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I've basically stopped using my credit cards. I am cash only nowadays except for the occasional online purchase, and I am starting to use prepaid debit cards p
by Amadou 13y ago
I've basically stopped using my credit cards. I am cash only nowadays except for the occasional online purchase, and I am starting to use prepaid debit cards purchased with cash for those too. The straw that broke the camel's back was their move to start using my purchase history against me - i.e. manipulative marketing:
http://online.wsj.com/article/SB10001424052970204002304576627030651339352.htm http://online.wsj.com/article/SB1000142405297020400230457662...
I think it is a terrible state of affairs when the only people who can have privacy are those either rich enough to opt out of the mainstream (no mortgage, no car loan, no college loans for the kids, etc) or those willing to live in a state approaching poverty. I'm fortunate enough to be in the former group, but I have a lot more compassion for those in the second group.
- dredmorbius 13y agoFYI, that WSJ link doesn't work. Oh, it's missing the final 'l': http://online.wsj.com/article/SB10001424052970204002304576627030651339352.html http://online.wsj.com/article/SB1000142405297020400230457662...
- Amadou 13y agoThanks, too late for me to fix it.
- belorn 13y agoI also stopped using credit cards, but for also an second reason. Banks has started to view themselves as service providers with the right to dictate if, how and why I can take out cash. First they limited the number of cash I can withdraw to 2k/week, and secondly, the require an "explanation" every time I transfer money from the account. If the "explanation" I tell the teller is not satisfactory, then they will deny the transaction.* That the purchase history is not mine is truly a large issue. The banks should not have any right to "listen in" on my transaction and use what ever information they fish out to their business advantage. They should be behaving as the bank of old, which was more of a care holder of assets than anything else. *All based on banks in Sweden, and to a degree, Swedish banking laws
- justincormack 13y agoCan't you transfer electronically without an explanation? I use a Swedish bank in the UK and electronic transfers are fine...
- belorn 13y agoCorrect. Not sure why on-line banking behaves different in this aspect than when doing it at the bank.