Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Capital One to acquire Brex for $5.15B

reuters.com

Post reply on HN
Print view View original

101–110 of 374 posts

Re: Capital One to acquire Brex for $5.15B

#101

Post by marssaxman »

steveBK123 wrote: post #82
Twisol wrote: post #67

Earlier quoted context omitted.

Setting your incredulity aside, I'm curious why you think using a debit card would be so shocking. I effectively don't use a credit card at all: I use a debit card (or an equivalent Apple Pay representation thereof) exclusively. From my perspective, if I want something and I have the money, I'll pay for it. If I want something and I don't have the money, I won't pay for it. I don't often want things outside my budget…

You are young, you want to use a credit card to protect yourself and build credit history. Using a debit card, in the event of fraudulent charges, the money is already gone from your bank account and now you are negotiating with your bank to get it back. With a credit card, you file the claim and its generally resolved before your statement closes and anything is due. Your card will also be immediately cancelled, so…

That has not been my experience at all. I've been using debit cards for all my everyday non-cash purchases for about thirty years now, and it's worked just fine. I expect to keep doing it indefinitely.

I have had exactly one encounter with fraud: a vindinctive ex-girlfriend stole my card info and had herself a little shopping spree, emptying my checking account. I walked into the credit union branch, filed a report, and walked out with $300 and a new card. All the stolen money was restored within a few days. It was not a big deal.

Re: Capital One to acquire Brex for $5.15B

#103

Post by Spooky23 »

Twisol wrote: post #67
weird-eye-issue wrote: post #63

Earlier quoted context omitted.

Who in the world uses debit cards

Setting your incredulity aside, I'm curious why you think using a debit card would be so shocking. I effectively don't use a credit card at all: I use a debit card (or an equivalent Apple Pay representation thereof) exclusively. From my perspective, if I want something and I have the money, I'll pay for it. If I want something and I don't have the money, I won't pay for it. I don't often want things outside my budget…

It’s shocking to many because there are so many downsides to using them. Only the merchant benefits.

Re: Capital One to acquire Brex for $5.15B

#104

Post by herewulf »

Sn0wCoder wrote: post #77
apazzolini wrote: post #68

Earlier quoted context omitted.

Because you're leaving 2-3% on the table for every transaction. Using a credit card doesn't mean you can't pay it off in full every month, costing you zero in interest, while taking advantage of reward programs.

You do realize that 2-4% is not left on the 'table' its taken from the merchant you are shopping at. If you are at a big box store sure but when going to local merchants its best for them if you use debit or cash. One could argue the merchant 'choose' to accept CC but in this day and age its more like extortion because the CC lobbyist were able to make it illegal to pass that charge onto the customer.

Don't you think the 2 to 4% is built into the prices of every merchant that accepts credit cards, big or small?

It's not a great system but it's what we have so using debit instead of credit does mean losing out.

Re: Capital One to acquire Brex for $5.15B

#105

Post by Spooky23 »

marssaxman wrote: post #101
steveBK123 wrote: post #82

Earlier quoted context omitted.

You are young, you want to use a credit card to protect yourself and build credit history. Using a debit card, in the event of fraudulent charges, the money is already gone from your bank account and now you are negotiating with your bank to get it back. With a credit card, you file the claim and its generally resolved before your statement closes and anything is due. Your card will also be immediately cancelled, so…

That has not been my experience at all. I've been using debit cards for all my everyday non-cash purchases for about thirty years now, and it's worked just fine. I expect to keep doing it indefinitely. I have had exactly one encounter with fraud: a vindinctive ex-girlfriend stole my card info and had herself a little shopping spree, emptying my checking account. I walked into the credit union branch, filed a report,…

You’re lucky. My colleague had his skimmed at a gas station and his bank froze his funds, causing his mortgage, car loans and other stuff to bounce. Major PITA.

Re: Capital One to acquire Brex for $5.15B

#106

Post by cyberrock »

weird-eye-issue wrote: post #63
LgWoodenBadger wrote: post #35

Capitalone is going to need something to make up for switching all their debit cards from MasterCard to Discover

Who in the world uses debit cards

Other than merchant transactions, the CapitalOne MC card was one of the recommended cards for overseas ATM withdrawal, so the transition to a different network with almost zero international coverage has been very jarring.

Re: Capital One to acquire Brex for $5.15B

#107

Post by blonder »

marssaxman wrote: post #101
steveBK123 wrote: post #82

Earlier quoted context omitted.

You are young, you want to use a credit card to protect yourself and build credit history. Using a debit card, in the event of fraudulent charges, the money is already gone from your bank account and now you are negotiating with your bank to get it back. With a credit card, you file the claim and its generally resolved before your statement closes and anything is due. Your card will also be immediately cancelled, so…

That has not been my experience at all. I've been using debit cards for all my everyday non-cash purchases for about thirty years now, and it's worked just fine. I expect to keep doing it indefinitely. I have had exactly one encounter with fraud: a vindinctive ex-girlfriend stole my card info and had herself a little shopping spree, emptying my checking account. I walked into the credit union branch, filed a report,…

May I ask why you eschew the basically free money that comes from credit card rewards as a responsible credit card user?

Re: Capital One to acquire Brex for $5.15B

#108

Post by blonder »

Sn0wCoder wrote: post #77
apazzolini wrote: post #68

Earlier quoted context omitted.

Because you're leaving 2-3% on the table for every transaction. Using a credit card doesn't mean you can't pay it off in full every month, costing you zero in interest, while taking advantage of reward programs.

You do realize that 2-4% is not left on the 'table' its taken from the merchant you are shopping at. If you are at a big box store sure but when going to local merchants its best for them if you use debit or cash. One could argue the merchant 'choose' to accept CC but in this day and age its more like extortion because the CC lobbyist were able to make it illegal to pass that charge onto the customer.

Handling cash costs money too though. I know some small business are credit/debit card only since they do not want to deal with the hassle of cash. Out of everywhere I have been, only one place (some grocery chain in SLC) has accepted debit cards but not credit cards.

Re: Capital One to acquire Brex for $5.15B

#109

Post by Sn0wCoder »

herewulf wrote: post #104
Sn0wCoder wrote: post #77

Earlier quoted context omitted.

You do realize that 2-4% is not left on the 'table' its taken from the merchant you are shopping at. If you are at a big box store sure but when going to local merchants its best for them if you use debit or cash. One could argue the merchant 'choose' to accept CC but in this day and age its more like extortion because the CC lobbyist were able to make it illegal to pass that charge onto the customer.

Don't you think the 2 to 4% is built into the prices of every merchant that accepts credit cards, big or small? It's not a great system but it's what we have so using debit instead of credit does mean losing out.

At the big box stores absolutely they have it worked in to the prices. I have no idea if the local mom and pop shops are working that 2-4% into their prices or not.

Re: Capital One to acquire Brex for $5.15B

#110

Post by pants2 »

thegrim000 wrote: post #99
xp84 wrote: post #90

Earlier quoted context omitted.

(Frame of reference: US only) That's a shame, given 18-25 is just the age where a credit card skimmer or online card fraud causing a big fraudulent withdrawal from your checking account, and weeks of waiting to get it back, could be devastating. This has happened to people in my family (likely from gas stations) but we only use credit cards except to pull cash from ATMs, so we only suffer a temporary dip in our avail…

It's extremely common advice to not keep large sums of cash sitting in your checking account. With capital one (and others) you can just open a free savings account, keep the bulk in there (if you don't want to invest it instead), which earns an actual interest, and then there's never a "big" amount of vulnerable cash sitting in your checking account. There's free/instant transfers between savings and checking when y…

Not a great solution to constantly have to top up your checking account with some amount between "I need this much to pay my bills" and "losing this amount would devastating" which for many people has quite some overlap
Post reply on HN