How credit cards make money • Hacker News Board

Re: How credit cards make money

#441

Post by zucked » Mon, Nov 15, 2021, 7:32 PM UTC

jkhdigital wrote: post #250

zucked wrote: post #113

Earlier quoted context omitted.

I've taken this one step further and I now use a full-on burner credit card. It has no autopay or reoccurring payments associated with it so I could light it on fire and not be too upset about it. I' have all my autopayments set up on a specific card that never leaves a drawer in my house. End result is that when the burner card gets compromised, as it does several times a year at gas pumps and such, I toss it out, g…

Your credit card gets compromised several times a year? Is this normal? I’ve had like one fraudulent charge in over 15 years of using credit cards.

It was exceptionally bad a year or two ago when I developed this method. My card got compromised at least once a year - I'm guessing via skimming at gas pumps, etc.

Re: How credit cards make money

#442

Post by zucked » Mon, Nov 15, 2021, 7:36 PM UTC

dsizzle wrote: post #120

zucked wrote: post #113

Earlier quoted context omitted.

I've taken this one step further and I now use a full-on burner credit card. It has no autopay or reoccurring payments associated with it so I could light it on fire and not be too upset about it. I' have all my autopayments set up on a specific card that never leaves a drawer in my house. End result is that when the burner card gets compromised, as it does several times a year at gas pumps and such, I toss it out, g…

I don't get it - you fully cancel the card? Or do you mean you just get the credit card to issue a new one? If that's the case, then I don't the "burner" aspect. That's just normal usage. If the former, what advantage does that provide? Is it not in your name? If there's some fraudulent charge but you just bail on the card rather than go through the normal process, it looks like non-payment and affects your credit.

My card number and expiration get skimmed at, I assume, gas pumps and such. I call my issuer, tell them the card has been compromised, we review charges and throw out the fraudulent one(s) and they cancel that card number. The underlaying account remains in place, they overnight be a new card (with a new number and exp) rendering the old one useless.

It used to be a huge pain, because after that I would have to update all my stored payments and autopays.

Re: How credit cards make money

#443

Post by CRConrad » Mon, Nov 15, 2021, 8:53 PM UTC

rsj_hn wrote: post #326

crooked-v wrote: post #323

Earlier quoted context omitted.

Also, the basic structure of the Senate means that a clear majority of the country is represented by a clear minority of Senators.

That's the purpose of the Senate. The Senate is there to represent states, not people. The House is there to represent people. Both need to agree in order to get something done. This ensures that something that is passed is approved by a majority of people and a majority of states. Otherwise, without this proposition, the states might not have ratified the constitution - the states predate the nation, and the nation…

> That's the purpose of the Senate. The Senate is there to represent states, not people.

But what are "states", if not the people in them? Land area? Then Texas and Alaska should have what, hundreds of senators for each of Rhode Island's?

Re: How credit cards make money

#444

Post by CRConrad » Tue, Nov 16, 2021, 2:36 AM UTC

madeofpalk wrote: post #393

treyfitty wrote: post #234

One of the under appreciated legal precedents set a couple years ago was the Ohio V AmEx anti trust case. The case predicated against AmEx’s merchant contract forbidding merchants to steer customers away from using their Amex card. This was a common practice for many years, especially at restaurants since AmEx charged restaurants 6%. The Supreme Court ruled that amex was able to keep the anti-steering provision in me…

The funny part about Ohio v Amex is the same lawyers who defending Amex and the anti-steering measure are now on the other side in the Epic vs Apple case. Cravath, Swaine & Moore was the law firm defending Amex and the anti-steering measures, and now they're Epic Games' lawyers attacking anti-steering measures.

> Cravath, Swaine & Moore

That looks familiar... I could swear I've seen that on GrokLaw, but of course it's been so long I can't for the life of me remember which side they were on -- or even which case.

Re: How credit cards make money

#445

Post by davchana » Wed, Nov 17, 2021, 5:27 AM UTC

davchana wrote: post #173

masklinn wrote: post #128

Earlier quoted context omitted.

> Also, capital one, synchrony, amex does not allow me to pay more than 10% of my outstanding balance on their credit cards. Do you mean “in cash” or, like, as any single transaction?

No, i mean if my outstanding credit card balance is $100 (statement or not, but outside of pending, means cleared), then Amex or Capital One apps does not allow payments bigger than $110 (minus any pending payments).

Oops, I meant 10% "over", or 110% of balance.