Berkeley CSUA MOTD:1999:December:29 Wednesday <Tuesday, Thursday>
Berkeley CSUA MOTD
 
WIKI | FAQ | Tech FAQ
http://csua.com/feed/
1999/12/29-30 [Finance/CC] UID:17114 Activity:high
12/28   My credit card gives me 1% back on my purchases and 5% back on
        Shell gas stations. I always pay everything back each month. How
        the heck do credit card companies make money? Am I still considered
        a valued customer?
        \_ Where can I get such credit card? -akopps
                \_ Pick up an application at any Shell station.
        \_ For every person like you (and me) that pays everything off every
           month, there's a few dozen fools that work up a huge debt.  Don't
           worry about the CC companies.  They'll squeak by without you.
           \_ Credit card companies make more money on vendor fees than
              on finance charges.  Lets say you charge $500/month and the
              card is charging the vendor 1.75+%.  The money is tied up an
              average of about 25 days if you pay on time so they can cycle
              about 13 times a year (slightly less because of uneven spending
              patterns around the holidays).  That's 22+% on the money in
              play, with finance charges from rotating debt being gravy
              on top of it.  Subtract for clerical and collection
              overhead and they're still doing just fine. -mel
                \_ Mel, no.  The point was that most people _dont_ pay on time.
                   This means that the $500 someone charges in month 1 becomes
                   $525 (randomly chosen number for example) in month 2 and up
                   and up forever right to their $5k limit (randomly chosen).
                   Most people only pay the minimum each month on each card
                   \_ twink- min is 2-3%, more than interest.  -jor
                   which not only doesn't pay _any_ principal (sp?) it doesn't
                   even cover the total interest!  The lesson here is that most
                   people are too dumb for their own good and either end up
                   way over paying on their purchases or for quite a few folks,
                   end up declaring bankruptcy which screws up all sorts of
                   stuff for years and years.
                   \_ twink- min is 2-3%, more than interest.  -jor
                        \_ Survey says, "NNNNNN!"  Try again.
        \_ The vendors are paying transaction costs and for the (inflated)
           costs of things like terminals. Also, you're not considered as valued
           a customer as one who tends to carry at least some balance. --dim
                \_ They're legally not allowed to pass the cost along.
                \_ ^legally^contractually.
                   \_ I was pretty sure it was "legally".  Oh well.  Anyway,
                      a contract is 'legally' binding.  -feeling semantic
                   \_ Where did I say that they did? Of course, the costs
                      are hidden in the "operating expenses" anyhow and
                      the customers paying cash get to contribute too. --dim
        \_ Vendor pays 1.5-5% transaction fee, dependent on the volume.
                \- they are still making money on the gas purchase, they can
                sell you name and consumer info, and occasionally you might
                slip up on a payment. good point about making money from the
                vendors. --psb
                \_ Even if the credit card takes no profit, they still
                   have your cash flowing through their company, even
                   if you pay your bill on time. Anyone with billions
                   and billions of dollars flowing through their doors
                   on a constant basis will find a way to make money off
                   it. BTW: 5% on shell gas is usually more expensive
                   than other stations. Cheaper to go to yer local
                   Cheveron or Exxon with a lower price, get yer 1%
                   most of the time. Your milage may vary.
                   \_ Even cheaper to go to Thrifty station on Telegraph.
1999/12/29-30 [Uncategorized] UID:17115 Activity:high
12/28   So what are you guys doing on 1/1? Vegas? Hawaii? Fine restaurant?
        \_ What are you nuts?  No one will be alive on 1/1.  Where have you
           been?!  It's the end of days!
        \_ Party like it's 1899
        \_ I will be flying from home to Berkeley on Jan 1st, no kidding.
           wish me luck.
           \_ Doesn't matter.  Come midnight the Rapture will begin.  Being on
              a plane won't make it any better or worse.
              \_ You'll be a little closer to God, though...
                \_ The Lord is everywhere.  Not "up".
        \_ Getting paid $2k for sitting at home playing N64 & Dreamcast
           with my trusty pager by my side.
           \_ Sucker.  Only $2k?
           \_ I'll do nothing for 2k.  Airtouch didn't even want to pay
                triple or double time for onsite, so I am off. -jor
1999/12/29-30 [Computer/SW/OS/Windows] UID:17116 Activity:nil
12/28   In Win95, where's the CONFIG.SYS file that I can add a "FILES=" line
        so that a DOS app running full-screen can open more files?  Thanks.
        \_ It's a Property of the dos app.
1999/12/29 [Industry/Startup, Finance/Investment] UID:17117 Activity:nil
12/29   Just curious: any VA Linux stock owners who bought at market (290)?
        Down to ~176.
1999/12/29 [Recreation/Computer/Games, Recreation/Sports] UID:17118 Activity:moderate
12/29   Any Rose Bowl predictions? Stanfurd's Troy Walters will miss the
        game b/c of a wrist injury, it was announced today.
        \_ Who cares?  It isn't interesting and has no effect on the real
           world.  It's like asking about who might win the big Quake3 match.
        \_ Ron Dayne will break the Rose Bowl record for rushing yards.  -tom
1999/12/29-30 [Computer/SW/OS/Windows] UID:17119 Activity:low
12/29   http://news.bbc.co.uk/hi/english/business/newsid_582000/582007.stm
        Be afraid. Be very afraid.
        \_ you're an idiot.  -tom
        \_ THE SKY IS FALLING!
1999/12/29-2000/1/1 [Politics/Domestic/California, Reference/Tax] UID:17120 Activity:moderate
12/29   Does anyone remember the name of the city (located in Northern
        California) where they use their own printed money? And the name
        of their currency? I think it is called something like EcoDollar
        or EcoMoney or something like that.
        \_ Don't the Feds get really angry when people do that?
           \_ Depends on how they do it.  A system of IOU's and promisary
              notes isn't illegal.
              \_ you have to pay taxes on them though right?
                \_ No idea.  I'm guessing no.
                 \_ umm, I tihnk the government would crush them then
                   \_ Depends.  If it's just IOU's there's no income.  This is
                      all assuming the original post wasn't a troll anyway.
                     \_ then why don't all corperations use legally binding
                        IOUs intead of currency?   I bet it is taxable.
                        \_ If it's just IOU's what's the point?  Everyone
                           just runs up massive debts until the whole town
                           is bankrupt?  At some point the IOU's have to be
                           paid off, either with cash or in exchange for
                           something else, both of which are taxable.  The
                           IRS will go after people who use non-cash barter
                           to try and avoid taxes.
                           \_ In exchange for other IOU's, items, or services.
                              Yes, there was an economy before the IRS and
                              before cash.
1999/12/29-2000/1/1 [Academia/Berkeley/CSUA/Motd] UID:17121 Activity:high
12/29   ALUMNI MUST BE REBOOTED!
        \_ MY BUTT DOES NOT DESERVE A WEBSITE
        \_ MY E-MAIL ADDRESS IS NOT http://BUTT.COM
        \_ I WILL NOT XEROX MY BUTT
        \_ I WILL NOT SELL MY KIDNEY ON eBAY
        \_ I WILL NOT CUT CORNERS
           " "    "   "   "
           " "    "   "   "
           " "    "   "   "
        \_ NO ONE CARES WHAT MY DEFINITION OF "IS" IS
        \_ I WON'T NOT USE NO DOUBLE NEGATIVES
        \_ THE TRUTH IS NOT OUT THERE
        \_ I AM NOT THE NEW DALAI LAMA
        \_ THE BOYS ROOM IS NOT A WATER PARK
        \_ MY HOMEWORK WAS NOT STOLEN BY A ONE-ARMED MAN
        \_ I WILL NOT USE THE MOTD TO ARCHIVE BART'S CHALKBOARD WRITINGS
        \_ ALUMNI MUST BE SHOT. And I'm not talking about the machine.
                \_ You plan on never graduating?
                   \_ I plan on not being a total jack ass when I graduate.
                        \_ Yeah, it sure looks like being an alum automatically
                           makes everyone a jack ass.  Uh huh... whatever.
                        \_ huh. You're already a jackass as an undergrad. You'd
                           better start working on that or you'll have to shoot
                           yourself.
        \_ so does yermom
        \_ Keep this shit somewhere else.  This is the CSUA and we have no
           relation to alumni.eecs.
        \_ Send mail to jon.  He'll love you forever and ever.
        \_ try posting again when you've made it past your twelfth birthday.
           maybe by then your pathetic naivete won't show so much.  Oh, and
           perhaps a quick lession in using the dictionary might be in order
           so you can look up Alumni, fuckwit.
                \_ Send mail about alumni to jon and he's liable to drop the
                   machine on your doorstep with a note telling you what you
                   can do with the damn thing.  Just give up already and
                   forget about the machine - it has nothing that soda can't
                   give you much faster and more reliably.
Berkeley CSUA MOTD:1999:December:29 Wednesday <Tuesday, Thursday>