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Is it really that easy though? Sure, they won't be able to charge you anymore but that doesn't mean that you didn't enter a binding contract.
What you are suggesting here sounds neither legal nor ethical.
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One of the problem w/ traditional credit cards is that my interests are not aligned with those of the card issuer. It's better for me to pay off my balance every month, but better for my bank if I don't so they can collect interest. Will this be any different with Final? If so, how do you plan to make money?
Don't worry, the banks love it when you pay the account in full every month. They make more money from merchant fees than they do from interest payments. Banks work hard to make sure credit card holders are happy. After all, it's fairly easy to switch credit cards. It's the merchants that have the short end of the stick in the three way relationship between banks, customers and merchants.
> Final lets you give a unique credit card number to every merchant, or a disposable one-time use number for one-off purchases. This is something I have been asking for since forever! People on here claimed it was "impossible" because of how credit cards work, I guess not... > Tired of your monthly yoga pants subscription? Or a two-week "free" trial that lasted four months? Just deactivate that card number. It's that…
BOA had this. I used to buy MP3s off a russian site that I didn't trust. It makes a temp credit card number (a pop up basically) with an expiry date you can set, and an amount you can set. So I would do 30 day credit cards with like $20 on them. I think it was called shopsafe.
Having panned Plastc yesterday, this is like night and day - where Plastc is trying to solve "I have too many credit cards in my wallet" with an overdose of technology, Final is solving an actual real problem (credit card fraud) with an intelligent use of technology. In fact, I don't even want a physical card (chip and pin will make that difficult anyway), I just want an online service that will generate a new credit…
It's mildly inconvenient to update my recurring billing info, but it's not something I feel like I need a product to solve.
> Final lets you give a unique credit card number to every merchant, or a disposable one-time use number for one-off purchases. This is something I have been asking for since forever! People on here claimed it was "impossible" because of how credit cards work, I guess not... > Tired of your monthly yoga pants subscription? Or a two-week "free" trial that lasted four months? Just deactivate that card number. It's that…
Hi,
Definitely not impossible, but if you are following the ISO you might end up running out of numbers somewhat quickly or having to reuse them, which I'm not sure it's very safe. But it really comes down to how many users you will have.
The IIN (first 6 digits) are fixed and only one can be issued for each company, etc.
I built a small gem that implements the ISO if you want to have a look: https://github.com/eduardordm/iso7812
I had virtual card number generators in the UK 5+ years ago with cahoot (unfortunately they shut that service down) and you can get this kind of thing with Entropay and similar providers at the moment.
That said the app+management features look pretty nifty, so this could be a nice advancement of the concept.
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Disposable credit card numbers have been around for decades. The user experience has historically been miserable. Maybe this will be better. Doubt it.
Absolutely, virtual cards have been around for years. But we've researched the space extensively and did not find a product we like or could use consistently. So we built Final. Some of the better products out there exist for customers outside of the US.
Would appreciate if you could give some examples for non-US customers, at least for another point of comparison.
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Counterpoint. If you get taken to collections over a trivial amount ( Have to go to court for collections? The first words out of your mouth need to be, "Verify the debt." Ask them to produce the document you signed and agreed to. In the vast majority of cases, without this, your case will be dropped with prejudice. This is based on research I did while dealing with a personal mortgage "issue". http://www.thisamerica…
Not all collections agencies are so sloppy and unscrupulous. If you do owe the money and they do have the documentation to support it, you may well have a judgement against you and that definitely will hurt your credit score. Some companies (like say gym membership) have internal collections departments that can be quite aggressive. They would certainly be able to back up any lawsuit. In general, you really want to t…
4 states prohibit wage garnishments at all, and other states set the maximum at between 15-25% of your disposable income: http://www.walkawayfromdebt.com/worksheets&charts/wage-garni... (Disclaimer: Colorado SUCKS. They permit up to 75% of disposable income to be collected).
I've helped negotiate away quite a bit of unsecured debt for close friends. Its easier than you think.
(a) A company called Orbiscom (acquired by MasterCard) had patents in this space [1], and they are the ones behind Bank of America's ShopSafe and a few other such services offered by various banks.
(b) Almost all of those services (except for ShopSafe) are now discontinued. Which indicates that either users don't care about something like this, or that banks don't like offering something like this for some reason. Maybe that explains why nobody knows about MaskMe [2] etc.
I would be curious how Final guys are overcoming those issues.