Originally posted by Rocketcrab
PayPal - ANYTHING to stay away from high credit card interest rates, the biggest scam this side of the US medical system.
Originally posted by BigRedBee
If you had a choice, which would be your preferred method of payment? Credit Card, or PayPal ?
Originally posted by overby
To use paypal long term, requires that you become "verified" by linking a checking account with a paypal account. It's not spelled out as such in the paypal terms, but paypal can withdraw money from your checking account as they see fit.
I'm uncomforatable with that. They could drain my checking account, and use my entire overdraft reserve. And they as if taking my money isn't bad enough, this would likely to cause me to bounce checks or not have sufficient funds for an automatic mortgage payment. Thus incuring bounced check fees from my bank and who I wrote the check to and probably ending up with it on my credit report.
A credit card is a "push" mechanism: I give them money so I am in control.
I only give access to my checking account to places I trust: my employer and financial institutions.
Glen, kc0iyt
Complete nonsense.Originally posted by overby
It's not spelled out as such in the paypal terms, but paypal can withdraw money from your checking account as they see fit.
I completely agree. If used with forethought, PayPal is the very best way to fund transactions.Originally posted by Gus
Complete nonsense.
The very best way to deal with online vendors is by using your credit card through Paypal. The vendor doesn't get your credit card number and if you get taken, you can always reverse the charge through your credit card company. In those cases, Paypal gets left holding the bag, which is why their preferred payment method is not via credit card.
Originally posted by Gus
The very best way to deal with online vendors is by using your credit card through Paypal. The vendor doesn't get your credit card number and if you get taken, you can always reverse the charge through your credit card company. In those cases, Paypal gets left holding the bag, which is why their preferred payment method is not via credit card.
I would be very surprised if that were the case.Originally posted by cas2047
The credit card company ate the loss not PayPal.
Originally posted by cas2047
<snip>
The credit card company ate the loss not PayPal.
Originally posted by Gus
On Ebay I buy almost nothing that doesn't let me pay with my credit card through Paypal because Ebay (and Paypal) "transaction guarantees" are a joke.
Originally posted by Gus
I would be very surprised if that were the case.
When you ask a credit card company to reverse charges they ask you to prove you were stiffed. In Paypal cases they ask if you went through the Paypal resolution process and if, like in your case, Paypal found in your favor, then it's pretty much a slam dunk.
The credit card company then notifies Paypal that they intend to do what is called a "chargeback" unless Paypal can prove there is some reason they shouldn't. Paypal then begins a second round of your original complaint where they ask the original vendor why the credit card company shouldn't be allowed to do so. If the vendor doesn't answer or can't give Paypal some evidence they can use, then Paypal doesn't contest the chargeback and the credit card company debits Paypal the amount.
I would be extremely surprised if this didn't happen in your case.
If the bank which issues your credit card CAN get their money back they will. In the case of Paypal, that is never an issue.
Again, this is why Paypal doesn't let you just set "Pay by credit card" as your default option. There is risk to Paypal in these transactions. Paypal has much less risk if it is a cash transaction because if it goes bad, they just tell you they tried to get the money back from the vendor but the vendor's account was empty so you are S.O.L.
When dealing with online vendors I always use my credit card through Paypal if that is an option. If not, I only give my actual credit card number to those I can reasonably determine are a legitimate business. My bedrock criteria are "do they list an address and phone number on their site" and "do they answer the phone when I call".
On Ebay I buy almost nothing that doesn't let me pay with my credit card through Paypal because Ebay (and Paypal) "transaction guarantees" are a joke.
Originally posted by Gus
Complete nonsense.
Everyone you've ever written a check to has your checking account number. But they can't clean out your account just because they know your numbers. Paypal can't just help themselves to your bank account as they see fit anymore than your employer can when you give them the same numbers so they can direct deposit your pay.
Originally posted by tbzep
You don't have to deal with the high interest rates. Just don't spend more than you can pay off each month. Never carry over a balance to the next month and you are home free. It's the same principal as never overdrafting your checking account.
Some debit cards offer the same protection as credit cards. Look into that for the best of both worlds.
Originally posted by cas2047
OK Gus let me start with this - I'm an adult. I'm all grown up and I have my facts 100 percent straight. I find it a bit insulting that you would suggest that what I said happened didn't happen since I was the one who it happened to. I was the one who called the credit card company and spoke with them, and it happened exactly how I said it happened. Sorry if my results don't fit into your "Absolute" as to how these things play out.
You might want to ratchet down your "Absolute" retoric a bit, or deal with actual facts before spouting off.
Originally posted by KermieD
Wow. That was harsh. Actually, your bank/credit card company probably told you what they did to give you the impression that they're there for you and that they'll take the hit before it gets passed on to you. Gus' ducks are definitely in a row here and the process he described is 100% correct. I don't think in any way he was challenging what you were told, but the actual fact of the matter is, no. Your credit card company did not take the hit.
Originally posted by Rocketcrab
I am quite aware of the fact that in a perfect world, if you don't carry a balance from one month to the next, you don't have to deal with high interest rates. Another way to get around those rates is to have a six- or seven-figure salary, be born into a family with money, or better yet, marry it. But alas, I'm one of those millions of people who live in the real world. My wife and I both work to support a family and between the two of us don't make six figures - and we're "professionals". I use my debit card as much as I can when cash isn't practical.
Preach it, brother! Amen!Originally posted by rocket72175
In the real world (not government), people live within their means and don't buy things they can't afford.
"Good ole Gus" never said that what happened didn't happen.Originally posted by cas2047
As for harsh - I was no more harsh than Good ole Gus telling me that what happened to me didn't happen.
Dave,Originally posted by dwmzmm
I now do my transactions via mail with money orders; no credit
cards, no debit cards, no paypal. Been doing it like this for the
past 16 months or so now...
Originally posted by Gus
Complete nonsense.
Everyone you've ever written a check to has your checking account number. But they can't clean out your account just because they know your numbers. Paypal can't just help themselves to your bank account as they see fit anymore than your employer can when you give them the same numbers so they can direct deposit your pay.
Giving your credit card number to an online vendor you've never dealt with before, however, is a huge risk, especially if they ask for the ID number on the back of your card.
The very best way to deal with online vendors is by using your credit card through Paypal. The vendor doesn't get your credit card number and if you get taken, you can always reverse the charge through your credit card company. In those cases, Paypal gets left holding the bag, which is why their preferred payment method is not via credit card.
Originally posted by Gus
Dave,
Do a search here on "Rebar Rocketry","Suziekrp", "Empire Rockets", or"UpNorthGuy" for some sad lessons about buying internet-traded items without the protection afforded by a credit card.
Most internet vendors are honest.
But if you continue to pay with money orders it is only a matter of time until you get ripped off.