MCX defends CurrentC against Apple Pay controversy, says sensitive customer data is saved in the clo

1235

Comments

  • Reply 81 of 104
    icoco3icoco3 Posts: 1,474member

    Foot in mouth in 3...2..oops, already there.

  • Reply 82 of 104
    Quote:

    Originally Posted by Magic_Al View Post

     

    Obviously, the stupid part of this is the contract requiring merchants not to accept anything else. One would think a merchant would want to take as many forms of payment as they can, for the convenience of the customer.


    Exactly - they're telling me that if I want to buy their product, but my only means of paying is Apple Pay (e.g., i don't have my wallet with me)... then forget it, they don't want the sale?  They'd rather I go to a competitor?  That's insane.

  • Reply 83 of 104
    Quote:

    Originally Posted by tyler82 View Post

     
    Quote:

    Originally Posted by jason98 View Post





    If you pay off your statement balance on a due day, there is no interest.




    You do realize that is horrible for your credit rating?

    That's going to cost you more in the long run with higher interest rates because of the damage it does to your credit score.

     It's not "horrible" for your credit rating.  You get a slightly higher credit boost if you carry a small balance but keep your cards current.  But it's quite possible to get an awesome (>800) credit score while paying off all cards in full every month.

  • Reply 84 of 104
    Quote:

    Collection of things like SSN numbers and Driver's license numbers looks like they are required to for access to checking account information, but honestly, I don't remember giving Paypal any of this information.  They say they don't keep this data, but the fact they have it at all for a short period of time introduces a possible security vector that has to be kept very safe.

     


    They absolutely don't need it.  I've used direct-pay on websites several times (such as the property management company to whom I pay rent), and all I've had to give is account number and bank routing number.  And I will *never* give anyone other than an employer my SSN - I refuse to fill it out on other forms (such as medical records).

  • Reply 85 of 104
    jason98jason98 Posts: 768member
    Quote:

    Originally Posted by tyler82 View Post





    You do realize that is horrible for your credit rating?

    That's going to cost you more in the long run with higher interest rates because of the damage it does to your credit score.



    You kidding me right? First of all I've been doing this for 15 years and my credit rating is kinda OK: 800+

    Second, I don't care what my interest rate is because I do not keep anything after due day.

    Third, if I ever wanted a credit I can open home equity line for real cheap.

  • Reply 86 of 104
    banchobancho Posts: 1,517member
    Quote:

    Originally Posted by tyler82 View Post





    You do realize that is horrible for your credit rating?

    That's going to cost you more in the long run with higher interest rates because of the damage it does to your credit score.



    This is simply incorrect.

  • Reply 87 of 104

    It is also an interesting interpretation of the MCX contract. It apparently attempts to prevent participating merchants from using competing "mobile wallets".



    So does Apple Pay implement a mobile wallet? Or just emulate a credit card? And is is possible to prevent Apple Pay without also preventing the other.

     

    While Tap and Pay is not popular in the US (yet...) it is very popular in Europe and Canada. Which leads to to conclusions. First Apple Pay won't be disabled by merchants there because the backlash from people using credit cards with Tap and Pay would be huge. And second, as Tap and Pay rolls out in the US, it will become much more popular there than even Apple Pay and that will make it impossible for merchants to decline to accept it.

     

    Finally, especially for high volume sales outlets (like fast food) the savings for time for each transaction will drastically out weigh any other considerations. Reducing payment time by 5-8 seconds is a big win for (e.g.) McDonalds drive through. 

     

  • Reply 88 of 104
    Originally Posted by tyler82 View Post

    You do realize that is horrible for your credit rating?

    That's going to cost you more in the long run with higher interest rates because of the damage it does to your credit score.



    I don’t understand why that would be. If you always pay the full amount, there’s never time for interest to accumulate. Isn’t your credit score based on your ability to pay for these things? If you can always pay everything immediately, that sounds like a perfect score to me, not a damaged one.

  • Reply 89 of 104
    elehcdnelehcdn Posts: 385member
    Quote:

    Originally Posted by nmg72 View Post



    Target has the Red Card. I don't recall anyone bashing that reward program that gives you 5% off your purchase. That card is linked to your checking account.

    Nope. Target has a debit RedCard and a credit RedCard. The credit version is not linked.

  • Reply 90 of 104
    Quote:
    Originally Posted by Wings View Post

     

    "secure cloud-hosted network." Yeah, you know, like the one Target and Home Depot used.


    Sort of reminds me of George Carlin's calling out other oxymorons like, "Jumbo Shrimp. JUMBO…shrimp!" it's like "military intelligence" Those words are mutually exclusive. You can't do that, right? It’s like, "semi-boneless ham" come on now "Semi-boneless ham?" Ain't no semi-bone! A bone is like a crumb. You don't think much of a crumb, but think about it. You break a crumb in half, you don't have two half-a-crumbs. You got two crumbs, man!

     

    Yeah like "secure cloud-hosted network!?"     LMAO

  • Reply 91 of 104
    elehcdnelehcdn Posts: 385member
    Quote:

    Originally Posted by sog35 View Post

     

    Why anyone would use CurrentC blows my mind.

     

    Direct access to my checking account without any benefits? HELL NO.

     

    I use a debit card because I get massive benefits:

     

    I charge about $150 on my debit card a month.

    I can withdrawl cash at ANY ATM without a fee.

    I get $1200 a year in rewards checking interest.

     

    Without those benefits I would use my creditcards exclusively.


    You do realize that if you have any unauthorized charges on your debit card, the money will be immediately debited from your account and if it causes any overdrafts, that will likely be considered to be your fault and will trigger an overdraft fee, right? And that while unauthorized charges on a credit card are capped at $50, your liability for unauthorized charges is based upon the reporting time?

     

    http://consumer.findlaw.com/credit-banking-finance/are-you-liable-for-unauthorized-credit-card-charges.html

  • Reply 92 of 104
    Quote:

    Originally Posted by elehcdn View Post

     

    You do realize that if you have any unauthorized charges on your debit card, the money will be immediately debited from your account and if it causes any overdrafts, that will likely be considered to be your fault and will trigger an overdraft fee, right? And that while unauthorized charges on a credit card are capped at $50, your liability for unauthorized charges is based upon the reporting time?

     

    http://consumer.findlaw.com/credit-banking-finance/are-you-liable-for-unauthorized-credit-card-charges.html




    I cannot understand why anyone would prefer to use a debit card. Especially if they are conscientious about how they spend their money and pay off their bill every month.

  • Reply 93 of 104
    chadbagchadbag Posts: 1,817member
    Quote:

    Originally Posted by tyler82 View Post





    You do realize that is horrible for your credit rating?

    That's going to cost you more in the long run with higher interest rates because of the damage it does to your credit score.



    Why do you think it is bad for your credit rating?   You usually always pay the last bills balance, so your credit report always shows a balance but you never pay any interest.  And as long as the balance is not high compared to the credit limit it is actually ideal as it shows credit being used responsibly.

  • Reply 94 of 104
    chadbagchadbag Posts: 1,817member
    Quote:

    Originally Posted by elehcdn View Post

     

    You do realize that if you have any unauthorized charges on your debit card, the money will be immediately debited from your account and if it causes any overdrafts, that will likely be considered to be your fault and will trigger an overdraft fee, right? And that while unauthorized charges on a credit card are capped at $50, your liability for unauthorized charges is based upon the reporting time?

     

    http://consumer.findlaw.com/credit-banking-finance/are-you-liable-for-unauthorized-credit-card-charges.html




    This is technically true, but most big banks and credit unions will cover you with similar end results to what credit card protection you have and will refund overdrafts etc if it was caused by fraud.  I am not saying all do, and it is a big PITA to take care of and it IS Your money that is gone, at least until the bank makes good on it, and I personally agree that using debit cards is usually not that great for this very reason, even if the bank does make good on it in the long run...

  • Reply 95 of 104
    tyler82tyler82 Posts: 1,029member

    I cannot understand why anyone would prefer to use a debit card. Especially if they are conscientious about how they spend their money and pay off their bill every month.

    All unauthorized charges I received using my BofA debit card have all been credited back to me promptly, along with any subsequent overdraft fees.
  • Reply 96 of 104
    tyler82tyler82 Posts: 1,029member
    chadbag wrote: »

    Why do you think it is bad for your credit rating?   You usually always pay the last bills balance, so your credit report always shows a balance but you never pay any interest.  And as long as the balance is not high compared to the credit limit it is actually ideal as it shows credit being used responsibly.

    I am referring to the credit rating, the FICO as core used by the credit bureaus. While not horrible compared to not paying your balance at all or letting your accounts go into default. It still does effect your score negatively when you pay off your full balance. This affects interest rates if you are buying a car or a home and can result in you paying hundreds or thousands of dollars more for those loans. It is best to always let your CC balances be at 15-20% of your available credit. Hmm I wonder why the credit businesses rigged the system like that, lol. Either way they're making out with your money through interest.
  • Reply 97 of 104
    Originally Posted by SpamSandwich View Post

    I cannot understand why anyone would prefer to use a debit card. Especially if they are conscientious about how they spend their money and pay off their bill every month.



    What are the drawbacks vs. a credit card?

  • Reply 98 of 104
    chadbagchadbag Posts: 1,817member
    Quote:

    Originally Posted by tyler82 View Post





    I am referring to the credit rating, the FICO as core used by the credit bureaus. While not horrible compared to not paying your balance at all or letting your accounts go into default. It still does effect your score negatively when you pay off your full balance. This affects interest rates if you are buying a car or a home and can result in you paying hundreds or thousands of dollars more for those loans. It is best to always let your CC balances be at 15-20% of your available credit. Hmm I wonder why the credit businesses rigged the system like that, lol. Either way they're making out with your money through interest.

     

    It does not affect your FICO score negatively the way I explained it.  Your credit report only shows the last statement balance and the last payment.  If you pay off the last statement every time, you still show a balance on the next statement.  But you pay no interest since you pay off the last statement every time.  And your credit report looks like you run a balance if you make more than one payment during the month to pay it off instead of one big payment at the end of the month.  Since the last payment shown is smaller than the last balance.

  • Reply 99 of 104
    tyler82tyler82 Posts: 1,029member
    chadbag wrote: »
    It does not affect your FICO score negatively the way I explained it.  Your credit report only shows the last statement balance and the last payment.  If you pay off the last statement every time, you still show a balance on the next statement.  But you pay no interest since you pay off the last statement every time.  And your credit report looks like you run a balance if you make more than one payment during the month to pay it off instead of one big payment at the end of the month.  Since the last payment shown is smaller than the last balance.

    I was not aware of this, thanks. I'm going to look more into that.
  • Reply 100 of 104
    chadbagchadbag Posts: 1,817member
    Quote:
    Originally Posted by Tallest Skil View Post

     



    What are the drawbacks vs. a credit card?




    1)  If there is fraud, it is YOUR money that is missing, which means you do not have access to it while things are being investigated and/or fixed, or before you discover the issue.  Your bank or CU may make it all good for you in the name of customer service, but until they do, it is YOUR MONEY that is affected, not the banks.  With a credit card, when there is fraud, it is the bank's money that is missing.

     

    2)  The legal protections in the case of fraud are greater for a credit card than a debit card.  IANAL (and I don't play one on TV) so I don't remember all the details, but the max $50 liability as with credit cards, etc is different or does not legally exist with debit cards, amongst the differences.  Now, many banks and CU extend the same protections to their debit cards as they do their credit cards, because they'd rather you used the debit cards in many cases, but I do not believe they are required to by law.    Even if they do, see #1 above.

Sign In or Register to comment.