Cape Town Cycle Tour 2024

[ChrisF]

19 minutes ago, The Ouzo said:

get someone with a credit card to do it for you and you pay them back ?

 

not sure what other payment options they have, I've only ever entered using a CC

 

Trying to get all the facts before I make the call on my credit card .....

[ChrisF]

15 minutes ago, Shebeen said:

How do you navigate this modern world without a way to make online transactions?

Pretty sure you could send a telefax to race office and offer to pay in cash or gold doubloons, the window to use cheques might have passed though.

 

 

Hey .... I must go dig in that special drawer in the study .... Pretty sure there is half a Volkskas cheque book .....

 

 

Who remembers that horid slip-card machine they used in the early days of credit cards .... took a good few weeks before the slip went full circle and the transaction showed on your blance.

[MORNE]

2 hours ago, ChrisF said:

 

Hey .... I must go dig in that special drawer in the study .... Pretty sure there is half a Volkskas cheque book .....

 

 

Who remembers that horid slip-card machine they used in the early days of credit cards .... took a good few weeks before the slip went full circle and the transaction showed on your blance.

Hey, if you want to enter the details to a debit card/account that contains YOUR money on the internet, you do you lol. 

Low limit credit card is perfect for my personal online shopping needs. I’ve been doing it since 2001. When stuff went wrong during that time, the bank was always quick to get back THEIR money because credit cards offer fraud liability protections that debit cards don't, so less risk.

Many offshore online retailers also wont take anything else, it gives them a way to authenticate the origin of the funds along with your identity. You wont be buying a fox38 in the US from Cuba or Iraq any time soon😅

 

Edited August 12 by MORNE

[ChrisF]

6 minutes ago, MORNE said:

Hey, if you want to enter the details to a debit card/account that contains YOUR money on the internet, you do you lol. 

Low limit credit card is perfect for my personal online shopping needs. I’ve been doing it since 2001. When stuff went wrong during that time, the bank was always quick to get back THEIR money because credit cards offer fraud liability protections that debit cards don't, so less risk.

Many offshore online retailers also wont take anything else, it gives them a way to authenticate the origin of the funds along with your identity. You wont be buying a fox38 in the US from Cuba or Iraq any time soon😅

 

 

 

Thanks .... so possibly overseas purchases a potential decider.   NOTED.

 

 

Seems using virtual cards solves a lot of the dangers you mention with debit cards .... but would be good to hear first hand experiences.

 

 

PS - I am thinking of VISA debit debit cards, thus similar security as credit cards .... or is it ???   Again, some first hand experiences, or input from those in the banking trade would be appreciated.

[MORNE]

Simple, your own bank balance Vs whatever the limit is on a credit card…. You’re a brave man if you use a card linked to your personal funds imo. A credit card will bounce once it hits a your preset credit limit..and you debit card wil go until theres nothing left too lol. Better not have an overdraft facility on that thing either. 

[ChrisF]

12 minutes ago, MORNE said:

Simple, your own bank balance Vs whatever the limit is on a credit card…. You’re a brave man if you use a card linked to your personal funds imo. A credit card will bounce once it hits a your preset credit limit..and you debit card wil go until theres nothing left too lol. Better not have an overdraft facility on that thing either. 

 

Noted 👍

 

Is this not what the virtual cards are supposed to protect ?

 

[NC_lurker]

1 hour ago, ChrisF said:

 

Noted 👍

 

Is this not what the virtual cards are supposed to protect ?

 

A virtual credit card allows you to cancel the card without the hassle of needing a new physical card to be delivered to you. Plus it allows for a time restricted CVV - this way if there's a delay in the use of your stolen card details the CVV might've already expired. Plus you can set a specific spend limit on your virtual card different to your main card. I have a virtual card with a low limit for once-off online transactions. If those details get stolen the potential loss is limited.

A virtual card certainly doesn't offer any additional protection against card theft/fraud. It's merely a way to limit the risk. It's also a huge cost (and hassle) saver for the banks.

As per Morne's comments, I certainly wouldn't transact online with a debit card if I had a choice.

Edited August 12 by NC_lurker
Clarity

[Prince Albert Cycles]

@NC_lurker help me ? Buying online with a debit card requires me to accept the transaction on my banking app . What/how can it go wrong ?  I don’t have the app on my phone but on my IPad.

[NC_lurker]

40 minutes ago, Prince Albert Cycles said:

@NC_lurker help me ? Buying online with a debit card requires me to accept the transaction on my banking app . What/how can it go wrong ?  I don’t have the app on my phone but on my IPad.

What you're referring to is a security protocol called "3D secure". It's put in place by ethical online merchants to ensure that a customer confirms the transaction prior to it being processed. It's mandatory for all ecommerce transactions in SA, but not globally. So if your card details get into the wrong hands they can still push through payments via an international payment gateway without requiring you to confirm the transaction.

Just recently I had 5 transactions totalling approximately R2500 worth of fraudulent transactions charged on my credit card without me having confirmed any of them. I flagged them as fraudulent on my banking app, contacted the helpline and within a week the transactions had been reversed off my account. If that was a debit card the money would have been gone.

Where a credit card protects you is that the initial transaction is paid for utilising the bank's funds, hence they're incentivized to cancel the transaction. Plus a credit card transaction is merely a promise to pay...in effect no different to a cheque - I'm sure you know what those were 😉

A debit card transaction however results in an immediate debit of funds from the card holders account. So money moves directly from the buyer's account to the seller (I'm being a bit liberal with the steps involved here). In the case of a fraudulent transaction the money has already left your account and the bank is not incentivized to go to any real effort to try recover it.

I'd encourage you to get a credit card to utilise for online transactions. Set a low limit, set the budget limit to zero & treat it as cash, at month end just clear the full amount owing which means you then pay zero interest. In effect you use the bank's "wallet" to pay for stuff during the month and then reimburse them with a single payment at month end. 

[Prince Albert Cycles]

2 minutes ago, NC_lurker said:

What you're referring to is a security protocol called "3D secure". It's put in place by ethical online merchants to ensure that a customer confirms the transaction prior to it being processed. It's mandatory for all ecommerce transactions in SA, but not globally. So if your card details get into the wrong hands they can still push through payments via an international payment gateway without requiring you to confirm the transaction.

Just recently I had 5 transactions totalling approximately R2500 worth of fraudulent transactions charged on my credit card without me having confirmed any of them. I flagged them as fraudulent on my banking app, contacted the helpline and within a week the transactions had been reversed off my account. If that was a debit card the money would have been gone.

Where a credit card protects you is that the initial transaction is paid for utilising the bank's funds, hence they're incentivized to cancel the transaction. Plus a credit card transaction is merely a promise to pay...in effect no different to a cheque - I'm sure you know what those were 😉

A debit card transaction however results in an immediate debit of funds from the card holders account. So money moves directly from the buyer's account to the seller (I'm being a bit liberal with the steps involved here). In the case of a fraudulent transaction the money has already left your account and the bank is not incentivized to go to any real effort to try recover it.

I'd encourage you to get a credit card to utilise for online transactions. Set a low limit, set the budget limit to zero & treat it as cash, at month end just clear the full amount owing which means you then pay zero interest. In effect you use the bank's "wallet" to pay for stuff during the month and then reimburse them with a single payment at month end. 

Got it . Thanks 👍

[ChrisF]

5 hours ago, NC_lurker said:

What you're referring to is a security protocol called "3D secure". It's put in place by ethical online merchants to ensure that a customer confirms the transaction prior to it being processed. It's mandatory for all ecommerce transactions in SA, but not globally. So if your card details get into the wrong hands they can still push through payments via an international payment gateway without requiring you to confirm the transaction.

Just recently I had 5 transactions totalling approximately R2500 worth of fraudulent transactions charged on my credit card without me having confirmed any of them. I flagged them as fraudulent on my banking app, contacted the helpline and within a week the transactions had been reversed off my account. If that was a debit card the money would have been gone.

Where a credit card protects you is that the initial transaction is paid for utilising the bank's funds, hence they're incentivized to cancel the transaction. Plus a credit card transaction is merely a promise to pay...in effect no different to a cheque - I'm sure you know what those were 😉

A debit card transaction however results in an immediate debit of funds from the card holders account. So money moves directly from the buyer's account to the seller (I'm being a bit liberal with the steps involved here). In the case of a fraudulent transaction the money has already left your account and the bank is not incentivized to go to any real effort to try recover it.

I'd encourage you to get a credit card to utilise for online transactions. Set a low limit, set the budget limit to zero & treat it as cash, at month end just clear the full amount owing which means you then pay zero interest. In effect you use the bank's "wallet" to pay for stuff during the month and then reimburse them with a single payment at month end. 

 

Thank you for the clear feedback.

 

How would you rate the safety of using a "virtual card" when transacting online ?  

[NC_lurker]

20 minutes ago, ChrisF said:

 

Thank you for the clear feedback.

 

How would you rate the safety of using a "virtual card" when transacting online ?  

As per my previous response to your virtual card question, it doesn't materially improve things from a safety perspective. The expiring CVV does at least set a time limit to the validity of the card's credentials should they get stolen. It also allows you to set lower limits than you would possibly have on your main card. However if it's a virtual debit card the money is still being debited straight out of your account.

[ChrisF]

1 hour ago, NC_lurker said:

As per my previous response to your virtual card question, it doesn't materially improve things from a safety perspective. The expiring CVV does at least set a time limit to the validity of the card's credentials should they get stolen. It also allows you to set lower limits than you would possibly have on your main card. However if it's a virtual debit card the money is still being debited straight out of your account.

 

Thank you

So CC for safety/security reasons.

[NC_lurker]

5 minutes ago, ChrisF said:

 

Thank you

So CC for safety/security reasons.

Credit card to limit the personal risk.