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Thread: Don't get the new NDSU Visa card

  1. #51
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    Default Re: Don't get the new NDSU Visa card

    Quote Originally Posted by THEsocalledfan View Post
    Good info. I had thought they were making more off if a person picked to run it under "credit" as many merchants push you to debit and figured that was the reason.

    I would argue with you on debit being a dying product, however. Yes, for regular banking accounts I would agree with you, but there has be an avalanche of high fee prepaid debit products aimed at the "unbanked." This has basically created this golden age of manufactured spending we are in since I can load these babies onto things like Bluebird.

    Sadly, many of the "unbanked" don't realize how bad they are being hosed. The fees are crazy for many products, and they will often not pick the best products like Bluebird. Folks should read up on how well Metabank has done in this market; they are based here in Sioux Falls where loan sharking is legal.
    They used to make a lot on the Visa/Mastercard portion of the debit transactions... not anymore.

    Yes, there are better revenue opportunities on prepaid accounts, however, you also have to remember that our current regulatory environment has really shifted from "buyer beware" to "seller beware." So most banks are being somewhat cautious in how they approach those opportunities. Non-banks have always been more liberal in their regulatory interpretation (including Metabank in that category). But the regulators have started coming down hard on pay day loans, and are certainly starting to look at products directed to the unbanked.

    Its actually sad to me the lack of effort consumers place in understanding their financial products. And its not just the unbanked who are clueless.

  2. #52
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    Jun 2006
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    18,525

    Default Re: Don't get the new NDSU Visa card

    Quote Originally Posted by PattyBison View Post
    They used to make a lot on the Visa/Mastercard portion of the debit transactions... not anymore.

    Yes, there are better revenue opportunities on prepaid accounts, however, you also have to remember that our current regulatory environment has really shifted from "buyer beware" to "seller beware." So most banks are being somewhat cautious in how they approach those opportunities. Non-banks have always been more liberal in their regulatory interpretation (including Metabank in that category). But the regulators have started coming down hard on pay day loans, and are certainly starting to look at products directed to the unbanked.

    Its actually sad to me the lack of effort consumers place in understanding their financial products. And its not just the unbanked who are clueless.
    I have a friend who does software work for Metabank, and they were in some kind of regulatory purgatory that they just got out of recently.

    I also wonder if many folks know just how much Walmart has become the bank of choice for the unbanked. And they are clearly doing well from my many visits to those nice folks. (sadly for Walmart, they only money they make from me is the 70 cents per $1000 money order I get, and I am sure Money Gram gets most of that.)

    Patty, would you believe I still have a bank debit card earning 1 delta mile per dollar on debit transactions? My best guess why SunTrust launched this post Dodd-Frank was they had failed one of those "liquidity" tests from the feds and needed high minimum balance accounts. I have been paying my mortgage via MO since then, hammering Delta miles in the process. I keep shuddering at the day they end the product, as they have to be losing a lot of money on me.....

  3. #53
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    Default Re: Don't get the new NDSU Visa card

    Don't think it is entirely to keep consumers protected. But debit immediately removes the money from your account, credit takes a day or so to clear depending on merchant.

    I usually use straight cash homie! So not that big of deal for me.
    Sent from Win8 phone on a bullet train from Hillsboro.

  4. #54
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    Default Re: Don't get the new NDSU Visa card

    Quote Originally Posted by 1998braves64 View Post
    Don't think it is entirely to keep consumers protected. But debit immediately removes the money from your account, credit takes a day or so to clear depending on merchant.

    I usually use straight cash homie! So not that big of deal for me.
    Sent from Win8 phone on a bullet train from Hillsboro.
    Credit may go against the card in a day or you only pay the bill once every 4 weeks so the float is like 2 weeks v. zero on debit or negative cash.
    I have the honor to be Your Obedient Servant - B.Aud

    We all live in stories... It seems to me that a definition of any living vibrant society is that you constantly question those stories... The argument itself is freedom. It's not that you come to a conclusion about it. Through that argument you change your mind sometimes... That's how societies grow. When you can't retell for yourself the stories of your life then you live in a prison... Somebody else controls the story. - S. Rushdie

  5. #55
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    Default Re: Don't get the new NDSU Visa card

    My cards have due dates about 3 weeks after the statement date so you get anywhere from 3 to 7 weeks of float. I haven't decided if we'll get the NDSU card since we get better rewards with other cards.

    Quote Originally Posted by bisonaudit View Post
    Credit may go against the card in a day or you only pay the bill once every 4 weeks so the float is like 2 weeks v. zero on debit or negative cash.
    It's OK to not be OK.

  6. #56
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    Default Re: Don't get the new NDSU Visa card

    Quote Originally Posted by 1998braves64 View Post
    Don't think it is entirely to keep consumers protected. But debit immediately removes the money from your account, credit takes a day or so to clear depending on merchant.



    I usually use straight cash homie! So not that big of deal for me.

    Sent from Win8 phone on a bullet train from Hillsboro.

    FWIW, from the retailers I've asked, they all have said they have greater fees from debit cards. So, looks like the POS companies prefer debit cards and pretty much nobody else.
    Team Cinzano Tested. Team Cinzano Approved



  7. #57
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    Default Re: Don't get the new NDSU Visa card

    Quote Originally Posted by 1998braves64 View Post
    Don't think it is entirely to keep consumers protected. But debit immediately removes the money from your account, credit takes a day or so to clear depending on merchant.

    I usually use straight cash homie! So not that big of deal for me.
    Sent from Win8 phone on a bullet train from Hillsboro.
    Transactions appear on the account with the same speed regardless of debit or credit transactions. The biggest difference is when you have fraud on a debit card, it is deducted out of your checking account immediately. If you have fraud on your credit card, it is taken out of your "open to buy" on your credit card immediately, however you are not expected to pay any transactions until you are billed for them (and if you have reported fraud, you are never asked to pay). People run into problems when they have $X in the checking account, and the fraudsters drain the account and now they need to pay bills and they don't have any funds available to pay them. The bank does have to offer a provisional or permament credit within a certain amount of days, but that doesn't much matter if your rent is due today and you have no funds in another account you can transfer. This creates an incredible amount of stress for some customers. Additionally, fraud and disputes have different rules if they were a debit transaction (from your checking account) or a credit transaction.

  8. #58
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    Default Re: Don't get the new NDSU Visa card

    Sounds like the "Living on Your Own" class slackers like my sister took in high school. It covered things like budgeting, balancing a checkbook, how to apply for jobs. etc.


    Quote Originally Posted by 1998braves64 View Post
    https://www.ndscs.edu/current-studen...ar-experience/

    Here is NDSCS's FYE class that all freshman have to take, it is a semester long (Edit: actually I think it is only half a semester now that I think about it and the wording on the site seems to indicate that). Seems strange that NDSCS would be on top of this sooner than NDSU... They've been doing this since about 2009 if I remember right if not earlier.
    It's OK to not be OK.

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