what protection credit card provide?
Comment on Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
cman6@lemmy.world 14 hours ago
I’m all for a European system like this, but the only downside I currently see is that using Wero wouldn’t provide any protection in the same way that a credit card does, unless I missed that on the Wero website.
Give me the consumer protection of a credit card and I’ll sign up to Wero or whoever!
pkjqpg1h@lemmy.zip 14 hours ago
cman6@lemmy.world 12 hours ago
In the UK the credit card company are joint liable for any purchases over £100.
So if I buy X from company Y for £100, and company Y fails to deliver, or goes into administration, or whatever, I go back to the credit card company and get my £100 back. Or looked at another way, I don’t pay them the £100 and they swallow the cost.
pkjqpg1h@lemmy.zip 12 hours ago
didn’t know that thanks
technocrit@lemmy.dbzer0.com 7 hours ago
You’ve never used cash?
balsoft@lemmy.ml 13 hours ago
Does Visa/Mastercard actually offer any protection themselves? When I’ve had to reverse debit card transactions due to fraud or otherwise, I always just called/reached out to my bank and they did it without getting Visa/MC involved. Since this system is pretty much SEPA in a trench coat, I’m pretty sure the same would work here.
GamingChairModel@lemmy.world 10 hours ago
Visa/Mastercard requires all cardholders, cardholders’ banks, merchants, and merchants’ processors to follow the comprehensive set of rules for disputed transactions. That way the dispute process tends to be uniform across different banks and across different merchant/payment processors.
The network sets the rules, while the banks implement those rules on behalf of the cardholder and the processor implements those rules on behalf of the merchant.
So replacing the network will require a comprehensive replacement for the network’s dispute resolution rules (assigning who is responsible for paying when certain things happens) and procedures (how a cardholder can initiate a dispute and how that gets resolved).
pkjqpg1h@lemmy.zip 6 hours ago
As far as they writes the rules, no thanks
related: pcgamer.com/…/valve-confirms-credit-card-companie…
balsoft@lemmy.ml 9 hours ago
Ok, so this makes the most sense to me. This would indeed need to be handled, I think the best solution is for EU to come up with a set of dispute resolution procedures and pass it as a law for everyone to follow. That way, disputes would be resolved the same way regardless of what network or bank you are using, which sounds the most reasonable to me.
Holytimes@sh.itjust.works 12 hours ago
Yes they do offer actual protections.
A debit card while using visas processing network is still your banks account and their responsibility.
A credit card the account is with visa, tho it may be managed by your bank thanks to partnerships and bank end integration. Depending on the circumstances you actually will be directed by your bank to contact visa or who ever directly or be forwarded by your bank.
Debit cards are not credit cards. This seems to be a weird hang up people can’t seem to understand. Doubly so when they are from Europe. It’s always struck me as odd.
chiliedogg@lemmy.world 10 hours ago
Yeah - that’s why I always use credit if I can. If someone steals my credit card, I’m protected. The money doesn’t even leave my account, so I don’t have to worry about losing access to my funds for a few days while everything is worked out.
Nollij@sopuli.xyz 10 hours ago
Do you have a source on this? Because it directly contradicts EVERYTHING I have ever experienced. Visa is a payment processor, but more as a middleman. I’ve even been redirected (through automated systems) back to my bank when making a purchase using a Visa card. Any disputes are handled by bank. You can’t get a Visa card without going through a bank. My debit card has a MC logo and can be used as such, but it’s also my ATM card.
Your point about debit vs credit is valid, though possibly more convoluted than needed. On credit, it’s someone else’s money in limbo, until the bill is paid.
balsoft@lemmy.ml 11 hours ago
Aha, interesting. I never had a credit card because it always felt like a very weird idea to me, but I think I get it a bit more now. Still weird that it’s visa/MC money and not your bank’s though.
cman6@lemmy.world 12 hours ago
That’s a very good point - it isn’t Mastercard or Visa involved in the card protection. Thank you!
So I guess I’m actually saying: if Wemo offer credit, then count me in!