Financial expert Dave Ramsey had some thoughts when a listener on "The Ramsey Show" asked how someone could possibly accumulate 35 credit cards. His answer? Banks don't care whether you can afford it. They care whether they can make money off you.

The Credit Card Marketing Machine

"That's sweet that you'd think common sense would enter into this transaction," Ramsey told the listener, Cory. He explained that banks and credit card companies distribute credit not because borrowers are financially stable, but because debt is wildly profitable for lenders.

Ramsey put it in perspective: "We now, at this moment in 2024 in America, live in the most marketed-to, sold-to culture in the history of the world. And among the most marketed-to group of people in the history of the human race, the most aggressively marketed product is debt."

The push to finance purchases has reached absurd levels, according to Ramsey. "There are loans for everything," he said. "I was trying to buy a T-shirt, for God's sakes, and they offered me payments on it with Klarna. It's a T-shirt! Why would you? Three easy payments of $1.26. I mean, come on."

Getting Approved Means Nothing

Ramsey warned listeners not to mistake credit approval for financial validation. "Please God, don't think you're special if somebody gave you a credit card," he said. To drive the point home, he shared stories from his collection of bizarre credit card approvals. One person received a credit card issued to their deceased poodle, Fruu. Another card went to "Buck Naked," a completely made-up name someone used as a joke.

If credit card companies will approve a dead pet and a fictional character, maybe that pre-approved offer in your mailbox isn't the vote of confidence you thought it was.

The Profit Machine Behind The Cards

Co-host Rachel Cruze pointed out that Visa (V) and Mastercard (MA) together control 80% of the credit card market. The two companies testified before Congress last year, and their refusal to lower swipe fees for small businesses revealed how little concern they have for average Americans, she argued.

"It makes you sick, it makes you realize; literally off the backs of Americans, this is what they're making," Cruze said. "They're here to make money off of you, and they know how to do it. Like, that's their job."

The bottom line, according to the hosts: getting a new credit card doesn't make you successful or financially savvy. It just means you fit the profile of someone a bank thinks they can profit from.

Ramsey summed it up perfectly: "If you're issued a new credit card, you're no better than Fruu Fruu or Buck."