Credit Cards Center Credit cards from our partners
Reply
Moderator
Posts: 14,051
Registered: ‎04-15-2011
0

Re: Why debit cards are subprime =)


distantarray wrote:

makes me want to get a Venture card for 2% cash back so I can get every buy 50 hookers get 1 free Smiley Very Happy


Weekly rewards?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
Posts: 560
Registered: ‎09-29-2012
0

Re: Why debit cards are subprime =)

Actually i don't think its a fair comparison b/w debit and cc.  

 

There are many debit cards that offer cash back and other protections.

 

 

 

Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Why debit cards are subprime =)

[ Edited ]

 


ccnewcc wrote:

Actually i don't think its a fair comparison b/w debit and cc.  

 

There are many debit cards that offer cash back and other protections.

 

 

 


those are very few in between and much more limited, regardless they don't build credit which is a gateway to alot more rewards =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Super Contributor
Posts: 7,489
Registered: ‎12-11-2011
0

Re: Why debit cards are subprime =)

Debit cards are really just part of the "Cash is King" view on life....

 

Very big +1 to the holds for things like hotel rooms too. I pre-ordered a cell phone from AT&T, and they don't charge until it ships, so I got an authorization on my cap1 for 317.99, and if that was on my bank account, I would be pissed because it is just like "Oh, you have another $318 there, you just can't use it." 



Established Contributor
Posts: 560
Registered: ‎09-29-2012
0

Re: Why debit cards are subprime =)


jsucool76 wrote:

Debit cards are really just part of the "Cash is King" view on life....

 

Very big +1 to the holds for things like hotel rooms too. I pre-ordered a cell phone from AT&T, and they don't charge until it ships, so I got an authorization on my cap1 for 317.99, and if that was on my bank account, I would be pissed because it is just like "Oh, you have another $318 there, you just can't use it." 


*wonders who you bank with*

 

all my banks process payments in real time.  And the only delay is the actuall release of the actuall funds, which is depenant on the merchants acquirer.  But real time posts and real time dedutions from my actual balance.

 

Plus, when i buy gas there is no $100+ "hold"  all gas pumps are immedately processed as the actuall dollar amt I pumped.

Super Contributor
Posts: 7,489
Registered: ‎12-11-2011
0

Re: Why debit cards are subprime =)


ccnewcc wrote:

jsucool76 wrote:

Debit cards are really just part of the "Cash is King" view on life....

 

Very big +1 to the holds for things like hotel rooms too. I pre-ordered a cell phone from AT&T, and they don't charge until it ships, so I got an authorization on my cap1 for 317.99, and if that was on my bank account, I would be pissed because it is just like "Oh, you have another $318 there, you just can't use it." 


*wonders who you bank with*

 

all my banks process payments in real time.  And the only delay is the actuall release of the actuall funds, which is depenant on the merchants acquirer.  But real time posts and real time dedutions from my actual balance.

 

Plus, when i buy gas there is no $100+ "hold"  all gas pumps are immedately processed as the actuall dollar amt I pumped.


I bank with Chase Ally and Wells Fargo mainly. When an authorization is placed on your account for a specific amount though (I pre-ordered something which cost $317.99, so they authorized me for $317.99 to make sure I actually had it, since I won't be charged for another 3 days) it takes away from your "Available Balance" (In a checking account) or your "Available Credit" (in a CC account) 



Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Why debit cards are subprime =)

[ Edited ]

jsucool76 wrote:

Debit cards are really just part of the "Cash is King" view on life....

 

Very big +1 to the holds for things like hotel rooms too. I pre-ordered a cell phone from AT&T, and they don't charge until it ships, so I got an authorization on my cap1 for 317.99, and if that was on my bank account, I would be pissed because it is just like "Oh, you have another $318 there, you just can't use it." 


My guess is your with Bank of America.

 

They like to do a disappearing magic trick with my accounts in the past, that's why I fired them last week.

 

I would see the transaction posted immediately within minute or so, then it would COMPLETELY disappear, check my account on my cell Oh I got plenty of money, then come back few days later REORGANIZED. From highest transactions top to lowest on bottom

 

so if you only had $40 in your account and you purchased these in order

 

1. Movies ($7)

2. dinner ($20)

3. Gas ($50)

 

you would have 1 over draft charge.

 

Bank of America would reorganize it to

 

1. Gas $50

2. Dinner $20

3. Movies $7

 

so now you have  THREE overdraft charges.  

 

This lead to a $410,000,000 class action lawsuit. but that's still less than 10% of the money they stole from clients.

 

http://www.huffingtonpost.com/2011/11/07/bank-of-america-overdraft_n_1079924.html


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Super Contributor
Posts: 7,489
Registered: ‎12-11-2011
0

Re: Why debit cards are subprime =)


distantarray wrote:

jsucool76 wrote:

Debit cards are really just part of the "Cash is King" view on life....

 

Very big +1 to the holds for things like hotel rooms too. I pre-ordered a cell phone from AT&T, and they don't charge until it ships, so I got an authorization on my cap1 for 317.99, and if that was on my bank account, I would be pissed because it is just like "Oh, you have another $318 there, you just can't use it." 


My guess is your with Bank of America.

 

They like to do a disappearing magic trick with my accounts in the past, that's why I fired them last week.

 

I would see the transaction posted immediately within minute or so, then it would COMPLETELY disappear, check my account on my cell Oh I got plenty of money, then come back few days later REORGANIZED. From highest transactions top to lowest on bottom

 

so if you only had $40 in your account and you purchased these in order

 

1. Movies ($7)

2. dinner ($20)

3. Gas ($50)

 

you would have 1 over draft charge.

 

Bank of America would reorganize it to

 

1. Gas $50

2. Dinner $20

3. Movies $7

 

so now you have  THREE overdraft charges.  

 

This lead to a $410,000,000 class action lawsuit.

 

http://www.huffingtonpost.com/2011/11/07/bank-of-america-overdraft_n_1079924.html


Chase got in trouble for the overdraft thing too, but I've never had an overdraft on any of my accounts, and if I WAS going to overdraft, it would be with Ally. They charge a once daily $9 overdraft fee. 



Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Why debit cards are subprime =)

Whitney bank also did the same thing and got in trouble for it.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Why debit cards are subprime =)

But with Chase you can have them decline the overdraft like a credit card, and overdrafts under $5 the fees are waived, BOA will charge you a fee if your over by 0.01 cents


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.