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queencitybuckeye
Posts: 7,117
Sep 30, 2011 2:48pm
Not sure what you're saying here. If you use a credit card and pay it off monthly, you're effectively borrowing money interest-free.dlazz;917342 wrote:Credit cards build interest because they tie up "future" funds.
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MontyBrunswick
Sep 30, 2011 2:51pm
This is true, but most people (including myself) carry a balance from month to month. If you use a debit card for everything it's more challenging to bury yourself in debt.queencitybuckeye;917351 wrote:Not sure what you're saying here. If you use a credit card and pay it off monthly, you're effectively borrowing money interest-free.
LJ
Posts: 16,351
Sep 30, 2011 2:52pm
I just like cash accounting myself.
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gut
Posts: 15,058
Sep 30, 2011 2:57pm
Credit cards build interest only if you don't pay it off every month. And if you are spending more than you have, then learn some fiscal discipline (or get a credit card with a much lower balance). I don't see how using a debit card imposes more fiscal restraint, unless you empty your bank account about every month in which case you have bigger problems.dlazz;917342 wrote:Credit cards build interest because they tie up "future" funds.
Debit cards do not carry interest, and they do not tie up future funds. They also allow you the convenience of using "real" money, when you have no cash on hand.
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MontyBrunswick
Sep 30, 2011 2:59pm
Oh, also worth noting on debit cards, you can do cash back during a transaction and make the merchant an ATM.
Glory Days
Posts: 7,809
Sep 30, 2011 3:03pm
thought you could do this with credit cards too?dlazz;917374 wrote:Oh, also worth noting on debit cards, you can do cash back during a transaction and make the merchant an ATM.
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gut
Posts: 15,058
Sep 30, 2011 3:04pm
Which should warrant a fee, just like going to a non-network ATM. And the merchant should charge you, too. My business is not a bank.dlazz;917374 wrote:Oh, also worth noting on debit cards, you can do cash back during a transaction and make the merchant an ATM.
LJ
Posts: 16,351
Sep 30, 2011 3:05pm
I've only ever seen it when you use a debit card and key in a pinGlory Days;917380 wrote:thought you could do this with credit cards too?
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MontyBrunswick
Sep 30, 2011 3:16pm
You can sometimes, but typically the creditor charges an insane interest rate on the cash withdrawn and the cash has to be paid back before you can pay on your balance.Glory Days;917380 wrote:thought you could do this with credit cards too?
I think my credit card company wanted 20-30% interest on cash withdrawals.
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thavoice
Posts: 14,376
Sep 30, 2011 3:24pm
Yeah. you do NOT wanna take cash from your CC. The interest rate on it is outrageous and typically is only done in a very last ditch effort by people.
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gut
Posts: 15,058
Sep 30, 2011 3:26pm
You can avoid the interest if you pay it back promptly, but they still klll you on the convenience fee (anywhere from $5-$30, might be a 3-5% charge).thavoice;917441 wrote:Yeah. you do NOT wanna take cash from your CC. The interest rate on it is outrageous and typically is only done in a very last ditch effort by people.
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thavoice
Posts: 14,376
Sep 30, 2011 3:32pm
Its been years since I did it or even looked into it but you may be right. The last I remember seeing though on my credit card that purchases are interest free for 30 days but cash advances werent.gut;917449 wrote:You can avoid the interest if you pay it back promptly, but they still klll you on the convenience fee (anywhere from $5-$30, might be a 3-5% charge).
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WebFire
Posts: 14,779
Sep 30, 2011 3:34pm
So wait. Now fiscally responsible people use credit cards?
IggyPride00
Posts: 6,482
Sep 30, 2011 3:48pm
Swipe fees were getting out of control as banks were charging like 45-50 cents each for something that was only costing them 10 cents.
It was a major drag on mom & pop retailers, so reigning them in was not a bad thing.
If this is the fallout from regulating against banks raping and pillaging the small businesses of the world, then so be it.
Ultimately the small banks who don't have the tremendous overhead the TBTF banks do as far as executive compensation levels will prosper because they won't have to be so draconian with fee raising to make up for their inability to continue legalized extortion like we saw with the old swipe fees.
It was a major drag on mom & pop retailers, so reigning them in was not a bad thing.
If this is the fallout from regulating against banks raping and pillaging the small businesses of the world, then so be it.
Ultimately the small banks who don't have the tremendous overhead the TBTF banks do as far as executive compensation levels will prosper because they won't have to be so draconian with fee raising to make up for their inability to continue legalized extortion like we saw with the old swipe fees.
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queencitybuckeye
Posts: 7,117
Sep 30, 2011 3:52pm
Of course, and the worst of the fiscally irresponsible do as well. It's a tool. Used properly, it helps makes something easier. Improperly, you can hurt yourself badly.WebFire;917471 wrote:So wait. Now fiscally responsible people use credit cards?
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QuakerOats
Posts: 8,740
Sep 30, 2011 4:07pm
dlazz;917342 wrote:No you weren't, you were looking to start a political rant. "Change" this, "liberal" that...shut the **** up.
No, I was looking to get under your skin. Mission accomplished.
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MontyBrunswick
Sep 30, 2011 4:13pm
Wrong. If you took the time to notice, I trolled you.QuakerOats;917508 wrote:No, I was looking to get under your skin. Mission accomplished.
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QuakerOats
Posts: 8,740
Sep 30, 2011 4:39pm
dlazz;917510 wrote:Wrong. If you took the time to notice, I trolled you.
I could care less; I don't tell you what to do, and you sure as hell aren't going to tell me what, where, and when to post.
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jmog
Posts: 6,567
Sep 30, 2011 4:42pm
If Chase does this I will move instantly. Matter of fact I will be calling them to let them know that I will be moving if they do this.
DeadliestWarrior34
Posts: 3,101
Sep 30, 2011 5:20pm
tk421
Posts: 8,500
Sep 30, 2011 5:55pm
Luckily US Bank is doing pretty good, over 1 Billion in net income last quarter. They shouldn't have any reason to implement these new fees.
Glory Days
Posts: 7,809
Sep 30, 2011 7:45pm
fiscally responsible people can technically use whatever methods they want.....since they are "fiscally responsible".WebFire;917471 wrote:So wait. Now fiscally responsible people use credit cards?
majorspark
Posts: 5,122
Sep 30, 2011 7:45pm
True. But I would also bad that when used badly it does not always hurt just yourself. Usually other bills can't be paid either along with the cards. If the result is bankruptcy the creditors take a loss and pass it on to their good paying customers.queencitybuckeye;917499 wrote:Of course, and the worst of the fiscally irresponsible do as well. It's a tool. Used properly, it helps makes something easier. Improperly, you can hurt yourself badly.
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WebFire
Posts: 14,779
Sep 30, 2011 8:15pm
Yeah, it was meant to have some sarcasm. Usually credit card use is associated with bad money habits.Glory Days;917678 wrote:fiscally responsible people can technically use whatever methods they want.....since they are "fiscally responsible".
Glory Days
Posts: 7,809
Sep 30, 2011 8:34pm
damnit, internet defeats me again!WebFire;917705 wrote:Yeah, it was meant to have some sarcasm. Usually credit card use is associated with bad money habits.