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I just found a new reason to have one...appears those who pay off their credit card balances at the end of the month (within the grace period) will now have an annual fee attached to their credit card due to profitability concerns. Policy in effect at Bank of America as of 2010 for specific high credit limit accounts. A debit card allows for the portability of credit card transactions compared to writing a physical check and is near universal in acceptance. I believe some businesses can still refuse to accept a check.
There are still no annual fee credit cards but the loss of revenue generated by CC since the institution of new legslations means they are scrambling for other sources of income as in annual fees and terminatng accounts where there is minimal profit due to responsible behavior. If BOA does well with this policy other CC providers will follow suite as it is a revenue channel.
I note banks are also billing clients for check services where processing a debit card is less costly to the institution compared to a physical check. Another reason to use a debit card.
it is very unfortunate that the government is putting limits on fees for people who screw up, so people who use credit responsibly get stuck paying the bill.
I see a lot of people pay with check cards and I can't figure out why'd you want to do it unless you just weren't able to get a credit card.
Balance your checkbook with a bunch of little charges is a pain, the liability protection isn't nearly as good as a credit card and you can get rewards with the credit card.
Do people still balance their checkbooks?
Yep, I do not have a check card and will not ever, I have the old "atm card".
If you are defrauded with your Credit Card, it is the banks money they are taking. If you are defrauded with a Check Card....well, it is coming out of your account.
Better protection than a credit card? I have my doubts.
As long as it has a Visa or Mastercard logo..you have the same protection.
I use my check card because I have no use for a credit card. I pay no interest, I carry no outstanding balance and I know that when I swipe that card, I can afford that purchase....not so for many credit card holders.
As long as it has a Visa or Mastercard logo..you have the same protection.
I use my check card because I have no use for a credit card. I pay no interest, I carry no outstanding balance and I know that when I swipe that card, I can afford that purchase....not so for many credit card holders.
it is very unfortunate that the government is putting limits on fees for people who screw up, so people who use credit responsibly get stuck paying the bill.
how are we paying the bill though? i understand your point, and i agree, but i won't sign up for a card with an annual fee, won't carry a balance, etc. they are only getting money off me from the transaction fees.
how are we paying the bill though? i understand your point, and i agree, but i won't sign up for a card with an annual fee, won't carry a balance, etc. they are only getting money off me from the transaction fees.
i have seen some articles but i dont know whats actually been implemented yet and what exactly is planned. just did a quick search and came across the bottom link. by being careful and shopping around, you may be able to avoid some of the fees while other people who arent as on top of things, may get hit with fees.
I use a check card because it doesn't get locked like my credit card. I got sick of routine purchases with my credit card be flagged as possibly being fraudulent. The bank would lock the credit card until the bank got a hold of me to confirm I was actually making that purchase.
I can understand an unusually large purchase(like when I bought a laptop) setting off a red flag, but a $30 purchase from Amazon? No.
Wow...what kind of credit card did you have?
I've had various types of credit cards and have not had that happen. If I'm traveling...I call to give them a heads up so there are no surprises.
I just found a new reason to have one...appears those who pay off their credit card balances at the end of the month (within the grace period) will now have an annual fee attached to their credit card due to profitability concerns. Policy in effect at Bank of America as of 2010 for specific high credit limit accounts. A debit card allows for the portability of credit card transactions compared to writing a physical check and is near universal in acceptance. I believe some businesses can still refuse to accept a check.
There are still no annual fee credit cards but the loss of revenue generated by CC since the institution of new legslations means they are scrambling for other sources of income as in annual fees and terminatng accounts where there is minimal profit due to responsible behavior. If BOA does well with this policy other CC providers will follow suite as it is a revenue channel.
I note banks are also billing clients for check services where processing a debit card is less costly to the institution compared to a physical check. Another reason to use a debit card.
This is speculative. THere's no fee right now, and even if there is, you can always just call them to wave it (I do it on two cards every year, one amex, one citi).
Banks make plenty off of the transaction fees. Let's say you charge $12,000/month and pay it off immediately. They make anywhere between $120 to $300 per month off of you. It's not like they are hurting because you're a cardholder.
I note banks are also billing clients for check services where processing a debit card is less costly to the institution compared to a physical check. Another reason to use a debit card.
This isn't new -- back when I worked in banking (12 years ago) we had business checking accounts for large businesses. They were charged for EVERYTHING. The guy who owned a deli/catering business was charged for every check he wrote, every check he deposited, every roll of coin he bought or brought in, every piece of currency he both deposited and took back for change -- he was charged for EVERYTHING...
HOWEVER. He never saw the charges. As long as his account was making us money, we would "offset" the charges.
Banks have had the ability to do this for everyone forever. And I hate to remind people -- these are businesses. They have stockholders they are beholden to.
I don't understand this whole entitled attitude of I want a bank account, and I want credit cards and they should be free. Maybe it's because I own my business, I really resent this attitude. Maybe because I keep running into it.
Whether you like it or not, banking is a business. It needs to make money. It has buildings to pay for, employees to pay, taxes to pay, supplies to buy, utilities to pay for.... just like the rest of us.
Would you like to go to your job and have people scream at you about how you are ripping them off and you don't deserve to be paid, and what you do should be free? And that they don't care if you can't feed your family -- *star* your family? (*star* means the cuss word that would get starred anyway)
And we have choices. You don't like BOA -- then take your business elsewhere. We have choices in America -- there are THOUSANDS of banks out there. Most of them didn't make bad loans. Most of them didn't take TARP money. And most of them charge fees.
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. If you are defrauded with a Check Card....well, it is coming out of your account
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