This is great! But how do you get away with giving general credit advice without a license!? Have you confirmed you don't need one as I'd be very surprised?
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Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
31–40 of 41 posts
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#32This is great marketing for NerdWallet.
When someone is so adamant about being better than one specific competitor, that typically means the competitor they mention so often must have something good going for it.
I'd recommend stopping mentioning them, and just state what problem you are solving.
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#33This is great! But how do you get away with giving general credit advice without a license!? Have you confirmed you don't need one as I'd be very surprised?
I don't believe there's any 'authorized credit advisor' license anywhere in the United States. A state-level Fiduciary license would probably be the closest thing.
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#34Earlier quoted context omitted.
1. Right now, we're not monetizing this at all. The current plan (which we haven't implemented yet) is card affiliate revenue. I can definitively rule out repackaging/selling spending data - we would never do that. Subscriptions would likely be the next best option if affiliate deals don't pan out. 2. Great idea! 3. Totally understand - we know it's a big ask to request your transaction history. Out of curiosity, wha…
1. Cool-that would be a good thing to put on your site somewhere. Since you're thinking affiliate fees, how you will avoid the agency problem? e.g. A ton of businesses push the premium cards (Amex Plat, CSR, etc) with high commissions but almost no one pushes cards that have small affiliate fees but that would generally be great for the majority of people. Think Citi Double Cash and the various limited 3x cards. 3. P…
1. There isn't an easy answer for this, and I think part of it will be slowly building up a reputation as a trustworthy brand. The other part is improving our UI to be much more transparent about why we made certain recommendations and adding ways for users to customize what type of recommendations they see. (These are all features we're working on.)
3. Yup, making Plaid more visible is a great idea!
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#35No access to Canadian banks that are supported by Plaid ? What's up with that ?
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#36For most people with >$100k across investment & savings accounts Bank of America Premium Rewards card is hard to beat. 2.62 Cashback on everything .
If you only want 1 card, sure. But why not have many? I have one that does 4x on restaurants and groceries, one the same on hotel/airfare, one 3 or 4x on utilities, etc, all of which beat 2.6. Especially since 2 of the mentioned above cash out at 1.25, effectively making them 5%.
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#37This is great! But how do you get away with giving general credit advice without a license!? Have you confirmed you don't need one as I'd be very surprised?
I don't believe there's any 'authorized credit advisor' license anywhere in the United States. A state-level Fiduciary license would probably be the closest thing.
Putting aside the name of the specific licence, don't you need a licence to carry out this kind of service?
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#38Amex is always best, done.
If you can reconcile the benefits with the (large on some) annual fees, perhaps.
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#39Amex is always best, done.
If you can reconcile the benefits with the (large on some) annual fees, perhaps.
Yup. I pay USD380 yearly fee.
Cashback with frequent flier miles allows me to take my girlfriend and me on trips around the entire world on business class. Paying only for Airport taxes.
That leaves me with the following costs: Yearly fee USD380 Airport taxes 2 pax USD600
Total USD980
For these 980 dollars I get air tickets that retail at USD9000.
Conclusion: Amex is great for when you have a structural demand to use whatever the cashback on offer is as good as this.
Of course it also has insurance and concierge service, but I never use neither.
Re: Show HN: Tired of reading NerdWallet to see the best credit card? I automated it
#40Earlier quoted context omitted.
> Trove is just a passion project right now. I left here as well
Appreciate the feedback. Could you clarify why that part was a dealbreaker for you? What would we have to do differently to earn your trust?
No one wants to give their intimate financial details to a "passion project."