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Money Horror

oltdaniel.at

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Re: Money Horror

#21

Post by fenwick67 »

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…

Many people have aversion to actual credit cards because most middle-to-lower-class families have stories of family members going into financial ruin, exacerbated by or ending with credit card debt.

"Just be responsible with your credit cards" is an easy mantra to live by if you are financially privileged.

Re: Money Horror

#22

Post by hn_throwaway_99 »

oltdaniel wrote: post #17
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…

Well, not in the US, so maybe the solution then is to just do what we do. I have never had any of your problems, at any merchant, anywhere, in the US.

Re: Money Horror

#23

Post by hn_throwaway_99 »

fenwick67 wrote: post #21
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…

Many people have aversion to actual credit cards because most middle-to-lower-class families have stories of family members going into financial ruin, exacerbated by or ending with credit card debt. "Just be responsible with your credit cards" is an easy mantra to live by if you are financially privileged.

Get a secured card then.

Re: Money Horror

#25

Post by adrianmonk »

> we have an vending machine where you can pay with a credit card or cash. Well, there is the issue already. Only with a credit card. I am a student, I have no real world use for this kind of card

I think you've just proven that you have at least one real-world use. It may still not be worth the bother, though.

Re: Money Horror

#26

Post by SQueeeeeL »

rsync wrote: post #3

"Yes transactions are paused on the weekend. Thats like google would do a break on the weekend." This is correct. The correct response to payment and settlement "pauses" for silly things like weekends and holidays is derision. Contempt. Ridicule. These settlement timelines are based literally on horse and buggy schedules from the 1800s. They have no place in our modern workflow.

I feel like there's an argument to be made for having an actual human monitoring large transactions. If you're trying to take out a $600,000 mortgage at 3 AM on a Sunday, that probably shouldn't go through, or at the very least have some human verification. Humans tend to work 9-5 Monday to Friday

Re: Money Horror

#27

Post by djmobley »

Legogris wrote: post #15
djmobley wrote: post #7

Earlier quoted context omitted.

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.

In the UK it is absolutely a thing. Why would it not be a thing?

Re: Money Horror

#28

Post by quietbritishjim »

Legogris wrote: post #15
djmobley wrote: post #7

Earlier quoted context omitted.

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.

It is true in the UK too, although I doubt it would make much difference when applying for a mortgage, but maybe for a small loan.

Re: Money Horror

#29

Post by LeifCarrotson »

chkaloon wrote: post #19

"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

You feel the need to take out a short-term loan for your soda purchase?

The fact that a debit card isn't considered as good as (and further, that it's not assumed to be better than) a credit card is yet another bit of money horror.

Re: Money Horror

#30

Post by Scarblac »

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.

If anything having a credit card works against your credit - you could decide to take on debt at any moment, so they assume you already have that debt, and have less capacity to take on more.
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