Which is the best to carry?

[SS MAYFLOAT]

At one time in history, credit cards came into play to prevent a person from having to carry large amounts of cash for big purchases. They also were great for going out of town since you would not need to carry lots of cash. Checks are good in local areas, but not so great for out of town. So the invention of credit cards helped with this problem. Their sole purpose was to protect anyone from accessing your money. Doesn't seem that way anymore.

With all the fraud and deceit going on in the credit card industry, I think it is actually safer to carry cash than a CC. If your CC's get stolen, you are now open to identity theft and all the information on you. With cash, that is all they will get.

It would be cool if law enforcement could have bogus cards made up that would automatically contact the police when they were used by a thief. It would look like a CC, but all it would be is a calling card direct to the police department.

Whats your opinion?

 

[JB]

Re: Which is the best to carry?

That sounds like a totally cool idea, SS.

They could call it a Trojan Horse card.

 

[mthieme]

Re: Which is the best to carry?

I could hear the cops crying now. They would have to stop BS'ing and do some work.
I live off of my ATM card. While identity theft is extraordinarily high, most banks and CC companies have protections in place. Way back when, American Express was my main thing solely because they are customer oriented as opposed to business oriented. They understood the words "charge back".
I have a ton of other stuff to worry about. This just hasn't made it up the priority list (yet).

 

[Shizzy]

Re: Which is the best to carry?

the cash transaction is good for leaving no record. However, a couple of times having recipts with my name on it got me out of a jam where I had to prove where I was at a certain time. FOr instance, I sold a car a few years ago and a few months later went on vacation. when I returned I had a letter from the city asking for payment on the dozen or so parking tickets on "MY" car. I simply went in to the DMV with the corner off the old title and a fist full of recipts from while I was in Colorado and they wiped it clean and pursued the guy I sold the car to.

I think the risk is more in disposing of your "paper" and NOT putting bills in your mailbox for the Postal carrier to pick up later. too many folks dumpster diving and watching for the little red flag.....

Anything with my name on it gets shredded before it hits the bin.

 

[SS MAYFLOAT]

Re: Which is the best to carry?

. While identity theft is extraordinarily high, most banks and CC companies have protections in place. .

Your are correct that they do, but how much of a persons precious time is used up to correct the problem. To do anything by phone to a CC company occupies a bit of time when there is no problem. Then add the problem, and you can be on the phone for hours.

The sad part of the whole fraud thing is that it would only take clerks to ask for proper ID when using a card in a transaction. I tend to get them upset when I ask them "Don't you want to see my ID?" Then one gets that look of a deer in the headlights of a car right before impact!

 

[Bob_VT]

Re: Which is the best to carry?

I recall some of the CC perks. Some of the perks are great and absolutely worth it.

The latest "replacement" issue just happend with me last month with my debit/credit card. The numbers to the accounts were stolen at a much higher level in the industry. All of the replacements over the years have been due to the same situation......the CC numbers being stolen up further in the chain.

Since the CC companies will cover anything disputer over the first $50 I use cash for the small things.

I don't think the police need a dummy card scam..... most PD's are under staffed and over worked now. A simple DECLINE on the credit screen should work.

 

[Plainsman]

Re: Which is the best to carry?

I use cash for anything under $200, then I use the ATM card. I cut up my credit cards a long tome ago. Interest rates are outrages for CC's. If they wanted to get the economy going, they'd make the banks set a low, 5 -10% interest rate on CC.

 

[mthieme]

Re: Which is the best to carry?

Your are correct that they do, but how much of a persons precious time is used up to correct the problem. To do anything by phone to a CC company occupies a bit of time when there is no problem. Then add the problem, and you can be on the phone for hours.

The sad part of the whole fraud thing is that it would only take clerks to ask for proper ID when using a card in a transaction. I tend to get them upset when I ask them "Don't you want to see my ID?" Then one gets that look of a deer in the headlights of a car right before impact!

True.
Some companies offer optional protection (which I do not have) for a fee of course, where if something happens they do all the work.
My ATM has my picture on it which is really a cool feature. I still get young twits asking for ID! I purposely do not sign the back of my cards, rather I write "See ID".

 

[Vlad D Impeller]

Re: Which is the best to carry?

I'm in total agreement with Bob's premise. Also take into consideration that with the added duties to law enforcement, your local authorities will surely amend your tax obligations against your advantage, that is if you have any to begin with, most ordinary Joes are already leveraged to the hilt.

 

[zach103]

Re: Which is the best to carry?

they do that now sometimes.. they take credit cards and put them on the black market than track the ppl who use them

 

[SS MAYFLOAT]

Re: Which is the best to carry?

I have got to be a bit indifferent on issues with what the police are to do. Is it not their job to serve and protect? If someone is doing something illegal as in credit card fraud is breaking the law. Saying they are too busy and overwhelmed with other stuff is basically saying it is okay to continue letting fraudulent people continue what they are doing without accountability.

After reading some of the responses, it appears that it is okay not to enforce a matter that is adding some load to our economic problem. Its the same old story, if it doesn't happen to you, it doesn't matter.. ....

 

[chiefalen]

Re: Which is the best to carry?

Oh no i wouldn't let a guy go around the block with my plates on a car.

Sold a trailer and i wouldn't let him leave my driveway with my plates.

Dmv can't come after me if they weren't my plates, you let him have the plates?

 

[BoatBuoy]

Re: Which is the best to carry?

As far as clerks not asking for ID, most of the time I swipe the card myself and clerk doesn't even get to look at the signature line.

A very high percentage of this country is already upside-down with credit cards. If, as Eric suggests, credit card rates were lowered to 5-10%, the situation would be horrible. I do agree though that the rates they charge are outrageous and need to be moderated; and the extra fees are akin to robbery. As far as the economy not "going", credit cards are not a significant issue. Access to credit by business is much more of an issue.

I have several CC's and debit cards, but I'm not a part of the "gotta have it NOW" generation and have never had a problem with them. Now my wife, that's another story.

If institutions would only secure personal info with which they're charged, stolen identities would not be an issue. An individual losing his/her identity to an unworthy cashier at a local restaurant wouldn't make the nightly news.

When a large bank looses their records to a crook, now that's news-worthy and those bank officials responsible for security, ought to be charged with accessory to fraud (or theft,) and the institution put out of business - zero tolerance.

 

[Bob_VT]

Re: Which is the best to carry?

I have got to be a bit indifferent on issues with what the police are to do. Is it not their job to serve and protect? If someone is doing something illegal as in credit card fraud is breaking the law. Saying they are too busy and overwhelmed with other stuff is basically saying it is okay to continue letting fraudulent people continue what they are doing without accountability.

After reading some of the responses, it appears that it is okay not to enforce a matter that is adding some load to our economic problem. Its the same old story, if it doesn't happen to you, it doesn't matter.. ....

Yes it is their job to serve and protect but IMO violent crimes, domestic crimes and others are far higher up the priority list.

I want them to investigate all crimes but...... why take a $50-75 K per year officer and allow him/her to spend multiple hours on a pettit theft. At the rate of $24 and higher per hour how many hours do they need to spend on smaller crimes? This is related to the CC companies not covering the first $50 loss.

Here is a consideration for the CC dilemma..... go to a fast food resturant and purchase a meal for under $10 on your card. If the counter person does not deliver the meal you think you will just call the CC company and dispute a $10 charge......... uhhhhhh nope!

 

[BoatBuoy]

Re: Which is the best to carry?

...why take a $50-75 K per year officer and allow him/her to spend multiple hours on a pettit theft. At the rate of $24 and higher per hour how many hours do they need to spend on smaller crimes?

Agree completely. They need to be out there busting Johns, women of the evening, marijuana smokers, vagrants, and sidewalk spitters - serious crimes.

 

[Vlad D Impeller]

Re: Which is the best to carry?

Lowering the exorbitant interest rates on credit cards is not a bad idea, after all 2/3 of the country's economic engine is retail, that's you, me and every other Joe out there.
What does need to be looked into is WHO should meet the qualifications in possessing a credit card and what the credit limit should be set at for that individual.

 

[WizeOne]

Re: Which is the best to carry?

If they wanted to get the economy going, they'd make the banks set a low, 5 -10% interest rate on CC.

Hey Plainsman, look into a Capitol One Credit Card. I just got one last year with a 7.9% interest rate. I've unfortunately had to carry some balances as of late so this was a huge help. I transfered balances on two other high interest cards to the new card and my monthly interest paid fell thru the floor.

 

[levittownnick]

Re: Which is the best to carry?

I have got to be a bit indifferent on issues with what the police are to do. Is it not their job to serve and protect? If someone is doing something illegal as in credit card fraud is breaking the law. Saying they are too busy and overwhelmed with other stuff is basically saying it is okay to continue letting fraudulent people continue what they are doing without accountability.

After reading some of the responses, it appears that it is okay not to enforce a matter that is adding some load to our economic problem. Its the same old story, if it doesn't happen to you, it doesn't matter.. ....

I second your thoughts and would like to know why I have to do all the work and pay expenses when some theif steals my identy instead of the people that failed to check identy.

 

[DJ]

Re: Which is the best to carry?

I HAVE TO use a CC for every Company transaction. The card issuer has caught a couple fraud attempts over the last ten years, or so. They stopped them dead.

I use CC's for everything, paid off monthly. The benefits (travel, discounts, etc.) have far outweighed any risk.

I put my outgoing mail in the Post Office mailbox. I pay most things, on line.

 

[mthieme]

Re: Which is the best to carry?

Bob is right. Limited resources are one unrealized issue.
Matter of fact, that is the Achilles Heal of government.