[Boilerman]

Originally Posted by EdFNJ

Oh geez. LOL. You'll really dig deep to prove your point. Insurance SCORE is partly based on CREDIT RATING. Good credit RATING = higher credit score ergo higher credit score affects insurance rates. You're parsing words to make the same point look different than 3 other people but you're still agreeing.



What Is an Insurance Score?

An insurance score, also known as an insurance credit score, is a rating computed and used by insurance companies that represents the probability of an individual filing an insurance claim while under coverage. The score is based on the individual’s credit rating and will affect the premiums they pay for the coverage. A higher score will result in lower premiums and vice versa.

Don’t bother arguing with dewilson - he won’t be swayed by facts

[dewilson58]

Originally Posted by Boilerman

Don’t bother arguing with dewilson - he won’t be swayed by facts

[OlifOlif]

It always pays to be of our kind and nothing more!

[CFrance]

Originally Posted by noslices1

I am debt free, but use credit cards every month. AMEX card gives me 6% back on all the groceries I buy and when I buy a $50 Gas Card from Publix for $40, I get another 6% off the $40. When I go out to eat, and get Military discounts and BOGO’s and other special meal deals, I get 3% cash back with my B of A Master Card. Also have a Chase Visa card through Amazon that I get Cash back on also. Pay them ALL off every month and some get used a lot. Last year I got $425.00 back from AMEX alone. Credit score last month 833. Paid off my car 3.25% car loan this month, 3 years early, so maybe score will go up again next month. Who knows, but I like using credit and most people do too.

How much is your yearly Amex fee? Amex keeps wanting me to upgrade to a higher level, but the fee is $300+/year plus a fee for another family member's fee. I stick with my gold card, but even there the fee is high. The reason why we have kept it is because it never gets frauded, so we keep all our monthly automatic pays on there. I should probably ditch it, but we've had it for decades. Back in the day, my husband had so many miles on it we flew everywhere business or first class. Miss those days!

[NotFromAroundHere]

Originally Posted by EdFNJ

Oh geez. LOL. You'll really dig deep to prove your point. Insurance SCORE is partly based on CREDIT RATING. Good credit RATING = higher credit score ergo higher credit score affects insurance rates. You're parsing words to make the same point look different than 3 other people but you're still agreeing.



What Is an Insurance Score?

An insurance score, also known as an insurance credit score, is a rating computed and used by insurance companies that represents the probability of an individual filing an insurance claim while under coverage. The score is based on the individual’s credit rating and will affect the premiums they pay for the coverage. A higher score will result in lower premiums and vice versa.

As much as I dislike agreeing with Mr. Wilson... An Insurance Credit Score is used in determining your premiums. And an Insurance Credit Score is derived, at least in part, by your Credit Score. But, as was pointed out in the CR article, the insurance companies pick and choose what information they use to make up their proprietary Insurance Credit Scores.

The mistake many are making is assuming that a higher Credit Score will automatically result in a higher Insurance Credit Score, and thusly lower premiums. Depending on what factors from your Credit Score they use, the Insurance Credit Score could be lower, resulting in higher premiums.

[noslices1]

Originally Posted by CFrance

How much is your yearly Amex fee? Amex keeps wanting me to upgrade to a higher level, but the fee is $300+/year plus a fee for another family member's fee. I stick with my gold card, but even there the fee is high. The reason why we have kept it is because it never gets frauded, so we keep all our monthly automatic pays on there. I should probably ditch it, but we've had it for decades. Back in the day, my husband had so many miles on it we flew everywhere business or first class. Miss those days!

AMEX ANNUAL FEE is $95.00, and is the only card I have that charges. I get that back several times during the year.

[dewilson58]

Originally Posted by NotFromAroundHere

Depending on what factors from your Credit Score they use, the Insurance Credit Score could be lower, resulting in higher premiums.

The credit reporting companies have tools to help people increase their credit scores. For entertainment, last month I played with the tool. I have one credit card and if I called the credit card company and lowered my credit limit (the limit, not my usage) by $20,000.....it would increase my credit score. Insurance companies are smarter than to buy into that "logic".



I dislike agreeing with myself as well.

[CoachKandSportsguy]

you all realize that charging all purchases on a credit card increases prices on items, because the merchant pays the credit card company a fee as a percentage of the sale, average about 4%. And because a merchant can't reliably predict, except by the logic that the trend is your friend, how many customers will pay by credit card, they have raised their prices about 3-4% to pay the credit card company 4% of the sale. They do this to keep their required minimum margin to remain profitable. And that cash back? You got that because you forced the retailer to raise prices so credit cards are splitting the increase with you. So if everyone actually paid cash, prices would be lower. And if you get 2% back, that means net you forced a raise of 2 %. . . credit card companies are just economic rent seekers for convenience. . . nice job raising prices 4% for everyone. . .

You ever thought about why gas prices are lower cash vs credit? Take the credit cash difference and divide by the cash price, and you get the markup. So you pay extra 2% plus with kickback for gas because you don't want to walk in to pay cash? Is that right? And you don't own Visa company stock? which is making money off of you and the retailers, and you could be part of the scheme to extort the retailer and share in the extortion gains? if not, you all aren't as smart investors as you think you might be.

sportsguy

[Jerry101]

Dear God! We do ❤️ love TV ... but man oh man these people sure do think they are the ‘sharpest ������ tools in the shed’! I wonder if they know their Bible as well as they know everything else!!!???

[biker1]

Regarding gas, we pay with $50 Marathon Gas cards bought at Publix at a 20% discount and we get the cash price at the pump. The cards are bought with a credit card so we still get points.

Originally Posted by CoachKandSportsguy

you all realize that charging all purchases on a credit card increases prices on items, because the merchant pays the credit card company a fee as a percentage of the sale, average about 4%. And because a merchant can't reliably predict, except by the logic that the trend is your friend, how many customers will pay by credit card, they have raised their prices about 3-4% to pay the credit card company 4% of the sale. They do this to keep their required minimum margin to remain profitable. And that cash back? You got that because you forced the retailer to raise prices so credit cards are splitting the increase with you. So if everyone actually paid cash, prices would be lower. And if you get 2% back, that means net you forced a raise of 2 %. . . credit card companies are just economic rent seekers for convenience. . . nice job raising prices 4% for everyone. . .

You ever thought about why gas prices are lower cash vs credit? Take the credit cash difference and divide by the cash price, and you get the markup. So you pay extra 2% plus with kickback for gas because you don't want to walk in to pay cash? Is that right? And you don't own Visa company stock? which is making money off of you and the retailers, and you could be part of the scheme to extort the retailer and share in the extortion gains? if not, you all aren't as smart investors as you think you might be.

sportsguy

[Two Bills]

Originally Posted by Jerry101

Dear God! We do ❤️ love TV ... but man oh man these people sure do think they are the ‘sharpest ������ tools in the shed’! I wonder if they know their Bible as well as they know everything else!!!???

But the Bible doesn't improve my credit rating, or give me cash back like a credit card.
But, I must confess my credit card has probably more ambiguous rules than the Bible!!!

[NotFromAroundHere]

Originally Posted by CoachKandSportsguy

you all realize that charging all purchases on a credit card increases prices on items, because the merchant pays the credit card company a fee as a percentage of the sale, average about 4%. And because a merchant can't reliably predict, except by the logic that the trend is your friend, how many customers will pay by credit card, they have raised their prices about 3-4% to pay the credit card company 4% of the sale. They do this to keep their required minimum margin to remain profitable. And that cash back? You got that because you forced the retailer to raise prices so credit cards are splitting the increase with you. So if everyone actually paid cash, prices would be lower. And if you get 2% back, that means net you forced a raise of 2 %. . . credit card companies are just economic rent seekers for convenience. . . nice job raising prices 4% for everyone. . .

Many things wrong with this post. The average credit card processing charge is nowhere near 4%. More like 2% is average. .5% or so more for cardless transactions (online, etc.). In return for that, the business doesn't have to deal with/pay for bounced checks and a myriad of bookkeeping/money handling chores that go along with "traditional" payments. I haven't yet "forced" anyone to accept credit cards or raise their prices. They make those decision themselves, in the best interest of their business.

[retiredguy123]

Originally Posted by NotFromAroundHere

Many things wrong with this post. The average credit card processing charge is nowhere near 4%. More like 2% is average. .5% or so more for cardless transactions (online, etc.). In return for that, the business doesn't have to deal with/pay for bounced checks and a myriad of bookkeeping/money handling chores that go along with "traditional" payments. I haven't yet "forced" anyone to accept credit cards or raise their prices. They make those decision themselves, in the best interest of their business.

I agree. And, I think that the merchant's banking cost to accept credit cards greatly increases their gross income and profit. They would lose a lot of business if they required customers to pay cash. For example, McDonald's found that their average tranaction amount increased substantially when they installed credit card swipe machines at the counter. Another benefit to credit cards is the reduction in crime, both in store robberies and street muggings, because a lot of people don't carry any cash. I believe that the trend is to reduce cash transactions, and I don't think it will change because of banking transaction fees.

[CoachKandSportsguy]

I guess respondents have never worked in sales and marketing at a multi billion dollar company with millions of customers and millions of dollars in Visa fees for offering credit cards. And likewise have never been part of pricing program designs to raise prices to offset the costs, and to hide the cost increases from the customers. Such actions include playing around with shipping charges, and shipping charges by destination, transaction fees, multi year pricing changes to long term contracts, short term pricing changes. You probably have never worked at a company where theft of product in the tens of thousands of dollars happened with credit card fraud. Its not like the bank says "oh sorry, we'll just credit your account 50K since you can't get your product back." That doesn't happen. Thinking that credit cards save because of local thugs stealing cash was a larger problem than international customers phishing and using fake cards, etc, you have lack of experience.

So think what you want, but until you actually have to design customer loyalty programs, customer pricing programs, customer pricing models and price elasticity models, and measure customer retention and profitability analysis to the company president, and yes, public companies, and answer pricing questions to the board of directors, then maybe you can raise your hand and disagree with my actual experiences.

Oh, and when you have done customer behavioral analysis on invoice design to realize that a lump sum invoice with no detail is paid 2 days faster than an itemized invoice, and that 2 days saves $30 million in cash flow, then maybe you might realize that although common knowledge might be x, but the data analytics might say otherwise, and some of the implications are very large dollars. That analysis was to the president and it shot down the "back of the envelope analysis of cherry picked 300 customers from one of the VPs, with 30,000 customer transactions from the true customer population of the proposed change."

sportsguy

[dewilson58]

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