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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

#181

Post by tlogan »

PNewling wrote: post #169
lxgr wrote: post #109

Earlier quoted context omitted.

Reminder to all commenters that Europe is not a single homogeneous country and somewhat diverse in various things, including payments and finance. Credit cards are definitely a thing in many European countries.

As an outsider: which countries lean which way? I'm curious how things trend where and I didn't even really know that debit was used by a majority in certain places (Countries? Regions? Historical based delimiters?).

Germany is very debit-card oriented (with no interest of switching). The Netherlands seems similar. Eastern Europe and the Balkans are also mostly debit-card oriented, but people seem more open to switching to credit cards (if they can get one - especially the younger generation).

Ireland and the U.K. seem much more credit-card oriented than rest of Europe. Turkey is also very CC oriented (kinda strange - was not expecting that).

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

#182

Post by gwbas1c »

petcat wrote: post #4

This seems different than a credit card account though? I buy everything with my credit cards because I don't want to swipe my bank card at random merchants.

Are you in the EU or the US? The US has very different laws than the EU; specifically, in the US, credit card rewards and fraud protection strongly encourage credit card usage.

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

#183

Post by TFNA »

hyperman1 wrote: post #172
lxgr wrote: post #109

Earlier quoted context omitted.

Reminder to all commenters that Europe is not a single homogeneous country and somewhat diverse in various things, including payments and finance. Credit cards are definitely a thing in many European countries.

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.

Pretty much all of the EU had Visa- and Mastercard-branded debit cards since the turn of the millennium, so one has been able to buy stuff from the net and travel abroad without use of a credit card for decades now.

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

#184

Post by lxgr »

gpvos wrote: post #174
megaman821 wrote: post #150

Earlier quoted context omitted.

It's not just the chargeback process; it is that fraud actually removes money your account potentially causing other payments, like your mortgage, to default. With a credit card you have a month to get things straightened out before a payment is due.

As long as you don't go too far below zero, payments will go through. This may differ a bit per country.

This differs a lot by country and customer. For example, in Germany, without a fixed income, you’ll usually not get access to an overdraft loan.

In the US, overdraft is generally considered a very bad thing (almost worse than the idea of credit to Germans!) and a failure of the accountholder to “balance their (figurative, today) checkbook”, and the idea of an overdraft limit as a line of credit with a defined interest rate does not exist at all.

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

#186

Post by greyface- »

ben_w wrote: post #158
ZekeSulastin wrote: post #143

Earlier quoted context omitted.

How exactly does “we can manage our finances” follow from picking debit over credit?

Can't go into debt if you don't have a line of credit.

If one is capable of managing one's finances (and paying the card off in full every month), credit cards are a useful tool. They're a problem if one can't manage one's finances.

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

#187

Post by OoooooooO »

Oarch wrote: post #107
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.

I'm in Europe and I can't say this is the case at all. I've never heard anyone express such an idea.

It is in germany.

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

#188

Post by imartin2k »

Ylpertnodi wrote: post #128
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.

Eu: Most of the people I know use debit rather than credit because we can manage our finances.

I only use CC, to earn airline points (based in Sweden). But I always pay the entire amount due at the end of the interest-free period, so I never pay interest.

I also like the fact that using a CC comes with better buyer protection than debit cards.

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

#189

Post by euio757 »

xdennis wrote: post #96
euio757 wrote: post #65

Earlier quoted context omitted.

Setting weird rewards/cash back things aside, which is the main incentive for folks to use it over debit card in most places: It's not fully unnecessary step in-between when fraud is involved. If someone hacks you/deceives you and somehow they got $5000 from your debit card, then your bank account is $5000 smaller. That can impact your ability to pay rent, or whatever you needed those $5000 for. If it's via credit ca…

> If someone hacks you/deceives you and somehow they got $5000 from your debit card, then your bank account is $5000 smaller. That's a myth. I had my debit card cloned and some money stolen. The bank gave my money back. Debit cards are protected too.

That's not a myth and your story doesn't invalidate what I said. Never said Debit card aren't protected

Between the time [some money stolen] and [bank gave my money back] your checking account balance was lowered by the amount stolen.

With a credit card, your checking account isn't directly affected.

Both are protected, the difference is your effective checking account balance in the time window between the time the money is stolen and the money is recovered.

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

#190

Post by wcoenen »

__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…

> why the EU doesn’t develop something like RuPay

We used to have Europay, which competed with Visa and MasterCard. But it merged with MasterCard in 2002.

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