Credit card limits around the world
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Hmmm, Then why have a credit card at all, Brian? Why don't you just use your debit card? Nish
It's nice to have a buffer sometimes so to speak. But if that buffer is large, and you empty too much of it, it's easy to make a buffer underrun. (Pre-burn proof CD writer owners knows what I'm talking about ;)) -- Komm tu mir langsam weh, leg mir die Ketten an und zieh die Knoten fest, damit ich lachen kann I blog too now[^]
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Hmmm, Then why have a credit card at all, Brian? Why don't you just use your debit card? Nish
Credit Cards are useful for establishing a credit record. Get a credit-card, use it but pay it back religously and your credit-rating will be decent for when you need a loan of some sort (car finance, house etc.) regards, Paul Watson South Africa The Code Project South-East Asia Disaster: How you can help Pope Pius II said "The only prescription is more cowbell. "
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Nishant S wrote: Then why have a credit card at all, Brian? Damn useful when I am out of the country. Oh, and most internet sites that I use to buy things don't take Irish debit cards (I'm not sure if they take debit cards at all... e.g. Amazon, Komplett, Crucial, etc, etc, etc) Nishant S wrote: Why don't you just use your debit card? Not sure about Indian debit cards, but you can't use the Irish debit cards in forgeign countries. I also use a credit card for small purchases as I don't get charged any interest on my CC becuase I always pay it off on time. I essentially only use it when I know I have, or will have soon, the money to pay it off and when I want to make online purchases. Regards, Brian Dela :-) Now Bloging![^]
Hmmm, does your debit-card not have a Maestro, Cirrius or Link sign on it? If it does then you can use it pretty much anywhere in the world. I used my debit card in London, Scotland and Greece. If yours does not then tell your bank they are slacking. regards, Paul Watson South Africa The Code Project South-East Asia Disaster: How you can help Pope Pius II said "The only prescription is more cowbell. "
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Nishant S wrote: you can't buy a car on credit for instance I bought a new car recently in the UK and there was a limit to how much you could pay on credit card for it. I think it was about 1.5% of the value of the car, the retailer said this is because of the 2.5% that the credit card people will charge them and therefore hit their profits.
With the merchant account I use (RBS) you pay 3.5 to 2.5% on CC purchases and 50p for DC purchases. So for £10,000 bought on a Visa CC it would cost me £250, but for £10,000 bought on a Visa DC it would cost me 50p. Quite a difference! I think this needs to be changed or less businessed will be willing to take CC for large payments (which hurts the CC companies in the end, though probably not by as much). Especially as most businesses don't differentiate between debit and credit cards. Charge the consumers for using the credit, not the businesses.
David Wulff The Royal Woofle Museum
Everybody is entitled to my opinion
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Don't forget fraud protection If you buy something on a debit card, and it's faulty, or never gets delivered, or eats your grandmother's cat, you'll have to go to the retailer and complain, and try and get a refund If you buy something with a debit card, and the retailer goes bust, then you're somewhat screwed (you might eventually get your money back, but it'll be tough) If you buy anything on a credit card, then you've got an extra level of protection, as the credit company has joint liability (which means even if the retailer won't give you a refund, the credit company will) - the same goes if someone gets hold of your card number and makes fraudulent purchases - you can reclaim this from the credit company too. That's why you should be very careful using a debit card online -- Help me! I'm turning into a grapefruit! Phoenix Paint - back from DPaint's ashes!
Every DC issuer I've used has offered the same purchase protection, free insurance, etc, that you get with CCs. I think it may even be a requirement of joining the major card schemes? Or is this only offered to certain customers?
David Wulff The Royal Woofle Museum
Everybody is entitled to my opinion
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Nishant S wrote: Then why have a credit card at all, Brian? Damn useful when I am out of the country. Oh, and most internet sites that I use to buy things don't take Irish debit cards (I'm not sure if they take debit cards at all... e.g. Amazon, Komplett, Crucial, etc, etc, etc) Nishant S wrote: Why don't you just use your debit card? Not sure about Indian debit cards, but you can't use the Irish debit cards in forgeign countries. I also use a credit card for small purchases as I don't get charged any interest on my CC becuase I always pay it off on time. I essentially only use it when I know I have, or will have soon, the money to pay it off and when I want to make online purchases. Regards, Brian Dela :-) Now Bloging![^]
Surely there are Irish debit cards that are members of Visa, Mastercard, etc? Isn't Switch (common on this side of the Irish sea) just a brand name of Maestro?
David Wulff The Royal Woofle Museum
Everybody is entitled to my opinion
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When I was in the US, my debit card doubled up as a MasterCard cred card that I could use on the internet [I even used it after returning to India to buy mom a Microwave as a gift] But my debit card here in India is a Visa Electron card, that only lets me use it at shops (where they have that swiping machine). I can't use it on the internet :-( But I know that my friend in the US has a debit card that's Visa (not Visa Electron) that he uses for online purchases. So maybe it's the Electron-attribute of my Visa debit card that prevents me from using it on the internet. Nish
Nishant S wrote: So maybe it's the Electron-attribute of my Visa debit card that prevents me from using it on the internet. Visa Electron can be used on the Internet, providing the merchant the site uses recognises the scheme. I can take payments online using an Electron card. I rarely see support with online retailers though, it is msotly just the bigger names. :(
David Wulff The Royal Woofle Museum
Everybody is entitled to my opinion
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Nishant S wrote: Why not use a debit card then? What convenience does a credit card have over a debit card in your case? Two reasons. 1. Security. A debit-card access my bank-account. Which means any thief or fraudster is getting my money and not the credit-card companies. 2. I don't always have the money, until the end of the month when the credit card balance is due. Michael CP Blog [^]
Michael P Butler wrote: 2. I don't always have the money, until the end of the month when the credit card balance is due. I can empathize with that ;-)
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After reading the thread to here i draw the conclusion that you are trying to buy a car over the internet using your VISA Electron?:wtf: :) /Magnus
- I don't necessarily agree with everything I say
_Magnus_ wrote: After reading the thread to here i draw the conclusion that you are trying to buy a car over the internet using your VISA Electron? LOL - I just used that as a (possibly bad) example :-)
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Nishant S wrote: What are typical limits in other countries? I have read thru most of this thread and I guess that banking systems in different countries are - well - different. I have several cards that have over 30000.00 US limits. I have one card that has a 50000.00 US cash advance limit ( why I have no idea ). However we ( my wife and I ) are not credit card junkies and usually maintain a 0$ limit on credit card charges. We have a debit card that also doubles as a Mastercard. If I make a purchase and enter my PIN number it is a direct debit card - my account is accessed and that amount removed. However if I do not enter a PIN number it works just like a Mastercard account. This is about the only card we do use with any frequency. We also have numerous store credit cards ( Lowes - Home Depot - Sears ) that we use from time to time when they offer such things as 12 months interest free or 10% off when purchasing on the card. I also bought a new car 2 years ago and got a 60 month interest free car loan. My financial advisor said to get it for as long a term as possible since it was costing me nothing and the only downside would be if I wanted to get rid of the vehicle early. If you use them wisely credit cards and such as good to have but they are not a license to go out and buy anything you want at the moment. There be dragons. Richard "Under certain circumstances, profanity provides a relief denied even to prayer --Mark Twain (1835 - 1910)
Richard Stringer wrote: I have one card that has a 50000.00 US cash advance limit :eek: You could buy a decent house in Trivandrum for that kinda money!