Credit card debt is at a record $1T plus...

[Pens1566]

Yes, cause anyone doing anything differently than you guys surely must be doing it all wrong.

In this case, yes. Absolutely.


The only reason to use debit over credit is if you cannot get even the most basic/entry CC.

 

[Lost_in_the_HTTP]

Now Mai's grey lined?

What's uhh, the deal?

 

[cytg111]

In this case, yes. Absolutely.


The only reason to use debit over credit is if you cannot get even the most basic/entry CC.

Every single CC option available here is way worse than any debit.

 

[Pens1566]

Every single CC option available here is way worse than any debit.

Where is "here"?

 

[sdifox]

I don't know the stat, but you overestimate Americans. 😛


But Americans polled have a dismal view of the national economy and keep saying it sucks or that it's only getting worse. 🤦‍♂️ This is especially true with conservative voters who admit their own financial status, while not necessarily booming, is stable and not under extreme stress. Most likely they'd claim the 4.9% annualized growth rate is fake. See the post immediately above mine.

JD Powers says 49% pay it off fully monthly so most Americans don't 😱

https://finance.yahoo.com/news/a-troubling-share-of-americans-arent-paying-their-credit-cards-in-full-survey-200409041.html

 

[cytg111]

Where is "here"?

Scandinavia…thereabouts. I could get a mastercard but that would only net me 0% for 45 days(mad is like equal to 5k$ I think..), zero kickbacks. If I am not really needing the actual credit I dont see the point (and if I did need it, I would be doing something wrong…)

 

[Lost_in_the_HTTP]

I can't really say they pay me, but I get too much back from CCs to avoid using them.

I try to open a new card every year or so when I have a larger purchase. $200-300 rebate and 12-18 months 0% interest is hard to ignore.

 

[fskimospy]

Scandinavia…thereabouts. I could get a mastercard but that would only net me 0% for 45 days(mad is like equal to 5k$ I think..), zero kickbacks. If I am not really needing the actual credit I dont see the point (and if I did need it, I would be doing something wrong…)

Still better to use credit cards for everything for one very specific reason that others mentioned - fraud.

It is much easier to say ‘I’m not paying that’ than to say ‘please give me my money back’.

 

[Pens1566]

Still better to use credit cards for everything for one very specific reason that others mentioned - fraud.

It is much easier to say ‘I’m not paying that’ than to say ‘please give me my money back’.

Yep. Even without bonuses/points/cash back, the security is better with CC.

 

[Lost_in_the_HTTP]

While that USED to be true, I'm not sure it still is. Debit Cards are getting better protection these days.

 

[Brainonska511]

While that USED to be true, I'm not sure it still is. Debit Cards are getting better protection these days.

Legally, debit card protections still lag. The biggest credit card protections are codified in consumer protection laws. Those same laws are much looser for debit cards.

 

[vi edit]

The only reason my debit card is even activated is for ATM withdrawals.

I've had my credit card number compromised like 5 times in the last 3 years. I just get a new one sent out and don't worry about anything. As mentioned, the fraud protection doesn't hold me liable for charges I don't make.

If my debit card is compromised I'm on the hook for every charge that gets put on it. Get fucked me.

 

[cytg111]

I can't really say they pay me, but I get too much back from CCs to avoid using them.

I try to open a new card every year or so when I have a larger purchase. $200-300 rebate and 12-18 months 0% interest is hard to ignore.

Still better to use credit cards for everything for one very specific reason that others mentioned - fraud.

It is much easier to say ‘I’m not paying that’ than to say ‘please give me my money back’.

I got that protection on my debit though.

 

[cytg111]

The only reason my debit card is even activated is for ATM withdrawals.

I've had my credit card number compromised like 5 times in the last 3 years. I just get a new one sent out and don't worry about anything. As mentioned, the fraud protection doesn't hold me liable for charges I don't make.

If my debit card is compromised I'm on the hook for every charge that gets put on it. Get fucked me.

Debit card been compromised a few times too, bank refunded that shit stat.

 

[fskimospy]

I got that protection on my debit though.

So if someone uses your debit card fraudulently for $1k, you dispute it, and your bank disagrees with your dispute. Does the bank still give you back your $1k?

 

[cytg111]

So if someone uses your debit card fraudulently for $1k, you dispute it, and your bank disagrees with your dispute. Does the bank still give you back your $1k?

That sounds absurd no? If the bank think's it's on solid legal legs, its not gonna give it back? Let me put it this way: Never heard of it. Is it a possibility? Sure. I guess there's too much traceability available to really make it a possibility. In theory yes, practically? Dont think so.

 

[Lost_in_the_HTTP]

So if someone uses your debit card fraudulently for $1k, you dispute it, and your bank disagrees with your dispute. Does the bank still give you back your $1k?

They can and do disagree with CC disputes and do not refund you.

 

[Brainonska511]

That sounds absurd no? If the bank think's it's on solid legal legs, its not gonna give it back? Let me put it this way: Never heard of it. Is it a possibility? Sure. I guess there's too much traceability available to really make it a possibility. In theory yes, practically? Dont think so.

In the US, most protection policies for debit cards are set by banks. They'll generally be fine, but legally, the protection is much more threadbare. Regardless, during a dispute, your funds could be put on hold while the fraud is investigated.

Meanwhile, legally, credit card protections are stronger, and you're not potentially locked away from your money during an investigation.

 

[dank69]

Yes, cause anyone doing anything differently than you guys surely must be doing it all wrong.

If you consider "not optimized" to be wrong then yes, doing it wrong. You don't have any cashback cards in Scandinavia?

 

[fskimospy]

They can and do disagree with CC disputes and do not refund you.

Right, but you're still out $0 at that moment. If you want to fight the bank more you can take them to arbitration, court, whatever, and until adjudicated you're not actually out a dime of money you have. With a debit card that money is gone until you win.

 

[cytg111]

If you consider "not optimized" to be wrong then yes, doing it wrong. You don't have any cashback cards in Scandinavia?

Well, yes and no, I can get something like 1½ year zero %, 1.5% cash back but the swipe fee is 2% higher. I mean, if I can win at this game, its marginally to the point of why bother.
Also... Why tf should it be this convoluted?

 

[dank69]

Well, yes and no, I can get something like 1½ year zero %, 1.5% cash back but the swipe fee is 2% higher. I mean, if I can win at this game, its marginally to the point of why bother.
Also... Why tf should it be this convoluted?

swipe fee? retailers pass the swipe fee on to consumers over there? You need to remember the interest rate on the card means nothing if you pay it off completely every month.

 

[Lost_in_the_HTTP]

swipe fee? retailers pass the swipe fee on to consumers over there?

They do it in the US too. Usually 3%, sometimes 4 or more. Some do it, not all. Part of what's being discussed above.


What's weird is that the fee is added into the charge total. Then the rebate/bonus/points are calculated on the total. So you're be getting a rebate on the swipe fee charge. In some cases you may get 5% back on that 3% charge. Granted it's probably less than a penny in many cases, but still ....

 

[Drach]

Debit card been compromised a few times too, bank refunded that shit stat.

In the US I have had to wait 30 days to get refunded for illegitimate charges on my debit card. Credit cards are no problem. "I didn't make the purchase I'm not paying the charge". It makes you not not to want to use your debit card for anything. I'm glad to see the EU has better regulations than us.

 

[Lost_in_the_HTTP]

^^^ Like I said, mine was refunded in about 4 business days over a holiday weekend. Maybe it was the small amount. Maybe it was a known problem.