Easy solution - Don't use credit cards!!! 

Got rid of mine years ago and have not needed one since. 

Wombat1:

 

Easy solution - Don't use credit cards!!! 

Got rid of mine years ago and have not needed one since. 

 

Worst idea ever, since that limits you a a debit card to shop online which exposes your own money to the risk of the dumpster fire that is card security processes.

No you have a debit card specially for online shopping. 

If you have to borrow to buy it, then you certainly can't afford it.

richms:

 

Wombat1:

 

Easy solution - Don't use credit cards!!! 

Got rid of mine years ago and have not needed one since. 

 

 

Worst idea ever, since that limits you a a debit card to shop online which exposes your own money to the risk of the dumpster fire that is card security processes.

 

Yes ^. Use of a card and the fee being discussed here are two different topics. We use cards for almost everything. We pay no annual fee for our cards and get ~1% cashback on what we spend. Payment can be delayed for up to six weeks and in the meantime that money can sit in a savings account and earn us interest income. Not to mention the incredibly high level of convenience cards offer. We clear our card balance every month and have never paid interest on card debt.

We would be mad if we didn't take advantage of all that.

Many banks offer strong fraud protection for debit transactions, similar to credit cards. Besides you can always use paypal or apple pay if you want that extra layer of security. 

richms:

 

Wombat1:

 

Easy solution - Don't use credit cards!!! 

Got rid of mine years ago and have not needed one since. 

 

 

Worst idea ever, since that limits you a a debit card to shop online which exposes your own money to the risk of the dumpster fire that is card security processes.

 

Qcard used to be a viable third option with most merchants accepting it, and Q card offers 3mths interest free.

I always paid within 3mths so don't know how Consumer Finance were making money - I guess Consumer Finance didn't either since they starting charging exorbitant account fees, even with nil balance.

Qcard is being phased out it seems in favour of Q MasterCard.

eracode:

 

Yes ^. Use of a card and the fee being discussed here are two different topics. We use cards for almost everything. We pay no annual fee for our cards and get ~1% cashback on what we spend. Payment can be delayed for up to six weeks and in the meantime that money can sit in a savings account and earn us interest income. We would be mad if we didn't take advantage of all that. Not to mention the incredibly high level of convenience cards offer. We clear our card balance every month and have never paid interest on card debt.

 

It comes at a price - Credit card surcharges. 

Credit cards are just bad in so many ways 

Wombat1:

 

eracode:

 

Yes ^. Use of a card and the fee being discussed here are two different topics. We use cards for almost everything. We pay no annual fee for our cards and get ~1% cashback on what we spend. Payment can be delayed for up to six weeks and in the meantime that money can sit in a savings account and earn us interest income. We would be mad if we didn't take advantage of all that. Not to mention the incredibly high level of convenience cards offer. We clear our card balance every month and have never paid interest on card debt.

 

 

It comes at a price - Credit card surcharges. 

 

You're missing the point. Most card transactions don't incur surcharges and if they do, there's often an alternative. Even with annoying surcharges in the wings, credit cards are incredibly convenient and valuable.

Our local Chinese takeaways offer internet banking - they even have the account number laminated and stuck on the wall.

Wish more businesses thought that way.

eracode:

 

 

 

You're missing the point. Most card transactions don't incur surcharges and if they do, there's often an alternative. Even with annoying surcharges in the wings, credit cards are incredibly convenient and valuable.

 

In my experience the merchants not charging for CC transactions also don't accept Credit Cards.

Wombat1:

 

Many banks offer strong fraud protection for debit transactions, similar to credit cards. Besides you can always use paypal or apple pay if you want that extra layer of security. 

 

Friday night, try to get an uber. Declined. Look at transactions and a string of fraud cleaned you out. No money left in that account. Cant transfer from Savings to that account because you would have to use the debit card in an ATM to get cash out. Call bank, closed. Call back later, but the people to block the card to protect the bank are still working, so now the physical card is useless to you, since it is inexplicably linked to the ability to use it online.

Great fun. Call bank, they will "investigate" and let you know the outcome. We will post you a new card in the mail because that is the only way we know how to get you the card number and CVV that you need to be able to use the new card. No we cant give it to you over the phone for "security" so you cant spend your money online till you go and get the mail with the new piece of plastic in it.

Hell no. Not safe at all.

Apple and paypal are out of action after reporting the card stolen till you get the new one to load again, because again, braindead security from NZ banks who will not let you get the CVV any other way. No virtual card numbers to use online that can be disconnected once used. Its all just total crap and opening the door for the fintech companies to stomp all over them with better options, or just use a wise or revolut card for things.

The merchant costs are to cover all their losses from braindead security that they cant be bothered to replace because the costs are less than they earn from the fees so the users are left with the substandard services.

K8Toledo:

 

In my experience merchants that don't charge for CC transactions are the same merchants that don't accept Cred

 

Their are fake banking apps that behave like the real ones to show the staff that you have "paid" to them, so bank transfer is not an option unless the customer is ok waiting till it has processed before getting their stuff. Unlikely in a takeaway shop.

eracode:

 

Even with annoying surcharges in the wings, credit cards are incredibly convenient and valuable.

 

And with that convenience comes a price. To answer the question on this thread, yes I changed my payment method and I would advise others who dont have the money to pay things like dentist bills to do the same. 

Put $250 away into a savings account each month until you have around $3000 for emergencies, as soon as you take out of it put the money back. Its easier than you think, and its incredibly convenient. And you can get interest on the money. 

Wombat1:

 

No you have a debit card specially for online shopping. 

If you have to borrow to buy it, then you certainly can't afford it.

 

The assumption that everyone uses credit cards as they don't have the money to pay for what they put on them is just wrong! In over 20 years of using credit cards I've never paid interest on purchases. We simply don't buy something (on the credit card or any other way) if we don't have the money sitting in our account to pay for it. But putting it on the credit card has certainly been advantageous in terms of interest earned on that money before the bill is due (especially when we had a mortgage, as it sat against a revolving credit) let alone the extra bonus of a cash back.

I totally get that credit cards are a risky product if used inappropriately - and the news this week that applications are up isn't good to read - but when managed carefully they're a useful tool... 

(That said, I also refuse to pay credit card surcharges unless the only alternative is using Poli (eg Air NZ); that does mean increasingly fewer of our purchases are going on the card as more and more retailers introduce these charges.)

richms:

 

K8Toledo:

 

In my experience merchants that don't charge for CC transactions are the same merchants that don't accept Cred

 

 

Their are fake banking apps that behave like the real ones to show the staff that you have "paid" to them, so bank transfer is not an option unless the customer is ok waiting till it has processed before getting their stuff. Unlikely in a takeaway shop.

 

I live in small town Mangawhai, so yeah I could see how that may not be practical in somewhere like Auckland.   I'm also with ANZ same as takeaways, instant transfer. :D

Just about all monthly bill payments are now direct debit/ automatic bill payment, use to be 100% credit card, now near 0%

Planned appointments where a surcharge carry card so can do transaction from SAV or CHQ to avoid credit card fee. Used Apple Pay before so could leave card at home.

PayWave is no longer contactless where have to press button to accept fee.

Have never noticed prices come down. 

Also changed which places I purchase from, if two places near each other will purchase from one without surcharge. A place use to get food from two or three times a week, has gone down to less then once every three weeks.

One bar that I go to introduced surcharges and then two to three weeks later removed them so don’t know what happened there, first time I’ve seen someone take them off. And their prices are also the lowest I’ve seen, just it’s other side of town for me so I’m not regular.

Rewards from current credit card usage are higher than fee, but if that changes will swap out card for zero fees one or lower cost one.