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Mastercard Should Stop Selling Our Data

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Re: Mastercard Should Stop Selling Our Data

#171

Post by lstamour »

flarg wrote: post #162
BrandonS113 wrote: post #161

One reason to like the visa mastercard duopoly. They work everywhere. I go to the Netherlands a lot for work, and it is a real pain as they have their own payment system, IDEAL, one needs to live there, that is closed to foreigners. Many vendors, especially outside of main tourist areas will not take foreign cards. Guess they don't want to pay 0.1% fees. Yesterday, was left embarrassed in Albert Heijn where they only…

Outside of main cities and Germany is the same for restaurants and cafes. Pita

As a tourist, though, a pro tip is that big banks in Germany charge for deposits, not withdrawals, so if you happen to have a debit Mastercard with no exchange fees (e.g. in Canada, EQ Bank or WealthSimple), you can use your Mastercard at a bank ATM completely fee free and at Mastercard exchange rates. Plus it doesn’t matter which bank you go to, just pick the nearest name brand big bank ATM and you’re good to go.

Re: Mastercard Should Stop Selling Our Data

#172

Post by wayfinder »

lxgr wrote: post #123
KirillPanov wrote: post #98

Earlier quoted context omitted.

I've always wondered about this. You drive off with a EUR30k car. What do they do if you don't come back? Drain your bank account of 500 Euros? What then? In the US, the rental agreements let them keep charging you the daily rental fee until the amount collected exceeds the value of the car.

Well, what do they do if you drive off with the car and they have your credit card? Your issuer is only liable for the few hundreds of dollars that the rental car company has authorized; beyond that, it's still their (or their insurance's) loss. The only practical difference is that you're not out that money on your checking account for a few days, which can indeed be inconvenient – but arguably that's not really the…

It probably has nothing to do with getting the car back.

It’s probably to avoid lending the car to higher risk demographics.

It’s a test.

The rental car company basically loses fewer cars overall and thus has lower insurance premiums, and thus can offer cars cheaper than other rental companies that do not require a credit card (if any even still exist?) that have higher premiums to pay.

Re: Mastercard Should Stop Selling Our Data

#173

Post by hvaldimir »

hknmtt wrote: post #167

Actually all current card payment providers should be put out of business altogether. Two companies(master/visa) hold complete control over the entire customer spending in the whole world.- They also prevented banks from catching up to the 21st century, technology-wise, and we still do not have instant online payments. There is so many things bad with banking and many causes can be traced back to these card payment p…

Do something about it then?

Re: Mastercard Should Stop Selling Our Data

#174

Post by skywal_l »

hknmtt wrote: post #167

Actually all current card payment providers should be put out of business altogether. Two companies(master/visa) hold complete control over the entire customer spending in the whole world.- They also prevented banks from catching up to the 21st century, technology-wise, and we still do not have instant online payments. There is so many things bad with banking and many causes can be traced back to these card payment p…

Banks are already processing payments. When you put your credit card in your bank's ATM, the ATM is managed by the bank. It connects to your bank server and all the authorisation and processing is being done by the bank. Visa and mastercard provide connection to other banks. When you put your card in another bank's ATM or buy something in a business associated with another bank.

Getting ride of the Visa/Mastercard duopoly would mean that all banks must connect to all other banks, which they do not want to do, believe me. That would be an administrative hell for them. Which is why they've been putting up with those two for so long. These are the google of banks. They are convenient.

The alternative would be some sort of joint venture between all the banks. The result would less fees for the banks but no benefits for the client as the bank would keep the margin and it would still be a privacy hell.

Another alternative is a public utility. But a lot of people will be as uncomfortable providing their payment data to the government.

Re: Mastercard Should Stop Selling Our Data

#175

Post by lnxg33k1 »

hvaldimir wrote: post #173
hknmtt wrote: post #167

Actually all current card payment providers should be put out of business altogether. Two companies(master/visa) hold complete control over the entire customer spending in the whole world.- They also prevented banks from catching up to the 21st century, technology-wise, and we still do not have instant online payments. There is so many things bad with banking and many causes can be traced back to these card payment p…

Do something about it then?

Isn't writing about it on internet, making people aware of the issue, discussing, doing something about something? Or you meant get his superman costumes and jumping on buildings catching visa/mastercard executives?

Re: Mastercard Should Stop Selling Our Data

#176

Post by deergomoo »

KirillPanov wrote: post #98
deergomoo wrote: post #78

Earlier quoted context omitted.

> Also, some businesses, such as car rental companies, won't provide services to debit card holders. In America, yes. Not really a thing in Europe, at least not in any places I’ve been to.

I've always wondered about this. You drive off with a EUR30k car. What do they do if you don't come back? Drain your bank account of 500 Euros? What then? In the US, the rental agreements let them keep charging you the daily rental fee until the amount collected exceeds the value of the car.

Call the police and report it stolen is my understanding. I’ve never rented a vehicle in another country, but the handful of times I’ve rented a van to move house, the place has asked for two forms of ID. So they definitely know where they (or the police, I suppose) can find me.

Re: Mastercard Should Stop Selling Our Data

#177

Post by nologic01 »

seanthemon wrote: post #154
nologic01 wrote: post #153

Imagine you go to a market notorious for haggling and the company that sold you your wallet monitors all your transactions and reports them to whomever of the market sellers pays most. You are now the fat chicken, ready to be plucked: You just bought a hammer, now you need nails. From your social media trail sellers can also infer you are somewhat of a dimwit. Hurry, nails are in high demand in your area. But no worr…

Yes, it always was like this, all the way back to snake oil salesmen and probably even further back. Now we have 'legit' companies that know the exact snake oil you'd want. There will always be a battle between the wants and want nots.

I was always under the impression that despite ups and downs there was (on average) progress, improvement, in some broadly defined way.

I am no longer sure. One could always think that we hit a local minimum. But the comatose, practically non-existent debate suggests there are no reacting forces, the malaise runs deep.

Its puzzling and confusing because none of that phemomena seem pre-ordained. Its all self-inflicted through abysmally bad governance. Literally made up through behavior and choices.

Re: Mastercard Should Stop Selling Our Data

#179

Post by shafyy »

hknmtt wrote: post #167

Actually all current card payment providers should be put out of business altogether. Two companies(master/visa) hold complete control over the entire customer spending in the whole world.- They also prevented banks from catching up to the 21st century, technology-wise, and we still do not have instant online payments. There is so many things bad with banking and many causes can be traced back to these card payment p…

At least in Europe, we do have instant online transfers between banks. But yes, the duopoly situation sucks. And of course, the privacy situation with credit card companies is not nearly as bad in Europe as it's in the US.

I think we need more regulation and government oversight here - even in Europe, but especially in The Land of the Free.

Re: Mastercard Should Stop Selling Our Data

#180

Post by hvaldimir »

lnxg33k1 wrote: post #175
hvaldimir wrote: post #173

Earlier quoted context omitted.

Do something about it then?

Isn't writing about it on internet, making people aware of the issue, discussing, doing something about something? Or you meant get his superman costumes and jumping on buildings catching visa/mastercard executives?

Nothing wrong with writing about on the internet. I also agree with the comment, I guess.

It was a philosophical question. Why is it so hard to walk the talk.

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