Banks regularly put out promotions with unintended consequences. The smart people take advantage of them. Sometimes they are killed quickly. Sometimes the banks can’t figure it out.ThePrince wrote: ↑Mon Nov 20, 2017 8:32 pmAre you/we smarter than Wells Fargo, Schwab, etc? Collectively, society isn’t. That is Dave’s point.Lancelot wrote: ↑Mon Nov 20, 2017 7:35 pmYeah Dave being Dave. I listened to the pod cast and, as usual, Dave was condescending to the caller, saying "Are you smarter than Well's Fargo? Schwab?" Referencing the research those firms did with respect to "pain points" of using cash instead of plastic.grettman wrote: ↑Mon Nov 20, 2017 7:53 am What DRIVES ME NUTs about his credit card advice is he says over and over "No one has gotten wealthy with credit card points / rewards".
He misses the point when people call and ask him about this. They aren't asking if CCs will make you wealthy. They ask if it is okay to pay off the CCs monthly and earn points while you are at it. Overstating things and obfuscation are Dave's number 1 and number 2 moves in his playbook.
I get it that he doesn't want people to play "kissy face" with debt. But can't he explain it without being so obvious about dodging the real question?
In the age of reality TV, we now have financial theater; people asking permission/validation to make purchases and investments.
Here are some off the top of my head that I took advantage of:
Discover running multiple concurrent promotions giving 22% cashback on Apple Pay purchases up to $10,000 in purchases
Mastercard giving $10 off purchases over $10 on Delivery.com. You think people split $50 orders into 5 $10 orders? (Killed within 2 days)
Capital One matching bonus points offered with proof of high airline point balance.
M&T Bank allowing unlimited reuse of new checking promotion codes. (Went on for months.)
Citi AA Platinum World -> World Elite conversion loop (went on for months)