Tech companies are clamoring to give you credit cards • Hacker News Board

Re: Tech companies are clamoring to give you credit cards

#81

Post by graham_paul » Tue, Oct 27, 2020, 3:09 PM UTC

renewiltord wrote: post #67

throwaway_pdp09 wrote: post #65

Earlier quoted context omitted.

If it's bayesian-unlikely they want your phone then why should it be any less bayesian-unlikely they want your cash. That's one weird argument. And BTW your phone is usually quite visible, like sticking out if not actually being used. > and max-spend limits Ok, now they've got your expensive phone and can spend up to your limit.

> If it's bayesian-unlikely they want your phone then why should it be any less bayesian-unlikely they want your cash. Because phones these days are mostly bricks when you steal them. Cash still works. > Ok, now they've got your expensive phone and can spend up to your limit. Haha, no, they can't. That's not how any of this works. But listen, it doesn't matter. Carry cash if you want. I won't. And may the chips land…

Phones becoming bricks when stolen AND reported hasn't and won't stop most thiefs from stealing them and it won't prevent you from losing your expensive phone and having to buy a new expensive phone. And if the phone is insured, well then you are paying a monthly fee for having a money holding device

Re: Tech companies are clamoring to give you credit cards

#82

Post by graham_paul » Tue, Oct 27, 2020, 3:11 PM UTC

asutekku wrote: post #64

graham_paul wrote: post #57

Earlier quoted context omitted.

If someone steals your cash (as much cash as you can carry): you don't have it anymore. If someone steals your phone (you will lose at least the value you paid for the phone) and once they force you to unlock the phone and to hand over the passwords, you will lose: - as much cash as they can take out before you can access a device that will allow you to freeze the card you will also be a more attractive target for ha…

Most phone thieves (at least in europe) take it out of your pocket in a busy place. They are not making you unlock yout phone.

In that particular case, you still lose a device you paid a lot of money to have and you might even lose any data not backed up

Re: Tech companies are clamoring to give you credit cards

#83

Post by ksec » Mon, Nov 02, 2020, 12:54 PM UTC

gonehome wrote: post #27

Shivetya wrote: post #8

I understand some of the appeal of metal cards and the like but this seem short order as the move to contact less payments increases. To be honest the less someone knows about my purchase which includes the brand on the card the better Now I can see the appeal to some, example the Apple card, where pricey items can be paid for at no interest with the added hope they use your card elsewhere. I haven't look into Apple'…

The Apple Card is great - I switched to it and closed all my other credit accounts (even though the others had better overall cash return when factoring in their points value). I did this for a few reasons. - Better software: The iOS integration with Apple Card is really good. The second best I've seen was Amex, but they were still a distant second. - "Daily Cashback" - just automatically putting the 1%/2%/3% back on…

>Apple made [edit: Goldman Sachs] agree to not resell transaction data.

I thought they agree not to sell personal data, ( which as far as I am aware no bank does that ), but still sells aggregated data. ( Which belongs to Goldman Sachs )

Re: Tech companies are clamoring to give you credit cards

#84

Post by cashewchoo » Thu, Nov 05, 2020, 5:43 PM UTC

yjftsjthsd-h wrote: post #22

cashewchoo wrote: post #21

Earlier quoted context omitted.

Worth noting that credit card processors do take on credit risk, which for "normal people" is, sure, basically negligible. But black swan events (covid, for example) and fraud attacks (card cashers etc etc) are major issues. This might be mitigated by the dominant form of payments in the regulated marks you mentioned being debit cards, which in some ways flips the equation on risk around. However, this might not sit…

> Lots of people in the US like credit cards because of the substantially superior risk profile they present (to the cardholder). How so? Fraud liability?

And headache. If there's fraud in your debit account, it's a big problem for you because the USD that got stolen were yours. That's less money you can now write a check for.

Versus with a credit card, the money that got spent is only barely yours. Sure you're gonna have to dispute it etc but if it comes to it, you could always just let the account sit with a balance while a protracted dispute process works through.