New Requirements Re Credit Card Payments

[RandyS]

I used to carry high balances on credit cards, not any longer...

for anyone who does, new laws in USA require that the bank charge you either 4% minimum payment instead of the 2% it is now (changes this month) or some of the larger banks have done a deal where they can charge the higher of 1% of balance plus that months late fees, if any and the finance charge for that month, or 2%, whatever is higher...

in many cases the latter example will result in payment similar to the old 2%, so I am assuming the larger companies were able to get political consideration

need to find out what your company is doing....

just thought you would want to know !!

[Launch Mini]

I quit carrying high limit cards after mine was hijacked & some turkey in Taiwan ran up $23,000.
I was on holidays, taking someone out to lunch & my card comes back "REJECTED". Visa security only told me I was over my limit. So at 4 am, security calls me back.
I ask "Why didn't you just cancel me card when you saw it being used in Vancouver, Hawaii & Tawain on the same day?"
Her response " We did not want to inconvinience you"
I was "WTF, I get rejected at a restaurant, and called at 4 am on my holidays & you didn't want to "inconvinience me"???
So, now I carry two low limit cards & when I buy ( say a new watch) I prepay and advise Visa BEFORE my purchase what I will be doing.
As for the Fees. That sounds about right for what they would do to there customers.
OH, and Cnd people, did you know VISA adds an extra 1-2% processing fee to any US purchases on CDN Visas?.

If you do carry balances on you CC's, contact you VISA centre & ask for low interest rate cards. You might get charged an annual fee, but this could be lower than the 18% or more interest they charge you.

I've never carried a balance on a credit card. I always pay it off when it's due......

I did ask one card company to lower the limit on one card, because if it was ever stolen, the charges could add up fast.......

I use one card specifically for on-line purchases - just in case something goes wrong I know what card to cancel and it doesn't have a big limit.

We don't carry a balance either. Ever.

Some of you 'old' guys may remember that around the time C was born, someone tried to steal my identity via my VISA card. It was an inside job with someone trying to transfer some $50,000 to an account in Dallas.

He even went so far as to call Bell Canada to have the phone number changed so when the bank called home to verify the large transfer, he could pick up the phone. Thankfully, the bank called me at work. But this guy had my mother's maiden name, pass words, everything! It's harder to prove that you're you, when someone has your identity than for the imposter to prove he's you.

And don't get me started on dealing with the credit bureaus. They treat you like a bloody criminal, when you're the victim.

I hate credit cards and use mine sparingly.

[Rockrolex]

I also pay off my cards in full every month. I also notify the credit card company when I am going to be going overseas. I learned that lesson years ago when I had trouble using a card in Europe.

The other thing to watch for now is a transaction fee on foreign currency transactions. Many card companies are tacking on a 2-3% "transaction fee" for converting currencies, even when you pay in your home currency. For example, a number of London stores will charge you in US$ (not that their exchange rate is any great shakes) but Visa still takes on a 3% transaction fee. That is pure profit for them.

I got a Capital One Visa just to use overseas. So far they are not charging any transaction fee and there is no annual fee. I'm telling my United Milage Plus Visa people to stick it where the sun don't shine for this trip.

[JJ Irani]

I don't believe in Credit Cards - problem solved!!

[padi56]

Same here JJ just a debit card for me,cannot get tempted then.

Originally Posted by padi56

Same here JJ just a debit card for me,cannot get tempted then.

Not sure what it's like over the pond, Padi, but here I believe credit cards are safer than debit cards. If someone gets access to your debit card information and pin number (many instances of this happening, by the way) then they can empty your account before you ever realize it. With a credit card I can always choose not to pay the bill if I believe the charges aren't mine - yes, there are consequences to that, but I'd rather fight to keep my money than fight to get it back..........

By the way, I never use any ATM that is not associated with a bank (preferrably my own bank, but that is sometimes difficult when out of the country). Many instances of people having issue with ATM machines are with the machines that are not from a bank but are in some little corner store.

Originally Posted by Avalon

Not sure what it's like over the pond, Padi, but here I believe credit cards are safer than debit cards. If someone gets access to your debit card information and pin number (many instances of this happening, by the way) then they can empty your account before you ever realize it. With a credit card I can always choose not to pay the bill if I believe the charges aren't mine - yes, there are consequences to that, but I'd rather fight to keep my money than fight to get it back..........

By the way, I never use any ATM that is not associated with a bank (preferrably my own bank, but that is sometimes difficult when out of the country). Many instances of people having issue with ATM machines are with the machines that are not from a bank but are in some little corner store.

More to the point, if someone fraudulantly uses your debit card, that money is gone forever. At least with a stolen credit card, any fraudulant charges are absorbed by the bank (okay, via service charges ). And with a CC you can always put a questionable purchase into 'dispute' whereby you won't accrue interest on that charge until it is resolved one way or the other.

Just a couple of weeks ago I found a fraudulant charge on my CC statement, and I also got a call from the bank about some 'odd' purchases (they track your spending habits at the bank as a security measure). Turns out someone got my VISA number and was buying stuff. We cancelled the card and got a new one reissued.

I've had to do this three times now over the past three years. And none of the 'thefts' have been from online companies (of which I do very little purchasing). They've been brick and mortor places.

[padi56]

Originally Posted by Avalon

Not sure what it's like over the pond, Padi, but here I believe credit cards are safer than debit cards. If someone gets access to your debit card information and pin number (many instances of this happening, by the way) then they can empty your account before you ever realize it. With a credit card I can always choose not to pay the bill if I believe the charges aren't mine - yes, there are consequences to that, but I'd rather fight to keep my money than fight to get it back..........

By the way, I never use any ATM that is not associated with a bank (preferrably my own bank, but that is sometimes difficult when out of the country). Many instances of people having issue with ATM machines are with the machines that are not from a bank but are in some little corner store.

Well I would seriously doubt if they could access my pin number as I change it quite regularly.And the max in cash is £300 in 24 hours,but you can set a limit lower if you want,and you can reset it at any time with ATM. And I never keep a a great deal in my checking account.And if someone wanted to buy a large money item,with my card,the money would not be there to cover it,and without the pin number, the card is just a piece of useless plastic.And from today in the UK its now all chip and pin,you cannot sign now unless you have made special arrangements with your bank.And its the same as CC if you prove, someone has used your debit card fraudulently you
can get your money back,it carries the same rules as a Visa CC

Originally Posted by Atomic

More to the point, if someone fraudulantly uses your debit card, that money is gone forever. At least with a stolen credit card, any fraudulant charges are absorbed by the bank (okay, via service charges ). And with a CC you can always put a questionable purchase into 'dispute' whereby you won't accrue interest on that charge until it is resolved one way or the other.

How is that more to the point when it is exactly the point I made....

You writers, always palgiarizing other people's work.....

Originally Posted by padi56

Well I would seriously doubt if they could access my pin number as I change it quite regularly.And the max in cash is £300 in 24 hours,but you can set a limit lower if you want,and you can reset it at any time with ATM. And I never keep a a great deal in my checking account.And if someone wanted to buy a large money item,with my card,the money would not be there to cover it,and without the pin number, the card is just a piece of useless plastic.And from today in the UK its now all chip and pin,you cannot sign now unless you have made special arrangements with your bank.And its the same as CC if you prove, someone has used your debit card fraudulently you
can get your money back,it carries the same rules as a Visa CC

Accessing a pin number is relatively easy - as I said it happens all the time here. People install hidden cameras, tap into the keypads, etc. all to get other people's pin numbers. And, I presume that if they have your pin number they can easily change the daily limit of max cash that can be taken from the account. Yes, you might eventually get your money back with a debit card, but while it is in dispute you are out that cash - with a credit card, if the charge is in dispute I juts don't pay it.

We all have our preferences, but for me the credit card makes a lot more sense security wise.

Originally Posted by Avalon

If someone gets access to your debit card information and pin number (many instances of this happening, by the way) then they can empty your account before you ever realize it. With a credit card I can always choose not to pay the bill if I believe the charges aren't mine - yes, there are consequences to that, but I'd rather fight to keep my money than fight to get it back..........

By being more to the point, I was expanding on you writing that credit card purchases are protected. You didnt specifically say that debit theft is not protected, so I exacerbated the the point henceforth, to illuminate and solidify fully, the point which you initially were making, but failed to finalize completely.

Originally Posted by Avalon

How is that more to the point when it is exactly the point I made....

You writers, always palgiarizing other people's work.....

Oh, and how about 50 one handed ones for that misspelling there.

[Rockrolex]

Originally Posted by Atomic

By being more to the point, I was expanding on you writing that credit card purchases are protected. You didnt specifically say that debit theft is not protected, so I exacerbated the the point henceforth, to illuminate and solidify fully, the point which you initially were making, but failed to finalize completely.

Ladies and gentlemen, for your reading pleasure, we have here a prime example of government goggldy-gook speak.

Thank you, John for that horibel xampel.

Originally Posted by Rockrolex

Ladies and gentlemen, for your reading pleasure, we have here a prime example of government goggldy-gook speak.

Thank you, John for that horibel xampel.

And this, ladies and gentlemen, coming from a master of goggldy-gook speak... a lawyer.

BTW, I work for the Ministry of Redundancy Ministry.

Originally Posted by Atomic

By being more to the point, I was expanding on you writing that credit card purchases are protected. You didnt specifically say that debit theft is not protected, so I exacerbated the the point henceforth, to illuminate and solidify fully, the point which you initially were making, but failed to finalize completely.

I believe this statement in particular made the point quite succinctly.....I can't help it if you missed it.

"With a credit card I can always choose not to pay the bill if I believe the charges aren't mine - yes, there are consequences to that, but I'd rather fight to keep my money than fight to get it back.........."

By the way, you forgot your 'r' above.....oh one with head of bone........

Originally Posted by Atomic

Oh, and how about 50 one handed ones for that misspelling there.

Uh, let me think about it.......NO!

Originally Posted by Avalon

Uh, let me think about it.......NO!

Nice edit. Second thoughts.