Chip but no PIN
Apr 18th, 2014, 01:01 PM
#22
>>This Visa card (American Airlines) DOES have a chip, and probably as was the case with Joan, I had an option to get a PIN but declined. . . .<<
That isn't the same sort of Chip/PIN . . . What you have is a Chip and Signature card. So essentially almost the same as most magnetic strip cc's. As Andrew says -- that PIN would be used when withdrawing cash from a machine.
That isn't the same sort of Chip/PIN . . . What you have is a Chip and Signature card. So essentially almost the same as most magnetic strip cc's. As Andrew says -- that PIN would be used when withdrawing cash from a machine.
Apr 18th, 2014, 01:04 PM
#23
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There are limits to ATM withdrawals and the limits can happen on both sides (your bank and the bank being used to withdraw) but there is no general rule of how much which is set by the bank.
As far as using a credit card for withdrawals of cash let me say this. Conventional wisdom is not to that there are very high fees and interest begins acruing from the moment the cash hits your hand. In general, that's true. However there are some banks that do not charge for ATM withdrawals on their credit cards that is there is no fee (although there might be a 1% foreign transaction fee). An example are USAA credit cards. Yes the interest is very high (either 18% or 24%) when accrused on an annual basis but it is a daily rate. In a pinch, if you have such a card and forced to withdraw say $200 worth of a foreign currency and at the end of the month when you get home, pay it off, that amounts to $3. Not exactly overwhelming (and I am cheap so spending $3 unnecesarily might annoy me). So there are exceptions to the general rule of thumb regarding this. In other words, never say never (but usually).
As far as using a credit card for withdrawals of cash let me say this. Conventional wisdom is not to that there are very high fees and interest begins acruing from the moment the cash hits your hand. In general, that's true. However there are some banks that do not charge for ATM withdrawals on their credit cards that is there is no fee (although there might be a 1% foreign transaction fee). An example are USAA credit cards. Yes the interest is very high (either 18% or 24%) when accrused on an annual basis but it is a daily rate. In a pinch, if you have such a card and forced to withdraw say $200 worth of a foreign currency and at the end of the month when you get home, pay it off, that amounts to $3. Not exactly overwhelming (and I am cheap so spending $3 unnecesarily might annoy me). So there are exceptions to the general rule of thumb regarding this. In other words, never say never (but usually).
Apr 18th, 2014, 01:43 PM
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That's true. I was just citing them as an example. BTW that's only recent. Back then I joined USAA and have no military blood in my family but if one is eligible for membership, they are one of the better banks to use. And who knows. Maybe that will change again!
Apr 18th, 2014, 02:13 PM
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I doubt it, and I don't think it's that recent that USAA has military membership requirements, I remember asking them about it some years ago and you didn't qualify except for someone being in the military currently or something, or having a parent who was and was in USAA. My father was in WWII and that wasn't enough, either. I think it's been over 3 years.
I don't think they'll change back.
I don't think they'll change back.
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