All bankers are wankers – discuss.

[Cousin Jack]

I have one bank CC now (+Amex) and I'm letting that one go too (keeping the Amex). With on-line banking it's easy to shift cash out of savings/ISAs etc, on the spot, into current and pay that way.

I do think it was a shame that lots of Building Societies got converted and absorbed into the banks though. (I still use two of the ones that resisted). I wouldn't bundle them into the bankers/wankers bucket.

I keep the 3 (1 Visa, 1 Mastercard, 1 Amex) because I have found some parts of world don't much like one or the other. IME Amex is fairly useless in the UK outside big firms or possibly big cities, and Visa is not readily accepted in some parts of the USA.

And I very rarely use my debt card, I don't carry it about. If my card is going to get pinched/cloned I prefer the money to belong to someone else. Last time I got cloned the buggers bought a trip to see F1 in the Middle East, the CC sorted that quickly because it was their money, I suspect I would have had more trouble refilling my bank account if it had been my money.

[Cousin Jack]

I'd have a flogging post on the trading floors, for those that are inept, greedy or corrupt.

You will need several posts, and a whole team of floggers.

[gremlin]

Yes.

Next question?

[Count Steer]

I have one bank CC now (+Amex) and I'm letting that one go too (keeping the Amex). With on-line banking it's easy to shift cash out of savings/ISAs etc, on the spot, into current and pay that way.

I do think it was a shame that lots of Building Societies got converted and absorbed into the banks though. (I still use two of the ones that resisted). I wouldn't bundle them into the bankers/wankers bucket.

I keep the 3 (1 Visa, 1 Mastercard, 1 Amex) because I have found some parts of world don't much like one or the other. IME Amex is fairly useless in the UK outside big firms or possibly big cities, and Visa is not readily accepted in some parts of the USA.

And I very rarely use my debt card, I don't carry it about. If my card is going to get pinched/cloned I prefer the money to belong to someone else. Last time I got cloned the buggers bought a trip to see F1 in the Middle East, the CC sorted that quickly because it was their money, I suspect I would have had more trouble refilling my bank account if it had been my money.

Good points. I may get a Building Society card with couple of £k limit for those reasons, particularly for going abroad...which hasn't been on the agenda for a year or two for us - what with the plague and everything.

My main Amex use currently is for everything from Amazon 'cos you get points on what you spend (that you can spend at Amazon).

[Kneerly Down]

IME Amex is fairly useless in the UK outside big firms or possibly big cities, and Visa is not readily accepted in some parts of the USA.

I use Amex at the local petrol station, grocer, restaurant, tat shop.
I could even use it at my son's choccy shop, if I didn't assume everything is free for parents!
In fact, other than one horrible takeaway 20 miles away, I can't think of any store I can't use Amex at within 30 miles of here.
I'm over 60 miles from the nearest Tesco and MaccyD...although I can use Amex at them if I really want to.

I am thinking of cancelling the Amex though as it's getting marginal whether the £575 annual fee is worth it.
I do find getting and using Amex points on Amazon is nice and easy though.

[Yorick]

I must be odd. Not had a credit card ever. Can't see the point. If I want summat, I just buy it.

The missus had one when working and was miffed when she had a big CC bill every month

[Count Steer]

IME Amex is fairly useless in the UK outside big firms or possibly big cities, and Visa is not readily accepted in some parts of the USA.

I use Amex at the local petrol station, grocer, restaurant, tat shop.
I could even use it at my son's choccy shop, if I didn't assume everything is free for parents!
In fact, other than one horrible takeaway 20 miles away, I can't think of any store I can't use Amex at within 30 miles of here.
I'm over 60 miles from the nearest Tesco and MaccyD...although I can use Amex at them if I really want to.

I am thinking of cancelling the Amex though as it's getting marginal whether the £575 annual fee is worth it.
I do find getting and using Amex points on Amazon is nice and easy though.

£575! You must have an unobtainium card! I thought Platinum was £175 and there is/was one above that that they don't advertise but what do you get for the extra £400?

[Greenman]

Only debt I have is my mortgage. My car is leased through work, under normal circumstances that'd be a loan but it only kinda is.

I'm not even a grumpy old git either!

I don't look down on people for 'buying stuff they can't afford' because they've got loans. Loans are a wonderfully useful thing, they exist for a reason. I don't even think making profit from financial services is necessarily evil...it's what allows me to have a roof over me head (and most of you too, at some point in your life).

I do feel like some kind of better regulation is required. Buggered if I know what it is

I don't disagree with any of that, but the problem (IMHO) is the amount of leverage, or to put it another way, the ratio of your risk versus the cash you have available.
Leverage is what causes the damage.

Put very simply, you can drive a billion dollar car on minimum wage as long as the finance gets frigged enough to allow it.

When you can speculate with a fraction of the total sum you can trade in derivatives that have massive liabilities but you've only put down a fraction, you can trade in equities with huge leverage and risk margin calls, etc.

When it goes wrong no one can settle their bills, the system collapses, the man in the street wonders where his pension money has gone.
It's now gone even beyond that though, the governments just print more and hand it back out.

I agree with all of that but isn't it the banks, even more; the governments responsibility to make sure policies are in place to make sure this cannot happen? yes it is, but it keeps on happening over and over and over and they say it's our fault for not being responsible with how much we borrow - fuck off!

They have been playing with our lives through offering us benefits they cannot viably maintain over a long period of time? they offer us these benefits/loans etc knowing it will make them more money in a short period but then work a way in the small print to make it our fault as we shouldn't of taken out what we could not afford? - I'm sure bank managers are there to make sure we cannot borrow what they cannot afford us to borrow right, for the good of the countries overall financial situation? no?

The thing here with all the bankers, CEO's and MP's that are all in it for themselves is that eventually, maybe sooner than they would like to think, it will also take down their world as well, where are they going to run to next when their world is crumbling underneath them due to their selfish actions, mars? the moon? babylon? - good luck getting into there you greedy wankers!

So yeah, i don't really like bankers too much, even though i have had one as a best mate for over 25 years!

The only debt i have is my mortgage btw

[wheelnut]

I must be odd. Not had a credit card ever. Can't see the point. If I want summat, I just buy it.

The missus had one when working and was miffed when she had a big CC bill every month

I use a credit card for every non-cash purchase. Especially on the internet.

[Greenman]

I must be odd. Not had a credit card ever. Can't see the point. If I want summat, I just buy it.

The missus had one when working and was miffed when she had a big CC bill every month

Some people just have to have everything now mate, that's my experience with people from money and the stupid just copy them and be fake as fuck !

I have a friend who has a mrs that spends up to £1000 on a new handbag every month, it's an addiction i swear, shopping and spending money and also talking about how much something costs all the time with everything!

[Mr. Dazzle]

Expensive shoes and bags aren't as daft as you think. If you keep em tidy you can actually turn a profit. In fact ISTR our very own banker's daughter does it?

I use a CC for nearly every non-daily purchase (e.g. food). Couple of big reasons, I get cashback on it but more importantly it's an extra layer of protection.

[Greenman]

Expensive shoes and bags aren't as daft as you think. If you keep em tidy you can actually turn a profit. In fact ISTR our very own banker's daughter does it?

I use a CC for nearly every non-daily purchase (e.g. food). Couple of big reasons, I get cashback on it but more importantly it's an extra layer of protection.

How many pairs of shoes and bags has your mrs sold for profit in the last 5 years?

[Mr. Dazzle]

Loads.

Bad example, she's a brand ambassador for a running shoe company on Insta.

She's not bought any £1000 designer ones though

[Greenman]

Loads.

Bad example, she's a brand ambassador for a running shoe company on Insta.

She's not bought any £1000 designer ones though

Thing is with my mates mrs is she just casts the old bag aside...i hate that kind of throw away culture. I am one of those sad fuckers that will literally wear things until they are un-wearable or until someone tells me they are un-wearable...

Not because i cannot afford to buy something newer, but just because i don't believe in the throw away culture that is all so prevalent these days!

[Count Steer]

Loads.

Bad example, she's a brand ambassador for a running shoe company on Insta.

She's not bought any £1000 designer ones though

'Brand ambassador on Insta'? Is that a job these days?

[Mr. Dazzle]

Nah, it's deliberately not so she doesn't go over the £1000 side hustle tax limit.

[Pirahna]

I must be odd. Not had a credit card ever. Can't see the point.

Reason 1, security. If your debit card gets cloned your bank account gets cleared out. Yes, you'll probably get most of the money back but it could take months.

Reason 2, refunds. If you buy something and it shonky you take it back for a refund. If you can't get a refund and you bought it on your debit card then good luck. If you bought it on your credit card the the credit card company is liable for the refund. Even buying a motorcycle, put the deposit on a credit card before slapping a wedge of cash on the salesmans desk gives you extra protection as a consumer.

There's other reasons to buy using a credit card but they're the main two.

[Yorick]

I must be odd. Not had a credit card ever. Can't see the point.

Reason 1, security. If your debit card gets cloned your bank account gets cleared out. Yes, you'll probably get most of the money back but it could take months.

Reason 2, refunds. If you buy something and it shonky you take it back for a refund. If you can't get a refund and you bought it on your debit card then good luck. If you bought it on your credit card the the credit card company is liable for the refund. Even buying a motorcycle, put the deposit on a credit card before slapping a wedge of cash on the salesmans desk gives you extra protection as a consumer.

There's other reasons to buy using a credit card but they're the main two.

Aye, for big electrical purchases, we use Penny's CC.

[Screwdriver]

Credit (lit. debt) is what makes this money-go-round work. It is the bottom line of the Ponzi pyramid scheme that capitalism has become. When you owe the bank money, they own a slice of YOU. Your debt is what allows banks to massively inflate their schemes (lit. leverage) by multiplying that "investment" in your labour by increasingly unsustainable amounts. I don't think it's been that long since we went down the fiat currency route but the moment we did, all sense of value went out the window.

[Mussels]

I have a CC for those risky or big purchases but I usually forget to use it, I'd much rather run everything from my current account so I know what's left.
It's probably time for me to get a finances app that can track all of that in one place, I'm not sure I trust them yet.