First of all, nothing has collapsed. I haven’t run into any problems – not that I expected to, so yeah, things are the same. 🙂
For anyone who cares, the old credit score is about the same as before, as far as I can remember, give or take a few points. Also, for people who want to know, my insurance was recently due for renewal – and again, nothing horrible has happened. In fact, my car insurance premium is lower this year thanks to discounts. WhooHoo!
I’m going to take a little detour here to go off a little bit about the articles that keep trying to convince people that it’s not safe to use a debit card – especially those using outdated information (information that was updated in 2009, so really, get with it, folks!)
The actually protection applies EQUALLY to both credit and debit cards carrying the Visa or Mastercard logo. You are responsible for 0% of the fraudulent charge 100% of the time. This is directly off their websites. It’s not up to $50 or $500, it’s $0, and like I said, it was changed in 2009. That is seven years ago! Any site in the last seven years that has said otherwise needs to fire the people writing these articles, because they are NOT doing their jobs.
Anywho…In regards to this fraud thing, in this, the digital age, if someone can’t catch a fraudulent charge within 30 days, well, frankly, that person is grossly irresponsible – Visa actually calls it “Gross Negligence” – and I will restrain myself from calling that person an idiot. You have 60 days to report fraudulent activity on your account before you run the risk of never getting your money back. 60 freaking days. It’s a very simple matter of paying attention. If a charge shows up that you didn’t make, report it and move on.
The banks are supposed to credit your account back within 5 days, and most will – most will even do it faster than that – but some, crappy, banks will find stupid reasons to delay this, from two weeks to as long as 90 days, because they know if they can’t get the money back, they’re going to have to eat the lost funds. If this is your bank – RUN! My bank refunds the lost funds the same day you report it.
It is true that it doesn’t cover PIN transactions – that is your bank’s responsibility instead of VISA. If people want to be that paranoid, then they should just not use their PINs. It’s not that hard. Run it as credit. Although, I’m pretty sure you need a PIN number to use the chip machines – at least you will if you travel overseas. But most pins are only 4 digits. If you can’t remember 4 digits, you have bigger problems than some random person jacking your card (unless you write your pin number on your card, and I don’t think I have to tell you how stupid that is.)
Knowledge is power, people. Read much?
Anyway, like I said, nothing’s changed since I cancelled my card, except that I feel better. It just represented old bad habits. I wanted it out of my life, and there was no point in using it, really. I couldn’t earn enough points or whatever with my spending to be worth the hassle, and anyway, point systems are a riot.
I read an article once in which the person said that using their credit card felt like they were paying for the item twice. I thought that was an interesting point of view. After all, it does seem silly sometimes to charge something when I have the money for it sitting right there in my account. Then at the end of the month, instead of having to run over to my credit card and pay it off, I do nothing, because everything is already paid for. And that always feels good. 🙂
Speaking of feeling good! I’ve been debt free for 18 months now, and I still can’t believe everything in my house is paid for. It’s so crazy and surreal! ^_^