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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

#291

Post by BlueTemplar »

lxgr wrote: post #122
poisonborz wrote: post #53

Earlier quoted context omitted.

In EU most people use direct debit. The term "credit card" is almost synonymous with debit. Chargebacks theoretically exists but they are more complicated, I don't know anyone who ever did that.

Do you mean debit cards? With very few exceptions, you can't pay with direct debit in-store, and for online payments at merchants that don't know/trust you yet as a customer it's also pretty uncommon.

Yeah, it's uncommon, but bank wire does exist, and while (like cheques) it's typically used for paying rent / utilities / sending money to non-businesses, it does seem to become more common since it was improved to be 'instant' ?

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

#292

Post by illiac786 »

BlueTemplar wrote: post #290
illiac786 wrote: post #282

Earlier quoted context omitted.

Do you really pay online, like flight tickets, with your debit card, that works? I try regularly, it never works. In shops the main issue is that the terminal they use can only read Apple Pay credit cards. If you’re using you’re banking app to pay wirelessly, it may fail to work with some merchants. It’s not that they don’t want to accept it, the physical card would probably work (I don’t physical cards anymore), but…

I never had a credit card. I cannot remember having an issue paying with debit cards.

Which country is your debit card issued to?

Maybe it’s specific to Germany, France

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

#293

Post by mdp2021 »

kevincocks wrote: post #20

[flagged]

Apart from the times in which it is worse than nuclear annihilation, it does good.

Can we have cars back please? Reliable, decent and good. Not three-cylinders complicated and fragile smartphones-with-wheels etc.

And a landscape with decent non-offending lights, etc.

Oh, and can we have internal documents please? Made by people with well formed brains for people with well formed minds. No NFC.

Since we are here - could I have some usable, decent, for Men, electronic money? No tracking.

They must pay for the damages.

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

#294

Post by Ekaros »

nswango wrote: post #149
retired wrote: post #100

Earlier quoted context omitted.

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.

This is not true. Plenty of Europeans have credit cards which work exactly like US credit cards. The main difference between credit cards in Europe and in the US is that poor people can't get them here.

I was denied credit card after changing jobs. I did have some student debt, but small amount on small payment and rates were low. Also had other credit card but not high limit. Nothing in negative credit history.

Did get the same card a few months later after probationary period. But yeah even without significant existing debt you can get denied in Europe.

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

#295

Post by rsynnott »

tlogan wrote: post #181
PNewling wrote: post #169

Earlier quoted context omitted.

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 exp…

Debit cards would still be used a lot more commonly than credit cards in Ireland. The UK is, I think, slightly different, due to a slightly unusual situation with disputes.

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

#296

Post by rsynnott »

xquce wrote: post #155
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.

which ones use Credit Cards to a larger degree than Debit Cards, like they do in the US?

I don't think anywhere does. In general, cards in Europe don't really give significant rewards (because interchange, paid ultimately by the merchant, is capped at 0.3%, whereas in the US it can be upwards of 3% for certain high-end cards). The only reason that people who don't need the credit line use them in the US is the rewards schemes.

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

#297

Post by rsynnott »

retired wrote: post #100
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.

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.

This is very unusual these days.

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

#298

Post by rsynnott »

nswango wrote: post #149
retired wrote: post #100

Earlier quoted context omitted.

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.

This is not true. Plenty of Europeans have credit cards which work exactly like US credit cards. The main difference between credit cards in Europe and in the US is that poor people can't get them here.

> The main difference between credit cards in Europe and in the US is that poor people can't get them here.

Nah, really the main difference is that the EU caps interchange (paid ultimately by the merchant) at 0.3%, whereas it can be upwards of 3% in the US for high-end cards. Without big interchange earnings, there's little reason for issuers to push credit cards, and they're less attractive to consumers (interchange pays for 'reward' schemes).

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

#299

Post by BlueTemplar »

illiac786 wrote: post #292
BlueTemplar wrote: post #290

Earlier quoted context omitted.

I never had a credit card. I cannot remember having an issue paying with debit cards.

Which country is your debit card issued to? Maybe it’s specific to Germany, France

It is. I guess that it's more of an issue for banks in smaller countries ? (But how come SEPA is not more widely used even for B2C sales then ?)

Sounds like the digital euro might also have been designed to help with these issues ?

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