391–397 of 397 posts
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What happens if you don't have a phone that supports the App, or if you forgot your phone or lost it (aka stolen)? How are you allowed to function if the App is missing?
You also can't make a card purchase if your card is stolen ..
If my phone is lost, then apparently I need to buy another one with the...phone I don't have? A single point of failure is horrible design.
Visa and Mastercard are legacy companies providing a service that is outdated in the modern world. China generally doesn't use Credit cards because when they "Modernized" there was new technology and infrastructure so you didn't need a nosey middel-man to handle the transaction. Instead they use apps. Scandinavia is hopefully moving away from these card-providers soon. They have the bankaxept system that works flawle…
Aren't the apps just other middlemen that know even more about their users?
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No Chance in hell, the US government is even going after Brazil because they've done the right thing. See https://en.wikipedia.org/wiki/Pix_(payment_system)#United_St...
UPI in India too. Why are they targeting pix specifically? Yappy in Panama and alipay in China but those are privately owned, as the us wants.
I play the credit card "game" because I hate feeling like I'm leaving money on the table, but I really wish I didn't have to. Some degrees of fees make sense, to run the network, and handle fraud, but it's ridiculous that people have this sense that shopping should somehow fund your vacation. Where I am it's increasingly common to see credit card fees when checking out. I get it, because merchants are being charged 3…
There is, it's called debit cards, but Stripe et al. "simplified" pricing by charging a percentage regardless of card type instead of the traditional interchange-plus pricing. Merchant banks "used to" make money by tacking on fixed fees, i.e. a set-up fee, terminal fee, monthly fee, etc, but then Stripe came along and provided (1) a better dev experience, (2) better onboarding, and (3) simplified pricing.
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> If merchants across the world make a deal with me to charge exactly the listed/advertised number exactly, no more, no less, then I'll pay in cash again. Where are you not getting this? You mean taxes on top of the retail price? You would pay cash, if the merchants colluded with you in evading taxes?
You could just do what all of Europe does and just include the tax in the listed retail price, rather than only tacking it on at the end.
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As someone who has been hit with fraud on a debit card and a credit card, the process to recover money from fraud on a credit card is so much easier and more hassle-free than a debit card. The big difference is that with a debit card, it's your money that is hit by fraud. The debit card is basically just a proxy. You have to go file a police report. You have to hope the bank will give you the money back. When the cre…
> The big difference is that with a debit card, it's your money that is hit by fraud. I kind of disagree. I think what's happened is the bank would prefer you to believe that . Imagine I kept my money at the bank, and deposited $10000 with the teller. Immediately afterward a robber follows in and steals that $10000 from the teller. Does the bank say "oh no Mr. TheChao! A robber stole your $10000!". I mean, no? The ba…
When someone steals your debit card number and uses it, it's your money that is debited from your account, not the banks, and debit card transactions have much different rules than credit card transactions where you're generally not held responsible at all for fraudulent transactions)
But with debit card transactions, you can be responsible for up to $50 of fraudulent transactions reported within 2 days, and $500 for those reported within 60 days. And the bank is not required to return the money while they investigate the fraud.
Though many banks waive those liabilities and treat debit card disputes the same as credit card disputes (but still may not return your money while they investigate, so you could be bouncing checks when someone makes a $1000 fraudulent transaction if you can't float the $1000 yourself while they investigate)
I refused to allow the bank to issue me a debit/ATM card against my primary checking account, fortunately they are one of the few banks that still offer a dedicated ATM card so even if I lose the card, it's useless without the PIN.
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Eh when you deposit money with a teller, it gets added to your account, which is in physical terms probably just a big storage and a database who has how much. But in the case of debit card, the card ties the money to your account. It is actually that. It's as if someone would steal from a personal safe at the bank.
Except that you have strong statutory rights and commercial agreements between your bank and the card networks making it very likely that you’ll be made whole.