How People Felt About Credit Cards 30 Years Ago

[Music] what's up guys George camel here and today we've got a blast from the past approximately 347 of you sent me this Instagram reel from W amr2 news in Baltimore Maryland it's a local news story from the year 1993 and this was the big headline Burger King now accepting credit cards as a form of payment and let me tell you this video chef's kiss pure gold So today we're going to take a look at this visual nugget of nostalgia to get a little taste of what people thought about credit cards back in the early '90s but before you get a taste you got to swipe that friendship card and pay up by Smashing those like And subscribe buttons and while you're at it share this video with all your friends from the Burger King kids club and the 58 guys you know who dressed as the Burger King for Halloween back in 2007 it wasn't cool back then and it's still not cool today I'm sorry guys I to apologize king of high caloric intake I kneel before your grease soaked robe so let's watch the whole thing and then we'll break it down huh cash or credit what the home of the Whopper is offering cash or credit I think it's pretty bad if you have to use a credit card when you go to a fast food restaurant for something as little as $310 if I use my GM card and I get a 5% rebate if I eat here long enough I'll be able to buy a pickup truck Burger King bosses say workers won't have to figure out how much change the customer gets back I just hope it doesn't slow things down at the cash cash and carry that people are going to be having to call New York and get get the confirmation or you know whatever it is cuz when I want a Whopper I want it now just another way to spend money I'm sure it'll work for people on vacation when they don't have to do something but I can't imagine it working on a day-to-day basis here so far the smallest credit has been for $2.50 the largest just over 10 Jamie Costello News Channel 2 God bless that video all right first of all fantastic I just it makes me miss the '90s Game Boy snap bracelets cheap fast food still having hope that I would hit 6 fet tall simpler times also the best part grown men wearing suits to get fast food okay they had some class they had some Panache nowadays you're lucky if people are wearing pants inside of a Burger King someone said in the comments sounds weird it only started in '93 and I agree credit cards are so prevalent now that it's almost hard to imagine a world where people didn't use them for everything but in 1993 that was the norm in fact get this McDonald's the king's arch nemesis didn't start accepting plastic payments until around 2003 a decade late to the punch and here's the reason a lot of merchants didn't want to pay the credit card processing fee and were concerned with how long the transactions would take and back then it did take longer they had to call New York apparently establish a connection to a computer somewhere transfer the data to verify the card was valid and had enough credit available before you could leave with your Whopper and when he wants a Whopper he wants it now but I want it now but I really do love all the different reactions people had to this so let's play that first part again because that was just pure pure gold cash or credit what first of all this news anchor I hope he has a career in acting after that the slow pan what all right let's keep going if I use my GM card and I get a 5% rebate if I eat here long enough I'll be able to buy a pickup truck hold your horsepower there Arnold easy bucko eyes on the road Chief so back in 1993 you could get a new GMC 1500 for just over 16,000 okay that's the real number so he'd have to eat at Burger King more than 64,000 times to get enough cash back for a new truck and even if you ate there once every day it would take around 175 years that's a lot of Whopper let's keep going Burger King bosses say workers won't have to figure out how much change the customer gets back I just hope it doesn't slow things down at the cash cash and carry that people are going to be having to call New York and get get the confirmation or you know whatever it is cuz when I want to w I want it now he said that so dead pan that it worries me how sincere it was like he was not even trying to make that a moment he was just like listen I'm not I'm not waiting it's like his whole life revolves around the Whopper he probably has pictures of hamburgers in his wallet instead of his family this was I had this Whopper last Thursday all right moving on just another way to spend money I'm sure it'll work for people on vacation when they don't have to do something but I can't imagine it working on a day-to-day basis here so far the smallest credit has been for $2.50 the largest just over 10 Jamie Costello News Channel 2 okay what in the world was that guy saying about a vacation what does a vacation have to do with this maybe they forgot to tell them what the news story was about either way really fun to see people's reactions to credit cards being introduced into the fast food ecosystem and can you imagine the day when $10 was like an astronomical amount you could spend on fast food I mean now the dollar menu is a $10 menu and just like today you've got people who embrace it people who think it's crazy and people who for some reason are talking about vacation but let's go back to the person they interviewed first okay this nice lady with the fantastic '90s hair was definitely uh my favorite I think it's pretty bad if you have to use a credit card when you go to a fast food restaurant for something as little as $310 thank you finally someone speaking some sense this girl may be the only person in this video who has any hers is the voice of reason here okay she's got a grasp of what's actually happening people are using other people's money to buy things they could easily just pay cash for and they're just going to have to pay for it later like with interest added she knows what's up would not Shock me if she is a millionaire today hey we'll get right back to the episode but I want to give a quick shout out to our friends at better help who are sponsoring this episode listen sometimes we know what's good for us but it feels like we just can't make ourselves do it like I should just go to bed but I'm a new dad and my baby just got a diaper rash and it looks really red and sometimes my brain convinces me to check WebMD and then I click another article and another article and suddenly it's 3:00 in the morning if your brain tends to work like that therapy could help so your brain works with you not against you and sometimes it's just as simple as talking things through and learning strategies to be intentional about doing the things you know you should so if you're thinking of starting therapy give better help a try better help is flexible because it's 100% online so it fits your schedule just fill out a brief questionnaire to get matched with the licensed therapist and you can switch therapists at any time for no extra charge make your brain your friend with betterhelp visit betterhelp.com georget toay and get 10% off your first month that's betterhelp hp.com or click the link in the description all right back to the episode we go so what can we learn from all this Beyond some nostalgic laughs and joy well for me it's the fact that it wasn't too long ago that using credit cards was considered taboo silly insane and here we are today millions of people using credit cards thinking they're going to beat the system and get this in 2023 outstanding credit card debt hit a record high of $1 trillion now for reference that's 1,000 billion and it's spread out among 55 million households which means a balance averaging of over $14,000 per household and that debt has become harder to pay off too thanks to insane interest rates which as of 2023 we're averaging around 22% APR so here's a wild idea ditch the credit cards you see a budget and credit cards don't mix using credit to pay for expenses and then making a big payment at the end of the month is a terrible money management system just because you can pay the lump sum at the end of the month doesn't mean you're making any progress with your money stick to a debit card in cash so the expenses can't hide from you and if someone who has has used a credit card or had a credit card in over a decade let me share my honest experience with you I found that bucking this credit card system has given me way more perks and benefits than any company ever could and once I cut up my card I weirdly Built Well faster with more confidence and peace I didn't miss the cash back or free flights or the GM rebates because I learned how to take control of my money and simply save up and pay for things so imagine that for a second rewarding yourself instead of waiting on some blessing from a credit card company so here's the deal if you're ready to see some Financial progress I triple dog dare you to to take my no credit challenge I triple dog Dar you here's how it works step one stick your credit cards in a block of ice or lock them away somewhere you won't see them you won't think about them you don't have easy access to them next delete your credit card info from apps and sites that you use now this is the honor System I'm not going to Big Brother you here but don't let me down I promis then for the next 30 days stick to using a debit card or cash for every single purchase okay track your spending with a budgeting tool I highly recommend and personally use one called every dollar I'll drop a link to that and after 30 days here's what I want you to do Compare the numbers from your previous credit card days the previous credit card months and see if you spent less see if you got more intentional see if you got closer to your financial goals and if you felt more in control and aware of your money now my hunch is you're going to feel more peace to not have to think about maximizing rewards which card to use and I think it'll feel a little more painful to see your own money disappear with every purchase and here's what happens you might end up cutting up the cards and never looking back best wishes on your credit card free Journey hope you guys enjoyed this video if you want you want to see more gems like this out in the wild feel free to send them my way and maybe we'll react to them in a future video as always make sure to subscribe to this channel like this video and share it with all of your friends who use their credit cards to pay for their flame broil beef patties hoping they can get enough cash back for a Toyota Tundra one day spoiler alert it's not going to happen Arnold but whatever have it your way see what I did there # notsponsored not that I'm opposed to it BK listen Kirkland King Burger King I think there's some crossover that can happen here thanks for watching we'll see you next time

Channel: George Kamel

Views: 96,834

Keywords: money, budget, how to save money, personal finance, financial advice, finances, money trends, investing, crypto, retirement, smart money, george camel, george kamel

Id: YnK0A8_dvDk

Length: 9min 33sec (573 seconds)

Published: Fri Oct 27 2023