What Do You Think?
Jun 20, 2003 | 08:47 PM
#21
Registered User
Joined: Jan 2003
Posts: 418
Likes: 0
From: Lakewood, CA
you mean to tell me that the owner or owners of mastercard arnt living in million dollars homes!?
im sure you would tell me that they drive honda accords not mercedes benzes? (or drive a 1980 toyota 4x4 like me)
they probably make $24,000 a year like ME which is just at or above the national poverty line!
they get on average 15-20% apr on the cards! that come to a bunch of money for the millions of card owners in the U.S. alone
if it is true what you say that credit card companies dont make much money could you please explain it to me cuz it just doesnt sound right.
i do have a mastercard by the way with a 15.99% apr.
i just thought of this: they probably dont make any money because they are wasteing their money by sending me about 5 dozen credit applications to my house on a daily basis!!!!
the postage alone on this is astronomical not including the paper and officail looking gold stickers or platinum and all that junk
im sure you would tell me that they drive honda accords not mercedes benzes? (or drive a 1980 toyota 4x4 like me)
they probably make $24,000 a year like ME which is just at or above the national poverty line!
they get on average 15-20% apr on the cards! that come to a bunch of money for the millions of card owners in the U.S. alone
if it is true what you say that credit card companies dont make much money could you please explain it to me cuz it just doesnt sound right.
i do have a mastercard by the way with a 15.99% apr.
i just thought of this: they probably dont make any money because they are wasteing their money by sending me about 5 dozen credit applications to my house on a daily basis!!!!
the postage alone on this is astronomical not including the paper and officail looking gold stickers or platinum and all that junk
Jun 20, 2003 | 09:18 PM
#22
Contributing Member
Joined: Dec 2002
Posts: 1,998
Likes: 0
From: Phoenix, AZ
MasterCard see 0.0 dollars of the interest. YOUR BANK makes all the money. See Banks ie. Citibank, Mbna, ect. make all the money. They issue you the credit card. They set the interest rate. They make all the cash. When you send in your monthly payment, it doesnt come to MC, it goes to your issuing bank. MasterCard makes squat on any of that. Thus, the reason you get all sorts of credit card applications for different rates and deals. MasterCard merely provides banks with a card that people like yourself can use just about anywhere.
The VPs of MC make about 300k. Most of the employees drive honda accords or something of the such. I thought when I first started I would seen the parking lot full of Bens and $$ SUVs...NOPE. I probably drive one of the nicer vehicles. My boss who has been there for 13 years drives a purple 98 mini van. But its a great place to work. THe money IS good, but its not what people think. The work environment is awesome. I really like it, but I will probably move on in a little while (law school is in my future).
MC makes all its money off of services. For example I work in Risk products. We provide banks with software that helps find fraud whether it be an application, stolen cards, ect. Other services like emergency card replacement, bankruptcy notifications, and such all go through us. But none of the money does.
MasterCard DOES NOT send any of those paper applications. Those are all issuing banks. MasterCard has no control over that...
Recap: MC is like a franchise for banks. They sign up and we allow them to issue credit cards. We get no money form the cardholder (YOU). We get all of our money from banks for the services we provide that make your life a little easier and not have to carry around cash as well as let you buy something on "credit".
The VPs of MC make about 300k. Most of the employees drive honda accords or something of the such. I thought when I first started I would seen the parking lot full of Bens and $$ SUVs...NOPE. I probably drive one of the nicer vehicles. My boss who has been there for 13 years drives a purple 98 mini van. But its a great place to work. THe money IS good, but its not what people think. The work environment is awesome. I really like it, but I will probably move on in a little while (law school is in my future).
MC makes all its money off of services. For example I work in Risk products. We provide banks with software that helps find fraud whether it be an application, stolen cards, ect. Other services like emergency card replacement, bankruptcy notifications, and such all go through us. But none of the money does.
MasterCard DOES NOT send any of those paper applications. Those are all issuing banks. MasterCard has no control over that...
Recap: MC is like a franchise for banks. They sign up and we allow them to issue credit cards. We get no money form the cardholder (YOU). We get all of our money from banks for the services we provide that make your life a little easier and not have to carry around cash as well as let you buy something on "credit".
