by tovarichpeter ➕follow (7) 💰tip ignore
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the banks will pay you back contested transactions for example.
Debit cards have maximums, and they have similar protections as credit cards: the banks will pay you back contested transactions for example.
We all know the average American has the discipline to fully the balance at the end of the month, right?
Heraclitusstudent saysDebit cards have maximums, and they have similar protections as credit cards: the banks will pay you back contested transactions for example.
Yup and when you need to go over that maximum, say for paying for a hotel stay, you're fucked. Mother in law just recently had this happen in July. Set it up to pay on arrival and was denied due to the limit. Chase wouldn't allow her to go over the daily limit to pay for the hotel (week long stay). Had plenty of cash in the account. They wouldn't budge.
Moral of the story, if you can't use your own damn cash, I don't want that product. What should have been a simple 5 minute check in at a hotel turned into an hour ordeal with phone calls and having to run to the bank.
Also, fraud protection on debit card varies from bank to bank. Some will reimburse, others won't. Check the fine print. Had a buddy lose $800 on ...
WookieMan saysHeraclitusstudent saysDebit cards have maximums, and they have similar protections as credit cards: the banks will pay you back contested transactions for example.
Yup and when you need to go over that maximum, say for paying for a hotel stay, you're fucked. Mother in law just recently had this happen in July. Set it up to pay on arrival and was denied due to the limit. Chase wouldn't allow her to go over the daily limit to pay for the hotel (week long stay). Had plenty of cash in the account. They wouldn't budge.
Moral of the story, if you can't use your own damn cash, I don't want that product. What should have been a simple 5 minute check in at a hotel turned into an hour ordeal with phone calls and having to run to the bank.
Also, fraud protection on debit card varies from bank to bank....
My MIL didn't have a credit card either. I was like WTF! So now she has one and I've got 10,000 referral points ;) lol.
tovarichpeter saysWhen I use a credit card, I'm spending the credit card company's money every day until I pay my bill at the end of the month. Meanwhile, my money is earning interest in a bank account.
Right because we all know the average Americans makes money by borrowing money, right?
We all know the average American has the discipline to fully the balance at the end of the month, right?
What are average rates on credit card debts?
What is the average balance on American credit cards?
Would Americans have such debts if they were all paying with debit cards?
Think about the kind of advice this really is.
This is exactly why Dave Ramsey exists in his current capacity. There are too many foolish ignorant jackasses who get themselves into DEBT. His advice is to ONLY use a debit card if you HAVE to use a card, otherwise you should be using cash. Let's bring back USING CASH to be a societal norm!
I really recommend cash. Not credit cards, not debit, but simple cash.
Moral of the story, if you can't use your own damn cash, I don't want that product. What should have been a simple 5 minute check in at a hotel turned into an hour ordeal with phone calls and having to run to the bank.
Credit cards are a hell of fine prints, byzantine rules changing with time, fees up the wazoo, crazy interest rates, creepy credit bureaus spying, made up risks of identity theft for which the banks will then charge you for a solution.
They are designed to erase the pain of giving away your money (because you don't see the money and the payment is not immediate but deferred)
I thought people like Patrick and tovarichpeter, and a web site with a slogan "Debt is slavery" (used to be) would see credit cards for what they are: the creepiest most obnoxious kind of debt
That banks managed to make this shit the automatic payment solution, enforced this through credit bureaus, and in addition made you feel like geniuses because they give you back a cent of the cut THEY took on what YOU PAID, is really really pathetic and sad.
In the American system, failure is an option as Chapter 7/13 allows you to live to fight another day.
The banks set up a system where I can profit off morons that can't balance a checkbook.
I can't imagine having to change my bank every time the bank sends me a debit card like Patrick does.
This is shit and unethical, as far as I'm concerned, and can't be recommended except for the lack of alternate solution.
You can't say the average man on the street is a moron.
The only way in my view to use a credit card is automatic full payment on a no annual fee card.
I will and did. Most men are idiots. Same with women. We focus too much during childhood on some of the dumbest shit "trying" to educate our kids in fields and topics that will be of no use to the average person. I can promise you, 9 out of 10 kids graduating high school don't understand how interest even works on a credit card statement
Don't hate the game, learn to understand the game.
Look, it doesn't matter if you understand how rates work if the bank can change them at will and with limited notice
What a few hundred bucks? A bait? A bribe? They would have you dance like a bear in a circus for a few crumbs. This is undignified.
Yeah, and have a damn emergency fund for items that come up, that are ACTUAL EMERGENCIES! Don't use debt for those scenarios.
Chill, dude.
Question: is anyone getting points for making car payments, insurance premiums, mortgages etc?
It doesn't become debt in my opinion until interest is charged. It's up to you to not let it become debt. It's an interest free, deferred payment for whatever the clearly stated grace period is. Spend what you have within reason. Pretty simple. Then pay it off. Is personal responsibility a thing of the past or something?
I'm surprised nobody mentioned "0% APR, no fee" credit cards. Beautiful tool if you use it wisely.
Iranian_Oil_Burse saysI'm surprised nobody mentioned "0% APR, no fee" credit cards. Beautiful tool if you use it wisely.
I've used them. And yes they are super valuable if you can get a decent credit line and terms of repayment. Those cards generally (not always) don't kick back rewards, but that's obviously not your point.
If you've got a $5k home improvement project and can pay back $400-500/mo over 12-18 months, it's a golden product. You'll take the normal credit inquiry ding and then any utilization ratio dings, but if it's not for a new wardrobe or bitcoin, you should be good if you're disciplined.
Also works well for seasonal workers or commission based workers that know they'll have the money to repay in the future on a pretty guaranteed basis. Still a little risky for them though.
You'll take the normal credit inquiry ding and then any utilization ratio dings
This is how forums work, dude. You make comments on a topic that was brought forth.
WookieMan saysYou'll take the normal credit inquiry ding and then any utilization ratio dings
I found these to be negligible.
That response to your comment was totally personal so I marked it as such.
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