Cash

[Robertj21a]

Jasey_ said:

Not at cross purposes .

If someone steals your debit card details they will steal YOUR cash.

If someone steals your credit card details they will steal the Credit Card company's cash - unless you have been negligent.

This is the reason I do not use my debit card for anything other than accessing my cash.

Not correct.

If someone steals from you using your debit card it will be fraud and the bank will reimburse you. It's fraud whether it is a debit or credit card.

[mikeiow]

bhstewie said:

So am I being blind or do very few cards seem to shout about you being able to pay it in full each month with no interest?

I'm asking as they don't seem to highlight that on the card company websites.

I get that's because they don't want you to pay it all off but I didn't expect it to be buried on page 76 of the T&Cs either.

Well, I stand to be corrected, but I would be willing to bet ALL credit cards will have an automatically-pay-in-full each month option. I doubt they need it in the Ts & Cs
We have a Tesco card (for points - worth less these days), but as others said - pick the best from MSE & apply!
If by some freak of nature you find one you cannot clear each month, send it back: I doubt that would happen

[bitchstewie]

mikeiow said:

Well, I stand to be corrected, but I would be willing to bet ALL credit cards will have an automatically-pay-in-full each month option. I doubt they need it in the Ts & Cs
We have a Tesco card (for points - worth less these days), but as others said - pick the best from MSE & apply!
If by some freak of nature you find one you cannot clear each month, send it back: I doubt that would happen

Yeah it's the "and no interest" part I wanted to be sure on.

I haven't had/needed a credit card for years and it's shocked me what the APR on these things is if you intend using it as something that's there as an option to use to buy a few days if you needed to shift money from elsewhere.

[mikeiow]

bhstewie said:

Yeah it's the "and no interest" part I wanted to be sure on.

I haven't had/needed a credit card for years and it's shocked me what the APR on these things is if you intend using it as something that's there as an option to use to buy a few days if you needed to shift money from elsewhere.

I've had cards for *decades* & never paid interest. The auto payment is....automatic!

[anonymous-user]

anonymous said:

[redacted]

Yep

[Ean218]

Robertj21a said:

Not correct.

If someone steals from you using your debit card it will be fraud and the bank will reimburse you. It's fraud whether it is a debit or credit card.

They might reimburse you but you don't know that for sure and you no longer have your money while they fart about for a few weeks. The uncertainty and delays are not worth it, in my opinion.

[Robertj21a]

Ean218 said:

Robertj21a said:

Not correct.

If someone steals from you using your debit card it will be fraud and the bank will reimburse you. It's fraud whether it is a debit or credit card.

They might reimburse you but you don't know that for sure and you no longer have your money while they fart about for a few weeks. The uncertainty and delays are not worth it, in my opinion.

They must reimburse you if it's a fraudulent transaction. They take time investigating because there are too many disclosing their PIN to other family members or friends. Obviously, down to individuals but there's a lot of silly scaremongering out there.

[mids]

bhstewie said:

Timely perhaps.

Cash is Comforting, But a Terrible Investment

Yep.

I was going through my mum's finances with her at the weekend. In 2011 I'd advised her to put some of her savings into NS&I Index-linked Certificates and the £15k is now worth £21k. She thanked me for making so much money for her but I pointed out that it hadn't made any money at all, it's just kept up with inflation and is worth the same now as it was in 2011.

Quite an eye opener though about how much you lose if you hold cash long term.

[Mr Whippy]

xeny said:

bhstewie said:

I'll have a look later but any suggestions on a simple credit card where I can just set it up so it pays automatically each month unless I tell it not to?

.

Pretty much any of the can be set up to do that. Work out which reward scheme is the best fit for you - MSE has a list. It's typically under 1%, but I'll take anything I can get.

So what happens when the CC bill us full of payments and you have no idea a few are scams, then it’s auto-paid, and then you spit some were fraud.

Do the CC company pay you back instantly, or is it now more difficult?


Deffo interested in Monzo/starling type accounts these days for “spending” with.

[xeny]

Mr Whippy said:

So what happens when the CC bill us full of payments and you have no idea a few are scams, then it’s auto-paid, and then you spit some were fraud.
.

I read the bill, I just only do something about it if I _don't_ want to pay it all. Economy of effort.

[Simpo Two]

xeny said:

Mr Whippy said:

So what happens when the CC bill us full of payments and you have no idea a few are scams, then it’s auto-paid, and then you spit some were fraud..

I read the bill, I just only do something about it if I _don't_ want to pay it all. Economy of effort.

Quite, you have - well at I have at least two weeks notice of the DD going out and its date so you know exactly what's coming.

[anonymous-user]

I can't stand the concept of other people being able to call off my money as and when they choose. I'll only allow a DD if there's a clear financial advantage to setting one up. Only takes a moment to pay the credit card by Faster Payment after I've checked it and on a date that suits me.

Similarly I never use a debit card now there's no financial advantage. I'd be more than happy to go back to the old bank cards which had no function other than getting cash out of machines.

Leaving that aside, there's no point worrying about "bank account details" on a debit card - unless you're scared of writing cheques for the same reason.

[Robertj21a]

rockin said:

I can't stand the concept of other people being able to call off my money as and when they choose. I'll only allow a DD if there's a clear financial advantage to setting one up. Only takes a moment to pay the credit card by Faster Payment after I've checked it and on a date that suits me.

Similarly I never use a debit card now there's no financial advantage. I'd be more than happy to go back to the old bank cards which had no function other than getting cash out of machines.

Leaving that aside, there's no point worrying about "bank account details" on a debit card - unless you're scared of writing cheques for the same reason.

I would guess that only a very few people write personal cheques nowadays.

[Skyedriver]

Robertj21a said:

rockin said:

I can't stand the concept of other people being able to call off my money as and when they choose. I'll only allow a DD if there's a clear financial advantage to setting one up. Only takes a moment to pay the credit card by Faster Payment after I've checked it and on a date that suits me.

Similarly I never use a debit card now there's no financial advantage. I'd be more than happy to go back to the old bank cards which had no function other than getting cash out of machines.

Leaving that aside, there's no point worrying about "bank account details" on a debit card - unless you're scared of writing cheques for the same reason.

I would guess that only a very few people write personal cheques nowadays.

Every now and then for stuff at school, they ask for a cheque but think they now offer bank details.
Premium Bond "wins" still come as a cheque.

[Robertj21a]

Skyedriver said:

Every now and then for stuff at school, they ask for a cheque but think they now offer bank details.
Premium Bond "wins" still come as a cheque.

But even your PB wins can be credited direct to a bank account.

[Simpo Two]

rockin said:

I can't stand the concept of other people being able to call off my money as and when they choose. I'll only allow a DD if there's a clear financial advantage to setting one up.

With utilities I agree, but the 'financial advantage' of getting your CC bill paid by DD is that you can't forget it, and so avoid copping a month's interest by mistake.

[Mr Whippy]

Simpo Two said:

xeny said:

Mr Whippy said:

So what happens when the CC bill us full of payments and you have no idea a few are scams, then it’s auto-paid, and then you spit some were fraud..

I read the bill, I just only do something about it if I _don't_ want to pay it all. Economy of effort.

Quite, you have - well at I have at least two weeks notice of the DD going out and its date so you know exactly what's coming.

If you pay then I assume the CC “protection” is gone.
So the CC protection method works only if you diligently audit.


I’ve had my debit card used without my consent once.
I called the bank and they returned the money.

I’ve invoked my CC for an issue once and had equally good support.


In the days of contactless and no receipts, along with myriad online payments, it seems difficult or time consuming to audit your spending record against statements.


I’m not saying anyone or any method is right/wrong, just making it clear that the biggest protection comes from recording your spending so you can cross reference your statements.

[Simpo Two]

Mr Whippy said:

If you pay then I assume the CC “protection” is gone.
So the CC protection method works only if you diligently audit

No. I once paid a company to do some upholstery and paid them a £1200 deposit on CC. They then did half a job badly and fked off. I was able to get my money back using Section 75. Where would your £1200 cash be?

As for 'diligently audit', I'm sufficiently well aware of what and where I spend that anything unusual sticks out like a sore thumb. In about 25 years of regular use there's been only one sore thumb, when a bandit got into my eBay account and bought some iPhones. I contacted the CC company and they refunded the money.

So when your CC statement arrives, don't you have to 'audit' it just the same to make sure? You just have to make a manual payment instead of automatic.

As you say, horses for courses and if you have a system you like, that's all that matters.

Edited by Simpo Two on Monday 6th July 22:17

[Mr Whippy]

I just use CC and PayPal for internet etc.

Debit is fine in proper face to face places.

I don’t think I’ve used debit where I’m not there during transaction.


But yes I suppose other CC protection is handy irrespective of if you later pay it off.
A friend managed to invoke the threat of using it on a trader to whom he’d used the CC for a deposit on a car which later turned out to be clocked.

[Julia121]

Simpo Two said:

Julia121 said:

I've no experience of Premium Bonds are they open weekends, bank holidays etc?

Which tallies so well with the Harry Enfield video it's obviously a test and I'm going to bite...

'The subject of Bonds, and whether or not they are deemed Premium is highly complex matter, requiring Advanced Mathematics, and is therefore far beyond the grasp of the fairer sex whose time would be more appropriately spent deciding what type of kitten to buy. However if you wish to ensure that the contents of your beautifully embroidered purse are invested wisely then you may post it to me for safekeeping forthwith.'

(Don't hit me I was scriptwriting! - and knowing the way PH works you're probably a docker called Brian!)

Thanks rockin, very helpful and concise.