All roads lead back to the only people who can stop the problem they created.This report was assisted by:Nick Devor at Barron's - https://www.barrons.com/art...
Here’s the thing, I hate the debt obsession in the US, however it’s also really not that difficult to not get into way more debt then you can manage (barring medical expenses) and having a high credit score (even though it is stupid) absolutely does help in a ton of ways here.
I would encourage Americans to play the game smart, use credit as if it were debit, do not intentionally go into debt unless absolutely necessary, and if you’re in that position you should start seeking help, because getting crushed in debt is fucking awful.
I learned a lot of what NOT to do from my parents and paying attention during the 2008 crisis.
Don’t most debit cards (the ones that have the “Visa” logo) get processed as credit cards online anyway? Unless you’re entering your pin number (which, I would highly advise against ever doing on the internet), then it is processed as a Visa purchase.
They might get processed via the visa network, but the money is still leaving your bank account. Visa never really had it.
So now you gotta deal with visa and your bank to get something back that was stolen, and no, you aren’t ending up with the same protections. They aren’t as motivated as none of them are out the money.
If it was a credit transaction, the credit card company is out the money, and if you say it’s fraud and refuse to pay them, well now they are on the hook. They’re now motivated to determine if it was fraud or not as their money is on the line. Also, they now lose out on a potential customer that gives them high interest on debt if they dont undo it (because most people don’t pay off their credit cards). There’s no debt when it’s a debit card and transaction fees are smaller so they earn less from you.
Edit: and even IF you get the money back, it’s going to take a lot longer, and that money is gone in the meantime. Needed it for rent? Sorry the fraud investigation takes 2 months. With credit, your rent money isn’t gone.
Plus there’s extra protections for credit cards, at least in the UK. Spend a certain amount and if the company goes bust you get your money back. Saved my ass with two different airlines that got into financial trouble once they’d taken my money.
I think fraud is required to be refunded by banks as well as credit issuers, but I’m sure most people would rather have money to spend on food and bills while they investigate, and you’re not going to get that if your account has been drained.
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With a debit card that’s your money at risk. With a credit card it’s the credit card company’s money.
Credit card companies are required by law to reverse fraudulent charges, but banks aren’t.
What law? My bank will (and has) reversed charges.
Lots of American defaultism in this thread. I only want to state that outside of the US things can be different with regards to banking.
For example, taking up debt is discouraged, while in the US it is encouraged to get a good “credit score”.
Here’s the thing, I hate the debt obsession in the US, however it’s also really not that difficult to not get into way more debt then you can manage (barring medical expenses) and having a high credit score (even though it is stupid) absolutely does help in a ton of ways here.
I would encourage Americans to play the game smart, use credit as if it were debit, do not intentionally go into debt unless absolutely necessary, and if you’re in that position you should start seeking help, because getting crushed in debt is fucking awful.
I learned a lot of what NOT to do from my parents and paying attention during the 2008 crisis.
Don’t most debit cards (the ones that have the “Visa” logo) get processed as credit cards online anyway? Unless you’re entering your pin number (which, I would highly advise against ever doing on the internet), then it is processed as a Visa purchase.
Or is that only at the point of sale?
They might get processed via the visa network, but the money is still leaving your bank account. Visa never really had it.
So now you gotta deal with visa and your bank to get something back that was stolen, and no, you aren’t ending up with the same protections. They aren’t as motivated as none of them are out the money.
If it was a credit transaction, the credit card company is out the money, and if you say it’s fraud and refuse to pay them, well now they are on the hook. They’re now motivated to determine if it was fraud or not as their money is on the line. Also, they now lose out on a potential customer that gives them high interest on debt if they dont undo it (because most people don’t pay off their credit cards). There’s no debt when it’s a debit card and transaction fees are smaller so they earn less from you.
Edit: and even IF you get the money back, it’s going to take a lot longer, and that money is gone in the meantime. Needed it for rent? Sorry the fraud investigation takes 2 months. With credit, your rent money isn’t gone.
Plus there’s extra protections for credit cards, at least in the UK. Spend a certain amount and if the company goes bust you get your money back. Saved my ass with two different airlines that got into financial trouble once they’d taken my money.
I think fraud is required to be refunded by banks as well as credit issuers, but I’m sure most people would rather have money to spend on food and bills while they investigate, and you’re not going to get that if your account has been drained.