alt Hacker NewsReminder to the people reading this thread and overall comments, that in Europe everyone uses Debit Cards instead of Credit Cards.
Credit Card in Europe is very much associated with Debt.
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which is in fact a massive pain in the ass, because car rentals and hotels often require credit cards to make reservations (at least in my experience...)
Not everyone. We use both and mostly credit card for online payments that we pay off at the end of the month. It has a limit and it is easier deal with potential fraud vs a debit card where your own money goes. But does it matter? All my debit cards are Visa and Mastercard anyway.
And even when you have a credit card, it might act like a debit card (every payment shows as debit in your banking app, even if you really pay on the 10th of the month or something).
Note to Europeans:
Americans use credit cards and rarely debit cards because here the terms on debit cards are so much worse (for contesting charges, etc), so debit cards never really caught on for anything more than withdrawing cash.
In the US, users of debit cards are assumed to be uncreditworthy, because debit cards in the US have such bad T&C's that poor credit score is the main reason folks use them here.
Slowly coming to a close in the US also.
Some places already of course not accepting Amex, some places not accepting Visa Infinites (CSR, Venture, etc).
The future of banking is direct. The days of free rewards at a loss are gone as premium US cards are nearing the $1,000 AF mark for luxury coupons.
Yep, although a huge % of banks are issuing Visa and MasterCard debit cards as default nowadays.
Eu: Most of the people I know use debit rather than credit because we can manage our finances.
And most Europeans that have a credit-card need to pay them off at the end of the month. Technically they are charge cards. Unlike a traditional credit card, a charge card does not allow you to carry a revolving balance.
The article uses the term credit card for apparently no reason, because Visa and Mastercard also support debit cards. The EU is probably more concerned about Visa and Mastercard payment networks being under the control of American leaders.
I'm in Europe and I can't say this is the case at all. I've never heard anyone express such an idea.
Reminder to all commenters that Europe is not a single homogeneous country and somewhat diverse in various things, including payments and finance. Credit cards are definitely a thing in many European countries.