MasterCard or Visa?

[AustinIllini]

Sometimes with a debit card the retailer will put a hold of $X just to verify you can make the purchase.

I pay my CC right away so it's essentially debit. To me, the safety of being easily able to cancel fraudulent charges is the main benefit. It's harder to get your money back on a debit card.

Also, my debit card is a Visa.

 

[Apple fanboy]

Sometimes with a debit card the retailer will put a hold of $X just to verify you can make the purchase.

I pay my CC right away so it's essentially debit. To me, the safety of being easily able to cancel fraudulent charges is the main benefit. It's harder to get your money back on a debit card.

Also, my debit card is a Visa.

Your covered for £80,000 with UK banks so no risk for most of my purchases!

 

[Tech198]

Apple Card has inspired me to ask this question, which service do you use and why do you prefer one or the other?

Fun fact, maybe you know but I didn't, I thought MasterCard and Visa are "money-lending" business. I learned they identify themselves and as a payment network, and they do not lend money or charge interest.

I was told both are owned by a larger company but this could be a myth/rumor.

Visa.

All credit card charges some interest, some free for first 55 days of a card like:
https://www.westpac.com.au/personal-banking/credit-cards/low-fee/

The ones like Apple card that charges may charge interest, is just an incentive to not pay back longer. That's how I look at it..

If there is lower fee, why rush to pay back ... Just wait... it'll happen

 

[Huntn]

AMEX. For the cash back rewards and other services.

We use AmEx for frequent flyer miles though Delta, but there is an annual fee for it.

 

[Gutwrench]

We use AmEx for frequent flyer miles though Delta, but there is an annual fee for it.

Fee here too. I’m not a traveler so it’s a cash back card.

 

[0388631]

Fee here too. I’m not a traveler so it’s a cash back card.

Both are great. Cash back is nicer, especially if you have several you can rotate through once you meet the yearly max.

 

[Joe h]

American Express has the best consumer protection. The other two are are just reward cards.

 

[AustinIllini]

Chase Sapphire Reserve is a $450 fee but you get $300 travel allowance. The perks are amazing

 

[0388631]

Chase Sapphire Reserve is a $450 fee but you get $300 travel allowance. The perks are amazing

Call them and ask them to strike the fee off your account. They don't apply the fee to active military and law enforcement, but I wouldn't be surprised if you could get it waived just once or twice. Or try your luck down the line and get a perma-waiver. Just finding the right CSA and being overly kind and respectful can get you a lot of things easily.

Once I max out the yearly rewards allotment for a card, I put it away unless I need it for something specific, though that's rare. Cash back is sweet. Cash back through an institution card is better because they'll double down if you reserve the money into your account. Though that's to a limit, IIRC. Obviously if one of your accounts are with US Trust or similar, then you don't need those special features because they're fairly flexible in giving you what you want short of a hanky panky in the Oval Office. Chase Private is good, too, but it's secondary to UST, as is their JP Morgan Private Bank. They don't lead here.


On the topic of debit cards... The US needs to drop the magnetic stripe and force retailers to upgrade.

 

[Apple fanboy]

Call them and ask them to strike the fee off your account. They don't apply the fee to active military and law enforcement, but I wouldn't be surprised if you could get it waived just once or twice. Or try your luck down the line and get a perma-waiver. Just finding the right CSA and being overly kind and respectful can get you a lot of things easily.

Once I max out the yearly rewards allotment for a card, I put it away unless I need it for something specific, though that's rare. Cash back is sweet. Cash back through an institution card is better because they'll double down if you reserve the money into your account. Though that's to a limit, IIRC. Obviously if one of your accounts are with US Trust or similar, then you don't need those special features because they're fairly flexible in giving you what you want short of a hanky panky in the Oval Office. Chase Private is good, too, but it's secondary to UST.


On the topic of debit cards... The US needs to drop the magnetic stripe and force retailers to upgrade.

You mean to chip and pin? We’ve had that for years in Europe.

Now they are implementing a further security check where you will need an authentication code for online purchases.

 

[0388631]

You mean to chip and pin? We’ve had that for years in Europe.

Now they are implementing a further security check where you will need an authentication code for online purchases.

LOL, no. We have chip and pin and magnetic stripe for when the chip fails to read or if the retailer doesn't accept chip and pin. Madness.

How's that work then?

 

[Apple fanboy]

LOL, no. We have chip and pin and magnetic stripe for when the chip fails to read or if the retailer doesn't accept chip and pin. Madness.

How's that work then?

They send a code to you smart phone or something like that. It’s not been rolled out yet.

 

[0388631]

They send a code to you smart phone or something like that. It’s not been rolled out yet.

Oh, figures. I thought they handed you one of those Yubikey types of things or it popped up in your bank account screen on the computer. Online purchases were always a weakness when it came to that. Though still not completely safe when it comes to sending a 2FA code to the mobile.

 

[Apple fanboy]

Oh, figures. I thought they handed you one of those Yubikey types of things or it popped up in your bank account screen on the computer. Online purchases were always a weakness when it came to that. Though still not completely safe when it comes to sending a 2FA code to the mobile.

Agreed. You should be able to declare certain ip addresses as safe and then just need the code when you make online purchases elsewhere.
95% of mine are done at home.

 

[0388631]

Agreed. You should be able to declare certain ip addresses as safe and then just need the code when you make online purchases elsewhere.
95% of mine are done at home.

That's a problem. Some ISPs serve out a fresh IP once a "lease" is up and some don't, some rotate between fast and slow. This suggestion comes up in risky web management where you can set up a file called your htaccess file to only allow one IP or a block of IPs in and block all others to the whole domain and subdomains or to a particular page, like a discreet login page. Usually you'd only do the single IP if you're assigned a static IP and not a dynamic one.

I only go to a store to get an idea of what something looks like and then order online. Or get a price match if the store allows it. Rather amusing to see the plump, happy faces of a retail employee at an electronics store go all sad once you ask for an Amazon price-check.

 

[MacBH928]

American Express has the best consumer protection. The other two are are just reward cards.

Elaborate, how is it better for consumer protection?

Chase Sapphire Reserve is a $450 fee but you get $300 travel allowance. The perks are amazing

I never understood why they give so many rewards and perks, is it to lure people in to spend more and charge them more interest? Because a lot of people seem to use them for the perks but do not carry balance. Does not seem a sound business for the banks.

Once I max out the yearly rewards allotment for a card, I put it away unless I need it for something specific, though that's rare.

What is the yearly max? Didn't know there was one.

Rather amusing to see the plump, happy faces of a retail employee at an electronics store go all sad once you ask for an Amazon price-check.

They don't own the store so they shouldn't be upset...unless its a mom&pop store which I doubt they do price matching.

 

[0388631]

What is the yearly max? Didn't know there was one.

Of what exactly? Wells Fargo issued card? JP Morgan issued card? Target card? Costco card? Barclays card? HSBC card? Various Chase cards? Any rewards card, be it points, miles or cashback will have it in the fine print.

They don't own the store so they shouldn't be upset...unless its a mom&pop store which I doubt they do price matching.

One store I shop at, which is part of a small chain, works on pay plus commission for their sales staff. Another popular chain I rarely shop at is as close to commission plus play without it being commission. Employees who meet certain segments of revenue get a bonus. Hence why they're often upset but can't argue about it. For one household item I bought a few months ago, there was nearly a $37 discrepancy between multiple online first-party sales channels and that particular store chain, which coincidentally also had the same high price on their website. Nearly a $100 discrepancy with another non-computer device a few years ago.

 

[0388631]

Elaborate, how is it better for consumer protection?

Depends on the type of AMEX card. Some of them have up to $10,000 per incident with a yearly cap of $50,000. Included is 4 months to 6 months of said purchase protection. Protection for the aforementioned is in the form of theft or accidental damage; $500 if it's natural disaster related, and your insurance company will still pay out the full amount or the difference depending on your state's laws. The lower end AMEX cards have lower caps.

Alternatively, other creditors may not offer such benefits or may offer them, except at a fraction of these caps. However, they may offer up price protection, which is great for holiday shopping. In a similar way, and unless things have changed, Amazon will refund you the price difference of an item if it's within their first-party designation (they sell it themselves) and it's within 7 days of your purchase date. They'll refund the money to your debit and or credit card.

I never understood why they give so many rewards and perks, is it to lure people in to spend more and charge them more interest? Because a lot of people seem to use them for the perks but do not carry balance. Does not seem a sound business for the banks.

Those initial points are rewarded only if you surpass a certain amount spent within a specific time frame. $4,500 within 120 days of activation. Reality is most people won't be spending that kind of money. Or cashback cards that offer a, say, $250 sign up bonus if you spend $1,500 within 3 months of activation. Otherwise, they work on a 4/3/2/1 or 3/2/1 percentage depending on a revolving service (store, gas station, restaurants, etc.) or preset services.

 

[Gutwrench]

I never understood why they give so many rewards and perks, is it to lure people in to spend more and charge them more interest? Because a lot of people seem to use them for the perks but do not carry balance. Does not seem a sound business for the banks.

Rewards are funded through the merchant fees and the exorbitant interest paid by those who carry a balance. For every three people who claim to pay their cc balance each month my gut says at least one of them doesn’t.

 

[Apple fanboy]

Of what exactly? Wells Fargo issued card? JP Morgan issued card? Target card? Costco card? Barclays card? HSBC card? Various Chase cards? Any rewards card, be it points, miles or cashback will have it in the fine print.



One store I shop at, which is part of a small chain, works on pay plus commission for their sales staff. Another popular chain I rarely shop at is as close to commission plus play without it being commission. Employees who meet certain segments of revenue get a bonus. Hence why they're often upset but can't argue about it. For one household item I bought a few months ago, there was nearly a $37 discrepancy between multiple online first-party sales channels and that particular store chain, which coincidentally also had the same high price on their website. Nearly a $100 discrepancy with another non-computer device a few years ago.

I bought a laptop bag some years ago. Over £100 in the computer shop.
Around £35 online. If it was £45 I’d have just bought it there and then in the store. But for more than double, no chance.