BNPL

Are we that close to the end?

BTW – There is no way we can possibly sustain a lifestyle like this.

It all depends who we all vote for I guess! If i’m on the right track?

I’m wrong.

What does BNPL mean ?

Bearcat89 wrote:

What does BNPL mean ?

You’ll love this –
Buy now pay later.

I guess it’s a big thing now

You mean, like a credit card?

Eelpoutguy wrote:

<div class=”d4p-bbt-quote-title”>Bearcat89 wrote:</div>
What does BNPL mean ?

You’ll love this –
Buy now pay later.

I guess it’s a big thing now

You mean like the government spending buckets of tax money and passing the bill down to the few who pay taxes?

It’s the same principal as credit cards.

Not necessarily a new concept but it’s now being offered universally through digital pay services, like PayPal, Zip, etc.

Works like any type of loan or CC, essentially. Fist payment due at time of purchase and rest is split out equally and incrementally over time and automatically billed to your credit card. So you could theoretically use this on any purchase from groceries to a car. I see it as just an added step in racking up credit card debt. If you can stay on top of the payments, fine, I guess. But this is basically targeted people who would have a hard time doing that. They wouldn’t offer it unless someone was making a lot of money on the back end through interest or late fees. Not for me…

ThunderLund78 wrote:

They wouldn’t offer it unless someone was making a lot of money on the back end through interest or late fees.

Stores pay for it like how they pay for credit cards. These are higher percentage but idea is they get sales they wouldn’t otherwise get.

So essentially it’s another credit card ? I am a cash up front or I don’t buy things kind of a guy. But I do have 2 credit cards I use every once in a while to keep them active. When I was young I screwed my self with debt and changed my ways quick. Cash up front never gets me in trouble and if something needs to be sold, it’s 100 percent mine. I guess that’s why I can’t afford a big sparkly boat.

It’s the instant “gratification, entitlement” part that doesn’t sit well with me.

There will be a day of reckoning.

Eelpoutguy wrote:

It’s the instant “gratification, entitlement” part that doesn’t sit well with me.

There will be a day of reckoning.

But if you use credit cards, isn’t it the same deal ? I personally hate being in debt so I don’t do these things. Life is better with no vehicle loans. The only money I owe is a house payment and typical bills

Everything goes on the credit card for me. Pay it off once a month. How is paying it off monthly debt? Alot safer than storing cash under my mattress. Maybe Ill use the 810 credit score to buy a house with 8% interest and $30K over asking this summer (puke).

It is next to impossible anymore to do things without a credit card. If you travel you need a card for lodging reservation, car rental, large purchases, etc.
Now the problem some people have is not paying it off the total every month. Minimum payments are a joke.

MX1825 wrote:

It is next to impossible anymore to do things without a credit card. If you travel you need a card for lodging reservation, car rental, large purchases, etc.
Now the problem some people have is not paying it off the total every month. Minimum payments are a joke.

I always just use my debit card.

We use our credit cards for mostly everything. Pay the 2 that we have off in full every month so we are not incurring and interest charges. We get a decent kick back every year from cash back rewards from using them of roughly 2 to 3% depending on the items you charge to it. I could be wrong , but I believe the fraud protection on a credit card is better than what is offered from a debit card.

If you pay your CC in full each month you can game the system with $ back.

BC, I use to use a DC until I found out you do not have protection from getting cleaned out. You do have fraud protection with a CC. My DC is now shredded.

Eelpoutguy wrote:

If you pay your CC in full each month you can game the system with $ back.

BC, I use to use a DC until I found out you do not have protection from getting cleaned out. You do have fraud protection with a CC. My DC is now shredded.

you sure about that EPG???? when mom transfered the cabin account to my brother and i we had to have a DC.

i never took it out of the file cabinet and somehow someone in florida used it. we got reimbursed for the charge.

this account is through a credit union………

As far as I was told by our credit union most debit cards have no real protection. We shredded our debit cards years ago as our financial advisor said this was best practice. We pay everything on a credit card and pay off each month earning the points. Typically make 900 to 1000 each year in free money.

glenn57 wrote:

<div class=”d4p-bbt-quote-title”>Eelpoutguy wrote:</div>
If you pay your CC in full each month you can game the system with $ back.

BC, I use to use a DC until I found out you do not have protection from getting cleaned out. You do have fraud protection with a CC. My DC is now shredded.

you sure about that EPG???? when mom transfered the cabin account to my brother and i we had to have a DC.

i never took it out of the file cabinet and somehow someone in florida used it. we got reimbursed for the charge.

this account is through a credit union………

For sure. Debit Card can get your account cleaned out.

I can tell you from experience that credit card is much better for fraud protection. Don’t ask me how I know.
I would never give my debit card number out.

I would agree with this. I know a lot of people my age are way over leveraged. I mean the average car payment right now is almost $1,000 a month. Big credit card debt isnt uncommon. I have no clue how people afford all of that. Youre talking almost 2k a month just for car loans for a couple.

Eelpoutguy wrote:

If you pay your CC in full each month you can game the system with $ back.

BC, I use to use a DC until I found out you do not have protection from getting cleaned out. You do have fraud protection with a CC. My DC is now shredded.

I had a fraud charge 2 weeks ago on my debit card for $75. I got the money back no problem from my bank and got a new card. Not sure where you heard your not protected with a debit card

Buy now pay later is great IF you never have to pay interest.
Almost everything I do is paid for with the credit card, but always paid in full every month.
Interest is the killer. Why pay interest if you don’t have to.
I get it the house is practically impossible without a loan, but pretty much anything else can be done paid in full up front if you have a little patience.

I’ve had fraud charges on my debit card and it was corrected swiftly. Not taking a whole lot of money though.

Coletrain27 wrote:

<div class=”d4p-bbt-quote-title”>Eelpoutguy wrote:</div>
If you pay your CC in full each month you can game the system with $ back.

BC, I use to use a DC until I found out you do not have protection from getting cleaned out. You do have fraud protection with a CC. My DC is now shredded.

I had a fraud charge 2 weeks ago on my debit card for $75. I got the money back no problem from my bank and got a new card. Not sure where you heard your not protected with a debit card

My debit card has exactly the same fraud protection as my credit card. They are both Visa.

Gimruis and mine is Mastercard. Through a smaller local bank

Interesting.
Is that fraud protection new?
I haven’t used a debit card in years because I was told that someone could wipe out your account and there would be nothing you could do about it.

A friend of my FW just lost 3k out of her DC. Over a month ago and is still negotiating/arguing with the bank over reimbursement. We never order anything using our DC. We only use DC at CU ATM to get cash.

MX1825 wrote:

A friend of my FW just lost 3k out of her DC. Over a month ago and is still negotiating/arguing with the bank over reimbursement. We never order anything using our DC. We only use DC at CU ATM to get cash.

This is the difference between debit and credit. A lot of banks have some fraud protection for debit but even if it gets corrected eventually you are missing your own money for awhile. With a credit card you just report it and it’s their problem.

Coletrain27 wrote:

<div class=”d4p-bbt-quote-title”>Eelpoutguy wrote:</div>
If you pay your CC in full each month you can game the system with $ back.

BC, I use to use a DC until I found out you do not have protection from getting cleaned out. You do have fraud protection with a CC. My DC is now shredded.

I had a fraud charge 2 weeks ago on my debit card for $75. I got the money back no problem from my bank and got a new card. Not sure where you heard your not protected with a debit card

Same and it was because I accidentally denied a big charge when I meant to accept it. But the 2 times I was actually frauded and money charged, I was reimbursed in no time