Open Thread, Jul. 6 - Jul. 12, 2015

MrMind

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If it's worth saying, but not worth its own post (even in Discussion), then it goes here.

Notes for future OT posters:

1. Please add the 'open_thread' tag.

2. Check if there is an active Open Thread before posting a new one. (Immediately before; refresh the list-of-threads page before posting.)

3. Open Threads should be posted in Discussion, and not Main.

4. Open Threads should start on Monday, and end on Sunday.

Because I use a Maestro card or cash. Visa / Mastercard simply does not fit into my mindset: they are credit cards, and as long as I am gainfully employed, why would I need credit? Credit is for the times when you cannot afford something.

Not having credit cards is a classic commitment device. Getting into a mindset of buying everything on credit then paying it off at the monthly payday is a bit of a slippery slope (no fallacy: there is an actual mechanism of slipping here: basic human desires), only one step away from buying everything on credit and then NOT paying it off due to overspending or other reasons. Only spending money one actually has is a generally good safe habit.

I would change my mind if there would be rewards like frequent flyer miles tied to credit cards but they are not common here.

About the reasons - Maestro is not entirely unknown in the Anglosphere given that most UK bank accounts are also linked to a Maestro card, and UK-based websites are fairly good at accepting it. Ignoring a market of a few hundred million of relatively well-to-do people is something that only perhaps be justified by time i.e. it is on the to-do list of the major US based online vendors, just not done yet.

why would I need credit? Credit is for the times when you cannot afford something.

You're misunderstanding the point of credit cards. They are not about borrowing from the bank (well, they could be but they should not be). They are all about convenience.

I use credit cards. I never ever had a balance on any of them -- I pay them off each month. It is convenient (and pretty much necessary for certain things like renting cars) and I do not borrow anything. I don't have slippery-slope problems with respect to buying "on credit". Oh, and at least in the US finding a credit card with decent rewards (typically, 1-2% of your purchases refunded to you) is not hard.

2gjm11y

There are Visa debit cards. I have one. I have not had problems paying anyone with it. [EDITED to add two other things:] I don't know how readily available Visa debit cards are in Austria; perhaps your bank offers only some different variety of debit card. In the UK, at least, there are regulations around credit cards that don't apply to debit cards and that give buyers considerable reason to prefer paying by credit card even if they have no need to borrow. Specifically, if you buy something with a credit card then a piece of legislation called the Consumer Credit Act makes your credit card company liable (as well as the seller) if the seller fails to meet the terms of their contract with you. So, e.g., if you buy something with a credit card and then they just don't deliver, or they go out of business, you can get your money back from the card company. So there's a big advantage to using a credit card for substantial purchases. Again, this may be different in Austria.

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