topic Re: Why debit cards are subprime =) in Credit Cards

Why debit cards are subprime =)

distantarray — Sat, 03 Nov 2012 23:58:10 GMT

Help me think of more?

1. EXTENDED WARRANTY free1 year extra warranty for anything you buy.

2. PRICE PROTECTION you buy something for $2,000 find it for $1,500 within 90 days, they will pay you back for the difference.

3. SATISFACTION GUARANTEE if your not happy with your item, and merchant will not take it back, the credit card company will well past the 30 day return period.

4. PURCHASE ASSURANCE. if the item is damaged or stolen within 90 days of the date of purchase.

5. REWARD POINTS. Get upto 6%+ Cash back on things like gas, groceries, travel etc.

6. CONCIERGE SERVICE. They have more connections than you do, if you can't get a reservation at a restaurants, good companies like Amex or Chase can and will do it for you.

7. NO WAITING INLINE. Amex provides you with ticket purchases BEFORE they go public.

8. TRAVEL INSURANCE free

9. TICKET REIMBURSEMENT. If you have to cancel your trip you can get it refunded. There are MUCH more but that's just a few good reasons to use a credit card, of course they have to be used with responsibilities and those are the better card rewards and benefits, but if you have a decent credit card, using debit is subprime.

Re: Why debit cards are subprime =)

Duncanrr — Sun, 04 Nov 2012 00:10:38 GMT

Hard pulls everytime you rent a car!

Re: Why debit cards are subprime =)

visorboy1974 — Sun, 04 Nov 2012 00:13:19 GMT

@Duncanrr wrote:
Hard pulls everytime you rent a car!

Adding to this facet, when you rent a car or hotel with one, the hold on the account is against real money and not a credit line.

Re: Why debit cards are subprime =)

distantarray — Sun, 04 Nov 2012 00:13:35 GMT

@Duncanrr wrote:
Hard pulls everytime you rent a car!

Yep that too =)

only positive side of debit is ATM access so you can buy your street drugs and pay hookers =x

Re: Why debit cards are subprime =)

Duncanrr — Sun, 04 Nov 2012 00:26:34 GMT

I pay my hookers with reward gift cards.

Re: Why debit cards are subprime =)

jsucool76 — Sun, 04 Nov 2012 00:32:16 GMT

@Duncanrr wrote:
I pay my hookers with reward gift cards.

They don't have the Square card readers? You're using the wrong people

Re: Why debit cards are subprime =)

Shogun — Sun, 04 Nov 2012 00:40:48 GMT

Seriously?

Re: Why debit cards are subprime =)

distantarray — Sun, 04 Nov 2012 00:42:41 GMT

@jsucool76 wrote:
@Duncanrr wrote:
I pay my hookers with reward gift cards.
They don't have the Square card readers? You're using the wrong people

lmao

Re: Why debit cards are subprime =)

Anonymous — Sun, 04 Nov 2012 00:42:49 GMT

Bahahaha!

Re: Why debit cards are subprime =)

distantarray — Sun, 04 Nov 2012 00:50:11 GMT

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

Re: Why debit cards are subprime =)

Shogun — Sun, 04 Nov 2012 00:54:24 GMT

@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

Weekly rewards?

Re: Why debit cards are subprime =)

Anonymous — Sun, 04 Nov 2012 01:07:56 GMT

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.

Re: Why debit cards are subprime =)

distantarray — Sun, 04 Nov 2012 01:42:44 GMT

@Anonymous 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 =)

Re: Why debit cards are subprime =)

jsucool76 — Sun, 04 Nov 2012 01:45:17 GMT

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."

Re: Why debit cards are subprime =)

Anonymous — Sun, 04 Nov 2012 01:53:00 GMT

@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.

Re: Why debit cards are subprime =)

jsucool76 — Sun, 04 Nov 2012 01:58:33 GMT

@Anonymous 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)

Re: Why debit cards are subprime =)

distantarray — Sun, 04 Nov 2012 02:04:39 GMT

@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

Re: Why debit cards are subprime =)

jsucool76 — Sun, 04 Nov 2012 02:02:14 GMT

@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.

Re: Why debit cards are subprime =)

Duncanrr — Sun, 04 Nov 2012 02:05:11 GMT

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

Re: Why debit cards are subprime =)

distantarray — Sun, 04 Nov 2012 02:08:46 GMT

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