WARNING RE CHIPnPIN + CASH WITHDRAWALS ON CCs

BBCMarc

Hi all

Not sure if anyone's posted this before, and apologies if so BUT I thought it worth posting.

When I've received a new credit card in the past, I've ripped up and thrown away the pin number that gets sent as well, the logic being that if I don't know the number, then I can't be lured into taking cash from an ATM - because, as we MoneySavers all know, interest payments on cash withdrawals is where Credit Card companies really make their money.

The problem that's come to light now is this: with CHIPnPIN, I have no choice BUT to know the pin number, otherwise I won't be able to input it when I use the credit card for purchases. After speaking to MINT, they say there's no way of having one pin when using it for purchases and another for cash withdrawals. So, even though I don't WANT to, I now HAVE to know the pin that could let me take out cash - with all the problems that causes.

I can see this loophole getting people with not enough restraint into interest-payments hell.

Can anyone think of a way around this?!

jo_b_2

Self restraint!!!

Woby_Tide

or big heavy shackle type restraints

JasonElse

Surely if you're so heavily set on never withdrawing money from a cash machine on your credit card, you won't do it even if you know the PIN?

klondyke

It had already occurred to me that Saga were being quite canny by waiving the fee on ATM cash withdrawals until December.

I guess they reckon that, as that's the PIN you're likely to remember, you'll end up using it in the shops ;D

rinoa778

Or you could interpret that another way as the customer withdrawing money for free and thinking it is now free. It gets busy at Christmas and not all shops accept cards (or you don't spend enough to use it) so where do you go? The atm of course! Then you have a lovely surprise in January!

klondyke

Surely a moneysaver wouldn't think such a thing ;D

I've grabbed some cash and shoved it into Cahoot via the Post Office and transferred the Saga balance ;D ;D

James

An easy way around this is to ask your card issuer for a Chip & Signature Card. I've two of these cards already.

Details on how to get hold of a Chip & Signature Card are under the 'Chip n PIN - A Quick Guide Discussion Area' string.

If you'd like further information don't hesitate to drop me a personal email.

klondyke

eh?