simplifying credit cards?

[FANOFJESUS]

Sure, no problem, everyone does what they are comfortable doing.
I was just explaining how I do or view my CC.

One does have to notify within 30/60 days of the statement date or could be on the hook for the $$.

Due to alerts, which I set for all CC and Bank accounts.

I had the case of a card not being used for a year, and suddenly I had a bill of ~$1,100. I still had the CC, so they just made a fake card with the numbers.
They then spent it in another state, at 2 gas stations, in 1 day
My purchasing history with that card was to use it at 1 store as it was a Menards card.

I phoned the CC company, pointed out the false charges and after a couple of emails, and a letter. I was off the hook.
I actually cancelled that CC, as their CC security is lousy, and I wasn't using it anyway as it was just a store card.

See crazy stuff can happen with them. One time someone spent about $500 of one of my cards in England. I have never been to England. Crazy The credit card company covered it but I still found it scary. I guess the reason I want one card is so I can keep an close eye on it. I had a dozen of them when I was 21. That was before the internet I found them to be a pain. I have only wanted one ever since.

 

[audreyh1]

Compromised credit cards don’t bother me at all. I’m not responsible. It happens, fortunately not often at all. It is usually caught very quickly. Meanwhile I have backup and am not inconvenienced.

 

[Dtail]

Compromised credit cards don’t bother me at all. I’m not responsible. It happens, fortunately not often at all. It is usually caught very quickly. Meanwhile I have backup and am not inconvenienced.

Same here and also why I would never use a debit card except for a BOA ATM.

 

[harley]

See crazy stuff can happen with them. One time someone spent about $500 of one of my cards in England. I have never been to England. Crazy The credit card company covered it but I still found it scary. I guess the reason I want one card is so I can keep an close eye on it. I had a dozen of them when I was 21. That was before the internet I found them to be a pain. I have only wanted one ever since.

Why is that crazy stuff? How different is that from printing off a check with your information on it, signing it, and using it to buy something? Easy info to get, pretty much unstoppable. And just like with the CC, not your problem. You just would have to notify the bank that it was fraud and they'd take it from there. And with all the cards I have I have only had fraud type issues once every 5 or so years. And I use my cards for everything, so plenty of opportunity. Those issues are an annoyance, but nothing more.

I'm sure having a dozen or so cards was a pain pre-internet. Lots of paper. But there is the internet, and seriously, I can check 25 card statements in less than an hour. Most of them aren't used so it's a quick "sign on, check for $0 balance, sign off" process. As a matter of fact, tonight is my credit card processing night. I'll start watching The Stand and I'll be finished before the show ends.

So, sure. If you only want one card, drive on. But it's not a big deal, or a big problem.

 

[tulak]

Compromised credit cards don’t bother me at all. I’m not responsible. It happens, fortunately not often at all. It is usually caught very quickly. Meanwhile I have backup and am not inconvenienced.

Happened to me a couple of weeks ago on my Fidelity card. They sent me a fraud alert text that somebody bought $120 worth of pizza in Missouri. I responded that it wasn’t me, they froze my card and sent me new cards which I had a couple of days later. A bit of hassle to change recurring payments, but other than that, not a big deal.

 

[ransil]

I had one at one time, it was compromised and I was with out for a few days waiting on new ones.

I now carry 2 visa and MC from 2 different sources, I figure if the network of one is compromised the other will be ok.

 

[Koolau]

90 degrees to the discussion, but since CC fraud has come up (we've probably all had at least one example - we've had 3 or 4) it is my humble opinion that the CC companies don't do much to PURSUE the fraudsters. I can kind of see their reasoning. WE actually (cumulatively) pay for the fraud that the CC companies so "kindly" forgive. We pay with higher merchant prices (they have to cover the 2 to 3 percent cost for us using the CC at their store.) We pay high CC interest rates (well most of US here don't but...). So to the CC companies, it's (SWAG here) 0.1% additional cost of doing business.

Now, if they went after every fraudster, they'd catch 10% of them. But when was the last time you heard of a a CC fraudster being caught. Yeah, they guy who defrauds 20K, maybe, but not the 19 year old who buys pizza with your CC number. So, CC fraud will continue and everyone is "okay" with it.

SO, end of rant. Now returning you to tonight's topic since YMMV.

 

[Out-to-Lunch]

Admittedly, this was 20 years ago: I was in a foreign country and they did not accept a Visa card, but accepted my Mastercard. Since then, I have always carried both a Mastercard and a Visa.

 

[jollystomper]

90 degrees to the discussion, but since CC fraud has come up (we've probably all had at least one example - we've had 3 or 4) it is my humble opinion that the CC companies don't do much to PURSUE the fraudsters. I can kind of see their reasoning. WE actually (cumulatively) pay for the fraud that the CC companies so "kindly" forgive. We pay with higher merchant prices (they have to cover the 2 to 3 percent cost for us using the CC at their store.) We pay high CC interest rates (well most of US here don't but...). So to the CC companies, it's (SWAG here) 0.1% additional cost of doing business.

Now, if they went after every fraudster, they'd catch 10% of them. But when was the last time you heard of a a CC fraudster being caught. Yeah, they guy who defrauds 20K, maybe, but not the 19 year old who buys pizza with your CC number. So, CC fraud will continue and everyone is "okay" with it.

SO, end of rant. Now returning you to tonight's topic since YMMV.

The CC companies have done a cost-benefit analysis and decided the cost to staff to pursue fraudsters, given the percent of fraudulent transactions, is not worth the expense. It is easier to build that into their rates than to pay staff to do that. On two occasions I knew exactly where and when my card was compromised, but the CC company was not interested in the information.

In addition, their algorithms for detecting fraudulent charge patterns are constantly being improved to detect them much earlier in their cycle. At the that point I believe it impacts the vendor, not the CC company. The notifications work fine for me, and as long as they can quickly replace my card or provide a workable alternative, I'm fine with that.

It is really no different than stores assuming, no matter how much security they put in, that some percentage of their goods will be shoplifted or will "fall of the truck", and they build that into their costs.

 

[Sunset]

90 degrees to the discussion, but since CC fraud has come up (we've probably all had at least one example - we've had 3 or 4) it is my humble opinion that the CC companies don't do much to PURSUE the fraudsters. I can kind of see their reasoning. WE actually (cumulatively) pay for the fraud that the CC companies so "kindly" forgive. We pay with higher merchant prices (they have to cover the 2 to 3 percent cost for us using the CC at their store.) We pay high CC interest rates (well most of US here don't but...). So to the CC companies, it's (SWAG here) 0.1% additional cost of doing business.

Now, if they went after every fraudster, they'd catch 10% of them. But when was the last time you heard of a a CC fraudster being caught. Yeah, they guy who defrauds 20K, maybe, but not the 19 year old who buys pizza with your CC number. So, CC fraud will continue and everyone is "okay" with it.

SO, end of rant. Now returning you to tonight's topic since YMMV.

I had the experience of a Canadian purchase on two of my USA CC's. When I checked the internet, there were plenty of people complaining about this exact charge.

Yet when I called the CC company, they acted like I was the first one.

In a real world, after about 10 or 20 complaints like mine, they should automatically deny the same charge for everyone as it's a scam. Then see if they get CC user's phoning in from the store to say they are really buying the item.

The CC company doesn't really care about fraud, as they get the merchant charge even for fraudulent charges.

 

[old medic]

We have a pile of CC and Store accounts... but dont regularly carry any with us.
Will take one if we are traveling, or going to make a specific purchase
Use our banks Debit Card for daily use.. or cash...
Of all our CC accounts 4 have a balance. Amazon thats normally paid of monthly.
3 others are 0% purchases and will be paid off in time.

 

[Koolau]

We have a pile of CC and Store accounts... but dont regularly carry any with us.
Will take one if we are traveling, or going to make a specific purchase
Use our banks Debit Card for daily use.. or cash...
Of all our CC accounts 4 have a balance. Amazon thats normally paid of monthly.
3 others are 0% purchases and will be paid off in time.

Not trying to pitch a hand grenade into the party, but just wondering why the use of a Debit Card when you could use a CC and receive cash back and/or "points." I don't think I even have a debit card any more. The banks don't typically protect you from fraudulent purchases with them either as I recall. I DO like to have cash with me. It may be a hold over from when I was young and had none. Also, it's taken me a while to be willing to charge a couple of dollars, but I'm learning (with DW "reminding" me about the cash back!). If there is a major advantage to Debit Cards, I'd like to learn about it as I'm currently ignorant about DCs. Thanks

 

[gayl]

I got a cc a few years back after actively avoiding them. At this point I'm fine with just 1 Visa + 1 Debit. Pre-pandemic I only used the debit card taking out a months worth of cash on the 1st of the month. But now I use the Visa for everything including a $3.53 charge at the 99c Store today. I currently have no desire to touch cash. Maybe it'll be different when this is over. Also I lost my Visa in Avalon 2018. Had a new one at the concierge the next morning

 

[grasshopper]

My name is Grasshopper I must be a CC junky. I have 40 year old cards I just can't get rid of an ATT card that I still get 30 free min of long distance, who needs that today. Yet I just cashed in a $25 reward for some program that they had running.

With the covid thing Ms G signed up for a Chase 5% grocery on everything but Walmart, so I signed up for the CapOne Walmart card 5% on groceries and online.

We use Discover and Chase for the 5% quarterly categories, Citi Costco for dining when Discover and Chase don't offer it.

Our B&M is WFB so I have cards from them and CapOne is my online bank with a World card for me and a Quicksilver for Ms G.

Yes it is exhausting.

 

[rk911]

...Yes it is exhausting.

then why not simplify your life. it'll feel really goooooood. ahhhhhhhh

 

[2retireearly]

I think there is a benefit of having two credit cards from different companies. If a problem develops with one of them (lost or stolen card, bank issue, and so on) you will still have the other one to use.

My wife and I each carry different credit cards for this reason when we travel.

Having two doesn't mean you have to carry both of them all the time.

I agree with the 2 CC. Unfortunately, my CC has been compromised a few times. Cap One is fantastic, and in fact you can immediately get the number of you new card, but it takes a few days to get the physical card. I like a physical card. So I keep another in my desk in my home, so I have that...I also feel comfortable with 2, if i'm travelling...ah..I remember those days...But I hide one, in my luggage...and have the other with me..

 

[JeKa]

I think there is a benefit of having two credit cards from different companies. If a problem develops with one of them (lost or stolen card, bank issue, and so on) you will still have the other one to use.

My wife and I each carry different credit cards for this reason when we travel.

Having two doesn't mean you have to carry both of them all the time.

+1

 

[Chuckanut]

I have two hotel chain no-fee credit cards. Now and then I get an upgraded room because they make me slightly better than a lump-of-coal level member.

 

[JeKa]

I think there is a benefit of having two credit cards from different companies. If a problem develops with one of them (lost or stolen card, bank issue, and so on) you will still have the other one to use.

My wife and I each carry different credit cards for this reason when we travel.

Having two doesn't mean you have to carry both of them all the time.

Not trying to pitch a hand grenade into the party, but just wondering why the use of a Debit Card when you could use a CC and receive cash back and/or "points." I don't think I even have a debit card any more. The banks don't typically protect you from fraudulent purchases with them either as I recall. I DO like to have cash with me. It may be a hold over from when I was young and had none. Also, it's taken me a while to be willing to charge a couple of dollars, but I'm learning (with DW "reminding" me about the cash back!). If there is a major advantage to Debit Cards, I'd like to learn about it as I'm currently ignorant about DCs. Thanks

+1

The only reason I have a debit card is if I can't get an ATM access code for the ATM. 1 time in last 2 years. Otherwise it never gets used.

 

[JeKa]

I want to simplify my life more and am looking to get down to one personal CC and Debit card perhaps. I never enjoyed CC churning and abhor a wallet filled with plastic ... more things to worry about lost/stolen and more to keep track of. I guess I feel life is getting short and I don't need to be spending hours managing accounts.

My wife and I hold joint accounts at BoA to deal with most of our bill paying and spending.

I currently have a Debit card from BoA and a Debit plus CC from my personal CU. My wife also has her set of CCs. The there are the other credit card for purchasing (Amazon, Lowes, LL Bean .....)

So, my plan is to condense to one Debit and 1 CC. I opened a Fidelty CMA so I think I will go with Fido for both cards.


Anyone else moving to minimize CCs?

I maintain what I have to keep credit score intact. Sometimes easier to finance something at a low rate, especially if a bonus is involved. I got a $2500 cash back on my last new car. Made 4 payments and then paid it off.

 

[Maidensong]

Make sure both of you have your own CC's (i.e. are the primary card holder on the account.) My DH is a secondary card user on my CC's and I'm the secondary on his. Either way, we both have individual credit should we need it. I have seen what happens when a husband dies and all the CC's were in her husband's name. Not a happy situation...