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"FU^%ING" Credit-Cards!!!

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rrinker:

--- Quote from: SilverSolder on June 26, 2020, 05:03:05 pm ---
--- Quote from: gnif on June 26, 2020, 03:56:04 pm ---
[...] Use a credit card, just always pay it off the same day you put money on it so you never get hit with interest. [...]


--- End quote ---

You usually don't have to pay until the next statement - all interest free.  You only get hit with interest after the statement date.

--- End quote ---

 That's how mine works. You need too be disciplined so as to not spend more than you can pay off, but since I also get cash rewards on my credit card, I buy everything on my card and just pay it off. I also earn interest on my checking account at my credit union, so leaving the money in the entire month until I pay off the credit card gains interest that way. I'm sure the credit card company hates me, I keep earning cash back rewards but I haven't paid a dime in interest or fees since I got the card. But like I said - it takes discipline to live like that, it's too tempting for some to just keep on charging right up to the limit of their card.

 I've been hit twice on my card, both times very obviously fraud, and I was not responsible for a dime of it. Card was cancelled and a new card was sent to me overnight. In the one case, I made a purchase at a local retail store and something like 20 seconds a purchase was made in another city that is on a good day a 3 hour drive away. It wasn't compromised at that retail store I legitimately made a purchase at, it came from a few days earlier at a restaurant. Just coincidental that the thieves chose that time to test their ill-gotten information.

 Everywhere around me has readers, and has had them for a while. Maybe in some less populous areas of the US they still have only swipe machines. Even the gas pumps at the station I usually use has chip reader support, although it still can scan the stripe for people that still have cards without the chip. What I have trouble getting used to is the contactless option - my credit card has that, but usually I insert it in the chip reader out of habit. Many places here now have the contactless option as well as the chip. My bank debit card though only has a chip, no contactless option.


greenpossum:

--- Quote from: Syntax Error on June 26, 2020, 04:58:51 pm ---Another issue with cards is geo-fencing. Or rather the lack of it.

--- End quote ---

That already exists. Many card issuers require you to notify them of the dates you are away and where, otherwise it's liable to be flagged as fraud. Sometimes it slips up. I know of an incident where a user paid by card on a plane and this was billed in the home country of the carrier which set off the alarm and he couldn't use the card on landing.

SilverSolder:

--- Quote from: rrinker on June 26, 2020, 05:18:58 pm ---
--- Quote from: SilverSolder on June 26, 2020, 05:03:05 pm ---
--- Quote from: gnif on June 26, 2020, 03:56:04 pm ---
[...] Use a credit card, just always pay it off the same day you put money on it so you never get hit with interest. [...]


--- End quote ---

You usually don't have to pay until the next statement - all interest free.  You only get hit with interest after the statement date.

--- End quote ---

 That's how mine works. You need too be disciplined so as to not spend more than you can pay off
[...]

--- End quote ---

It is like learning to not eat more than your body needs...   a life skill!   It can be tough going once heavy debt has been racked up, the interest rates are well into the kind of usury territory where even Jesus would find it hard to forgive them...

themadhippy:

--- Quote ---That already exists. Many card issuers require you to notify them of the dates you are away and where
--- End quote ---
And not only does it avoid fraud,it also stops  you using the wrong card on holiday after a pint or 6,that could have been an expensive mistake :phew:
It surprises me the number of people who enter there pin without making any effort to conceal it,why make life easy for scum,also it might be worth hitting random numbers on the keypad  after  youve entered the pin ,seems scum are using also  thermal cameras that can capture the heat signature on the keys  and work out the pin from how long the heat takes to fade from individual keys.

Simon:

--- Quote from: rrinker on June 26, 2020, 05:18:58 pm ---

 That's how mine works. You need too be disciplined so as to not spend more than you can pay off, but since I also get cash rewards on my credit card, I buy everything on my card and just pay it off. I also earn interest on my checking account at my credit union, so leaving the money in the entire month until I pay off the credit card gains interest that way. I'm sure the credit card company hates me, I keep earning cash back rewards but I haven't paid a dime in interest or fees since I got the card. But like I said - it takes discipline to live like that, it's too tempting for some to just keep on charging right up to the limit of their card.




--- End quote ---

They charge the retailers a fee so they make money. They charge more than for debit cards. Several times I have had companies contact me including my own business bank to quote for card handling on my website and it can be as much as 20 quid or more a month and 8%!!!! which is mare than paypal or stripe.

So the retailer takes this into account in their pricing, nothing is free and the end customer always pays.

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