Welcome to the 21st Century America!

Remember that in Europe credit isn't handed over like drugs to junkies the way it is in America. Nearly all transactions are debit from a bank account and paid to a bank account.

You fear China's dematerialized currency but the same will be in Europe. Both wants to crack down on capital flight.
 
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VicBee said:
Remember that in Europe credit isn't handed over like drugs to junkies the way it is in America. Nearly all transactions are debit from a bank account and paid to a bank account.

You fear China's dematerialized currency but the same will be in Europe. Both wants to crack down on capital flight.
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Again you have no idea how things are run in America or in general. LOL Credit is not handed over "like drugs to junkies". Only certain smaller card issuers choose to give ridiculously high credit limits on credit cards for them to make money to compete with the bigger banks but bigger and more established banks are quite prudent with the credit limit on the credit cards that they issue, at least initially they are. But that is the norm in the business world where smaller companies have to offer more in order to entice more business and the credit card industry is no exception but that is no way in any indication of how credit is handled in America.

Direct debiting of transactions from the bank account is extremely bad for the consumers aka the cardholders. First, they lose the ability to refuse to pay for fraudulent transactions on their cards as transactions are directly debited from their card and when the fraud is discovered it's already too late. Second, their bank accounts linked to the debit card are directly exposed to thieves and/or hackers when the debit card is stolen and/or hacked since the perpetrator can debit $$ directly from the card in an ATM machine or even worse directly transfer funds out of the bank accounts online should the hacker be able to manage to obtain the password or pin to access the bank accounts draining all of the funds out. So how do European banks handle fraudulent transactions and customers who are victims of fraud? Without adequate fraud prevention or ad-hoc fraud recovery/compensation measures in place, debit cards are more expensive than they appear to be.

But digital currency's purpose is not to crack down on capital flight; you have draconian laws and regulations for that. It's to increase the efficiency and cost-effectiveness of the financial system true but more importantly it is to improve the swiftness and effectiveness of their socio-economic and monetary policy at unfortunately the expense of the privacy and personal freedom of its citizens and anybody who happen to be part of it.
 
TheDawn said:
Second, their bank accounts linked to the debit card are directly exposed to thieves and/or hackers when the debit card is stolen and/or hacked since the perpetrator can debit $$ directly from the card in an ATM machine or even worse directly transfer funds out of the bank accounts online should the hacker be able to manage to obtain the password or pin to access the bank accounts draining all of the funds out. So how do European banks handle fraudulent transactions and customers who are victims of fraud?
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Some of the limitations of my bank card:

Taking cash at ATM:
  • max 625 euro per transaction
  • max 625 euro per day
  • max 1,250 euro per week
Credit card limit taking cash at ATM:
  • standard 2,500 euro per month
  • max 620 euro per 4 days
Payments on internet or in shops:
  • max 2,500 per week

So " draining all of the funds out" is overexaggerated.
If you take care of your cards like a "good housefather" your losses are covered by an insurance. So you lose nothing.

You can protect yourself very easily:
  • use your first bank account for all kind of transactions
  • open a second bank account and put all your money on that account
  • put a limited amount on the first account so that the damage is always limited to that amount
  • transfer money from account 2 to account 1 if needed
There are also emergency phone numbers where you can instantaneously block your cards. Also possible by internet.
I have never had any problems with my bank card or my credit card. I use them for over 25 years all over Europe (even in Russia and Ukraine) and never had any problem at all.
One time my creditcard was blocked and replaced because of attempts to hack it. In less than 24 hours I had a new card. A whole range of credit card numbers were at that time blocked, so it was not a specific attack on me. Risk came from China.
 
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TheDawn said:
Again you have no idea how things are run in America or in general. LOL Credit is not handed over "like drugs to junkies". Only certain smaller card issuers choose to give ridiculously high credit limits on credit cards for them to make money to compete with the bigger banks but bigger and more established banks are quite prudent with the credit limit on the credit cards that they issue, at least initially they are. But that is the norm in the business world where smaller companies have to offer more in order to entice more business and the credit card industry is no exception but that is no way in any indication of how credit is handled in America.

Direct debiting of transactions from the bank account is extremely bad for the consumers aka the cardholders. First, they lose the ability to refuse to pay for fraudulent transactions on their cards as transactions are directly debited from their card and when the fraud is discovered it's already too late. Second, their bank accounts linked to the debit card are directly exposed to thieves and/or hackers when the debit card is stolen and/or hacked since the perpetrator can debit $$ directly from the card in an ATM machine or even worse directly transfer funds out of the bank accounts online should the hacker be able to manage to obtain the password or pin to access the bank accounts draining all of the funds out. So how do European banks handle fraudulent transactions and customers who are victims of fraud? Without adequate fraud prevention or ad-hoc fraud recovery/compensation measures in place, debit cards are more expensive than they appear to be.

But digital currency's purpose is not to crack down on capital flight; you have draconian laws and regulations for that. It's to increase the efficiency and cost-effectiveness of the financial system true but more importantly it is to improve the swiftness and effectiveness of their socio-economic and monetary policy at unfortunately the expense of the privacy and personal freedom of its citizens and anybody who happen to be part of it.
More...
Blah, blah, blah... You really need to get out of your house.

https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/

https://www.cardrates.com/advice/av...he Highest,Americans to afford their expenses.
 
virtusa said:
Some of the limitations of my bank card:

Taking cash at ATM:
  • max 625 euro per transaction
  • max 625 euro per day
  • max 1,250 euro per week
Credit card limit taking cash at ATM:
  • standard 2,500 euro per month
  • max 620 euro per 4 days
Payments on internet or in shops:
  • max 2,500 per week

So " draining all of the funds out" is overexaggerated.
If you take care of your cards like a "good housefather" your losses are covered by an insurance. So you lose nothing

You can protect yourself very easily:
  • use your first bank account for all kind of transactions
  • open a second bank account and put all your money on that account
  • put a limited amount on the first account so that the damage is always limited to that amount
  • transfer money from account 2 to account 1 if needed
There are also emergency phone numbers where you can instantaneously block your cards. Also possible by internet.
I have never had any problems with my bank card or my credit card. I use them for over 25 years all over Europe (even in Russia and Ukraine) and never had any problem at all.
One time my creditcard was blocked and replaced because of attempts to hack it. In less than 24 hours I had a new card. A whole range of credit card numbers were at that time blocked, so it was not a specific attack on me. Risk came from China.
More...

In less than 24 hours? Wow!! That's fast!! I was recently a victim of credit card fraud. Somehow somebody from a totally different city from where I live ran some transactions online. My credit card company was able to detect the fraud and blocked the first transaction when they couldn't get a hold of me but decided to let the second one through when they detected it was fraud and tried to get a hold of me but again was not able to reach me. I called them back right away and confirmed to them that I did not make that transaction and they cancelled my card but I had to wait 4 to 6 business days to receive my replacement card. I don't know how they could get a hold of my card when my card never left my wallet and I seldom use it for online purchases. Everything was very strange.
 
VicBee said:
Blah, blah, blah... You really need to get out of your house.

https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/

https://www.cardrates.com/advice/average-credit-card-debt-by-country/#:~:text=The US Has the Highest,Americans to afford their expenses.
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So what?? EVERYBODY is up to their neck in debt nowadays. Our houses are at least 75% financed by debt. Our purchases are 99% by credit card (why should they be in cash when I can enjoy one more month of interest by delaying my payment by one month?). Our tradings are all financed by margin loans. Without debt, you are not able to do anything nowadays. But somehow when it's America, it's because credit is handed out like "drugs to junkies". LOL

The issue is not with incurring debt; it's with how to manage one's debt properly. Like I said, you really don't know what you are talking about.
 
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TheDawn said:
I had to wait 4 to 6 business days to receive my replacement card.
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There is an emergency procedure, for which you pay. I think I paid between 100 and 200 euro for fast delivery. The orginal card was blocked 48 hours before I needed to book and pay for flight tickets. At that time internet bookings could only be paid by credit card. As the only way to pay was with credit card I took the emergency road. That year I did over 50 trips with plane so could not miss my creditcard. Not only for the tickets but also for all expenses abroad.
 
TheDawn said:
So what?? EVERYBODY is up to their neck in debt nowadays. Our houses are at least 75% financed by debt. Our purchases are 99% by credit card (why should they be in cash when I can enjoy one more month of interest by delaying my payment by one month?). Our tradings are all financed by margin loans. Without debt, you are not able to do anything nowadays.
But somehow when it's America, it's because credit is handed out like "drugs to junkies". LOL

The issue is not with incurring debt; it's with how to manage one's debt properly. Like I said, you really don't know what you are talking about.
More...
%%
LOL
Good ;
except people tend /to spend much more with a credit card +that's why merchants pay 1-4% +/extra fee to banks.
Credit cards mortgages, auto loans have as small failure rate;
hardly like drugs to junkies LOL.
I use cash ETFs + leveraged ETFs, built in finance charge + no margin calls.
Local gas station gives a discount for cash\
gas , less than credit card gas :D:D WMT used to do that.
 
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