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Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

finance.yahoo.com

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Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#261

Post by tmtvl »

peterspath wrote: post #126

Also clears the way to control how the digital euros can be spent. No thanks. Ideal/Wero is good. Use my credit cards for larger online payments. Mainly because it has insurance and makes it easy to dispute something. Last year a large Swedish clothing brand didn’t deliver 400 euros worth of clothing. They said they did. I have nothing. Customer service unhelpful. I disputed it with the bank where I have the credit c…

Wero is good? The company which is only reachable by snail mail, whose services are only accessible through devices running operating systems from the American megacorporations Alphabet and Apple (both known for being fined repeatedly by the EU for breaking various laws)? If that's what passes for good, I'd hate to see what you would call mediocre, let alone bad.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#262

Post by margalabargala »

Kuinox wrote: post #239
margalabargala wrote: post #223

Earlier quoted context omitted.

As a US-ian I feel exactly that way when using a debit card. A credit card, if misused, can run up your balance and then you dispute, and don't pay anything until it's resolved. A debit card, if misused, can drain your account and leave you penniless until it's resolved.

I always find it funny that americans think the button to oppose a payement doesn't exists on my banking app because I have a debit card and not a credit card.

In your rush to dunk on Americans you misunderstood the comment.

Everyone in America is perfectly aware that the "dispute" button exists.

Trouble is, the lag time between hitting the button and getting your money back can be weeks. With a credit card you are out zero money.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#263

Post by amanaplanacanal »

bdangubic wrote: post #255
cloudengineer94 wrote: post #64

Reminder to the people reading this thread and overall comments, that in Europe everyone uses Debit Cards instead of Credit Cards. Credit Card in Europe is very much associated with Debt.

Credit Card is everywhere associated with debt

In the US, having debt is seen as a good thing, as long as you stay current on payments. Not having debt gives you a lower credit score than having debt, which send kind of fucked up to me.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#264

Post by raron »

margalabargala wrote: post #223
hyperman1 wrote: post #172

Earlier quoted context omitted.

In my corner of the world, credit cards were for buying stuff on the internet and travelling outside the EU. Now the net has evelved enough to accept our normal means of payment. I always feel insecure when using a credit card.

As a US-ian I feel exactly that way when using a debit card. A credit card, if misused, can run up your balance and then you dispute, and don't pay anything until it's resolved. A debit card, if misused, can drain your account and leave you penniless until it's resolved.

That's interesting argument. Here it is usual to have a daily limit on debit cards. You can not spend more money than that, so a thief can not drain your account. Also many banks give you multiple accounts (you can transfer between them instantly). The debit card is connected to only one of them, so if you keep part of your money on the other account, that couldn't be touched even if the card payment limit has technical issues.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#266

Post by tialaramex »

stackghost wrote: post #209
omnimus wrote: post #146

Earlier quoted context omitted.

Don't underestimate how much in bed are many of the european politicians/oligarchs with US neocon class. Trump is also problem for them. If Trump gets replaced by some moderate neocon on wave of “good old times” every one of these lobbied politicians will jump back hail comming of the golden age, buy everything american again and delete all this sovereignity out of the sky. Trump moved overton window so much we will…

>If Trump gets replaced by some moderate neocon on wave of “good old times” every one of these lobbied politicians will jump back hail comming of the golden age, buy everything american again and delete all this sovereignity out of the sky. I don't think so. In fact I think you, like the American delegation in the article I linked to, are dramatically underestimating the degree to which a lot of US allies feel betray…

Yeah. This is also a threshold thing. There was a reluctance to accept that the US isn't as big a deal as it once was. The numbers weren't good during Obama's presidency†, but there wasn't much reason to ask "Is this still OK?" a decade ago and plenty of reasons to avoid stirring. Trump provided an impetus to ask the question in a circumstance where the numbers continue to look worse and there's political will to re-assess.

† The US has far too much debt, far too much poverty (despite all those billionaires) and it doesn't look great by comparison to peer nations on lots of fronts such as health access and educational attainment.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#267

Post by kevin_thibedeau »

sieve wrote: post #159
__rito__ wrote: post #95

Can someone tell me why the EU doesn’t develop something like RuPay? Indian UPI gets mentioned a lot, but when Visa, Mastercard didn't agree with data sovereignty rules among other rules, India quickly developed RuPay [0]. Now most debit cards in India are RuPay. CCs stand at 18% share. They also integrate seamlessly to UPI. Why doesn’t the EU consider something like that? They want to jump direct to digital currenci…

It took some time but RuPay branded CCs are also available. I have been using them for the last 2-3 years at least. They work, mostly, with UPI. Some merchants disable RuPay CC payments even when they don't get charged merchant fees till the payment crosses the INR 2K threshold. Strangest thing is when I can pay the guy pushing a handcart around selling vegetables using a RuPay CC while a medical store refuses to acc…

The medical store is cooking the books.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#268

Post by margalabargala »

raron wrote: post #264
margalabargala wrote: post #223

Earlier quoted context omitted.

As a US-ian I feel exactly that way when using a debit card. A credit card, if misused, can run up your balance and then you dispute, and don't pay anything until it's resolved. A debit card, if misused, can drain your account and leave you penniless until it's resolved.

That's interesting argument. Here it is usual to have a daily limit on debit cards. You can not spend more money than that, so a thief can not drain your account. Also many banks give you multiple accounts (you can transfer between them instantly). The debit card is connected to only one of them, so if you keep part of your money on the other account, that couldn't be touched even if the card payment limit has techni…

Multiple accounts (both debit and credit) are normal in the US as well, but I have never heard of a debit account here that has a daily spending limit.

Sounds like the US and Euro systems work fine within their own borders. Solutions designed for one make less sense in the context of the other.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#269

Post by triceratops »

amanaplanacanal wrote: post #263
bdangubic wrote: post #255

Earlier quoted context omitted.

Credit Card is everywhere associated with debt

In the US, having debt is seen as a good thing, as long as you stay current on payments. Not having debt gives you a lower credit score than having debt, which send kind of fucked up to me.

That's a common misconception. Credit score is positively correlated with paying on time, having high available credit relative to usage, and the age of your oldest credit account.

However, using more of your cards' limit (a high debt utilization ratio) actually reduces your score.

On-time payments are only one factor in your score. Depending on the model it may only account for 20-30% of the score. Using your cards a few times a year may satisfy the criteria. You don't have to take on any debt to have a high credit score.

Re: Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards

#270

Post by JoeBOFH »

margalabargala wrote: post #268
raron wrote: post #264

Earlier quoted context omitted.

That's interesting argument. Here it is usual to have a daily limit on debit cards. You can not spend more money than that, so a thief can not drain your account. Also many banks give you multiple accounts (you can transfer between them instantly). The debit card is connected to only one of them, so if you keep part of your money on the other account, that couldn't be touched even if the card payment limit has techni…

Multiple accounts (both debit and credit) are normal in the US as well, but I have never heard of a debit account here that has a daily spending limit. Sounds like the US and Euro systems work fine within their own borders. Solutions designed for one make less sense in the context of the other.

Wells Fargo for the longest time had a daily spending limit on its Check Cards and a daily withdrawal limit. If you had a Debit (not check card) your “spending limit” was your withdrawal limit.

If you tried to make a purchase above the spending limit it was a hassle. I am old tho.

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