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Final – A credit card built for the 21st century

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Re: Final – A credit card built for the 21st century

#211

Post by m3sh »

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.

I've seen something like that. It was like watching people discover the fire.

Re: Final – A credit card built for the 21st century

#213

Post by mason240 »

makmanalp wrote: post #160
alkonaut wrote: post #155

Earlier quoted context omitted.

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

Yup, that's the most common way to pay rent in the US - it's easier , cheaper, and faster than an inter-bank transfer. Can you believe it?

As recently as 2 years ago, our apartment complex actually charged a $30/month fee for paying rent online (as opposed to sending a check).

Re: Final – A credit card built for the 21st century

#214

Post by bduerst »

hammock wrote: post #84
untog wrote: post #4

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…

Is credit card fraud really a big problem (for consumers I'm asking, not banks or merchants)? In my experience, chargebacks are pretty easy, debit or credit. Same with reporting a lost or stolen card and voiding any purchase made on it. And every credit card I've ever had has been remarkably proactive about alerting me to possible fraudulent activity.

It's one of those things you never really think about until it happens to you.

It happened to me but I got lucky with my CU's fraud detection (froze the card after 2 hours), but took about 8 hours of my time to sort out. Now when I'm at that random liquor store on the corner I tend to ask myself, "Could this be another compromised card reader?"

Re: Final – A credit card built for the 21st century

#215

Post by exhilaration »

gdilla wrote: post #38
Someone1234 wrote: post #13

> 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.

Do you need to have a BOA credit card or can you do the same thing with just a BOA checking account (i.e. debit card)?

Re: Final – A credit card built for the 21st century

#217

Post by ccheney »

hammock wrote: post #84
untog wrote: post #4

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…

Is credit card fraud really a big problem (for consumers I'm asking, not banks or merchants)? In my experience, chargebacks are pretty easy, debit or credit. Same with reporting a lost or stolen card and voiding any purchase made on it. And every credit card I've ever had has been remarkably proactive about alerting me to possible fraudulent activity.

Last month my Visa debit card was cloned at an ATM and several hundred dollars were withdrawn. It happened on a Friday and my bank had to cancel my card leaving me without access to any funds. It took about five days to get a new card created and shipped to me.

If I had a local bank it wouldn't have been much of a problem as I would have been able to withdraw funds in person. I agree that chargebacks are pretty easy but in my experience the card itself had to be canceled and reprinted causing an inconvenience. Luckily I have credit cards for emergencies such as this.

All things considered it wasn't a huge deal to me personally but I could see how fraud could potentially be quite the problem for some.

Edit: To add, I also needed to print out, sign, and fax an affidavit form for my bank along with a scan of the card itself to prove it was still in my possession.

Re: Final – A credit card built for the 21st century

#218

Post by toomuchtodo »

ufmace wrote: post #206
throwaway_debt wrote: post #170

Earlier quoted context omitted.

Is there a way to contact you? I'm facing some very relevant circumstances, unfortunately, and would like to ask your advice.

patio11 had a great post on that about a year ago that you might be interested in: https://news.ycombinator.com/item?id=7135833

Thanks for posting patio11's advice!

Re: Final – A credit card built for the 21st century

#219

Post by patio11 »

jeremyjh wrote: post #123
toomuchtodo wrote: post #108

Earlier quoted context omitted.

So when an individual borrows and fails to repay, there is a moral hazard, but when a business declares bankruptcy and restructure, that's smart business? Debt is a contractual issue, not a moral one. As HackerNews entrepreneurs should keep in mind, its the ability to easily shed debt (and not be shackled to those debts for decades) in the US that creates the environment for startups to take the risks they do.

Who is lending money to startups?

Anyone who invoices after services are provided instead of before, for one.

Re: Final – A credit card built for the 21st century

#220

Post by dsr_ »

mcherm wrote: post #143
toomuchtodo wrote: post #81

Earlier quoted context omitted.

Debt isn't a moral obligation, and to somehow frame it as such is dubious at best. If you as a debt owner or servicer can't keep your books straight, you have absolutely no business attempting to collect on a debt. If you're taking someone to court or attempting to take their wages, you better be damn sure you're in the right.

In my personal moral code, most debts ARE a moral obligation. Perhaps your moral code is different from mine.

It's possible that you will change your mind after reading David Graeber's _Debt: The First Five Thousand Years". If not, it's still a fascinating book tracing the creation and evolution of monetary and credit systems from antiquity to the present day.
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