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[Phoenician_Viking]

Greedy banks trying to get more money from people. I am so shocked.

Spoiler

Not

 

[JGS]

Greedy banks trying to get more money from people. I am so shocked.

Spoiler

Not

The existing fee iis one of the good ones for lack of a better word.

It self funds the fraud so you don't have liability.

Not a bad deal IMO and beats fraud prevention being a fee based service like overdraft

 

[Vicetrailia]

I hate how I am forced to play the credit card game.

 

[FlashFlooder]

What's to hate about it? It's free money.

 

[Outlaw]

Hahaha people still use debit cards? Debit cards are for poor people or those who don't know how to spend.

 

[Londa]

but I get charged if I don't used my debit card as debit and only use it for credit.

 

[Kaizer]

I've only found I have use for a debit card at the moment. I've been advised against ever getting credit cards but I guess you're only spending for sure what you know have and can pay back it's all good.

 

[rykomatsu]

So...what do i do when i want to make a major purchase like a high end dslr which is more than any individual cc limit, but have money to do so?

 

[Zoe]

So...what do i do when i want to make a major purchase like a high end dslr which is more than any individual cc limit, but have money to do so?

You could always do split payment.

 

[JGS]

Hahaha people still use debit cards? Credit cards are for poor people or those who don't know how to spend.

Fixed.

See how that works?

I can't believe there is a mini war raging on this.

 

[Vilam]

Credit cards, I'm in college and have very well being told to avoid them as much as possible.

Why? Are you not responsible enough to not spend money that you don't have? There's nothing mystically evil about credit cards.

 

[rykomatsu]

You could always do split payment.

Uh....how do I do that online...?

 

[SolidSquirrel]

So...what do i do when i want to make a major purchase like a high end dslr which is more than any individual cc limit, but have money to do so?

CC limits can go really high... Or you can carry around a suitcase full of one dollar bills.

 

[Jex]

Why? Are you not responsible enough to not spend money that you don't have? There's nothing mystically evil about credit cards.

I'm fairly sure that's there's something specific, as opposed to mysterious, about why some young adults spend money they don't have when given credit cards.

It's not exactly shocking.

 

[Neki]

So...what do i do when i want to make a major purchase like a high end dslr which is more than any individual cc limit, but have money to do so?

have a credit card and debit card...?

 

[Drkirby]

To be honest, I am surprised a $.44 fee was seen as to much by the government.

 

[Zoe]

Uh....how do I do that online...?

Some places allow it--I know Dell did the last time I bought a laptop. You could also go the gift card route.

 

[chaostrophy]

Is it normal to have a credit card with a limit equal to 80% of your yearly income before taxes? That's what I have...and I never even pay interest- I always pay the full balance every month, so I don't come close to the limit, yet they keep increasing the credit line.

 

[Zoe]

Is it normal to have a credit card with a limit equal to 80% of your yearly income before taxes? That's what I have...and I never even pay interest- I always pay the full balance every month, so I don't come close to the limit, yet they keep increasing the credit line.

No, but it's a good sign. Keep doing what you're doing.

My total limit is about 50% of my income, but it's gonna go way way way down over the next few years.

 

[PhoncipleBone]

To be honest, I am surprised a $.44 fee was seen as to much by the government.

Multiply that by the number of transactions that are charged that. Big money.

 

[Korey]

Debit cards were an outdated technology.

Get a credit card.

 

[Vilam]

Is it normal to have a credit card with a limit equal to 80% of your yearly income before taxes? That's what I have...and I never even pay interest- I always pay the full balance every month, so I don't come close to the limit, yet they keep increasing the credit line.

My credit line is almost 4x as large as my yearly income before taxes. I eventually called my bank and told them to stop increasing it, because they kept doing it automatically.

 

[Baraka in the White House]

Debit cards were an outdated technology.

Get a credit card.

We really need the lolface back.

 

[captmcblack]

Gonna get myself a secured card w/Citi or Capital One.

Then I can play big boy games with money after a year's work.

 

[Zoe]

My credit line is almost 4x as large as my yearly income before taxes. I eventually called my bank and told them to stop increasing it, because they kept doing it automatically.

Why would you want them to stop though? It's good for your score.

 

[Vilam]

Why would you want them to stop though? It's good for your score.

My understanding is that having tons of available credit and not using it is not a good thing for your credit score. Generally speaking you should keep your ratio at 20% to 50% of credit used versus credit available. It feels like I'm in the sweet spot, but it seems like I'm always learning more about what impacts my credit score.

 

[Qaz Kwaz]

That's dumb. Credit scores are mostly bullshit. Getting a credit card and carrying a large balance just to "help" your score is really dumb and can lead to trouble.

 

[Zoe]

That's dumb. Credit scores are mostly bullshit. Getting a credit card and carrying a large balance just to "help" your score is really dumb and can lead to trouble.

Nobody said to carry a high balance. And a high limit is only bad if you're irresponsible.

 

[Why For?]

Well, our contactless credit cards have a limit of $100. Which is fine given what you'd be using the card in that fashion for anyway.

I just wish EVERY store/restaurant/retailer would use the contactless system. Especially milk bars and shit. Hate carrying cash on me.

 

[Buckethead]

Guys seriously, don't eat those fucking vegetables!

 

[WanderingWind]

Well, our contactless credit cards have a limit of $100. Which is fine given what you'd be using the card in that fashion for anyway.

I just wish EVERY store/restaurant/retailer would use the contactless system. Especially milk bars and shit. Hate carrying cash on me.

....the fuck is a milk bar?

 

[Zoe]

Well, our contactless credit cards have a limit of $100. Which is fine given what you'd be using the card in that fashion for anyway.

I just wish EVERY store/restaurant/retailer would use the contactless system. Especially milk bars and shit. Hate carrying cash on me.

I use my contactless card just for shit and giggles whenever I see a place that supports it, but it does feel less secure to me.

 

[Why For?]

....the fuck is a milk bar?

hahahahaha.

I guess, it's our version of a convenience store? But on a smaller scale?

Think the Quick Stop in clerks. For us, that's a milk bar.

 

[Prologue]

My mother had a $300 orchard for a few years. Applied for a credit card with the credit union Navy Federal this week.


Approved for $18,000.


You can imagine her face.

 

[iamblades]

well that's great. Like I said I did my own math and came out ahead.

I wish you well in your good fortunes.

You must have some really terrible math for something that doesn't even need math.

It's fairly simple, if the yield on the investments is more than the interest on the loan, it is better to keep the money invested, and you will never 'catch up' by paying off the loan early. Look up the time value of money. Some money invested now is worth more than more money invested 15 years in the future.

Given that loans at ~4.5% are easily available these days, and the fact that you'd have to be a fairly terrible investor not to yield 5-6% or so on fairly conservative investments over the lifetime of a 30 year loan, there is no reason not to take advantage of the loans.

The tax deductions for mortgage interest make this even more of a no brainer.

Also there is some terrible math on the previous pages about credit utilization ratio that is completely backwards and nonsensical. With credit utilization the lower the ratio the better, there is no such thing as have too small of a balance, provided the accounts are active and you are making payments on them. If your ratio is low but you have a huge credit limit, it can be an issue for some lenders, but it shouldn't hurt your score.

 

[Suburban_Nooblet]

I swipe my card for a pack of a gum or a $2000 pc.... and I like it that way. PAPER MONEY IS DEAD.

 

[HomerSimpson-Man]

My ass isn't big enough for these banks to kiss it.

I hardly carry cash on me anymore, just debit and credit.

 

[LyleLanley]

Hahaha people still use debit cards? Debit cards are for poor people or those who don't know how to spend.

What? I'm not poor, I have decent credit and I know how to spend, yet I use my debit card like people used to use cash. What does this make me?

 

[antonz]

Funny thing about this. On the news in phoenix when discussing this they also mentioned Bank of America plans to institute a 59 dollar a year service fee on debit cards for "high risk" customers.

What the fuck is a high risk customer when using a debit card? It requires cash in the bank. At this point Nickle and DIming is getting absurd.

 

[Ptaaty]

Honestly, I feel debit cards should be a second choice after credit cards unless you lack self control.

I use my AMEX with cashback for all purchases I can and pay in full every month. Because I get it through Costco, it costs me $0 a year.

I pay nothing for the card, have far better protection for fraud purchases, doesn't come out of my checking which is tied to bills, nice credit limit if somehow an emergency happens, and I end up with $300+ cash back every year.

My debit is only used to pull cash from ATM and the rare cases a place doesn't take AMEX.

Still the OP info is freaking messed up. Not as messed up as how when the Wells Fargo loan officer explained to me how WF has made as much profit through the before, during and after stock crack, housing crash, economy slowdown.

 

[FStop7]

imo people should be mandated to have credit cards

What could possibly go wrong?

 

[Puddles]

Honestly, if we're going to ban the fees, we might as well double down and ban this idea too.

Sucks for some departments of the bank, I guess, but those fuckers are sitting on enough money as it is.

I don't have a problem with legislating good behavior from these leeches. They're going to have to get used to the idea that the salad days are over and deal with making a smaller profit margin than they were used to.

 

[Puddles]

Not alone. I have to keep an average daily balance of $1500 in my checking account OR perform 5 transactions a month. For savings, it's $300 daily balance unless I have direct deposit.

$5 charge a month on both accounts if I don't follow their rules. If I did get hit with that I would just up and leave to another bank with more acceptable terms.

What the fuck is wrong with the banks you guys use?

I have to keep $25 in my savings account. That's it. No minimum transactions. No fees. Feels good, man.

 

[FStop7]

I've only read the first two pages, but uh...my bank has erased fraudulent charges from my checking account on two separate occasions.

This is a debit card. What planet are you guys on?

I think they're on planet debt.

I have xxxxx dollars in my checking account. I want to buy a thing that costs yyy dollars. I want to be able to use my debit card to pay for it, and be done. I don't want points. I don't want pieces of flair. I don't want a bill from a credit card company that I have to remember to pay when I could have just paid for my purchases out of my own money. I want to buy whatever it is I'm buying and be done with it.

Sometimes I think people like to make their lives overly complicated either make themselves feel more important or to fill some kind of vacuum.

 

[RadioHeadAche]

imo people should be mandated to have credit cards at this point anyway -- just like a social security card or whatever. nothing more annoying than being at a starbucks and having some twat holding up the line fumbling around with his bills/coins or even PIN or whatever

Because it takes so long to enter a PIN. I understand fumbling with money, but it shouldn't be that long of a wait if someone is entering a four-digit number.

 

[grap3fruitman]

Wow at the responses, do people not know how credit cards work?

Apparently not.

Interest rates?

Pay it off in full every time?

Not wanting to spend money you don't have?

No one's forcing you to use a credit card to make purchases you can't afford and, regardless, you can still do the same with a debit card and get hit with a negative balance and overdraft fee(s).

I don't need credit, I don't like to owe and once again I don't need credit since I have money.

You don't have to owe if you pay it off in full every time...

I'm not a slave to the banks, fuck banks, etc all that noise.

I'm sorry but who issued your debit card?

I was under the impression that using a credit card a lot for little things, even if paid off at the end of the month, is bad for your credit score or at least wasn't going to increase your score

"This guy that manages to pay off his bill every month on time and in full? We can't trust him with a fair sized loan." Really? This isn't true. The only credit history prior to my purchasing a car was from a few cards that I managed to pay off in full or had no interest financing deals going on. I was able to sign for a car on my own at 22 and get 0% financing thanks to my good credit.

I've only gone through page one and I'm sure someone has said everything I just did but... I still wanted to get my two cents in.

 

[Dot50Cal]

Been using debit for 99% of my purchases. My credit cards are only used in emergencies, which will definitely happen. Mostly its been car repair bills. Having a safety net of 2k$ for that kind of stuff is the only thing keeping me afloat. My credit is fine.

 

[DownLikeBCPowder]

Regulation - it gets passed on!

 

[See You Next Wednesday]

Wow at the responses, do people not know how credit cards work?

LOL this made my day.

I trust you are an EXPERT at the Credit Card culture.

 

[Stat Flow]

LOL this made my day.

I trust you are an EXPERT at the Credit Card culture.

Oh, yes, because you either know absolutely nothing at all or you are an absolute expert, yes, that makes sense.

I'm no expert, but a lot of the responses called for me wondering why the hell people act like credit cards are harbingers of death as opposed to the advantages they give over debit cares.