B 2 · 0⤊ 1⤋
Not only rich people used credit card. As long as you have a good credit status in bank, anyone can avail it.
It's also safe than bringing cash.
2007-10-23 04:34:50 · answer #4 · answered by kugay 4 · 0⤊ 1⤋
You are only charged interest on your outstanding balance on your credit card.
Even weathy people probably don't carry a lot of cash.
Bank cards.......perhaps memorization of their PIN. Can't be bothered.
Credit cards, more convenient.
2007-10-23 04:31:19 · answer #5 · answered by kidlet_animal_luv 4 · 0⤊ 1⤋
They probably pay the balance off every month. Credit cards are very convenient to use. There are cards that you can get that you do not have to carry a balance and pay interest.
2007-10-23 04:26:13 · answer #6 · answered by A.Mercer 7 · 1⤊ 1⤋
credit cards typically give better benefits, cashback, points, miles, etc. Many rich people prefer to pay with credit cards because it's safer (easier to claims loses if stolen) than debit cards and they can pay it off every month while earning these incentives.
2007-10-23 04:27:05 · answer #7 · answered by Anonymous · 1⤊ 1⤋
Credit card with 10K are easier to carry than 10K in cash. More convenient to use.....
They don't pay much interest if they pay account in full when they get the bill.
2007-10-23 04:30:42 · answer #8 · answered by Anonymous · 0⤊ 1⤋
It's easier to keep track of your spending. As long as you pay them off at the end of the month you don't pay interest and you get the free miles or whatever. It's getting more bang for your buck basically.
2007-10-23 04:28:54 · answer #9 · answered by Anonymous · 1⤊ 1⤋
They use credit cards because there safe and easy.
2007-10-23 04:27:05 · answer #10 · answered by Callie 2 · 0⤊ 1⤋