Your username checks out, lol. At 5% APR, 30 days’ worth of interest on this $390 purchase is ~$1.63.
And if we consider that Nike is acting as a bookmaker in this case, the house edge for a bookmaker is around that amount anyway. Nike is likely to bake this edge into their margin anyway, but I don’t think it’s likely that you’d get a bonus of $1.63 if you win this bet, in this hypothetical.
What I’m trying to say is that this scheme gives the retailer an interest free loan on every purchase, courtesy of the customer, so fuck them for that.
Don’t credit cards usually give 21 days of interest free grace period? So this is over ~9 days worth of interest? Fuck them for that? Not fuck them for exploiting gambling addiction, but for not giving the consumer their two quarters worth of interest?
Why do we have to choose just one thing to fuck them for? I by no means made this the exclusive reason to fuck them.
I’m not talking about the interest I pay on my credit card, I mean that if they’re holding my money so that I can’t use it, they better pay me for that.
They’d effectively be crowed sourcing micro-loans from unsuspecting average customers, without compensating them for lending. That’s icky AF.
So is taking advantage of gambling addiction, but they can both be icky AF.
Your username checks out, lol. At 5% APR, 30 days’ worth of interest on this $390 purchase is ~$1.63.
And if we consider that Nike is acting as a bookmaker in this case, the house edge for a bookmaker is around that amount anyway. Nike is likely to bake this edge into their margin anyway, but I don’t think it’s likely that you’d get a bonus of $1.63 if you win this bet, in this hypothetical.
What I’m trying to say is that this scheme gives the retailer an interest free loan on every purchase, courtesy of the customer, so fuck them for that.
Don’t credit cards usually give 21 days of interest free grace period? So this is over ~9 days worth of interest? Fuck them for that? Not fuck them for exploiting gambling addiction, but for not giving the consumer their two quarters worth of interest?
Why do we have to choose just one thing to fuck them for? I by no means made this the exclusive reason to fuck them.
I’m not talking about the interest I pay on my credit card, I mean that if they’re holding my money so that I can’t use it, they better pay me for that.
They’d effectively be crowed sourcing micro-loans from unsuspecting average customers, without compensating them for lending. That’s icky AF. So is taking advantage of gambling addiction, but they can both be icky AF.