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And it's still only credit cards. Like how many iterations can you possibly have on CC processing. Add debit and then it becomes a lot more useful, but no.
by revelation 9y ago
And it's still only credit cards. Like how many iterations can you possibly have on CC processing. Add debit and then it becomes a lot more useful, but no.
- desas 9y agoOdd, are you in the U.S.A? It's not debit card only in the UK.
- criddell 9y agoWhy would you choose debit over credit? I have a debit and credit card and only use the debit card when I absolutely have to.
- stephenr 9y agoWhen you have actual money and dont want to pay interest?
- criddell 9y agoIf you have money, why aren't you paying your credit card bill on time?
- Doctor_Fegg 9y agoIf I have money, why do I need a credit card? I’m guessing you’re American: much of Europe doesn’t bother with credit cards, myself included.
- criddell 9y agoWhy? That's easy - credit cards (at least in America) come with a lot of benefits and consumer protections.
- aquadrop 9y agoI always wondered why (at least in America) credit cards have more consumer protections? It's essentially the same way to use money, if someone steals from your credit card you're protected, but if it's debit card, it's not? Why?
- revelation 9y agoCredit card fees in America are >2%, debit (and CC) is limited to <0.3% in Europe. So it makes sense for credit card companies in America to take the occasional loss and give out all those gimmicks as long as it keeps people paying mini-VAT on every purchase. That's before you get into the whole "you gotta build credit" perversion that has Americans go into debt en masse and pay horrid fees on that.
- vinay427 9y agoIf you are in a relatively healthy financial situation, you can also profit off of the system with many of the rewards card benefits in the last several years. One example of this is: https://reddit.com/r/churning https://reddit.com/r/churning
- Woofles 9y agoActually some banks (if not all, I only really know about my own case with BofA) have protections with debit as well. I left my debit card in an ATM in Peru and someone took it and tried to buy jewelry. They succeeded in two purchases before being declined in the third (I assume for invalid PIN). They alerted me that there were some weird transactions and I was able to recover all $1200 that they spent on my card.
- cmurf 9y agoMost of the rest of the world uses debit, and as a result enjoy very low transaction fees. Credit cards have much higher, and highly variable, transaction fees that cost merchants and thus all consumers, money.
- criddell 9y agoIf merchants gave me a discount for debit, I might use it more.
- revelation 9y agoAmerican credit card companies have lobbied successfully and now have blatantly anti-competitive most favored nation clauses that make it impossible for merchants to charge you anything other than the credit card price.
- criddell 9y agoI think most of those rules have been thrown out in recent years. Visa and Mastercard don't do but I'm not sure about other groups. There are gas stations near me that post a credit and a cash price.
- darkstar999 9y agoNot true, I have used a debit card with Android Pay.