Some people hate credit cards.

Geo-TH,In

Well-known Member
I love credit cards. I have a few. All pay me money back just for using them. All are set up on auto pay, so I never pay late fees. All are backed up by Lifelock. I'll be getting a check for $311.29 for using a credit card that pays 1,2,3% cash back.

I don't see a need for a debit card for a few reasons. They don't pay money back for using them. I go there often to deposit checks. I rarely use cash. I asked the bank what would happen if someone hacked a person's debit card and emptied their account. Banl's reply was it's not their fault. You have to find out who did it and then go after them. What the bank told me may not be totally correct, but it scares me.
Besides, I love getting a check in the mail and didn't have to work to get it.
 
Ivan,


You'd best look into that. With what little I know, the bank MAY help you with fraudulent debit card actions.

Credit card and debit cards have different laws/rules.

Hope you never have to find out though.

D.
 
Some one got our numbers a few years ago and I called the bank they froze the card and turned it over to their card security div. When all was said and done they had made charges all over the US. It never cost us anything and the total charges were over 5000.00 in 2 days. So in our bank I know that you don't have to pay anything.
 
Ivan,

Your bank is not required by law to do so. That said, you've got a decent bank.

My posting was to make aware that not all banks are honorable, they do what is legally required, no mmore.

I stand by my words, there are different rules for each type of card.

Glad it worked for you, it did not for me.

D.
 
nothing is free, if the card is paying you its costing someone else and it is likely costing you also by paying more for the products you buy with the card, the circle never ends.
 
I use my CC for everything. Pays me around $50 a month cash back. During spring I charge around 4$k or more for farming. fertilizer, fuel, seed, repairs...It all adds up.
 
I don't like using credit cards. I prefer to use checks so I don't get a big bill at the end of the month.

Most stores in my rural area charge you an extra 3% for using credit cards or don't take them at all.

I only use my card for buying online. I miss the old days when I could order from the catalog and put a check in the mail.
 
The Merchant that takes the card pays the reward... Its charged to him on his statement... :twisted:

I charge the fee's at the time of the transaction. I have a sign that states my fee's and also states cash sales preferred and may qualify for a discount,,, what goes round comes around... I have convert allot of card user's :D

I have a Pen-Fed cash back card I use for fuel it pays 5% :D
If you can manage a credit card you can make it pay you you just have to look for the best deal...

I use a debit card allot because it shows up the next day on my bank statement and makes it easier for me to track ...
 
My sister runs her business using 2 southwest cards. She makes enough money to fly her kids and grand kids to Florida over Christmas. Not to mention they fly to Florida many times themselves, Free. Their supplier even gives them a discount for paying bill in two weeks. Credit cards are a WIN,WIN for her
 
Well your just getting some of your own money back for using a credit card. The merchant has to pay a transaction fee every time you us a credit card. That cost is in the price you pay some where.

A good friend buys all his crop inputs on credit card. He likes to brag about how he get "free" money back form the card company. I buy many of my inputs from the same local business. I showed him a copy of MY bill that showed a cash discount that was more than double the rate he was getting back from the credit card company.

Nothing in life is free. Someone is paying for those "reward" dollars or credits and it is usually you in the form of higher prices.
 
Many ag businesses and auction companies around here will charge an extra 2% (or more) for a credit card transaction. Some places give a similar discount for cash or check, as they figure the pricing to include fees charged to them in a credit card transaction.

There's still several places of business I deal with regularly that will not take any kind of plastic. They sure don't seem to be hurting financially because of it.


AG
 
Tonight I saw a sign at a gas station that said "Regular $1.99 Cash". Cash was in small letters. Made me wonder how much regular cost if one used a credit card, but not enough to stop and find out.

Mark
 
I first try to get a cash discount for purchases we make on COGS at our business. If not, then I let it ride on a card and pay it off on time. I can cash those rewards in on specific increments of money on debit cards. I give some away when guys do a great job and then also keep some for myself!
 
Bob, glad you are not my cpa.

If you get the credit card rewards only after some kind of financial transaction, such as a purchase, the rewards are considered rebates and are not taxable.
 
Your same argument can be said about people who coupon shop. Nothing is free, just adding to the price.

Credit card companies charge a fee for every swipe plus interest. I'm just getting a little back from the interest they charge the business excepting the card. No one forces a business to except credit cards. There is a law that all owes businesses to pass that fee back to the costumer, but so far no business that I'm aware of does.

Those who are loosing are those who don't take advantage of using what is available. I make 100's annually using CC.

I also find credit card statements are a good way of double checking business receipts against charges.

I save on postage and checks by using credit cards and paying bills over the phone. Some bills are auto paid from credit card too. The post office is loosing because I use credit cards and shop on line. UPS and FED EX delivers more things to me than does USPS.
 
I use plastic for most purchases now. Checks have gotten so expensive and there is no transaction fee on the cards as far as I can see. I've asked different times if the price on an item varies with method of payment and have always been told no, it is the same however I choose to pay.
 
If you buy parts or anything on line the seller can't even take cash so any $$$ you get back is extra cash.With no credit card I couldn't have bought the starter for the 445 John Deere for $62
on ebay rather than the new starter at the Deere dealership for around $430.Deere starter guaranteed 90 days
'cheapie' thats worked for two years now came with a years guarantee.Then if I take a trip with the truck I can use a credit card rather than having to take cash to pay for fuel.I get my refund in discounted
Fuel from BP. Lots of reasons to have a CC.
 
Credit cards are just like any other tool,they need to be used to your advantage not misused.More and more places don't want to take checks for good reason.Plus with on line sellers that have parts I can't find locally or have much better prices a CC is the only way to go.Just like alcohol I guess folks that can't handle CC need to stay away from them.
 
Agreed. What the bank does is up to the bank. If your account gets cleaned out by someone using your hacked debit card eventually you will get most of your money back - if you jump through enough hoops, but that could mean a couple days or a couple months.


Disputing a charge on your credit card is so much easier.
 
Sorry to tell you , but there ARE transaction fees on credit cards. Normally, the MERCHANT pays them. In many cases, the merchant is not allowed to pass them on or to give discounts for cash.
The thinking here is that the merchant's business will increase enough by accepting CCs to offset the extra cost of the fees. I have been on BOTH sides. Most merchants (especially the larger ones) cannot afford to do without credit cards. The fees are just invisibly added in to the cost of the product that the merchant sells as part of the cost of doing business.
 
Well, George, you seem to have the answer for everything, but I have to take exception with a few things....
I NEVER allow ANYBODY access to my accounts in the form of autopay. EVER!! If, by chance, you get hacked, and the bill comes in, and is "autopayed" by your account, and happens to overdraw.......well, you do the math. Perhaps you are one of the fortunate few that has enough in reserve to cover any such happenings, but the most of us average people do not have such reserves. At least not in cash or liquid assets.
Lest we not forget, the interest on MOST CCs is ranging from around 10% to over 30%. They make their money mostly from 2 sources: transaction fees and interest on those that carry balances and "pay on time."
The majority of people that use cards will carry balances and pay high interest. The "cash back" is simply the "sucker bait" to lure them into spending more invisible money that they don't have in the hopes of getting a few pennies back at the end of the year.
You can continue to think that you are getting over on the system, but in reality, the day could come that the whole house of cards will collapse. I sincerely hope that it does not happen to you.
 
1. Mechants pay for the rewards and cash back whether you use them or not. Doesn't it make sense to take advantage of the benefits, rather than let the credit card company keep the money?

2. I don't know how they're getting away with it, but last I knew it was ILLEGAL to openly charge a different amount for credit card transactions than cash. How are you getting away with openly charging 3% to use a credit card?

3. Why are checks so widely accepted? I could write you a check for $1,000,000. It's obviously no good, but you'd blindly accept it as payment, and I could easily disappear with my $1,000,000 item.
 
A WORD of WARNING

To-day I went into my local Bank to pay off last months' credit card bill. Noticed a transaction for $12 which I didn't recognise. Checked back through previous statements and its been drawn every month for over a year!

Phoned my credit card provider and they found the name of the company drawing the money. Only a website address with email contact. Its a company who offer access to old military records - wanted it to check my Grandfathers WW1 records

emailed them and found that by my mistake I had ticked the wrong box and instead of signing up for ONE MONTH subscription I had ticked for permanent monthly subscription!!!!

Thankfully they emailed straight back and cancelled all further payments BUT they wont refund the money they've already drawn off me.

NOTE TO SELF - check ALL credit/debit cards statements thoroughly every month!
 
My debit card is also a visa card and is covered by credit card rules for fraudulent charges.
 
(quoted from post at 10:13:54 01/28/15) .......
I NEVER allow ANYBODY access to my accounts in the form of autopay. EVER!! ......
........
The majority of people that use cards will carry balances and pay high interest. The "cash back" is simply the "sucker bait" to lure them into spending more invisible money that they don't have in the hopes of getting a few pennies back at the end of the year.

I don't like Autopay either BUT we DO use it on our mortgage and Equity line as we got a decent interest rate deduction (.25%) from our bank if we use it.

We use CCs whenever we can. It's just the convenience of whipping out a card instead of having to make sure we have enough cash in our wallets for whatever we might want to buy that day. Also saves the hassle of writing a check. So I wouldn't use the "sucker bait" argument against those of us who use them and get a rebate....... if we spend responsibly, pay our bills on time and don't pay interest on the cards. As someone said, a CC is just a financial tool to be used responsibly.
 
The "sucker bait" is for the ones that carry balances, and pay 30% interest because it entices them to spend money they cannot afford to spend on things that they do not need. Sounds good up front, but when the bills come in it turns into "oh no! What now."
 
(quoted from post at 16:47:06 01/28/15)...

2. I don't know how they're getting away with it, but last I knew it was ILLEGAL to openly charge a different amount for credit card transactions than cash. How are you getting away with openly charging 3% to use a credit card?

Legal wrangling in the last few years has made surcharging legal in many credit card transactions provided certain guidelines are followed. Some states ban the practice yet.

http://en.wikipedia.org/wiki/Payment_Card_Interchange_Fee_and_Merchant_Discount_Antitrust_Litigation
http://www.cardfellow.com/blog/charging-customers-a-credit-card-convenience-fee-at-check-out/
http://www.cardfellow.com/blog/checkout-fees-charging-credit-card-fees-to-customers/


Auctions and government agencies seem to be the ones charging convenience fees for using credit cards. Most retailers that I've seen charging more for the card transaction word it as a cash/cash or check discount. Legally, they're not charging a penny more to those who use a credit card, they're offering a discount to those who opt not to. Reality is at the time of the transaction you'll pay more with a credit card than cash/check at these businesses.

I've heard of, but have yet to personally encounter a business that won't take cash. Seems to me that if anything should be "ILLEGAL", it would be denying someone the opportunity to pay with cash. Federal Reserve Notes state: "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." To the best of my knowledge there is no legal standard to force anyone to accept cash, or all forms of cash in payment of a debt, though.

AG
 

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