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How Credit Cards Bonus Points,
Airline Miles, and other Special Promotions are Sophisticated
Traps to Keep People in Debt


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In this episode of Money Creation Explained, we are going to cover How Credit Cards Bonus Points, Airline Miles, and other Special Promotions are Sophisticated Traps to Keep People in Debt.

Everywhere we turn in society whether it is TV, Internet, Prints, Direct mail, In Store, and the like we see advertisements from credit card companies trying to get us to sign up. You will see terms such as no annual fee, cash back, reward points, bonus miles, no intro or low APR for intro, protection benefits, etc. These perks all sound great, but they are really a carrot that credit card companies use to lure consumers to signup. Most people do not have financial discipline and live beyond their means. Once the introductory period is over, Credit Cards have high interest rates that go up to 29% APR (Annual Percentage Rate) plus late and other fees. Many people fall into the credit card interest trap of just paying the minimums. Once in debt, it is difficult to get out.

Before credit cards, people made wiser decisions with their money and were also able to save more. This was due to the fact that every time a purchase was made, real money needed to be exchanged; cash and checks which represent funds being deducted from a personís bank account, so people were trained to make wiser purchases. After credit cards became the norm, people got lines of credit that represent money that could be paid back later. For someone who is good with finances, credit cards are a good option, but for people who lack financial skills, credit cards are the easiest way most people fall and stay in debt.

An alternative to credit cards are IOU Notes which is a peer-to-peer credit and loan platform. It is not based on a person's traditional credit score (FICO), but rather on their IOU Credit Report and their ability to pay others back. Every user on the IOU Notes platform can decide who to give credit and/or lend to, how much and the terms (1- 24 months), and (0% - 5% interest rate).

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