Our $48 Billion Credit Card Bill

[Peikko 1,575]

Credit card fraud is rampant in Europe - less so in the US.

If banks were losing a lot of money to fraud, they'd implement chip and pin in a heartbeat.

You do not believe they lose a lot of money to fraud? That's funny. They should implement chip and pin, but what they have done is pass the onus for fraud prevention down to the merchants themselves with the wonderful PCI initiative.

[I AM NOT THAT GUY 5,715]

You do not believe they lose a lot of money to fraud? That's funny. They should implement chip and pin, but what they have done is pass the onus for fraud prevention down to the merchants themselves with the wonderful PCI initiative.

Supposedly, all that interest, and merchant fees, are there to cover any losses. I wouldn't know, since I don't carry a balance. However, if you really read those cardmember agreements, they are really scary.

[Peikko 1,575]

Supposedly, all that interest, and merchant fees, are there to cover any losses. I wouldn't know, since I don't carry a balance. However, if you really read those cardmember agreements, they are really scary.

I can believe it. Do you have a merchant account Bill?

[I AM NOT THAT GUY 5,715]

I can believe it. Do you have a merchant account Bill?

Nope. Don't even have a cell phone (poor coverage in most of the areas I go). Cash or check for me. I have learned ways to make a bad check "good".

[Peikko 1,575]

Nope. Don't even have a cell phone (poor coverage in most of the areas I go). Cash or check for me. I have learned ways to make a bad check "good".

I thought you ran a business? You don't accept credit cards at all? Interesting...

[mawilson 2,133]

You do not believe they lose a lot of money to fraud? That's funny. They should implement chip and pin, but what they have done is pass the onus for fraud prevention down to the merchants themselves with the wonderful PCI initiative.

Whereas chip and PIN shifts the blame for disputed transactions onto the customer -

the idea being that if your PIN was used, you must have been negligent about

protecting it, therefore you're liable for the fraud.

Chip and PIN doesn't work anyway - it just moves where the fraud happens from

in-store ("card present") transactions to "card not present" (e.g. phone and

internet) transactions.

Edited April 22, 2010 by mawilson

[I AM NOT THAT GUY 5,715]

I thought you ran a business? You don't accept credit cards at all? Interesting...

I do, and it is really not an issue. For the area, and the industry, it is not that unusual.

[ValerieA 350]

Nope. Don't even have a cell phone (poor coverage in most of the areas I go). Cash or check for me. I have learned ways to make a bad check "good".

You break kneecaps?

[Dogwood_Poet 16]

I work for a business and we do not accept Amex because they charge us a higher percentage than any of the other credit card companies. We also run all cards as credit because we would have had to pay several hundred dollars extra for an input pad for the customer's pin to go with our credit card machine.

Most banks here charge the customer a fee for debit pin transactions, so almost everyone wants to use the card as credit. Plus, you don't have to worry about someone looking over your shoulder and seeing you input your pin.

[I AM NOT THAT GUY 5,715]

You break kneecaps?

Not me. I just call Smiley and Rastus.

[Peikko 1,575]

Not me. I just call Smiley and Rastus.

Careful, the anti-illegal crowd will be down on you for your under the counter activities

[Ban Hammer 14,289]

Actually American Express act quite independently and set their own rules and rates which are generally higher than the other brands. Typically Discover is the cheapest.

cheapest how? they're known to have high interest rates, around 20+%

[I AM NOT THAT GUY 5,715]

Careful, the anti-illegal crowd will be down on you for your under the counter activities

It's a "collection agency". I am sure every thing is legal.