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Money Horror

oltdaniel.at

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Re: Money Horror

#11

Post by oltdaniel »

webstrand wrote: post #6
oltdaniel wrote: post #4

Earlier quoted context omitted.

Fair enough. But I don't pay 2€ per month for a credit card from my local bank to buy stuff from a vending machine. The overall point is, that I have not enough use cases to make resonable use of it in the real world over my current free debit card.

In the US, many, if not most, credit cards don't charge a monthly fee. Is it different in the EU?

I have not many experiences as I am 19 and haven't switche banks, but my current bank requires a fee. See https://www.lzo.com/de/home/privatkunden/kreditkarte.html

Re: Money Horror

#12

Post by wolfgke »

hn_throwaway_99 wrote: post #10

To be honest, I always kind of lol at these kinds of rants. Wishing for the "one true payment system" is like thinking that everyone will switch over to speaking Esperanto in the near future. NEVER going to happen. Also, many of his gripes seem ridiculous. I don't know if the situation is different in Europe, but in the US I think pretty much everyone should have a credit card. You can use a secured card if you have…

> To be honest, I always kind of lol at these kinds of rants. Wishing for the "one true payment system" is like thinking that everyone will switch over to speaking Esperanto in the near future.

There always exists cash (except for internet transactions, of course).

Re: Money Horror

#13

Post by NikolaeVarius »

oltdaniel wrote: post #4
arkanciscan wrote: post #2

> we have an vending machine where you can pay with a credit card > I have no real world use for this kind of card Seems to me that he does.

Fair enough. But I don't pay 2€ per month for a credit card from my local bank to buy stuff from a vending machine. The overall point is, that I have not enough use cases to make resonable use of it in the real world over my current free debit card.

In the same vein, I have no reason to use my debit card which is directly connected to "my money" than to use a credit card which is "not my money".

Re: Money Horror

#15

Post by Legogris »

djmobley wrote: post #7
oltdaniel wrote: post #4

Earlier quoted context omitted.

Fair enough. But I don't pay 2€ per month for a credit card from my local bank to buy stuff from a vending machine. The overall point is, that I have not enough use cases to make resonable use of it in the real world over my current free debit card.

Are there really no free credit cards available in your country? In many countries paying with a credit card gives you greater legal and fraud protection. Also helps build your credit rating.

I'm curious if there's anywhere else outside the US where "building your credit rating" by accumulating debt history from e.g. credit cards is a thing and makes a difference. I haven't heard it mentioned as a US-specific thing, but I've also only ever heard Americans talk about it.

Re: Money Horror

#16

Post by pjc50 »

This is a bit "don't do that, then"; almost all the vital things take debit cards, including through contactless.

It would certainly be nice to have something like Vipps in more countries; EU Faster Payments is getting there but not quite as usable. And it's 24-hour.

For any of the peer-to-peer solutions, you have to consider the fraud problems. The problem with micropayments is microfraud.

Re: Money Horror

#17

Post by oltdaniel »

hn_throwaway_99 wrote: post #10

To be honest, I always kind of lol at these kinds of rants. Wishing for the "one true payment system" is like thinking that everyone will switch over to speaking Esperanto in the near future. NEVER going to happen. Also, many of his gripes seem ridiculous. I don't know if the situation is different in Europe, but in the US I think pretty much everyone should have a credit card. You can use a secured card if you have…

The point is, that there are so many different standards that allow you to pay with one thing everywhere. And I personally need to pay a fee for a credit card, which is the usual case in the EU. And there are not many uses cases or advantages I have for a credit card over a free debit card. The thing is just, that I want to point out in the article, that the systems we have all want to solve this but always fail. Its 2020, not 1990, We have so much tech on our hands and banks still fail to implement it.

Re: Money Horror

#18

Post by pjc50 »

wolfgke wrote: post #12
hn_throwaway_99 wrote: post #10

To be honest, I always kind of lol at these kinds of rants. Wishing for the "one true payment system" is like thinking that everyone will switch over to speaking Esperanto in the near future. NEVER going to happen. Also, many of his gripes seem ridiculous. I don't know if the situation is different in Europe, but in the US I think pretty much everyone should have a credit card. You can use a secured card if you have…

> To be honest, I always kind of lol at these kinds of rants. Wishing for the "one true payment system" is like thinking that everyone will switch over to speaking Esperanto in the near future. There always exists cash (except for internet transactions, of course).

Even that isn't a universally acceptable solution; most countries will take dollars as well as local currency in some shops, but by no means all. And if you're from a non-dollar country your chances of international acceptance are much lower.

Re: Money Horror

#19

Post by chkaloon »

"Only with a credit card. I am a student, I have no real world use for this kind of card"

Yes you do, that vending machine you're standing in front of

Re: Money Horror

#20

Post by Legogris »

wolfgke wrote: post #12
hn_throwaway_99 wrote: post #10

To be honest, I always kind of lol at these kinds of rants. Wishing for the "one true payment system" is like thinking that everyone will switch over to speaking Esperanto in the near future. NEVER going to happen. Also, many of his gripes seem ridiculous. I don't know if the situation is different in Europe, but in the US I think pretty much everyone should have a credit card. You can use a secured card if you have…

> To be honest, I always kind of lol at these kinds of rants. Wishing for the "one true payment system" is like thinking that everyone will switch over to speaking Esperanto in the near future. There always exists cash (except for internet transactions, of course).

Unfortunately, no. Cash is effectively getting phased out in Sweden; these days, there are more physical shops denying cash than accepting it.

Trying to make either a deposit or a withdrawal of "large sums" (> ~1K USD equivalent is my understanding) cash at a bank will get serious scrutiny and may even result in funds being seized or frozen.

Things have changed really fast, too. Just 2 years ago I don't recall ever being in a store which didn't accept cash.

And yet, all solutions other than cash are from private banks, which have no obligations to take you as a customer.

Unfortunately it seems like Sweden is far from alone in being on this trajectory, they're just a little bit ahead in this sense.

I do think that there's a case to be made for permissionlessly operated cryptocurrency on a public ledger here.

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