Go Woke, Go Broke???

[MCgrease08]

The protections are better and easier against fraud is one of my biggies. Get hacked, make a call, done, try that with a DC. Went without a CC for years, then got one for travel now I see the dollars rolling in on the same items I would have purchased anyway on the DC and got nothing.

Local retailers tell me 80% of their sales are CC.

NEVER USE A DC AT A RESTAURANT!

At least with Visa and MasterCard, fraud protection is exactly the same for both debit and credit.



Ironically enough I am dealing with this right now. Huntington Bank caught 2 bogus charges this week. I already have the funds back. Card was cancelled and new one is en route.

 

[BugI02]

Not quite

If my CC is compromised, the contents of my bank accounts - my REAL money - are unaffected. If the card is temporarily unusable, I have others

I won't have DCs, but if I did, a compromised account alters my real assets - at least tremporarily - and may complicate other access to the account itself. I prefer thieves steal VISA's money rather than mine

Why not just have the discipline to pay your balance in full every month

 

[Ingomike]

At least with Vida and MasterCard, fraud protection is exactly the same for both debit and credit.

View attachment 261473

No it is not in the practical sense. The protection may even be the same but how it is applied is different. With the DC your cash is frozen or gone until a determination is made as I have been told by the bankers.

With CC none of my cash is involved…

 

[oze]

Not quite

If my CC is compromised, the contents of my bank accounts - my REAL money - are unaffected. If the card is temporarily unusable, I have others

I won't have DCs, but if I did, a compromised account alters my real assets - at least tremporarily - and may complicate other access to the account itself. I prefer thieves steal VISA's money rather than mine

Why not just have the discipline to pay your balance in full every month

That's what we do: collect miles, hotel points and cash back, pay-off all balances each month.

But has anyone else noticed a trend among some vendors to pass off the fees the credit card issuer charges them onto the consumer? I get it with the small mom and pop's, but Belle Tire wanted to charge Mrs. oze 3% to use a CC. I'm starting to see this more and more.

 

[actaeon277]

Why does anyone need a credit card?

Rent a hotel room
Rent a car
Buy online
Emergency

 

[KLB]

That's what we do: collect miles, hotel points and cash back, pay-off all balances each month.

But has anyone else noticed a trend among some vendors to pass off the fees the credit card issuer charges them onto the consumer? I get it with the small mom and pop's, but Belle Tire wanted to charge Mrs. oze 3% to use a CC. I'm starting to see this more and more.

That would be a good thing, if they aren't already baking it into their prices.

 

[MCgrease08]

No it is not in the practical sense. The protection may even be the same but how it is applied is different. With the DC your cash is frozen or gone until a determination is made as I have been told by the bankers.

With CC none of my cash is involved…

My real world experience has shown me that it is the same in a practical sense. I have had a handful of fraudulent charges show up over the years. Every one has been reversed almost immediately and a new card issued within a few business days.

Cash isn't frozen. This latest time, I walked down to the local bank branch next to my office and took out cash an hour after I called the fraud line.

For added peace of mind one might have money in a separate account attached to a different debit card so there is no disruption. It really takes very minimal effort or planning.

 

[MCgrease08]

Rent a hotel room - debit card works for this.
Rent a car - debit card works for this, although it may require a small refundable deposit of a couple hundred bucks.
Buy online - debit card works for this.
Emergency - Emergency fund with three to six months worth of expenses saved.

 

[KLB]

Isn't it great that people have choices.

 

[wtburnette]

Both hotels and rental cars both put a temp charge on your debit card, which they don't do with credit cards.

 

[MCgrease08]

Both hotels and rental cars both put a temp charge on your debit card, which they don't do with credit cards.

And?

If you don't have debt, you have margin with your money. And you can use that margin to absorb the temporary hold.

Living without credit cards isn't hard, it just requires a different mindset. I'm not trying to convince everyone they have to do it, but I do want to show there are other options to using debt for the sake of pure convenience.

 

[Ingomike]

My real world experience has shown me that it is the same in a practical sense. I have had a handful of fraudulent charges show up over the years. Every one has been reversed almost immediately and a new card issued within a few business days.

Cash isn't frozen. This latest time, I walked down to the local bank branch next to my office and took out cash an hour after I called the fraud line.

For added peace of mind one might have money in a separate account attached to a different debit card so there is no disruption. It really takes very minimal effort or planning.

Good for you, not the experience a couple of friends have had.

I actually had a DC account for internet purchases, but the CC has replaced that.

 

[wtburnette]

And?

If you don't have debt, you have margin with your money. And you can use that margin to absorb the temporary hold.

Living without credit cards isn't hard, it just requires a different mindset. I'm not trying to convince everyone they have to do it, but I do want to show there are other options to using debt for the sake of pure convenience.

Different ways to look at things. I have savings and try to use my money wisely, but see no reason not to use a CC when it's easier. Yes, there are people who can't successfully use them, just as there are people who can't effectively go cash only. Everyone has to find what works best for them. I wish we had mandatory classes in high school on personal finances, but that doesn't fit into the Socialism indoctrination unfortunately.

 

[oze]

Different ways to look at things. I have savings and try to use my money wisely, but see no reason not to use a CC when it's easier. Yes, there are people who can't successfully use them, just as there are people who can't effectively go cash only. Everyone has to find what works best for them. I wish we had mandatory classes in high school on personal finances, but that doesn't fit into the Socialism indoctrination unfortunately.

When my son was a freshman at Ball State, there was a mandatory personal finance class. On his 3rd day in that class, he texted me a photo of the whiteboard, which seemed filled with notes. Accompanying the photo, he texted: "So far, I've learned 2 things in this class. Don't get married, don't have kids". I replied that I could have told him that for free.

 

[Ingomike]

Don't get married,

Actually that is on the list of things of those who do make it. BUT, only once, and stay married.

 

[oze]

Actually that is on the list of things of those who do make it. BUT, only once, and stay married.

He was weighing the cost/benefits, and decided that marriage wasn't worth it. I countered that marriage was ok, as long as you married rich.

Full disclosure, I have been married for 41 years. Neither of us was or is rich.

 

[rob63]

Many years ago I was told that a man makes 3 big mistakes in his life. He gets married, he buys a house, and he has kids. Unfortunately, the first mistake automatically leads to the other two.

The same guy told me that you spend the first half of your life accumulating junk and the last half of your life trying to get rid of it all.

He was a regular fountain of wisdom.

 

[Ingomike]

Many years ago I was told that a man makes 3 big mistakes in his life. He gets married, he buys a house, and he has kids. Unfortunately, the first mistake automatically leads to the other two.

The same guy told me that you spend the first half of your life accumulating junk and the last half of your life trying to get rid of it all.

He was a regular fountain of wisdom.

The person telling you that was an idiot…

 

[Mark-DuCo]

My real world experience has shown me that it is the same in a practical sense. I have had a handful of fraudulent charges show up over the years. Every one has been reversed almost immediately and a new card issued within a few business days.

Cash isn't frozen. This latest time, I walked down to the local bank branch next to my office and took out cash an hour after I called the fraud line.

For added peace of mind one might have money in a separate account attached to a different debit card so there is no disruption. It really takes very minimal effort or planning.

That is how my experience was. I have only had one fraudulent charge. I caught it the day it happened, called my bank. I went there an hour later and had a new card made in the bank. Not sure if my money was froze for that hour but I can deal with that.

They have also notified me when local gas pumps that I use regularly were hit by scammers and had me come in to get a new card just to be safe. I doubt credit card companies would do that.

 

[Ingomike]

They have also notified me when local gas pumps that I use regularly were hit by scammers and had me come in to get a new card just to be safe. I doubt credit card companies would do that.

I do not need them to, not my money.