231–240 of 386 posts
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Middle and higher income people dont need debt on monthly basis and see not having that debt as personal virtue. It just makes no sense to not pay things right away.
Well in some cases paying with a credit card is the only option.
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.
Yep, although a huge % of banks are issuing Visa and MasterCard debit cards as default nowadays.
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It's simple: banks don't want the people they've fleeced to realise that they no longer have a role in the present age. If you let legal tender be exchanged directly via a central bank (which is semi-public by nature), banks lose a huge amount of liquidity that fuels fractional-reserve banking through loans made to generate massive amounts of cash, and without these, the banks are bust.
In many countries, at least some banks are nationalized. India’s biggest bank SBI (State Bank of India) is a PSU (Public Sector Undertaking). UPI still connects with bank accounts. My question was about something else: why EU doesn’t try and develop a homegrown card provider? It would provide exactly what MC/Visa does. Are we beyond that point in terms of technological advancement? Some other reason?
They have. A combination of petty squabbling and the lack of any real value proposition has always killed it. To have any chance of succeeding in the EU a new system needs to be something that no-one currently provides, because consumers are unlikely to adopt something that isn't clearly better than what they currently have, but more importantly no EU country is going to adopt a different EU country's system.
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.
And most Europeans that have a credit-card need to pay them off at the end of the month. Technically they are charge cards. Unlike a traditional credit card, a charge card does not allow you to carry a revolving balance.
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I'd rather have a democratically elected government in control than an unelected company that actively uses its power to censor things it doesnt like. [0] [0] https://www.theguardian.com/world/2025/jul/29/mastercard-vis...
Except that parts of the union are not democratic at all. And in this specific case I kinda of agree with what they banned. And they are definitely not the only ones. Lots of financial institutions block these kind of things.
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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.
The fraud detection of the card processors is effective and they will disable a debit card before that happens. I've always had the money returned automatically the few times I've had one compromised.
Separately the EU is a large collection of states and each one has its varying levels of participation and sophistication with payment processing. Apple and Google Pay are both widely used and that won’t change, and by and large there’s no good reason for Europeans to not accept American credit cards so they’ll continue to do so.
Anyone telling you differently either doesn’t have the slightest idea what they’re talking about or they’re just caught up in a pointless anti-American fervor. Even in countries such as France American Express is accepted in more places.
How does digital euro replace credit cards? That's basically the same as direct debit. It doesn't address the reason why I use credit cards. I use credit cards as a proxy for my bank accounts. I know that my issuing bank will protect me from all fraud so I don't have to worry about losing money if I buy something from a fraudulent merchant. I also know I can do things like chargebacks if I have to. None of this is ad…
For a lot of Americans the credit card system is another tax on being poor: People with stable jobs and good credit qualify for no-fee credit cards with rewards / cashback. As a consumer you benefit financially from having a credit card. Those elsewhere in the thread worried about "debt" - you just set to auto-withdrawl the entire balance of the card every month from your bank account. Now you have free money. I can'…
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Yep, although a huge % of banks are issuing Visa and MasterCard debit cards as default nowadays.
Amazes me how London lost the plot. 30 years ago access, switch, access etc were common, but visa and mastercard managed to take over.
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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.
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.
Slowly coming to a close in the US also. Some places already of course not accepting Amex, some places not accepting Visa Infinites (CSR, Venture, etc). The future of banking is direct. The days of free rewards at a loss are gone as premium US cards are nearing the $1,000 AF mark for luxury coupons.