Another billionaire who has not lived in the real world in years says something daft (and it isn't Elona Husk)

[hegemony]

Mark Cuban: Don’t use credit cards—if you do, ‘you don’t want to be rich’

Edited November 4, 2022 by hegemony

[shifter]

Quote

Although you can avoid high interest charges by paying off your credit card balance in full each month, that can be difficult for many people, Cuban says.

 

Genius. 

Edited November 5, 2022 by shifter

[Burgerwars]

I wonder what credit cards Dave Ramsey and Mark Cuban have in their wallets.  I doubt all they have is a debit card from their local credit unon.  

Edited November 5, 2022 by Burgerwars

[StantheMan]

“Credit cards are not your friend” says Mark Cuban. A screwdriver  isn’t either but it serves a useful purpose and it isn’t to stab people. Most use cards and are responsible plus add to their wealth.

Edited November 5, 2022 by StantheMan

[TheVig]

On 11/5/2022 at 7:17 AM, Burgerwars said:

I wonder what credit cards Dave Ramsey and Mark Cuban have in their wallets.  I doubt all they have is a debit card from their local credit unon.  

I know Cuban has credit cards. 
 

Dave claims to only carry two cards, both debit. One is personal and one is for his business. He does vacation in various locales around the world. I’ve never heard him discuss getting declined or his debit card getting shut down. However he has eluded to paying up front for a lot of stuff before he heads somewhere and paying cash for everything else. 
 

I’ve said it before, the thought of having my personal liquidity tied up when something goes wrong, doesn’t set well with me. I’d rather tie up Amex’s money, and let them figure it out. 
 

I have a Schwab debit card for getting needed cash when overseas. I transfer just enough into that account to handle what I need to handle. In other words, if that card is compromised and drained, my main stack of federal reserves at my main banks stays intact. 

[hdporter]

3 hours ago, TheVig said:

I’ve said it before, the thought of having my personal liquidity tied up when something goes wrong, doesn’t set well with me. I’d rather tie up Amex’s money, and let them figure it out. 

 

Amen, Brother!

 

As it is, I freak a little while waiting for a charge to be reversed ...

 

On Oct 25 I initiated an online purchase of $1270 in air (2 pax) on Oct 25, attempting to credit a previously cancelled itinerary with a cost of $1060.   When the confirmation came through, there was no offsetting credit.

 

So I called AA, cancelled the new purchase, and repurchased the seats with application of the flight credit (net charge $210).  Rep confirmed that because the cancellation was within 24 hours of purchase, I was eligible for a credit back to my cc, rather than a credit toward another purchase.

 

Check my card on 10/27, no credit.  In my online AA account there are two flight credits for the cancelled tickets.  Called and told that the refund must be approved manually and that it should clear within a day or two.  So, the topic goes on the back burner until yesterday (11/5) when I check and find nothing has changed about status.  Call and am told the refund was approved, just waiting on someone to put the paperwork through ... should be just a couple of days.

 

Purpose of this post is not to critique AA handling (I'm high status, Exec Plat, so am confident it'll all shake out fine in the end).  The point is if this had been transacted on my debit card and I was out cash, I'd have to restrain myself not to park on their doorstep, waiting for them to resolve this.

 

[StantheMan]

You should carry a credit card if you need to rent a car if for nothing else.

 

I’d bet a fortune both have plenty of cards and are just being hypocritical.

 

[Bad Doctor Frost]

There is absolutely no way Cuban doesn't have a Centurion. 

[Knight]

Mark Who?

[hdporter]

On 11/6/2022 at 1:17 PM, hdporter said:

So I called AA, cancelled the new purchase, and repurchased the seats with application of the flight credit (net charge $210).  Rep confirmed that because the cancellation was within 24 hours of purchase, I was eligible for a credit back to my cc, rather than a credit toward another purchase.

 

Check my card on 10/27, no credit.  In my online AA account there are two flight credits for the cancelled tickets.  Called and told that the refund must be approved manually and that it should clear within a day or two.  So, the topic goes on the back burner until yesterday (11/5) when I check and find nothing has changed about status.  Call and am told the refund was approved, just waiting on someone to put the paperwork through ... should be just a couple of days.

 

Just wanted to tie up this minor saga ...

 

On Friday, I called AA for yet the third time since the ticket cancellations on Oct 25 to see why I haven't seen a reversal of charges to my CC yet.  Customer Asst is profusely apologetic and says she sees the call history and also says she doesn't understand why the refund wasn't automatically posted to my CC upon cancellation within 24 hours.  Says she's written up an incident report that should get someone's attention.

 

End of day, yesterday, and the charge is still outstanding on my CC.  Then it finally dawns on me that there's actually an online option to request a fare refund (never used it before).  So I fill out the appropriate web form for both tickets, before we head out for dinner, and cross my fingers.  This morning I see two emails at 7:15a this morning advising that both refunds were approved last night and that credit should appear shortly!

 

On topic point:  Had I paid with a debit card, I'd have been out of pocket $1270 for over 20 days, waiting for this to be resolved.  Debit cards are fine for emergency situations but don't use them to transact purchases!  (Big "Duh!" on that one!  )