It's hilarious how sheeple will pay $5 a day ($150 per month minimum) for a 25-cent cup of starbuck$, or $10/month for sheeple-apps for their silly iphones, yet b!tch until next week about stuff like this.
great observation about bank charges
http://www.infowars....ers-for-deposits/
It's hilarious how sheeple will pay $5 a day ($150 per month minimum) for a 25-cent cup of starbuck$, or $10/month for sheeple-apps for their silly iphones, yet b!tch until next week about stuff like this. Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 58 years. meep
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It's about prividing fair value
I don't drink coffee, but people who do are getting something they want for that $5. Bank fees are more like CD prices. We were told CDs were going to cost more than cassettes because they had to amortize the cost of the new equipment, but then prices would come down to match the lower per-unit manufacturing cost. Prices, of course, never came down.
Banks pushed everyone to online banking and debit cards because it was cheaper for the banks to do business this way. Now that everyone has moved, they're trying to start adding per-use fees to as many things as they can. --
Drew |
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It has never.. Made Sense to me!
WHY... O Why!.. a one would voluntarily prefer to have $-immediately-Deducted!-from one's pitiful stash of 'money' OVER:
just keeping-on letting the Fat-Cat card hustlers hold that 'debt' until your due-date. UNLESS: a one is Soo-Weak-willed as to want Daddy to 'keep you in-line' by forcing you to Pay-as-you-Play. I thought that debit-cards were invented solely for (??) those whose credit valuez were so low that: A) You couldn't Get a CC at all, except by B) Depositing $n with the plastic-maker in advance: so as to partake of Instant-shopping like all the rest. Maybe I'm missing something; please do edjumacate this outlier. |
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Debit card != prepaid cc
Just making sure we're talking about the same thing. So are you saying given the choice between a credit card and a debit card you'd prefer the cc? That only (maybe) makes sense if you assume you'll pay it off every month.
Or did you mean something else? --
Drew |
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The big problem with debit is . . .
. . that a thief can instantly drain your bank account - and you have no immediate recourse. You're going to have no money for some time, your checks will bounce, etc.
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also
When traveling, renting cars, renting hotel rooms, etc, the vendor may put a hold on much more than is available in the account, but will be OK with a regular cc card. So they are useful but dangerous.
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Synchronicity
The last couple of days my bank card has been working as a debit but not as a credit. I just called today to find out why.
On the 10th I apparently bought $58.29 worth of something at a Winn-Dixe Liquor in Florida. No, I haven't been to Florida this month. The bank put a hold on the card for credit transactions, but it was still good for debit because I needed the PIN. They just deactivated the card and are sending me a new one. Damn, now everything I have set up with recurring payments has to be updated. What a royal pain in the ass. --
Drew |
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Yes, I forget that few do (pay-off monthly)
I get that not all debit cards are (pay ahead.) I thought that that was originally/maybe still an option, for reasons mentioned.
I've been fortunately a sufficient non-consumer that I do that (with a few early-on exceptions: when you had to Use the 'credit' to prove you Would pay-off.) But as to 'teaching oneself 'thrift'--even with a running balance you can resolve that This-purchase I'll pay-off additional to whatever I pay on balance. (And I realize that the intentionally corporate-favorable 'interest' calcs aka fees--probably make this a Pyrrhic maybe worthless victory.) Do banks still do 'Chattel mortgages' ie "loans for non-real-estate Things"? I haven't looked at that in years. Seems to me that, if you intend to run a balance for more than a couple months (there's already a big debt with CC-holder) --couldn't most people negotiate lower rates than VISA et al? If it's practicable it wouldn't take a huge amount of planning ahead. |
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Credit card=Debit card you don't pay immediately, so why not "Debit card=(OK,~)prepaid credit card"?
Quoth the Drook (a while ago): So are you saying given the choice between a credit card and a debit card you'd prefer the cc? That only (maybe) makes sense if you assume you'll pay it off every month.To use a debit card you have to have the funds in your account. If you have the funds in your account, you can just as well use them to pay off the credit card in full. The only difference is, you get a month (or a month and a half) of free credit... So, what's not to like? Yes, a debit card actually isn't exactly a "prepaid credit card"; it's a credit-less -- and therefore by necessity "an always-backed credit card": You don't have to pre-pay all the month's purchases, just make sure you have the funds in your account as and when the purchases occur. But the difference is so infinitesimal it's just quibbling. (Which actually means I should be using my CC, not my DC, all the time. YTF aren't I? Dang my parents and the stupid Puritan way they brought me up!) -- Christian R. Conrad Same old username (as above), but now on iki.fi (Yeah, yeah, it redirects to the same old GMail... But just in case I ever want to change.) |
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in amerika banks are happy to let you buy a $5 item with no funds on your debit card
and charge you $35 for the privilege Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 59 years. meep |
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Another wrinkle are pre-paid debit cards. They're trying to weaken Dodd-Frank too.
One can dispute credit card charges and not be responsible for more than $50 (IIRC). Debit cards have no such protections (in addition to leaving you vulnerable to having your bank account drained, as mentioned above). CFPB.gov: What is the difference between a debit card and a prepaid debit card? Credit cards are great for people who pay them off every month (assuming one doesn't pay an annual fee). For people who are struggling, there's the choice of paying 20+% annual interest rates or using a debit card with fees and fewer protections. Until the CFPB came into being, banks would often clear checks not by date but by ways that were guaranteed to generate more $35 returned check or "overdraft protection" fees. E.g. If you were $1 off in your subtraction of your balance, they'd bounce your $2 coffee debit card payment, charge you $35, then bounce your $40 phone bill, charge you $35, then bounce your $100 cable bill, then ..., then bounce your $1000 rent check, charge you $35, etc., etc. US banks make it extremely hard for poor people to keep their money. It's a racket. And the latest federal budget "agreement" proposes to remove some of the Dodd-Frank restrictions on the big banks. Grrr... Cheers, Scott. |
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debit cards are/where a convenient replacement for checks
not a substitute credit card. For a small fee a merchant doesnt need to wait for a check to clear or hope that the check writer was indeed the owner of the checking account.
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 58 years. meep
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Thanks.. that one makes sense. But if there's still a fee
wouldn't the CC do as well (from card-holder POV?)
Maybe a debit-card vigorish is cheaper to merchant; wonder how it's going re pricing out-front an %extra for any CC purchase. See, this still suggests that such a one may not have/may not be able to get/may not want to pay a larger fee for a regular bank account. |
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Still assuming you'll pay off the CC every month
Debit cards typically have no fee when you use them. CC will have interest charges. So in theory the debit is cheaper to the user.
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Drew |
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Yes, see above.
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up to about $15 dollars the vig is cheaper for a credirt car
above that the vendor prefers using a debit. Each handling company has slightly different rates.
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 58 years. meep
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I can get a Starbucks coffee for quite a lot less than that.
I pay $2.50 a cup: drip filter and I bring my own cup. Actually it's slightly less because I get a freebie whenever I recharge the swipe card I use. :-)
And I can get it even cheaper - something like $1 a cup - by buying their VIA coffee sachets and make the coffee at home. :-) Wade. Just Add Story http://justaddstory.wordpress.com/
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