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After a couple years, I've gotten used to the microchip cards. It's faster. Our cards still have mag stripes (since we go shop in places like the States).
After using the chip cards, I found it frustrating in the States to revert to handing over my card, and then signing. Here, I keep control of the card all the time.
What protects you from the bad guys standing near by with a RFID reader scooping up your data? That's what I worry about.
I got a cute little credit card holder at Kohls for 9.99 minus whatever the coupon percentage was that will block those card readers from getting your information. I have all my cards in that now so I do not worry about the card readers.
I didn't read all of the replies, but I thought I would answer you since I work in a credit union in the department that handles both credit and debit cards. As far as the cardholder is concerned, you have the same protection whether you use a credit card or debit card. As far as the banks and credit unions are concerned, it is sometimes very tough to get the money back. It depends on the type of fraud (online vs brick and mortar) as well as other factors. The biggest difference is, the money comes directly out of your checking account for debit cards. I know our credit union works with the member and will waive all nsf fees and post legitimate items up to the amount being reported as fraud until the fraud can be confirmed. Most bigger banks just give your money back regardless and write off the loss if they can't recover it from either the merchant or the insurance company. Smaller banks and credit unions may require more input from the card holder to try to curb the losses so they are n't passed onto to their customers/members.
Plastic cards are very convenient and I use my debit card for everything. But there are a lot of bad people out there committing fraud, and it gets worse every day. Get ready because in the next few years we will be required to replace our current cards with the magnetic strips on the back with the microchip cards that are already being used in Canada and Europe. They are supposedly harder to use for fraud. It's really "fun" keeping up with all the fun stuff the government keeps throwing at us. Not!
Thank you so much for sharing your knowledge of what is happening with the Credit card industry as well as the protections offered via debit and credit cards. I appreciate it and I know others will too!
Don't fall into the trap of directing your anger and/or displeasure toward businesses...every business has to make a profit to remain in business. If they fail, more people are unemployed. If elected officals can keep us focused on anyone else but them, then that's what they want. There is room in a free market for all sizes of companies. I know there are some bad guys out there, but a free market has a way of weeding out the bad ones. Better yet, focus on who is creatng the economic environment that pushes businesses to do what they must to survive and stay open. Overhead is always going to be passed on to the consumer. All too often we look at the symptoms and don't treat the real disease. Just saying....
Also, I can use my debit card as a "credit card" transaction. Even though it still comes out of my account. the only difference is I don't use my pin number.
My utility bills state that I can pay with a credit card, but would then be charged with a 5% convenience fee. I know a family - they put everything on a Citibank credit card, then pay it off, just so they can get the miles.
Karen - proud owner of 5 cats and 1 dog. My Blog
prior to this rule, it was not legal for a merchant to agree to accept less in exchange for your paying cash.
the following states still do not permit allowing merchants to charge extra for paying with a credit card: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
So is it now legal for merchants to accept less if you pay by cash?
But Claire was talking about cc not debit or ATM withdrawals. Some companies apparently apply a surcharge for international cc transactions then blame the merchant and say they apply these fees. Of course there are currency fees which are never charged at the actual percentage but are marked up so the cc company makes enough $ that way without adding a charge for international transactions. Mine doesn't charge this or I'd be broke! I shop internationally all the time! Or if they do, it has to be such a tiny fee I've not noticed it.
Foreign ATM and debit cards are different because your home bank has to pay the fee charged by the bank who owns the ATM or terminal. Plus their own processing fee for not using your own bank. Different than a cc company.
The international fee applies to all credit card, debit card and atm card transactions. The fee can be quite small since it is usually around 1% of the purchase price. Some larger banks and credit cards may just eat the fee and not pass it on to their card holders. Smaller banks and credit unions can't afford to do that or they would not be in business.
On another note: In my personal opinion, I think that we would all be better off if the government would take their nose out of all of this and stop passing stupid regulations all the time that supposedly protect us. But in reality they are being coerced by the richest lobby group and the regulations usually do way more harm to the economy and to us. There is no true competition and free commerce anymore.
Like I said in an earlier post, this has been done in the Uk for as long as I can remember. The vast majority of companies don't actually charge the customer, and they do have to tell you before you complete your transaction if there is a fee, to give you the choice to pay it or not. Oddly, it is usually the biggest companies- typically over here, Travel Agencies-that tend to charge it! I don't think I've ever been charged by a small independent business. Go figure!
I would understand a small trader not being able to absorb the charge.
It is annoying that places where you would be spending a large amount of money feel the need to pass it on, especially as I'd use a credit card for those sort of purchases as a form of insurance- so many holiday companies have gone under in the last few years, as well as places like furniture suppliers, using a credit card is the only way of making sure you don't lose your goods and your money if that happens.I suppose it is just like paying an insurance premium, but it still rankles.