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Good customer, Bad customer

I got my latest dredit card statement today. It prompted me to go and look at the last twelve month's worth of statements. In the last year, I have spent nigh on a thousand pounds on my credit card. And I haven't paid a single penny in interest. Not one. Nada. Zilch.

This makes me a Good Customer, because I'm reliable, I'm not racking up debts I'll never be able to pay off, and the bank can use my money to fund loans to others.

This makes me a Bad Customer, because the bank hasn't made any money out of me. They've loaned me a thousand quid for free, bless them. They set up and run the website, employ staff, bear the costs of creating and running the card and send me statements. All without earning a penny in the last twelve months. Actually, it's more like eighteen months.

 I've sometimes gained interest on the money I've paid them by timing my spending so the money can stay in the high-interest savings account until the day of the month when interest is calculated there, then taking it out to pay the credit card before I rack up debit interest on that. Which leaves a nice chunk of interest in the savings account.

Mwahahahaha

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( 2 comments — Leave a comment )
nigelh
12th Jan, 2008 14:19 (UTC)
Actually the bank does make money out of customers like you. Every time you pay on a card (credit or debit) the card issuer takes a fee from the merchant. I believe the fee for credit card payments is higher than debit cards, which is why some places will surcharge one and not the other.
san_valentine
12th Jan, 2008 16:28 (UTC)
OK banks make money via my spending, but not directly from me. Merchants may increase their prices a little to compensate, but it's spread over x customers. Besides, at least I'm only paying the merchant's markup, not that plus credit card interest.

I'm still feeling smug.
( 2 comments — Leave a comment )

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