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> Why take on debt if you don't need to? what debt? > UPI is directly connected to your bank account. oh, then it's a hard pass from me. i do not connect any

by kmlx 3y ago

> Why take on debt if you don't need to? what debt? > UPI is directly connected to your bank account. oh, then it's a hard pass from me. i do not connect anything to my bank account and keep cards in separate banks for security.

blackoil 3y ago
> what debt? You are taking debt whenever you use credit card. If you miss/forget payment, some tech fault or sometimes just because you can be charged hefty interest or charges. You can keep a separate account for your daily transactions.
- kmlx 3y ago
  sorry for the confusion. i use the term “credit card” generically for debit and credit cards. most people i know have debit cards.
vinay_ys 3y ago
That's because you are used to and expect card frauds. In UPI, the only way money leaves your bank is if you enter your PIN. Even standing instructions (called payment mandates) are required to notify you before they execute and you can stop/cancel it at anytime. (like Apple App Store subscriptions, but for everything!).
- pb7 3y ago
  What happens when you buy or order something online and it doesn’t come, is broken, they won’t take it back, or a myriad of other situations? That’s fraud.
programmer_dude 3y ago
Withdrawing money from a credit card is taking on debt. Credit and debt are related concepts. Ask yourself this will you have to eventually pay interest on the borrowed money or not? You can have other (non credit, say savings) bank accounts for security too. It's just as easy (or easier) as getting a credit card here (in India).
- kmlx 3y ago
  > Withdrawing money from a credit card is taking on debt. i understand where the confusion comes from. i use the term “credit card” generically for debit and credit cards. sorry for the confusion.
- pb7 3y ago
  > Ask yourself this will you have to eventually pay interest on the borrowed money or not? No, because after a month, there will be an automatic payment from my bank for the balance. In that time, the bank is giving me their money and they’re on the hook for any fraud.
  - programmer_dude 3y ago
    Why is the bank doing this for you? Out of the goodness of their hearts?

by kmlx 3y ago

blackoil 3y ago

> what debt? You are taking debt whenever you use credit card. If you miss/forget payment, some tech fault or sometimes just because you can be charged hefty interest or charges. You can keep a separate account for your daily transactions.

kmlx 3y ago
sorry for the confusion. i use the term “credit card” generically for debit and credit cards. most people i know have debit cards.

vinay_ys 3y ago

That's because you are used to and expect card frauds. In UPI, the only way money leaves your bank is if you enter your PIN. Even standing instructions (called payment mandates) are required to notify you before they execute and you can stop/cancel it at anytime. (like Apple App Store subscriptions, but for everything!).

pb7 3y ago
What happens when you buy or order something online and it doesn’t come, is broken, they won’t take it back, or a myriad of other situations? That’s fraud.

programmer_dude 3y ago

Withdrawing money from a credit card is taking on debt. Credit and debt are related concepts. Ask yourself this will you have to eventually pay interest on the borrowed money or not? You can have other (non credit, say savings) bank accounts for security too. It's just as easy (or easier) as getting a credit card here (in India).

kmlx 3y ago
> Withdrawing money from a credit card is taking on debt. i understand where the confusion comes from. i use the term “credit card” generically for debit and credit cards. sorry for the confusion.
pb7 3y ago
> Ask yourself this will you have to eventually pay interest on the borrowed money or not? No, because after a month, there will be an automatic payment from my bank for the balance. In that time, the bank is giving me their money and they’re on the hook for any fraud.
- programmer_dude 3y ago
  Why is the bank doing this for you? Out of the goodness of their hearts?