Why Credit Cards Are A Scam - Honest Ads

want to have money without having money want to go to stores and get things because you want them then use my Horton card it's reliable it's no fuss it's a fancy plastic IOU card that will have you swimming in debt for the rest of your and your offsprings life and to make sure you feel comfortable with spending money you don't have we'll use this comedian to make you feel like it's no big thing I'm from that TV show that's doing reasonably well so I've got a sense of humor about spending money on stuff I don't need just charge my card buddy whatever it doesn't really matter to me because I'm mostly excited to get cash back relatable now why use gross paper covered with pictures of dead guys when you can use my square piece of dinosaur carcass with numbers on it in fact nowadays you have to have a square of recycled soda bottle because how else would you even be able to purchase your online subscription to watching what used to be free or paying for an expensive education that won't lead to a job really any financial milestone that's right to get a roof over your head you need to earn credit which is really just showing you own a little square that you have to pay off continually somehow that's what makes you trustworthy and shows you're good with money we've made it impossible to live without our plastic numbers Swiper we're putting chips in some of them not look at that it's kind of a pain in the ass also a pain in the ass you can't even use these everywhere you can use it in some places that pay me to accept your card otherwise you can just use money which is what people who are taking your money would prefer I'm an expensive middle man who's charging everyone extra for using my plastic cutout also you'll probably need a different swipe be Swiper when my card doesn't work at one place where another one does work is it harder to keep track of how much you're spending when you don't physically see the presidentially decorated paper strips leaving your hands we're counting on it especially when we encourage you to go paperless will say it's for the environment but it's really because we know if we send you emails if the charges you made you'll only skim the email if you're reading them at all here's where it gets fun for me and exclusively no one else we made it so the longer it takes for you to be able to pay us back on time the more money you'll rack up an interest and the harder it'll be to pay off and doesn't that sound like it should be illegal it's not it's interest interest is a random percentage we charge you because you made charges this is going to get pretty technical and pretty crimey so let's look at a graph if you're the average American credit card holder then you owe more than $10,000 in debt let's say your interest rate is twenty four point nine nine percent and you're paying off just the minimum because times are tough or you know because times are normal that means it in ten years you'll have paid more than twenty six thousand dollars and still owe over eleven thousand dollars more and that's just ten years after fifty years you'll have paid a hundred sixty five thousand seven hundred twenty nine and still owe more than seventeen thousand so you will always owe me money but the more you use our card the more worthless things we'll give you all right yes let's hear it first stop or even better than stuff cash back which is just a tiny portion of money that you used to pay off the debt but of course you'll never see actual money the more you charge the more cash back we'd give you it's like you're digging a hole and we throw in a handful of dirt to help you get out of the hole but only after you dig five feet deeper if you're worried you might not be able to pay off this credit card will encourage you to get another card to pay off that one and then another to pay off that one the more credit cards the more you have to pay and the more you owe us it's literally the same apparatus as a Ponzi scheme but we tell you about it with a 300-page tiny printed booklet that you won't read so get yourself a Horten card credit card go ahead and swipe it through machines till you owe us billions Oh was that too harsh Oh here hey laughing machine make the people feel better with your jokey words hey so you guys ever notice how a Katy Katy Perry is you feel better already right Katy Perry's basically just Zoe ditional but gasps ears I'm Roger by the way [Music] hey guys thanks for watching if you like the video click like and if you want to subscribe you should because then you get to watch more videos from cracked and if you want some more great jokes then just I've

Channel: Cracked

Views: 3,657,408

Rating: 4.9099765 out of 5

Keywords: honest ads, credit cards, credit card, credit, card, honest, ads, commercials, honest commercials, Credit Card Commercials, If Credit Card Commercials Were Honest, spoof, sketch, cracked, visa, mastercard, american express, credit card (industry), credit (industry), credit cards for dummies, credit card rewards, credit score, credit cards explained, comedy, funny, parody, cracked.com, after hours, commercial parody, humor, satire, honest trailers, scam

Id: v6zgmhsCLnc

Length: 4min 55sec (295 seconds)

Published: Wed Apr 26 2017

Reddit Comments

[u/guttata]

Probably not applicable in this sub, but I really don't get the people who have no idea how much money they have unless they have it in cash. Nearly every cent I have is digitally monitored in a split second from my phone - the cash is the abstract number for me. I hate paying with/carrying cash.

[u/LoopholeTravel]

The jab at those Tina Fey commercials was pretty funny. The rest was relatively cringey and at times downright inaccurate.

[u/Shrubber]

Good, good! Let the hate flow through you....

[u/CreditPikachu]

Long live misconceptions about credit to help fund our churning! Hip hip hooray

[u/BayAreaDreamer]

The average American also isn't very good at basic math, which helps enable this stuff. The average /r/churning regular is probably a lot nerdier (and more educated) than the average American.

[u/kristallnachte]

Do any banks actually have the minimum payment less than the accrued interest?

I'm pretty sure every credit card has the minimum payment result in the balance getting paid off eventually.

[u/ramachurn]

This is WHY WE CAN HAVE NICE THINGS

[u/millennial_budgeteer]

I love this. It's hilarious but also it is exactly the sentiment that allows churning to exist.

[u/prettyprettystar]

Most comments here seem to be that this is somehow dumb. I'll deviate from the norm a bit...

I like this video and think there needs to be more of them. Most consumers need to hear it. Credit card debt is about to hit $1T again as we just saw recently. The spending/saving ratios in this country are fucked and I believe on the whole this hurts everyone.

I'm obviously a churner and share your "more rewards for me!" sentiment but at the end of the day I'd gladly trade all my rewards for a more transparent, honest, and fair financial system that doesn't place so many households in deep debt. Yeah, yeah, it's their own fault, but the system is designed to fuck most people and reward only a few. Churning is part of that.

I am like this community in that Dave Ramsey annoys the fuck out of me and I agree responsibility rests with the individual. But extreme wealth inequality IMO is the country's largest problem and credit cards exacerbate that.

Flame away!!