So what the fuck is the deal with credit cards?

So what the fuck is the deal with credit cards?

If someone steals my debit card they can't use it for anything unless they know my super secret PIN number.

If someone steals my credit card they can use it anywhere. Online just by figuring out my birthday from social media. This can be done just by photographing the numbers on the card. At physical stores sometimes you don't need to provide a signature and if you do there's no verification it's legit.

Why the fuck is there zero security on something as important as credit cards? It's harder to buy beer than it is to spend $1,000 of someone else's credit.

its simple, get a credit card today with 0% APR for the next 3 months act now!! ; ^)

>le carat nose
no dubs for you, faggot

In first world countries credit cards are also chip and pin.

>PIN number

>birthday
I've never needed this to use my credit card. Is it an American thing? But I think you're right, I just never take the card with me. I only use it for online purchases.

I'm not liable for the losses, why should I give a fuck?

you realize you can set pin or block online payments or add sms confirmation to credit cards same as debit cards? the only difference is that credit card is just perpertual loan while debit is yours money

1) You're not liable for it
2) Banks now have apps that allow you to freeze your credit card if you lose it
3) At least when I worked in retail, if someone tried to purchase a lot of gift cards with a credit card, the system would force us to make sure the name on the credit card and the name on the person's driver's license (and thus their face) matched and would then make us type in their DL number

>If someone steals my debit card they can't use it for anything unless they know my super secret PIN number
Except they can use it online, where you do not enter your PIN.

>If someone steals my credit card they can use it anywhere
That is correct, but the money is not withdrawn immediately from your bank account and unrecoverable. You can contest the charges. This, arguably, makes it more secure.

>Online just by figuring out my birthday from social media.
Online does not ask for your birthday, your PIN, or anything special. it asks for the card number, the name on the card, the expiration date, and the 3 digit number on the back. Regardless of whether it's a credit card or a debit card, mere physical possession of the card enables one to purchase anything online.

But again, credit cards are safer because you can always report it stolen and eliminate any charges from the time it was stolen.

I don't get it either, i suspect it's an *American thing*. And not because of security - as mentioned, it's the same deal for both in that regard.

What i don't get is the concept of taking out a small loan everytime you buy a frozen pizza from the supermaket instead of using the money you actually already have in your bank account.

>What i don't get is the concept of taking out a small loan everytime you buy a frozen pizza from the supermaket instead of using the money you actually already have in your bank account.
Rewards.

>1c cash back
>reward

"Good goy" rewards

5% most of the time, minimum is 2%. Keep throwing away money because you are too dumb to manage money and are scared of muh debt.

Good goy, take that 1% reward. What credit companies are betting on is that all those tiny little rewards will be completely wiped away if something bad happens to the user of the credit card. Like they lose their job, or they hit some sudden expenses, or something like that. In this case, the credit does not get paid, and then the 20% APR kicks in and bam, all those rewards are wiped away and then some.
They're betting that something bad will happen to you, and it's weird how people don't see this.

You can do replay attacks on all chip cards so people can literally withdraw money from your debit or do a cash advance on your credit without your pin

>not having more than a month's worth of expenses saved
Wow you really must be retarded.

>it's weird how people don't see this.
i know right?

>i have no idea how chip cards work
>i think i have an idea how magstripe works

Medical bills or a car accident can easily wipe them away. Or a family member gets in trouble, or you get fired because stacy from HR thinks a pajeet can do your job.
But yes, you really do have to be an idiot to get hit by credit card charges. You can use credit cards very effectively but you need to be careful, for example having savings.

So the alternative is to use a debit card, but since you have no money you starve to death instead?
Wow, what a genius.

>Banks now have apps
Before that, you could just call a number and have it blocked.

>have no money
>sign up for credit card
>CC has interest
>now starving and in debt since cant pay back CC because no money
hurp a durr

>captcha bank calle

>have no money
>starve to death since can't buy food with debit card

>have money
>buy food with credit card, pay back later when more money is acquired

just dumpster dive for food, retards

There are still a lot of ways people can use the card to make purchases with just the card number and expiry.

The chip and pin security is only for physical store purchases.

Also the fact you are not liable for purchases made on your card so long as you report it missing/stolen within a reasonable period.

Is this the financial equivalent of sweeping a turd under the rug and hoping it goes away?

I'd rather hide a turd under a carpet than starve to death.

>hurr durr how do i finances
There are actually people advocating stuff like this being taught in school, and your example is a fair reason why it should be.
Credit card is probably one of the worst options in that situation, and it would be honestly surprising if a bank would give you one if you had no income to pay it.

Silly amerimutt. In normal countries there are at least several layers of security measures.
they send sms passcode for transactions

>they send sms passcode for transactions
Not all the time. It will vary from institution to institution.

it should be!
but guess who has a vested interest in keeping people dumb about CC's

guess who also sets up stands outside college on the first day of the semester offering a free pizza with a opening for a new CC with higher rates than normal

guess who would be trying to lobby against teaching basic financial schooling about loans/CC's vs debit cards once enough people start rallying for it being taught

Me because those dumb idiots are paying for my reward money. I get more in rewards than what the merchant gets charged in transaction fees so they must be doing something right.

You can pay with debit cards online too. Just use your banks one time codes sent to you via SMS to prevent someone from using it after it is stolen.

I don't know about y'all but i use a virtual debit card for online purchases. It stays at 0$ balance and you log into your bank's website and fill it with funds from your bank account whenever you need to make a purchase.

>but guess who has a vested interest in keeping people dumb about CC's
Banks don't have a vested interest in giving out money they can't get back.

They have a vested interest in having people pay the interest.

>"virtual" debit
wat dis

if you didn't get your cash from western sky you were a chump pandering to the big banks

>If someone uses your ATM or debit card before you report it lost or stolen, your liability depends on how quickly you report it:
>More than 2 business days after you learn about the loss or theft, but less than 60 calendar days after your statement is sent to you,
>$500

More than 60 days and it's 100% liability

or

>credit card fraud
>If your credit card number is stolen, but not the card, you are not liable for unauthorized use.

>Why the fuck is there zero security on something as important as credit cards?

Simple: credit card companies make crazy money.

If more security makes it even slightly less convenient they rather deal with the extra fraud than have less customers.

The real problem is society as a whole eventually loses.

I googled this and it's actually real, what the fuck.

Dude just use debit with insurance, it costs me $1 fucking dollar monthly.

It's dumb to not be a good goy. Ontop of getting 2-4% cashback I also get a free 30 day loan on the money.

That 30 days of floating someone else's money gives more than the rewards. An example is my index funds - I added $2000 over the course of 2 months as i got paid and held off paying my credit for the grace period. In the last 2 months that $2000 has turned to $2090. I wouldn't have made that $90 if i didn't take the free loan. Same idea applies when you finance a car at 1% and your index funds can pay you 10% easily - there's no reason to pay off the loan.

>technology board
>people actually using CCs instead of cash
Don't you know that your every transaction, its location, and your general habits are tracked and sold?

>the typical interest rate on a Western Sky loan was 135%.
>For example, if you wanted to borrow $500, you had to take out an $850 loan, of which you received $500 and Western Sky pocketed the rest.
>$850 loaned $500 recieved 342.86% APR for 12 months @ $150.72/month

My country has actual data laws so I have to sign for them to share data.

>What i don't get is the concept of taking out a small loan everytime you buy a frozen pizza from the supermaket

Credit card companies usually charge the shopkeepers 2% on every purchase.
So a $5 pizza earns them 10 cents.
If you have a 50 million card holders and they buy 20 frozen pizzas per year on average that's $100million revenue on frozen pizza sales alone.
If you spend $50million of that revenue on "rewards" (usually cashback) you still make a cool $50million profit.

In Europe shopkeeper can charge customers extra for using a credit card, to recover the extra costs.
But in America this is illegal due to some particularly Jewish law, that's why credit cards are so popular there.

>illegal
many small places have a minimum for credit card purchases, or are cash only

And you can verify they're not using some loophole to siphon data? And what about third-parties, and multinational corporations behind the credit?

I can in fact ask for a copy of all data they have on me and ask for it to be rectified.
The multinationals (Equifax) have my data anyway from my phone company.

mfw amerifats don't have securecode

Right....because as I said charging extra is ILLEGAL.

So they need to come up with schemes like that.

if the end result is the same, does it really matter? also some places i've been at set their menu prices with the loss from credit cards and give you discounts for using cash. pretty much the same thing.

>adding a few extra digits
>somehow magically making it "secure"

- what goyim actually believe.

It's a placebo.

I have this, but there was just one time I actually had to fill it in. The bank did call me once, though, to ask if a purchase I made was legitimate.

>Not having at least three credit cards
>One that gives 5% back on rotating categories that change quarterly (mainly just for Amazon and Target)
>One that gives 6% back at grocery stores and 3% back on gas
>One that gives 2% on everything else (for bills)
God I hate poor people.

It is like a password that is not on your credit card, so if your card information gets stolen, and is used to make a suspicious purchase, the card cannot be used. It is not a placebo.

>if the end result is the same, does it really matter?

The end result is not the same and it matters a lot.

Credit card fees is just like paying sales tax.
It hurts the economy and makes everything more expensive.

With sales tax you can at least say some of the money is put back into the community.
But with credit card tax the money disappears to some company that provides no real service (note that paying is actually easier in Europe).

>that is not on your credit card

Isn't it on the other side?

>if your card information gets stolen, and is used to make a suspicious purchase, the card cannot be used.

Unless they also steal the "secure" code...

I think technically internet shops aren't allowed to store the "secure code" in a database, but if the site gets hacked or the admin is corrupt they can still log all the "secure" codes.

>Except they can use it online, where you do not enter your PIN.
No, they can't. I have to log in to my bank's online account with a password and verify it's me making the purchase with a code they send to my phone. Two factor authentication.

Some banks also let you use your PIN online with a card reader.

(they never send out the PIN of course, but you enter it to unlock the card for two way verification).

Funny. When I go onto Amazon and type in my card information, it doesn't ask me for a goddamn thing except for what was on the card. Just last year when I was helping my boss with some online purchases, the setup was exactly the same. I suspect that for the vast majority of people, this may be the case -- that the only thing you need to make a purchase is what's on the card.

Since you already have this system in place it makes personal sense to use credit cards.

But the point is the whole system is fucked up and hurts the economy.

>Isn't it on the other side?
No. It is not the CVV.

You mean with a debit card?

When someone uses an insecure payment method I can guarantee you they make stupid amounts of money to cover for their losses.
This was always the case with credit cards, but maybe (((they))) found a way with debit cards as well.

>live in australia
>government steps in limiting bank to bank interchange fees on credit cards
>reward points schemes diminish
>people mixed emotions
>blame gov for intervening or complain greedy banks

lmao

Amazon is an exception, they have deep ties with card issuers in order to skip all sorts of verification (Hell, you don't even have to put in the CVV)

They believe the losses due to fraud are worth the gains.