bssc
Moderator Emeritus
- Joined
- Dec 27, 2005
- Messages
- 10,125
Not bad, makes perfect sense.bssc, I own a coop apartment in NYC. My annual insurance is $289.00 / yr. Doing a major dance to save $15.00 or so - not cost-efficient for me.
ta,
mew
Not bad, makes perfect sense.bssc, I own a coop apartment in NYC. My annual insurance is $289.00 / yr. Doing a major dance to save $15.00 or so - not cost-efficient for me.
ta,
mew
We pay everything we can on cc but pay them off in full each month. Easier record keeping as many have discussed. Easier to keep to a budget than simply having cash out of pocket with no real tracking. Also the rewards...in 2008 racked up in cash rewards right at $3K. This is tax free money and able to be considered as a discount on purchases as we see it.
$100K in federal, state, local and property taxes isn't uncommon for 2 child-free earners these days. At 3 per cent cash back [what card offers that?] perhaps MTTC is finding it worthwhile to pay taxes with the CC?
Amethyst
Correct. In many jurisdictions there is an option to pay property taxes with a credit card, but there's usually a 2.5% to 3% fee for doing it, which means it's generally not worth doing for rewards or cash back at all.If I could pay my taxes by CC with no additional fees then I would but I'm not aware you could do that.
Also, if you lose your debit card, someone can take it to Walmart and buy stuff and the money is taken directly out of your account. (This actually happened to someone I know) You then have to fill out forms and ask your bank to credit your account, and this process can take several weeks, assuming they agree to credit your account at all. What if they don't? Think about it.
We pay everything we can on cc but pay them off in full each month. Easier record keeping as many have discussed. Easier to keep to a budget than simply having cash out of pocket with no real tracking. Also the rewards...in 2008 racked up in cash rewards right at $3K. This is tax free money and able to be considered as a discount on purchases as we see it.
I like playing the game. I charge every purchase I can, I get to wait about a month to pay for those things, and then... they give me money!
Correct. In many jurisdictions there is an option to pay property taxes with a credit card, but there's usually a 2.5% to 3% fee for doing it, which means it's generally not worth doing for rewards or cash back at all.
In my parish, there is a charge of 2.67% for paying property taxes with a credit card. So, for my $864 property tax bill, I would have had to pay an extra $23. (The same would have been true had I paid it with my debit card, though). I mailed it in. I would guess that the cost of the check, stamp, and envelope came to $1 or less.
In my parish, there is a charge of 2.67% for paying property taxes with a credit card.
Same here.
Also our water and power comes from companies that are linked to the city and actually produce income for the local g'ment and they also do not allow free CC payment.
As a tax paying citizen , I'm ok with this, and pay by check or ACH rather than increasting their expenses and probably/possibly holding down local taxes.
In my parish, there is a charge of 2.67% for paying property taxes with a credit card. So, for my $864 property tax bill, I would have had to pay an extra $23. (The same would have been true had I paid it with my debit card, though). I mailed it in. I would guess that the cost of the check, stamp, and envelope came to $1 or less.
My situation is 180 degrees from yours. My electric, satellite TV and phone bills are set up to auto charge my CC. The county charges a 3% fee to use a CC for property tax payments so I pay that bill by check.There is no charge in my county for paying with a credit card (property taxes, tags, boat registration, drivers license, etc) so I take full advantage. Electric and cable are my only expenses that I can't pay by CC, and I have those set up for auto pay from checking.
Be sure to hang it around your neck....oh, by the way.....a lanyard is a great idea!
Although I am generally debt averse, I think credit cards are useful tools that have many advantages over other forms of payment, including cash and debit cards:
3) Debit cards are risky because they are linked directly to your checking account. ... if you lose your debit card, someone can take it to Walmart and buy stuff before you are aware that the card is lost, and before you report it as lost, and the money is taken directly out of your account.
.... Think about it. This is different than losing your credit card. If you lose your credit card, you simply dispute any unauthorize charges and don't pay them. Take a look at this article which explains the differences between credit and debit cards, and how much more risky debit cards are:
Debit card fraud grows
So most likely, I would notice and report it within 2 days of 'realizing' my card was lost or stolen (OK, I'm an honest person, but who is going to say "I lost it two months ago, just calling now!"?). So a $50 max hit. And $500 max if I was near brain dead.With credit cards, liability for unauthorized transactions is limited to $50. But since most card issuers have zero liability policies, customers typically aren't on the hook for anything.
With debit cards, liability is limited to $50 only if customers notify their financial institution within two business days after realizing their card has been lost or stolen. After that, liability is capped at $500 if suspicious activity is reported within 60 days of receiving a statement. Beyond 60 days, the sky's the limit.
I should take another look at my CU fine print though, but they have always been 'good guys', so I they are probably in line with this.The good news is financial institutions generally are more lenient than the regulations require, ...
Most financial institutions cover their customers' entire loss, "unless they are really concerned that the consumer is not acting in good faith," he said.
In addition, Visa and MasterCard have zero liability policies on debit card purchases processed through their networks. Those types of transactions, using cards with the Visa or MasterCard logo, require authorization with a signature instead of a personal identification number.
In addition, Visa and MasterCard have zero liability policies on debit card purchases processed through their networks. Those types of transactions, using cards with the Visa or MasterCard logo, require authorization with a signature instead of a personal identification number.
So most likely, I would notice and report it within 2 days of 'realizing' my card was lost or stolen (OK, I'm an honest person, but who is going to say "I lost it two months ago, just calling now!"?). So a $50 max hit. And $500 max if I was near brain dead.
Further, it sounds like the companies are actually being less restrictive:
I should take another look at my CU fine print though, but they have always been 'good guys', so I they are probably in line with this.
-ERD50
I don't think you quite understand. Despite the use of the word "realize" in the article, your financial institution will not care when you realized your debit card was lost or stolen, they will only care when it was ACTUALLY lost or stolen. If it was lost 5 days ago, and you just realized it today, but someone used it 4 days ago, your financial institution will rightly conclude that you did not notify them within 2 days of the loss, therefore, you will be responsible for $500. You may feel comfortable with that, but I am not.
As far as relying on your credit union's good graces, well, let's just say you are more trusting with your money than I am. What if they don't do what you expect them to do?
My situation is 180 degrees from yours. My electric, satellite TV and phone bills are set up to auto charge my CC. The county charges a 3% fee to use a CC for property tax payments so I pay that bill by check.