I think someone has hijacked my bank account

[Wenders]

No bank fee's just a simple take out of my bank so they can enjoy my money, in other words the Gordon Brown factor, but I am glad my Mum agreed yet again to let me borrow £200 off her until my next pay day.

Aren't Mums just great

 

[Pebb]

Aren't Mums just great

And no VAT, Interest rates or short deadlines for full payback. However Komplett are still in the Gordon Brown zone.

 

[Lee]

but I am glad my Mum agreed yet again to let me borrow £200 off her until my next pay day.

Christ I'd get a slap if I asked my mum to lend me 200 quid..

 

[Dave A]

When I used to live with my parents it used to be my mum borrowing money off me, not me off her . If I ever needed to borrow money it was off my dad, though I have borrowed several hundered pounds in one go a few times I borrowed £2500 off my dad once when I became unemployed for a couple of months after moving out, and it was right at the time of the year I had to pay my car insurance and car tax as well as the regular bills like the rent, food, gas and electric ect.

 

[Pebb]

Christ I'd get a slap if I asked my mum to lend me 200 quid..

My Mum trusts me, because she has lent me her card in the past to order stuff, and I have paid her back in time for Christmas. However my Mum never lets my Sister borrow off her, because it is years, before my Sister pays her back a small sum of money.

Anyway thanks for all the help guys, but I am glad I got to the bottom of this problem.

 

[Danoff]

I don't understand - what do you mean you have $500 on your credit card? Credit cards don't have money on them, you pay them off when the bill arrives. Debit cards are the ones which have money on them. Explain this then I'd be glad to discuss further.

If every month my credit card balance starts at $0 and goes to $1000, the average number of dollars the credit card has on it at any given time is $500 (number of dollars owed).

Actually, come to think of it, I was a bit conservative on my previous estimate.

My credit card bill is due almost a month after the charges occurred. I'll bet I owe the credit card company about $1000 at any given time (despite the fact that I pay it off every time they ask me to). That means I'm making twice as much money off of interest as I previously estimated.

Here's how it works.

Jan 1 - I owe/charge $250
Jan 8 - I owe $500
Jan 15 - I owe $750
Jan 22 - I owe $1000
Jan 26 - Bill for $1000 gets sent to my address, due on Feb 15th.
Jan 29 - I owe $1250
Feb 5 - I owe $1500
Feb 12 - I owe $1750
Feb 15. Payment recieved, I owe $750
Feb 19 - I owe $1000
Feb 26 - Bill for $1000 gets sent to my address, due on March 15th
Feb 29th - I owe $1250
...etc.

In this way, after Feb 15 I reach a steady state of debt between $750 and $1750. I can take that money and invest it. If I had used a debit card and checks for all of those purchases, I'd have at least $750 less on hand to play with at all times.

 

[a6m5]

On top of what Danoff said regarding Credit Cards vs. Debit Cards, Debit Cards will not protect you in some kind of dispute. If the PS3 you purchased was somekind of scam(say you received a empty PS3 box), credit card company will protect you, while debit card will not.

And on the account confirmation, I've encountered a couple of times. I think it was just $1, both times.

 

[1X83Z]

If every month my credit card balance starts at $0 and goes to $1000, the average number of dollars the credit card has on it at any given time is $500 (number of dollars owed).

So you're saying you don't pay it off in full at the end of every month?

 

[Danoff]

So you're saying you don't pay it off in full at the end of every month?

I pay it off in full every month, but the payment isn't due until half way through the next month - at which point I've already started accumulating charges for that month.

 

[Omnis]

How could it be, a PIN is a number.

88733, dude.

 

[skip0110]

88733, dude.

Not that it makes a difference in this case, but ATM PIN pads have Q and Z on the "1" button. Thats a phone keypad you have there.

 

[Omnis]

Not that it makes a difference in this case, but ATM PIN pads have Q and Z on the "1" button. Thats a phone keypad you have there.

Yeah, but, like you said, there is not Q or Z in TVRFF.

 

[Lee]

Well heres a idea wrecker, PIN numbers in the UK only have 4 digits.

 

[Josh]

What the hell are you buying with a credit card where earning interest actually matters? Unless it's an automobile, I'm thinking the amount difference is so miniscule that there's no advantage. My last debit card purchase was $19.99 for a year of GTPremium. Oh no, now I won't earn interest on that $19.99 for the two weeks that it would've taken for the credit card bill to come... I'm robbed of $0.002!

To some people it does matter. I pay off my CC bill every month when the statement is due - never had a late payment in 5 years. When you charge hundreds, or thousands like my dumbass, every month it makes sense to use the CC vs. a DC due to the interest.

Speaking of stupid things... I gave a guy my checking account/routing number over the phone the other day so he could take $1,503 out of my account to pay some of my fiance's school tuition. It still hasn't come out yet, and I'm hoping only the amount we talked about comes out. I'll never do that again!

 

[Omnis]

Well heres a idea wrecker, PIN numbers in the UK only have 4 digits.

Same here too, but TVR gets 5 because he's special.

 

[Delirious]

I really do not want a credit card...I have no desire for one. I know I should get one to build credit but...I guess I don't trust myself.

 

[Pebb]

That is not my pin number, and like I am going to say what it is, also I use a 4 number pin as well.

 

[Gen.]

I am an employee of this company and I need your PIN immediately for verification.

 

[1X83Z]

I pay it off in full every month, but the payment isn't due until half way through the next month - at which point I've already started accumulating charges for that month.

So the charges are miniscule. If your bill is for $1000 and you get it January 30, and the money's not due until the 15th of February, then your opportunity cost is merely the interest the $1000 could've earned in those two weeks, which is ~$2.50 at five percent. Presumably you'll do this twelve times a year, for a grand total of $30. Yearly.

Since my montly charges are rarely a tenth of that, I'm losing out on less than $3 a year.

Damn.

EDIT: Although these costs are wrong anyway; I computed the interest as if the account was a savings account (five percent) although you presumably pay your credit card bill from your checking account, which only gets about 1.5 percent, which is less than $1, or less than $10 a year; or for me less than $1 a year.

Check my math.

 

[Pebb]

I am an employee of this company and I need your PIN immediately for verification.

What do you take me for, because I know not to give out my pin?

But like I said before I sorted it out.

 

[sn00pie]

They shouldn't do this. I have recently seen companys deposit a small sum (20cents or something) to confirm you have given the right account details before starting a direct debit. I guess this saves them time and money when debits get dishonoured because the wrong details have been given.

Example: mobile phone subscriptions, they will ask you in the shop to make a pin transaction of EUR/ROEBEL/USD 0,01. And they will tell you it's to register you as a client, or some bull****, when in fact you're authorising the mobile phone company to acces your account. Now this is never good. So yell at them.

 

[sn00pie]

I am an employee of this company and I need your PIN immediately for verification.

Dude!!!

(Use the PM system. 👍 )

 

[Pebb]

Dude!!!

(Use the PM system. 👍 )

Don't give him any ideas, because he wants are pins so he can take over the world lol.

 

[Sureboss]

To some people it does matter. I pay off my CC bill every month when the statement is due - never had a late payment in 5 years. When you charge hundreds, or thousands like my dumbass, every month it makes sense to use the CC vs. a DC due to the interest.

Speaking of stupid things... I gave a guy my checking account/routing number over the phone the other day so he could take $1,503 out of my account to pay some of my fiance's school tuition. It still hasn't come out yet, and I'm hoping only the amount we talked about comes out. I'll never do that again!

Thats

 

[Danoff]

So the charges are miniscule. If your bill is for $1000 and you get it January 30, and the money's not due until the 15th of February, then your opportunity cost is merely the interest the $1000 could've earned in those two weeks, which is ~$2.50 at five percent. Presumably you'll do this twelve times a year, for a grand total of $30. Yearly.

Since my montly charges are rarely a tenth of that, I'm losing out on less than $3 a year.

Damn.

EDIT: Although these costs are wrong anyway; I computed the interest as if the account was a savings account (five percent) although you presumably pay your credit card bill from your checking account, which only gets about 1.5 percent, which is less than $1, or less than $10 a year; or for me less than $1 a year.

Check my math.

Nope, you're still not getting it. I don't leave the balance in my checking account because I never have to pay my full credit card debt (due to the fact that the payment isn't due until half way through the next month). Why would I need to leave that money in my checking account?

I earn the best possible return I can get on that money, which I conservatively estimated at $30/year. That combined with the cashback works out to over $200/year (again, this is a conservative number). I posted the breakdown earlier. Basically I get one of my monthly bills taken care of permanently by the credit card company, and I get to build a solid credit history just for the convenience and protection of using a credit card.

Also, you say you charge something like $20/month on your credit card and so you say it does not help you. But how much COULD you charge on your credit card? Do you pay for internet? Groceries? Gas? Cell phone? Electricity? Clothing? Restaurants? Movies? These things could be going on the card in order to get you a decent return.

 

[Mark T]

Nope, you're still not getting it. I don't leave the balance in my checking account because I never have to pay my full credit card debt (due to the fact that the payment isn't due until half way through the next month). Why would I need to leave that money in my checking account?

I earn the best possible return I can get on that money, which I conservatively estimated at $30/year. That combined with the cashback works out to over $200/year (again, this is a conservative number). I posted the breakdown earlier. Basically I get one of my monthly bills taken care of permanently by the credit card company, and I get to build a solid credit history just for the convenience and protection of using a credit card.

Also, you say you charge something like $20/month on your credit card and so you say it does not help you. But how much COULD you charge on your credit card? Do you pay for internet? Groceries? Gas? Cell phone? Electricity? Clothing? Restaurants? Movies? These things could be going on the card in order to get you a decent return.

It seems to be one of those money saving tips that no one uses, including me. I would probably use a credit card for everything as it doesn't cost me anything and I can get cash back.

It's even better with all the 0% for 12 month deals.