Earlier quoted context omitted.
I guess that’s the point, to avoid thinking time. It’s from the interviewer point of view
The best candidates might come to an immediate decision if pressured that way.
Companies usually don't need best for job.
Visa card network crashes, causing increased decline rates across UK and Europe
161–170 of 190 posts
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#162Earlier quoted context omitted.
That works fine until people sleepwalk into cashless society and then someone from the government will think you are undesirable and delete your assets.
Do you suggest we keep savings in cash and physical bonds, stock certificates and gold ingots under the mattress? I pay cash often but even so I very rarely have more than $1000 in cash at any given time.
Not necessarily under the mattress but it is smart to diversify your liquid assets location
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#163One thing to note: Visa Europe and Visa are distinct systems[0] and were distinct entities until Visa Europe was re-acquired[1] by Visa in 2015. [0] Source: I used to work in payments [1] https://www.visaeurope.com/newsroom/news/vi-to-acquire-ve
>until Visa Europe was re-acquired[0] by Visa in 2015. Sadly. Visa Europe had some quite good policies such as banning ATM surcharges. It also made the payment sector seem a bit more european, now it's back to the US-duopoly. On topic: Visa Europe cards are denied when used in other countries outside of Visa Europe.
A few years ago my European Visa debit card wouldn't work in the US unless they ran it as credit.
It always worked fine at US ATMs, other than the first time I informed the bank I was going overseas, which apparently they interpreted as 'please disable my card'
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#164Earlier quoted context omitted.
How does this matter (apart from semantics) if one pays the balance therefore doesn't accrue any interest. They are still 'getting paid', right?
It's more than semantics. I once cancelled my Chase credit card and paid (or thought I paid off ) the balance in full. Turns out, it accrued some interest ( $8.56 to be precise) from the time of cancellation to the end of the billing cycle. Chase claimed that they sent me a statement (this was circa 2005) but I never got it. A month later I moved, and it kept going to the old address. A year later, a collection agent…
>The "pay off balance within the month grace period" works only if you are on top of it all the time.
If you think about how many people using the "maxed out CC" as a loan because they cant get anything else, the financial model looks rather sound. The interest rate on those things is drastic if you are no longer in the grace period, and its an easy trap to fall into, especially if you are falling on bad times or are simply gullible.
I dont think people who have their CC balanced at the end of the month are the business model. They are in the business of providing high interest loans.
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#165Earlier quoted context omitted.
I know, it seems great. But who is paying for that fraud protection? Who is paying for that customer service team? Who is paying for the fact you get paid to use it? In the end.. It's you, through slightly higher prices on everything you buy every day because retailers have to price in the cost of credit card fees that pay for all that.
I've seen an estimate that credit cards are actually slightly cheaper overall for the economy than cash, when you factor in everything. The physical infrastructure to deal with cash is not cheap.
Still refusing to compare to crypto?
Anti-nerds should get kicked but I probably got shadowbanned somehow by now ;)
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#166What's the betting someone pushed something to production on a Friday afternoon and has now gone to the pub?
A newer article says hardware failure https://www.theguardian.com/world/live/2018/jun/01/visa-outa...
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#167Earlier quoted context omitted.
>until Visa Europe was re-acquired[0] by Visa in 2015. Sadly. Visa Europe had some quite good policies such as banning ATM surcharges. It also made the payment sector seem a bit more european, now it's back to the US-duopoly. On topic: Visa Europe cards are denied when used in other countries outside of Visa Europe.
A few years ago my European Visa debit card wouldn't work in the US unless they ran it as credit. It always worked fine at US ATMs, other than the first time I informed the bank I was going overseas, which apparently they interpreted as 'please disable my card'
I used my European Visa debit card in USA few years ago without any problems.
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#168Isn't this why you're supposed to be able to do the old hand-imprinted manual transactions? If they can't process the transaction, shouldn't they fall back to the manual option?
Was that a thing in Europe?
I've seen such machines only in the USA (e.g. on conferences where they wanted to sell stuff and didn't have connectivity).
I've never seen it in Europe.
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#169Luckily, credit cards are really a second tier payment system in most of the EU. Country-specific (debit) cards and the international Maestro payment system are the primary way to pay, along with cash. Apart from online shopping, of course. But even there, you usually have other viable payment options. So it's probably not all that much chaos...
Most EU?
It's first time I hear about country-specific cards.
Or more specifically, all cards are country specific, they are issued by your bank which is in your country (and has country of issue language printed on it).
Re: Visa card network crashes, causing increased decline rates across UK and Europe
#170Ironically my credit card info literally got stolen at a restaurant last night and most of the purchases they tried to make were declined hahahahah Honestly, I really enjoy using my credit card. I can buy anything, anytime, online, the customer service department always resolves fraud quickly, and they even pay me to use the damn thing
That works fine until people sleepwalk into cashless society and then someone from the government will think you are undesirable and delete your assets.
When cash was used for most retail transactions, you were still going to have a couple thousand on hand at most. That won’t last long. It’s the payroll side, not the POS side, where that matters.