TexasCHLforum.com

chasfm11 wrote: ↑Sat Jul 30, 2022 9:51 am

powerboatr wrote: ↑Fri Jul 29, 2022 5:14 pm
apparently in the user agreement in visa and others there is a clause that they will ....as a convenience to customers that have cards on file with places that do auto pay etc. VISA will automatically send the NEW card info to those vendors to make sure your AUTO payments are not interrupted...you know because people are so busy they cant be bothered with updating credit card info at auto pay accounts or recurring accounts.

This but one of the reasons that I only agree to auto-pay after I've been dragged there, kicking and screaming. I have just been through a mess where the bank failed to send a renewal card or the post office lost it (jury is still out) and I had to go through the agony of updating my account information with every vendor who has a credit card on file for me with a different card. Only one of them can auto-charge. The others (like Amazon) have to have my specific request to charge on a transaction.

I'm going to call my issuing bank today to make sure that they don't have the auto-update "feature" active on my account. Thanks for the tip.

RoyGBiv wrote: ↑Thu Jun 30, 2022 1:48 pm

powerboatr wrote: ↑Thu Jun 30, 2022 12:59 pm

RoyGBiv wrote: ↑Thu Jun 30, 2022 9:18 am Never use a debit card, ever.
My ATM card has a debit charge limit of $0.00. A call to your bank or mine let's me set this limit online, separately from my ATM limit.
Always tap to pay, when possible.

Our fraud on credit cards dropped hugely once daughter graduated college and stopped swiping the card at gas stations in college town.

never thought about that. we use the debit alot because the 3% is not charged to the bank
but i think a re think is in order


as a good note, today i had to get gas for my wifes car, i met a guy at motel 6, sold my kidney.
then used my credit visa card to pay for the fuel. the machine asked for my zip code only, no pin. and i really looked at the security strip on the reader and wiggled it to make sure it was attached , probably did nothing, but it made me feel better
we are going to try this for 30 days and see how it goes, we cary zero bal on the visa, and if we pay the balance before the posting date there is no interest.

i have to read about tap to pay?
my wife is still severely upset she feels like she did something because it happened 2 times now since apr.
she shops more than me so odds are not in her favor.

although the last month i have done most of grocery runs as i have to run to doc every monday, saves us gas

To clarify a few things....

- The CC fee is charged to the merchant.... Typically, a merchant pays about 3% of the sale, plus a swipe fee of ~$0.25 - 0.35 per transaction. If you use a debit card, the merchant pays the same, or maybe a slightly lower fee. My businesses that take credit/debit cards pay these fees. There are ways of reducing them, but, that's for another thread.

- The best thing about CREDIT cards is that the money doesn't disappear from my account when I purchase something. I get a loan from the CC vendor until the payment is due, roughly, on average, 40 days from the purchase date. (30 day cycle + 25 days to pay after cycle closes).

- Paying your balance in full is wisdom. Interest on credit cards is some of the highest interest you'll ever pay. Lots of folks use debit cards to avoid spending money they don't have... While this is a wise intention, it's safer to keep track of your CC spend, use your line of credit wisely, and pay it off at the end of every cycle. This safeguards your bank account and minimizes the CC companys' profits since you use their money and never pay interest.

- I certainly try to avoid using my CC in sketchy places, BUT.... Every swipe goes through the "Gateway" assigned to the merchants account. The gateway analyzes the credit request and approves/denies the request on the spot, in seconds. This happens every time you use your card. Once the Gateway comes back with an approval, the merchant is off the hook for fraud and so are you.... If the gateway approves a charge from someone who isn't you, the merchant gets paid and all you need to do is call the CC company and report the fraud. They will take the charge off you account, investigate it, or not, and stop your card and issue a new number. No cash moves out of your bank account. Winning!

- There is absolutely NOTHING to be embarrassed about when your CC gets hit with fraud. It happens to everyone. The CC companies factor it into their fees. Using a CC let you keep the cash in your account, instead of having to ask the Debit card company for a reimbursement.

Cheers.

RoyGBiv wrote: ↑Thu Jun 30, 2022 9:18 am Never use a debit card, ever.
My ATM card has a debit charge limit of $0.00. A call to your bank or mine let's me set this limit online, separately from my ATM limit.
Always tap to pay, when possible.

Our fraud on credit cards dropped hugely once daughter graduated college and stopped swiping the card at gas stations in college town.

mayor wrote: ↑Wed Jun 29, 2022 8:33 am

powerboatr wrote: ↑Tue Jun 28, 2022 9:36 pm ...one would think that would be an easy track down

I don't think the bank will even bother.