Final – A credit card built for the 21st century

Post by xexers » Wed, Oct 08, 2014, 7:00 PM UTC

arfrank wrote: post #2

CTO/Co-Founder of Final here. Final is what we built to take back control of our own credit cards for how and when we’re charged, instead of leaving it up to merchants. That led to merchant-specific numbers and limits, managed automatically, as well as transparency in statements. It’s our stake in the ground, a way to shift the culture in credit towards consumer friendliness. Happy to answer questions

Post by raverbashing » Wed, Oct 08, 2014, 7:01 PM UTC

alkonaut wrote: post #155

makmanalp wrote: post #118

Earlier quoted context omitted.

This is too funny - my bank in Turkey ( http://en.wikipedia.org/wiki/Garanti_Bank ) had this 10 years ago! I wonder why banks in the US are so ingrained in their ways and horribly slow at updating themselves. edit: They also had an SMS cash thing where you can "send" cash to anyone, which is really a code you can use at any ATM to redeem cash.

I was recently in the U.S. and saw a person use a paper cheque. I'm not joking.

Post by andreyf » Wed, Oct 08, 2014, 7:02 PM UTC

arfrank wrote: post #82

namityadav wrote: post #70

I was very interested in something like this few years back. But, my quick research showed me that (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 a…

The industry goes much deeper than that, and there are many vendors that also issue virtual cards via other methods. Checkout Wex & Conferma for a few. A few big changes are happening on the backend of payments that we also plan on leveraging. See this spec if you want to learn more about them: http://www.emvco.com/specifications.aspx?id=263

Post by Igglyboo » Wed, Oct 08, 2014, 7:05 PM UTC

faet wrote: post #106

arfrank wrote: post #2

CTO/Co-Founder of Final here. Final is what we built to take back control of our own credit cards for how and when we’re charged, instead of leaving it up to merchants. That led to merchant-specific numbers and limits, managed automatically, as well as transparency in statements. It’s our stake in the ground, a way to shift the culture in credit towards consumer friendliness. Happy to answer questions

Say hey to matt for me. Why would I use this over something like ApplePay? Do I need a "final card" for each of my credit cards? Or can I tie it into 1 final card (Mostly for online purchases). Or complete new credit card? What do costs look like? Or if it's a new line of credit, do I get reward points/etc? -JT

Post by throwaway_debt » Wed, Oct 08, 2014, 7:07 PM UTC

toomuchtodo wrote: post #69

eli wrote: post #55

Earlier quoted context omitted.

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…

You're right; occasionally you'll find a collection agency that has their act together. Luckily, collection agencies purchase their debt for pennies on the dollar, so they're happy to get anything. Start by offering them 10% of the debt, and go from there up to no more than 25% of the debt, stipulating (in writing) that its "Pay For Delete". This will require them to remove the negative credit information from your c…