But I get free money for using my Visa....
No matter what they tell you ....................... there is no such thing!
No matter what they tell you ....................... there is no such thing!
They are hoping that you'll carry a balance. Most people do, so it's worth it for them to dangle that carrot for the few people that don't normally carry a balance.I'm sure they are doing it out of the goodness of their heart!
Used to work for a company where more than 90% of our business was setting up MPLS and IPsec VPNs for point of sale systems, and this was several years ago now... If the transmissions coming from your POS aren't encrypted, you'll fail a PCI audit and lose your merchant accounts with the card companies.The real issue is them monitoring the data transmission from the retailers server to the clearing houses.
As of last year MOST of that data transmission is still unencrypted. When that happens they get everything, pins, numbers etc. They can sit on it, for a while so you'll never know your stuff got hacked. Then they can clone your stuff later.
Used to work for a company where more than 90% of our business was setting up MPLS and IPsec VPNs for point of sale systems, and this was several years ago now... If the transmissions coming from your POS aren't encrypted, you'll fail a PCI audit and lose your merchant accounts with the card companies.
Correct, but there is risk involved.
You guys aren't even seeing the big risk of using a credit card.
The issue isn't skimming at the POS (point of sale level) that's small fry and the chance of them getting you is a drop in the bucket.
The real issue is them monitoring the data transmission from the retailers server to the clearing houses.
The only thing consumers can do is compartmentalize their money.
One credit card that is used. One bank account to pay that card off.
Then a different account for the bulk of your $$. That you only use to transfer to your bank that pays credit card.
Boom, there ya go. Why use debit card that pays 0.0000000000001% interest when you can get $1000+ cash back per year from a CC? All it takes is some financial discipline. And, if you really want to tighten up, just make sure to have enough cash to plop down on the CC at a moment's notice to pay off the highest monthly expenses you've had - as a contingency.Risk that I control. I have been putting every expenditure I can on cash/miles cards and pay them off every month. I have never paid CC interest. Ever. And it there is an annual fee it is way small compared to what I get back. A very good investment, IMO.
1. The credit card companies make more on average on you then you make on them. They are a multi billion dollar industry that spends a lot of money on getting money from you. Do you really think you are getting the better of them?
2. While a few people make a few hundred bucks a year off this game, there are a boat load of people who are financially struggling because of credit cards.
3. One of the biggest expense of credit cards is you spend more with plastic than cash. You impulse more. Even if you don't pay Visa a dime in interest, it costs you thousands.
4. Credit cards don't make people wealthy, but they can make you broke.