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Shogun
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Registered: ‎04-15-2011
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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 :smileyvery-happy:


Weekly rewards?


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ccnewcc
Posts: 560
Registered: ‎09-29-2012
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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.

 

 

 

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distantarray
Posts: 2,112
Registered: ‎09-25-2011
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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
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jsucool76
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Registered: ‎12-11-2011
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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." 

Wallet: Capital One Quicksilver 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 3000CL, Walmart Discover: 3500CL, UPromise Mastercard: 3500CL, Chase Slate: 1000CL, Discover IT: 2000CL, Citi Forward: 2600CL, Bank Of America Student Travel Rewards: 2700CL, Amex PRG, Citi DoubleCash: 1200CL
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ccnewcc
Posts: 560
Registered: ‎09-29-2012
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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.

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jsucool76
Posts: 2,905
Registered: ‎12-11-2011
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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) 

Wallet: Capital One Quicksilver 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 3000CL, Walmart Discover: 3500CL, UPromise Mastercard: 3500CL, Chase Slate: 1000CL, Discover IT: 2000CL, Citi Forward: 2600CL, Bank Of America Student Travel Rewards: 2700CL, Amex PRG, Citi DoubleCash: 1200CL
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distantarray
Posts: 2,112
Registered: ‎09-25-2011
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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
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jsucool76
Posts: 2,905
Registered: ‎12-11-2011
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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. 

Wallet: Capital One Quicksilver 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 3000CL, Walmart Discover: 3500CL, UPromise Mastercard: 3500CL, Chase Slate: 1000CL, Discover IT: 2000CL, Citi Forward: 2600CL, Bank Of America Student Travel Rewards: 2700CL, Amex PRG, Citi DoubleCash: 1200CL
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Duncanrr
Posts: 2,841
Registered: ‎06-08-2012
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Re: Why debit cards are subprime =)

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


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distantarray
Posts: 2,112
Registered: ‎09-25-2011
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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


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