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I use my debit card because it makes tracking my purchases much easier for my budget. I work for a company that processes the credit card transactions for the business and therefore make a living off of it. However, I won't say the industry is perfect, nor will I say it needs improving, what I will say is that both the merchant and the consumer should know what they can and are supposed to do, and that would help keep fees and rates down. An interesting thing is these rewards cards. The extra rewards you get come from the higher fees a merchant pays for accepting that particular card. Visa, MC, Discover, and Amex each have their own regulations about what merchants can and can't do. If you go to Visa's website and search for "rules for visa merchants" there's a pdf file that will tell you what a merchant can and can't do whith a Visa card (clearly states that they must accept the transaction regardless of the amount). Why do people blatantly defy what they agreed to do in the first place? In this case he gets a first warning, the second time a fine, the third time a fine and he can't process Visa cards anymore. Do people not think.




You are bound to be a little biased here storm, you work for the credit industry after all.

Britain has a population of 60 million, and personal debt/borrowing here has exceeded 1 TRILLION pounds. Cards with massive limits are handed out like sweets to people who have no chance of ever making repayments on the maximum limit. All cards run at around 15% apr, when the national interest rate is under 5%. Charges for late fees, charges for statements, handling charges, final balance charges. Technicaly, usury is still a crime, but it is now called accepted practice in the credit game.

Personaly, I am with Tyler Durden in regards to my thoughts on Credit companies. (and no, I am not in debt, I was brought up to save for what I wanted. i did have a credit card that I used for setting up our home, but I then destroyed it and busied myself paying it off inside the interest free time period i was given)
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