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I'm a payment snob

nick1985

nick1985

Lifer
I look down on people paying with cash.

I look down on people paying with debit.

I want to beat people paying with checks.


I pretty much think anyone not paying with a CC is a fool.

:/
 
I pay with my debit card all the time because it has better rewards than my CC. I get hundreds of dollars in rewards every year. Speaking of which, I need to check and see if I have another gift card coming. 😀
 
IndyColtsFan said:
I pay with my debit card all the time because it has better rewards than my CC. I get hundreds of dollars in rewards every year. Speaking of which, I need to check and see if I have another gift card coming. 😀
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Does debit offer the same protections as CC? Honest question, as I thought that it did not.
 
many stores, especially non-chains, seem to have minimum purchase amounts.

I feel like a jackass pulling out a credit card to pay for a $2 cup of coffee or a $1.50 slice of pizza.
 
If I do 10 debits per month on one of my accounts that account gets 3.25% simple interest, up to a 25,000 balance. I do that.
 
nick1985 said:
Why?

I feel like I'm winning as I'm collecting free money from my purchases, no matter how small they are.
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While it may feel that way, the merchant passes the fees on to you in the form of higher prices. Since everyone else is doing it too, might as well get in on the action.
 
nick1985 said:
That's what I thought. Seems like the hassle to recover money from fraud is about 10x greater when using debit vs. credit.
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From speaking with people, Ive found that most are hit w/ debit card fraud when they actually run their card as a debit card w/ entering the pin #.

Older credit card systems would physically store your pin # and card # so it was extremely easy to take your account to the cleaners.

I don't know how you end up getting your $ back, I'm sure you do, but unlike a credit card where you just refuse to pay that bill, the debit account you are at the mercy of the bank to give you the funds back.
 
I really tried....

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nick1985 said:
I just googled, it seems you are correct, AMEX only.

The internet says you can order online from Costco with any CC, however.
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It's Sams Club that accepts Mastercard.

I use my Chase Freedom at my work's cafeteria. 10 bonus points per transaction and since I usually just get soup ($1.50) or fries ($0.95) it comes out to 5-11% back🙂
 
nick1985 said:
That's what I thought. Seems like the hassle to recover money from fraud is about 10x greater when using debit vs. credit.
Click to expand...

That is incorrect, if run as a credit transaction (that is, NOT using the PIN) it has the same protections that a visa credit card has. The only difference is potentially the time until funds are replaced, that varies by the issuing bank (my credit union says within 24 hours). And the process of getting money back is essentially the same.

EDIT: From Visa website: "Visa’s cardholder protection policy requires all financial institutions issuing Visa products to extend provisional credit for losses from unauthorized card use within 5 business days of notification of the loss."


I still don't understand why so many people think debit cards have so much less security. Its been at least a decade or two since VISA has given debit cards the some protections are credit cards.

Using a debit card with a PIN is equivalent to using a check, so there the fraud protection of running it as a credit does not happen then. However you are still never liable for when someone steals money from your bank account, its just more of a hassle to get that figured out. So the solution to that is don't let anyone know your PIN.


I do however look down on people that use checks for payment (unless of course the amount is really high, like >$2000, in which case lots of cards have transaction limits that wouldn't allow that). Because a debit card works just the same as a check, every bank will give them to you free (or if they don't its a crummy bank), and its so much faster and easier. Nothing like waiting in line behind a person who's taking forever to write out a check for $14.23
 
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I will never use my debit card. If unauthorized transactions occur, you lose YOUR money first, then it does come back. But still, it is YOUR money on the line, not the bank. I don't care how great the benefits are for using a debit card, I will never use a payment method that forces me to lose my money first on unauthorized transactions.

But if you got bad/no credit, and you need to buy something using a CC, it might be your best or only option.
 
One thing that I wish more stores did, was to offer a percent discount for using cash. I make a point of using cash at mom and pop type stores that I care about so they don't have to lose money to the processing fees.

The only big store I know of that offers any sort of discount for not using a credit card is IKEA, which gives like 1.5% back for using a debit card (not sure about cash).
 
blinblue said:
One thing that I wish more stores did, was to offer a percent discount for using cash. I make a point of using cash at mom and pop type stores that I care about so they don't have to lose money to the processing fees.

The only big store I know of that offers any sort of discount for not using a credit card is IKEA, which gives like 1.5% back for using a debit card (not sure about cash).
Click to expand...

It's 1%, and you have to keep the receipt until the next transaction. I used to run a second transaction on something cheap so I could use the cashback the same day but now I just use one of my rewards CC.
 
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