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RE: Stigma related to prepaid credit cards?

Postby average_joe » Fri Jan 29, 2010 07:31:35 AM

As long as you have corrupt politicians and organized crime you always have paper currency in this world.
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RE: Stigma related to prepaid credit cards?

Postby Millie P » Fri Jan 29, 2010 04:04:17 AM

I'd argue that people are actually at more of a risk with electronic payment than cash. Card cloning is a lot worse than anyone is willing to admit. That isn't surprising given that pretty much anyone with a decent knowledge of computers and $300 can build a cloner. With the new iPhone device for processing transactions it is about to become even easier.

The elimination of paper currency has been a long term goal for most governments. The idea is that it reduces crime by making transactions traceable and that it would reduce tax evasion but I don't believe it will. At least three quarters non-street walking prostitution already accepts credit cards and there some drug dealers that have started. Sports betting has mostly gone offshore and they accept credit cards. If anything I'd say electronic payments actually benefit non-street level criminal activity by introducing international inter-jurisdictional issues. There would be a temporary decrease in counterfeiting but it would be short lived. The government is always slower than criminals and that becomes more so when it involves technology.

The only real benefits of not having money would be the cost of maintaining the actual notes but given how inefficient the public service is that would be insignificant and likely replaced by an even more useless department that would ineffectively monitor the new electronic currency.
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RE: Stigma related to prepaid credit cards?

Postby average_joe » Thu Jan 28, 2010 06:28:51 PM

The stigma about paying cash was made up by our government and our banks. The banks want everyone to be paranoid into thinking your safer if you carry plastic, if you notice people are still getting robbed. If everyone started paying cash the government would not be able to track your transactions and the banks would not make the billions. I like the idea paying cash for every thing and only having one credit card for credit purposes.

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RE: Stigma related to prepaid credit cards?

Postby Millie P » Thu Jan 28, 2010 06:21:51 PM

We also only know each other on here. I know most of the cards my friends have because we go out and they pay for stuff. The whole point of these Infinity and Black cards are specifically so that your friends will catch a glimpse when you go to pay for dinner.

Also obviously hotels and merchants will know but not sure if anyone cares. Maybe a little for hotels but merchants probably no unless the sales clerk is good looking.

I am a very big cash person. I have credit because it is good to have but I pay for everything in cash and I find that has a stigma as well. People think you are involved with criminal activities if you pay for large ticket items with actual cash.
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RE: Stigma related to prepaid credit cards?

Postby montyloree » Thu Jan 28, 2010 06:06:09 PM

Well... the point is...
how are people going to know if you don't ask them...
Do you know which credit cards I have?

I don't know which credit cards you have unless you tell...

If you apply for a mortgage or some type of credit where they ask for a great deal of your credit detail.. then you'll have to disclose which credit cards you've got.... if the rest of your credit app is strong, who cares...

Maybe it's just me.... you shouldn't have to peg your self esteem on having a secured credit card.
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RE: Stigma related to prepaid credit cards?

Postby Millie P » Thu Jan 28, 2010 03:57:25 PM

Having bad credit has a stigma -- and rightfully so.

Having a secured credit card is highly correlated with having bad credit.

Thus having a secured credit card comes with a stigma.

The only way that people will know though is if you get one of the obvious secured cards like the Horizon or the People's Trust.
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RE: Stigma related to prepaid credit cards?

Postby average_joe » Thu Jan 28, 2010 08:01:09 AM

The fees they charge every time you use it, every month or when you reload the card depending where you get the card from. The other stigma is that you get no credit rating benefit from it.

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Stigma related to prepaid credit cards?

Postby montyloree » Thu Jan 28, 2010 07:40:09 AM

I've heard people talking that there is a stigma related to prepaid credit cards? How is that possible?

How is it possible to have a stigma related to secured credit cards?

so what if you have a Freedom prepaid MasterCard. Who's going to know? Who's going to care?

Some other prepaid credit card articles:
freedom prepaid mastercard debit card for canadians
prepaid credit cards canada vs canadian secured credit cards
prepaid credit cards for canada capital one canada
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