Tech companies are clamoring to give you credit cards
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Re: Tech companies are clamoring to give you credit cards
#2Funny to think that as well as tech companies trying to give out credit cards, a few financial companies (Capital One) are now seeing themselves and identifying as tech companies.
Although based on the article, it doesn't seem like the latter is really related to the former.
Re: Tech companies are clamoring to give you credit cards
#3Funny to think that as well as tech companies trying to give out credit cards, a few financial companies (Capital One) are now seeing themselves and identifying as tech companies. Although based on the article, it doesn't seem like the latter is really related to the former.
> a few financial companies (Capital One) are now seeing themselves and identifying as tech companies.
Is it branding or an actual shift?
I've seen many companies pivot to being "tech companies" but still didn't have incentives in place to attract real talent, and more crucially that still treated software and tech as a cost center.
But hey they had bean bags!
Re: Tech companies are clamoring to give you credit cards
#4Outline link for anyone who has trouble accessing this article like I did:
Re: Tech companies are clamoring to give you credit cards
#5Funny to think that as well as tech companies trying to give out credit cards, a few financial companies (Capital One) are now seeing themselves and identifying as tech companies. Although based on the article, it doesn't seem like the latter is really related to the former.
Capital One has always been a tech / big data powered company.
Re: Tech companies are clamoring to give you credit cards
#6Funny to think that as well as tech companies trying to give out credit cards, a few financial companies (Capital One) are now seeing themselves and identifying as tech companies. Although based on the article, it doesn't seem like the latter is really related to the former.
> a few financial companies (Capital One) are now seeing themselves and identifying as tech companies. Is it branding or an actual shift? I've seen many companies pivot to being "tech companies" but still didn't have incentives in place to attract real talent, and more crucially that still treated software and tech as a cost center. But hey they had bean bags!
[deleted]
Re: Tech companies are clamoring to give you credit cards
#7The entire idea behind credit cards is to force processing fees upon store owners. As a store owner you are required to pay up to 3.5% of your revenue to the processing company (the percentage can be even higher than that if you sell stuff for small amounts, like just a dollar). With cash you can choose your bank and there is more of a free market, while with credit cards you can't get around not accepting certain brands. It also ruins the business for banks, which have to increase their processing fees, causing the cost of cash payments for the business owners to increase further and further.
Re: Tech companies are clamoring to give you credit cards
#8I 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's card but does it give you "points" for later Apple only purchases?
I still see more appeal in products like Chase Prime cards as there are many more products I can pick up at Amazon to get five percent on at all times instead. I only keep two cards and this one was chosen as having the biggest impact.
Re: Tech companies are clamoring to give you credit cards
#9The entire idea behind credit cards is to force processing fees upon store owners. As a store owner you are required to pay up to 3.5% of your revenue to the processing company (the percentage can be even higher than that if you sell stuff for small amounts, like just a dollar). With cash you can choose your bank and there is more of a free market, while with credit cards you can't get around not accepting certain br…
> The entire idea behind credit cards is to force processing fees upon store owners.
No. As a consumer, I enjoy immense value by carrying around zero cash. In fact, I don't even carry around physical cards (thank you Apple/Google Pay).
Re: Tech companies are clamoring to give you credit cards
#10The entire idea behind credit cards is to force processing fees upon store owners. As a store owner you are required to pay up to 3.5% of your revenue to the processing company (the percentage can be even higher than that if you sell stuff for small amounts, like just a dollar). With cash you can choose your bank and there is more of a free market, while with credit cards you can't get around not accepting certain br…
If the US regulated interchange fees like Europe did (In the EU, interchange fees are capped to 0.3% of the transaction for credit cards and to 0.2% for debit cards, no cap for corporate cards), everyone would still get the benefit of cashless transactions without the processing rake credit card processors and related entities take.