Re:Web 3.0 – An Arrogant and Treacherous Successor Doomed to...
by foobiekr on Tuesday November 22, 2022 @03:22PM
(#33710940)
In the us the credit card option has very strong statutory consumer protections. As a rule people should be using credit cards, not debit cards.
I am fascinated by the ridiculous claims that this somehow makes things hard.
Re:Web 3.0 – An Arrogant and Treacherous Successor Doomed to...
by mschuster91 on Wednesday November 23, 2022 @03:57AM
(#33716746)
> In the us the credit card option has very strong statutory consumer protections. As a rule people should be using credit cards, not debit cards.
... and pay a lot of interest to their banks as a result. Here in Europe, we don't need to pay interest for credit cards or worry about paying CC bills on time to avoid them, as we have strong consumer protection laws in general and SEPA direct debits can be clawed back no-questions-asked for three days.
Re:Web 3.0 – An Arrogant and Treacherous Successor Doomed to...
by foobiekr on Wednesday November 23, 2022 @02:51PM
(#33723720)
That’s not how it works. If you pay it off in the month you pay $0. Maybe don’t be so confident.
Re:Web 3.0 – An Arrogant and Treacherous Successor Doomed to...
by mschuster91 on Thursday November 24, 2022 @03:20AM
(#33728920)
> If you pay it off in the month you pay $0.
How many people have the financial discipline or the financial education? Banks are making a truckload of money on that not being the case.
What? Why? Here in Europe, you can just pay with SEPA direct debit. You don't need credit cards or paper checks to pay for stuff, neither in the meatspace nor online. The only thing services like PayPal are good for is fraud protection (for both sides).
So much of what we see in the US financial industry and the workarounds created to bypass their bullshit - anything from "payday loan" places advancing money for a paycheck over paychecks or rent checks themselves to Bitcoin to bypass transaction fees is not just an issue here. Our wages get automatically deposited into our bank accounts, rent gets either automatically sent by your bank or drafted by the lender's bank, and any kind of card transaction is capped at 0.2 (DC)/0.3%(CC) [1].
[1] https://www.consilium.europa.eu/en/press/press-releases/2015...