The Things that the Credit Card Companies Won’t Tell You

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Credit cards are well ingrained in today's culture - The average American uses as much as 2.6 credit cards on a monthly basis, As a matter of fact, there are enough credit cards in circulation to span Earth 3 times, As noted at 2018, at least 60% of households depend on their credit card for payments of electricity and living expenses that fact alone is affecting our lives directly and most of the times in the bad way.

Is there any other solution we can find, or we are doomed to be controlled?
In this article we will expose some of this facts and help you understand how to use better this disadvantages for your own.

Despite the increased regulations in the field of credit card insurance, credit card companies still do some dark things such violating our privacy.Even if you don’t have a credit card, here are some of the facts you should know, Here are some of the most shady stuff they do:

The creditors top Secrets

1. ”Data Sell to whoever pays“
When you buy a new PS4 or a new porn DVD, you think your purchases are secure and private. Guess again, your credit card companies actually does billions of dollars from your and the brands transactions fees, But not only, they do most of the money from selling your private information. Nothing is private anymore: Your financial status, name, age, location, gender , telephone number and more is some of the information that some Agencies buy. Our data can include even beyond deep into our last salary and overdrafts. Using our data agencies sell it again to advertising campaigns that target us and show us “Relevant ads” based on our data structure .

2.Late payments will increase your APR
Did you know that your APR (annual percentage rate) will increase if you won’t pay your car’s loan on time ? your APR will rise whenever you don't pay any debt on time - Which means your loan can go from 5% percent fees up to 30%! The banks and credit companies have the “Universal default clause” which helps them determine who are the people who are more risky to them and probably won’t need it .

3. ”Fixed rates”
According to forbes issuers must give clients 14 days of notice before they change the rates and fees , but in real life the “fixed rate” is not so fixed as credit card companies feels free to raised the fees whenever they feel .
When you sign up on the card holding agreement and order a new credit card , the credit card companies hide this fact so deep hoping you will never find it , this fact talks about how they can easily change the APR (annual percentage rate) whenever they feels it is right for them , therefore your transactions fees will be higher .
And worse , the APR can also get higher as the credit card companies tracking our daily basis transactions , they run an algorithms checking constantly late payments, loans we do from the bank , for example buying a car or renting a house and use this information to kick the APR to new high levels.

4. ”Two penalties”
Inner Details aren't widely known by the average cardholder , in everyday practice , when you late for one payment you should pay one fee, let's say you have 2 credit cards , and on one of them you always pay on time but in the second you late one time , what actually is happening is that your 2nd credit card raise the overall APR and you will stuck with higher APR from now on , but good news on this fact is that the credit card issuers must reconsider the penalty of interest rate after half a year .

5.Your “rewards program”
Many of the card holders are attempt to get new cards and attracted to the idea of Reward program , the credit card companies can actually change the terms whenever they like , and make some products you want to redeem with the points you gain more hard to get, where they can do this kind of tricks cards with no annual fee can sometimes act as better deal , but you must check the inner details for some cards after 1 or 2 years the annual charge becoming insane.
It is so hard to understand and confusing to the simple user which led into a CFPB that investigate this rewarding systems and ensure they explain it well in their agreements .

Is there hope ? blockchain companies start to act and raise up the gloves?

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Lately we hear more about “blockchain” and bitcoin , what is this technology in 3 sentences ?
The blockchain is the technology used for transmitting money without the need for 3rd party banking networks to interrupt , it also means to store data in transparent way so everyone can see the transactions that occur within the block history of transactions .

How blockchain might help us in the future :

As clients of consumption we would like to know our personal and financial data re super secured , we would like to know that the company that supply us with the power to consume something rather its online or offline protecting us and not selling us to the highest bidder , blockchain give us the full picture to see transactions so imagine the credit issuers has to use blockchain technology ? we could see when where and how they sell our data , and may demand something for our own .

For sure some Entrepreneurs already working for a solution for all the problems we mention above , i hope someday , we can take a little of all this power and billion of dollar back to our hands .

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I read some discussion in reddit about someone talks on the same subject how the bank and the cc companies keep fucking us , try looking at new ICO named rubiix they seems to build up new ecosystem to solve all that trust problems https://rubiix.co/RBX

Is it possible to block all banks and credit card company from sending the financial data at all ?

All of this is just a big, big scam. I hope for something that will solve this...

i dont know how good the blockchain tech will be in 5 years but i hope they will remove those 3rd hand Data traders

Very good article for the mass

What we gonna do now ? everyone knows what porn DVD im purchasing ? shit !.

I think i know some ICO that talks about bank and credit cards issuers problem and try to solve it using the blockchain , theres alot of upcoming ICOS for this, but my main concern is about regulations

Credit card is shit i own 1 credit card and i hate it AMEX my ass 20% of the places don't accept paying with it just because they say it has the biggest fees for transactions

Yo bro just swap it to visa , im pretty happy with visa don't know what you all cry about , if you don't pay on time its reasonable that the banks will tag you as bad client that doesn't pay on time so other issuers will not give you the ability to spend something you can't afford ti pay in the end .

check DataWallet it's a good blockchain solution helps you to gain tokens as someone else use your data i heard there are couple of new ico coming up to try to "Solve" this problem of data trading ...well lets see how its going

Did you heard that thieves can steal our credit card data with NFC ? 1 more reason why blockchin is gonna help from my prespective

How its possible??

they are selling the data to agencies , and this agencies selling it to brands who like to target us ...moth** f** they do milions from my data alone :D

they control everything thats how..

People are riding the trends.... They just want to have a cool credit card that can swipe crypto and vise versa...

BUT come on guys... My phones NFC works just fine, and even without it... I have all the paying apps I need... I don't think we need the major illuminati credit card companies! They will just stay to keep us crippled!

With the 2018 tech we can already overcome them and use different paying processors! Could be Private and also could be Decentralized...

Creditcards give you the chance to buy things you also could afford, if you had saved some money.

But with credit cards the people loose the feeling for spending money on things. And that´s why a lot of people are deep in debt with credit cards.

I do not have one. I do not want one!
If I cannot afford something, I simply have to save money for it and be paitent.

I checked the rubiix link its nice but i don't know how much cashback you are getting from selling your own data

They give money back or tokens ?

I read on their whitepaper and talking in the telegram chat that they give you the option to get Fiat directly to your bank account

Link to Wp?

go to the link https://token.rubiix.co/ its there, BIG RED BUTTON….people became so lazy these dayys lol.

I like that kind of icos , most ico out there are real garbage i will dive into this one later today

love your info there about Credit card company and the negative effect on it.. thanks@!

Awesome! we are enslaved and we do not notice it! how amazing this is, but it is very true! I've noticed it with the ads that appear when I browse, I only get advertisements for products that I would consume, even products for my work, which are very specific and incidentally charge us for taking away our personal information! They are fucking geniuses! excellent article! Greetings, I hope to see more of you!

Use of credit cards increased in day to day life everywhere. But we just need to use it in proper way.