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credit card debit FAQ
Because when you use a credit card, the merchant has to pay a fee, which is usually 3% to the bank. So...this way the bank makes more $.
Both work just fine. I take both when I go. However, I use a visa prepaid travel card. I get that from my credit union. I would be willing to bet most banks have them now instead of Travelers Checks. Hope you enjoy your trip. Have a nice day!
When it comes to credit cards, try not to
Rub it along the back of a loudspeaker ot other powerful magnet, that should inactivate any coding it has or simply enter the incorrect PIN number over 3 times in a row.
credit card debit news
Battle over debit card swipe fees goes on
The Electronic Payments Coalition, which represents credit unions and community banks, countered that gas would be much less expensive if station owners passed on to their customers an estimated $1 billion in savings from lower debit-card fees.
The gas spat represented yet another skirmish in the battle between the financial services and retail industry over the fees retailers pay banks and card processing networks when customers use their debit cards. The broad financial overhaul legislation that Congress enacted in 2010 required the Federal Reserve to issue rules that place "reasonable" limits on swipe fees. In June, the Fed voted to cap the fees at 21 cents per transaction, plus 0.05% of the purchase price to cover fraud-protection costs.
Source: USA TODAY
Spendthrift? Use debit card
** Is there any relationship between home loan approval and credit card usage? I am planning to take a home loan after two years and I want to cancel my credit card due to overspending.
Your payment track record on credit card dues will have a strong bearing on your ability to get home loan in future. If you have defaulted or delayed in the past on credit card payments, banks are unlikely to grant you a home loan (or any other loan for that matter) except the one which is fully backed by tangible movable i.e. easily en-cashable security like loan against gold or shares or bank fixed deposit. Hence, it is advisable to make timely payments on your credit card dues to avoid having default reflect in your credit history.
Source: Deccan Chronicle
USA Today Article Punctures Banks' "Swipe" Fee Myths
WASHINGTON, May 11, 2012 (BUSINESS WIRE) -- In a news story today, USA Today exposed some of the myths banks propagate about hidden, exorbitant "swipe" fees the banks charge retailers when customers buy with credit or debit cards, said the Merchants Payments Coalition.
Source: MarketWatch (press release)