Earlier quoted context omitted.
Yeah, I carry around a grand on me usually (for drugs and stuff) and it's really bulky. Then you've got the denomination issues.
If you take the speed you've just bought everything will be less tiring.
[deleted]
Tech companies are clamoring to give you credit cards
61–70 of 84 posts
Re: Tech companies are clamoring to give you credit cards
#62Earlier quoted context omitted.
Yeah, I carry around a grand on me usually (for drugs and stuff) and it's really bulky. Then you've got the denomination issues.
If you take the speed you've just bought everything will be less tiring.
This is true, but the deleterious effects are fairly significant.
Re: Tech companies are clamoring to give you credit cards
#63Earlier quoted context omitted.
less hassle, enhanced security. I can spend hundreds of dollars without having to carry that much cash on me, or having to go to an ATM ever. It's more convenient and more secure, which is almost never true today.
I would not necessarily call it enhanced security if you are using Android and your phone is not one of the latest models. Plus of course someone can just steal your phone, force you unlock it and steal more than they could ever steal from you if you only had cash. Your enhanced security is a box containing more money than you can carry. This box can (most of the times) only be opened with a key but this key is alway…
Sure, if someone specifically wants my money, but that is unlikely in a Bayesian sense. And the bank will interrupt in any case because of anti-structuring and max-spend limits.
You don't have to outrun the bear.
Re: Tech companies are clamoring to give you credit cards
#64Earlier quoted context omitted.
The second someone steals my cash i don’t have it anymore. If someone steals my phone, it is locked and the money attributed to it are safe. Sure, i may have lost my phone but my money is safe.
If someone steals your cash (as much cash as you can carry): you don't have it anymore. If someone steals your phone (you will lose at least the value you paid for the phone) and once they force you to unlock the phone and to hand over the passwords, you will lose: - as much cash as they can take out before you can access a device that will allow you to freeze the card you will also be a more attractive target for ha…
Most phone thieves (at least in europe) take it out of your pocket in a busy place. They are not making you unlock yout phone.
Re: Tech companies are clamoring to give you credit cards
#65Earlier quoted context omitted.
I would not necessarily call it enhanced security if you are using Android and your phone is not one of the latest models. Plus of course someone can just steal your phone, force you unlock it and steal more than they could ever steal from you if you only had cash. Your enhanced security is a box containing more money than you can carry. This box can (most of the times) only be opened with a key but this key is alway…
Sure, if someone specifically wants my money, but that is unlikely in a Bayesian sense. And the bank will interrupt in any case because of anti-structuring and max-spend limits. You don't have to outrun the bear.
If it's bayesian-unlikely they want your phone then why should it be any less bayesian-unlikely they want your cash. That's one weird argument. And BTW your phone is usually quite visible, like sticking out if not actually being used.
> and max-spend limits
Ok, now they've got your expensive phone and can spend up to your limit.
Re: Tech companies are clamoring to give you credit cards
#66Earlier quoted context omitted.
Ha. Other fees nearly always take this above 1%, often closer to 5% and as far as 20% only sub dollar transactions. Other fees are your scheme fees of which there are many, avs fees, and your acquirer fee (the people who take the chargeback risk - e.g. adyen 0.65%)
That may be true for ecommerce. But for physical card-present EMV transactions the rates are typically under 1% in Finland, see comparison: http://www.maksupaatevertailu.fi/ (in Finnish) Nets is the most common physical merchant services provider here, I believe, which has 0.41% for Visa/MC debit and 0.91% for Visa/MC credit (though there are surcharges for foreign cards etc.).
Valid point, I refer to card not present tranx, but are you sure the 0.41% is when via the mc/visa network though (even if we accept an interchange of 0.2x), many of these cards in europe have an alternative national pay network for local cards - you will actually see the choice on some POS screens too. And asia too - TPN dual branded with err can't remember that name of the Chinese pay network that has failed to infect se Asia now, ah unionpay
Re: Tech companies are clamoring to give you credit cards
#67Earlier quoted context omitted.
Sure, if someone specifically wants my money, but that is unlikely in a Bayesian sense. And the bank will interrupt in any case because of anti-structuring and max-spend limits. You don't have to outrun the bear.
If it's bayesian-unlikely they want your phone then why should it be any less bayesian-unlikely they want your cash. That's one weird argument. And BTW your phone is usually quite visible, like sticking out if not actually being used. > and max-spend limits Ok, now they've got your expensive phone and can spend up to your limit.
> If it's bayesian-unlikely they want your phone then why should it be any less bayesian-unlikely they want your cash.
Because phones these days are mostly bricks when you steal them. Cash still works.
> Ok, now they've got your expensive phone and can spend up to your limit.
Haha, no, they can't. That's not how any of this works.
But listen, it doesn't matter. Carry cash if you want. I won't. And may the chips land where they may.
Re: Tech companies are clamoring to give you credit cards
#68Earlier quoted context omitted.
And here I thought the entire idea behind credit cards was to make up to 22% interest from the user. The 3.5% per transaction from the retailers just seems like bonus. If not even considered a double dipping since most retailers will take the 3.5% into consideration of their pricing.
There is a difference between "credit credit cards" and "debit credit cards". Debit credit cards are a bad idea for consumers because of those 22% as well as liabilities when being victim of a crime. But yes, many people treat the limit of those debit credit cards as a way of having money. It isn't though.
Would the distinction be there are credit cards and then there are debit cards? Credit implies some sort of ability to be able to pay for something essentially out of the creditor's pocket with the agreement you will payback the creditor based on agreed upon terms. A debit card is a digital version of cash where if I don't have any, there is no transaction as the bank says no funds.
I have never heard of a debit credit card. Are we using the term credit card as a generic term meaning the little plastic card in my wallet?
Re: Tech companies are clamoring to give you credit cards
#69Earlier quoted context omitted.
Worth noting that credit card processors do take on credit risk, which for "normal people" is, sure, basically negligible. But black swan events (covid, for example) and fraud attacks (card cashers etc etc) are major issues. This might be mitigated by the dominant form of payments in the regulated marks you mentioned being debit cards, which in some ways flips the equation on risk around. However, this might not sit…
If card processors cared about fraud they would have rolled out chip & pin 20 years ago. They don't and the fees aren't that high because of it. The fees are so high for the profit and the stupid minigames that trick americans into having a wallet full of plastic cards for "savings" and "cashback".
Is chip & PIN a worthwhile investment into security, considering the growing number of online transactions?
Re: Tech companies are clamoring to give you credit cards
#70Earlier quoted context omitted.
Not carting a pocketful of loose change round your entire life. Not an issue for some people, but I really like carrying less stuff.
Loose change is both heavy and worthless. You can carry cash around without bothering with loose change.
A very privileged perspective. Most of the world still counts their pennies, and the surcharges on non-cash monetary transactions make a sizeable, noticeable dent if pointed out to them. It's a tough balance they have to navigate.
Though I'm extremely privileged now myself, I'm not so far removed that I have forgotten those days when down-to-the-penny accounting mattered. In the US at least, if you had the right education (which sadly many lack), you can live amazingly inexpensively by forgoing many societal conventions and expectations.