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Credit card transactions are loans

The thing most people tend to forget is that when you use your credit card you are taking out an unsecured loan for the amount of the purchase. This transaction because it is a credit transaction gets reported to the Credit bureau or bureaus used by the agency issuing the card. While a bank does have a fiduciary relationship with their customers they also have a fudiciary relationship with the issuing agencies. When you have a Visa or Mastercard the issuing agency isn't your bank (they just get advertising and a cut of the profits) it's either Visa or Mastercard. The same goes for the other cards it's just more obvious as they don't run you through a bank to get them.

Posted by: maldain   Posted on: 01/12/06 You are currently: a Guest | Members login | Terms of Use

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