Now that we're all trained to use plastic...

[Atash Hagmahani]

Here come the fees and restrictions:

http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2

[silverseeds]

     I use cash for most things anyway, but i find this story rather strange. Kinda seems to put a damper on the transition to a cashless society many envision. a cap of 50-100 bucks?  Fees on top of that? i couldnt even go grocery shopping (something i hopefully wont have to do after this season) with 50-100 bucks. im a cheapskate I wouldnt pay 3 dollars a month for access to my money unless there literally was no choice. At which point its extortion not that any of our leaders would care......

[darwinslair]

I understand it.  They want to move people from debit cards to credit cards.  What they dont make in transaction fees they will make in interests charges.

We will see how this comes out in the wash.

Tom

[tigger]

It seems strange that it's the debit cards that are penalized. I much prefer my credit card since I can worry about one bill at the end of the month and have the use of interest free money until it's due. If they want to keep me away from debit cards, they're doing a good job.

[darwinslair]

They depend on your using credit at a time when you cannot afford to pay it all back.  Few people can ALWAYS pay it all off at the end of EVERY month.

tom

[Beeherder]

Oh the joys of my Credit Union. Great place, nice folks, lowest rates, no fees. But every month the living money gets withdrawn and used as cash. Any financial institution that tries to charge me to access my own money (checking account fees, debit card fees, etc) will learn just how quickly i can close an account and move my business to a credit union. Who needs banks anyway? Credit Unions are a much better idea, imo.

[Lady Lilya]

I'm with tigger.  I use my Visa Rewards card for everything possible.  (In fact, I just got to deduct almost a thousand off my credit card bill because of the rewards points I accumulated in 3 years time.  They kept having a deal that if you reach a certain number of points you get more points for free, so I kept waiting to cash in.)

-----

I like the idea of nothing coming directly out of my bank account.  I get to look at the bill before deducting the money.  And if there is a mistake or fraud, then it is not my problem. 

I just had a friend fighting to get money back that her bank had paid to a vendor for a debit transaction.  The vendor didn't fulfill his end of the bargain.  After a long fight, the bank denied her the money.  She got screwed. 

Better to have a few weeks delay between the date of the charge to your card and the date of the money leaving your hands.  That way if you have a dispute with the vendor you aren't in trouble. 

-----

BTW, I have never ever paid a cent of interest on a credit card.

I mentioned to my mother's friend once that the credit card companies can't be making any money on me.  He worked high up in the credit card dept of Chase.  He said that all vendors are charged a fee to connect to the credit card network, so all the prices are higher to reflect that.  Since they can't generally charge different prices to customers based on their method of paying, EVERYONE is paying a higher price because credit cards exist.  (I just hope the markup in prices is less than the rewards the card is giving me.  But even if it isn't, it is better to get some of my money back than to get none of it back.)

[darwinslair]

I mentioned to my mother's friend once that the credit card companies can't be making any money on me.  He worked high up in the credit card dept of Chase.  He said that all vendors are charged a fee to connect to the credit card network, so all the prices are higher to reflect that.  Since they can't generally charge different prices to customers based on their method of paying, EVERYONE is paying a higher price because credit cards exist.  (I just hope the markup in prices is less than the rewards the card is giving me.  But even if it isn't, it is better to get some of my money back than to get none of it back.)

Prices are about 5% higher to absorb the credit card company fees.  Gas prices are killing gas stations since their profit is generally about 10-15 cents a gallon.  You get over $3 a gallon and they are losing money due to credit card payment.  Currently, the gas stations near me are giving you a 5 cent a gallon discount if you dont pay at the pump, and instead pay by cash or check in the gas station.

Tom

[Lady Lilya]

Can you even do that?  I've never seen any option other than to swipe your plastic before you can proceed. 

[oldsoldier]

Can you even do that?  I've never seen any option other than to swipe your plastic before you can proceed. 

 You can here. Our stations have a button to push for pay at the pump or pay inside, The pay at the pump also gives yoy a debit card or credit card option.

[Dame]

Pre-paid or swipe first is the general rule here. 

[darwinslair]

In the "bad" parts of town you can pre-pay inside to get the discount.  Guess they are worried about drive-aways.

Tom

[Dame]

The issue here is drive-a ways based on cranky disgruntled customers.  There are almost no full service stations any more, we do not have the labour to man them, no one will work in the serious cold filling gas tanks.  And the customers, including myself are disinclined to go pay for the gas after standing out in the cold filling the tank.

I spend a good deal of effort maintaining an in house charge account at a local full service gas station so I can charge it in house without getting out of my car.  I seldom, maybe once or twice a year buy gas anywhere else.

[offdalip]

at a local full service gas station so I can charge it in house without getting out of my car.

I've lived in MN so I know -40 weather, but what are you gonna do when you really have to be outside 15-30 min to fix something after SHTF?

[Dame]

   We live a half hours drive by dirt road from the nearest gas station (for cars) and we keep bulk delivery fuel for everything else.  I work at home full time so go to the gas station when doing other business in town.  When I go to town I tend to dress quite differently than I would if working outside in the winter cold.  The bulky ugly and very warm stuff is in the trunk all winter.  I do not want to have to put it on to get gas. 

So, what will I do if I have to go outside at -40* to fix something?  I will not be wearing heels and a skirt, I will be wearing the ugly, bulky warm stuff.