"Direct deposit?"
- Thread starter ClaireBear
- Start date
MrBishop
Well-Known Member
Biggest thing to worry about and avoid regarding credit cards... drawing money from them or using those little cheques that they mail to you with your bill.
The moment you draw money or use a CQ, you begin paying interest AND the payment of that amount gets put in last. That is, if you happen to carry over an amount...the amount drawn is the first thing to carry over. It's also on a higher % than regular charges.
Personally, I'm looking forward to 'cash cards'. You transfer an amount to it from your bank and it replaces your coins and paper money. No PIN# needed, no charges for use.
Jamaica's been using such things for years for things like stamps, pay phones and in some cases, groceries. Your cards running low on funds... transfer more money in.
Beats the hell out of having coins worm their way through your pockets and onto the sidewalk.. No body knows how much cash you've got on hand so it's impossible for thieves to target someone in particular AND its not linked to your bank account so nobody can steal your Pin#, double-swipe your card and wipe out your bank account.
Saves on printing bills and minting coins too. Cashless-cash.
The moment you draw money or use a CQ, you begin paying interest AND the payment of that amount gets put in last. That is, if you happen to carry over an amount...the amount drawn is the first thing to carry over. It's also on a higher % than regular charges.
Personally, I'm looking forward to 'cash cards'. You transfer an amount to it from your bank and it replaces your coins and paper money. No PIN# needed, no charges for use.
Jamaica's been using such things for years for things like stamps, pay phones and in some cases, groceries. Your cards running low on funds... transfer more money in.
Beats the hell out of having coins worm their way through your pockets and onto the sidewalk.. No body knows how much cash you've got on hand so it's impossible for thieves to target someone in particular AND its not linked to your bank account so nobody can steal your Pin#, double-swipe your card and wipe out your bank account.
Saves on printing bills and minting coins too. Cashless-cash.
Professur
Well-Known Member
MrBishop said:Personally, I'm looking forward to 'cash cards'. You transfer an amount to it from your bank and it replaces your coins and paper money. No PIN# needed, no charges for use.
Jamaica's been using such things for years for things like stamps, pay phones and in some cases, groceries. Your cards running low on funds... transfer more money in.
Beats the hell out of having coins worm their way through your pockets and onto the sidewalk.. No body knows how much cash you've got on hand so it's impossible for thieves to target someone in particular AND its not linked to your bank account so nobody can steal your Pin#, double-swipe your card and wipe out your bank account.
Saves on printing bills and minting coins too. Cashless-cash.
Hey Bish, have you ever demagetized your bank card?
BeardofPants
New Member
Hunh, we call 'em EFTPOS cards, not debit cards.
As for the cash card idea ... sounds like too much of a PITA having to transfer money to them all the time.
I'd rather just use my eftpos card.
As for the cash card idea ... sounds like too much of a PITA having to transfer money to them all the time.
I'd rather just use my eftpos card.
ClaireBear
Banned
Starya said:Yeah, our teacher warned us to pack good shoes, as he will drag us along to all the things we "must see". He also advised us to try the grub in the local pubs, and to stay away from McD. But, unless a miracle has happened lately, they still smoke in pubs over there, huh?
We get to spend saturday evening and most of sunday in London. We will be visiting Scarborough while we are there too, and having a whole weekend to ourselves, we hope to find something interesting and educational (and cheap) to do. Would have loved to gone up to Scotland, but that'll probably cost too much.
Basically Star... we still get to smoke EVERYWHERE, save for indoor shopping centres (malls) train and bus stations... and very few and far between pubs and restaurants...
If you have an allergy or aversion to smoke its probably best to have lunch/dinner in a restaurant rather than a pub... less smokey.
Last time I was there though it wasn't too bad at lunch times... there is a lot of really nice traditional pubs... Names and locations escape me BUT watch this space...
*CB toddles off to refresh her memory and provide some linkies*
Oh and Jorvik.. the first phase of excavation is now totally complete... they are looking to start in other areas. The ride (you get to travel back in time!) has been updated... and a word to the wise... if you're smell sensitive... take a hanky/tissue!
Its extremely informative... I hope that with it being off season the "real Vikings" are there for you doing demos of leather work etc...
Right! York Pub guide... coming up!
Inkara1
Well-Known Member
To explain more clearly:MrBishop said:
Credit cards have something called a grace period. Twenty-eight days or so seems to be pretty typical. What the grace period is is the amount of time you have to pay off your balance before they tack on interest. If you pay your balance in full before the grace period ends, you won't get chanrged any interest. However, if you don't pay the whole thing off, they do charge interest because you're carrying a balance.
Credit cards often offer the option to have a PIN associated with it, to allow you to use it at an ATM for a cash advance. A cash advance is a convenience feature that allows you to draw cash and have it count against your credit limit. However, comma, cash advances are treated differently than standard purchases. The credit card issuer charges a separate, higher interest rate on the cash advance. In addition to that, standard procedure is to offer no grace period on a cash advance. That means even if you pay the whole balance in full, they'll charge interest on that cash advance.
Every now and then, you'll receive what are called "convenience checks," either with your bill or mailed separately. You can write it just like a regular check for anything you would normally write a check for, and have it count against your credit limit. But a convenience check is treated as though it were a cash advance, meaning it's at a higher interest rate and there's no grace period. The convenience checks I get go into the shredder.
As for what bish meant about application of payments, payments are first applied to lower-interest balances, and then to higher-interest ones. After all, the company is a for-profit business and being able to charge you a higher interest rate is in the best interest of the bottom line. The best way to explain it is this: Say you make $50 in purchases during the month at a lower interest rate, and get a $50 cash advance at a higher interest rate. Your total bill is for $100 (actually slightly higher because you'll have been charged interest on the cash advance, but let's not worry about that right now). If you make a $60 payment, you'll be left with your purchase (and thus lower-interest) balance at zero and your higher-interest balance at $40. Your $60 payment went towards the low-interest portion first, and after that was paid off what was left went towards the higher-interest portion. From the company's perspective, if they can charge you 20 percent interest on everything you owe, instead of 20 percent on some of it and 8 percent on the rest of it, then that's what they'll do.
ClaireBear
Banned
its just all too confuzzing and complex....
MrBishop
Well-Known Member
Prof said:
Once, I think...but I have accidentally tossed coins and paper money onto the sidewalk whilst removing something else from my pocket..losing it. The trick would be to carry only what you need...exactly like cash. Or like a 'la puce' phone card. I've got a $20 "La puce" phone card with about $14 left on it... if I lose it or it gets 'demagnetised'...it's still lost. Beats the hell out of hauling around quarters for the phone or begging for change for a parking meter.
It's the same as money... if you normally walk around with only $40 cash, transfer only $40 to the cash card. Treat it exactly the same, 'cept instead of going to an ATM machine to get paper money, you go to transfer money to your 'card'.Starya said:
HL said:
ATM's are worst... a parishioner found out exactly why. Someone got her card double-swiped and got her pin (cel phone camera and someone standing behind her). Buddy deposited a piece of paper at an ATM machine..said that it was $2000. Then buddy went to about 5 different machines and took out as much money as he could. Her account prior to him starting ~$200.00 ...amount he stole from the bank $2200.00
She's lucky that she wasn't held responsible for all of it.