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Does it preserve the underlying benefits of the card (cashback, points, etc.)?

by rhendz 6y ago

nikisweeting 6y ago
They take your points/cashback and in return shield your transaction info from your bank and vendor, that's their business model unless you sign up for one of their paid plans.
- jedimastert 6y ago
  That's not how it works at all. How would that even work? They make their money from the same fee merchants pay to any other card issuer. https://support.privacy.com/hc/en-us/articles/360012046114-How-much-does-it-cost-to-use-Privacy- https://support.privacy.com/hc/en-us/articles/360012046114-H...
  - nikisweeting 6y ago
    That merchant-facing fee is how you earn cashback/points when you're a credit card holder. Instead of passing it on to you in the form of points or cash back, Privacy.com keeps it. > Card issuers can afford to pay cash back because merchants pay an interchange fee on each transaction. https://www.creditcards.com/credit-card-news/cash-rebate-credit-cards-1277/ https://www.creditcards.com/credit-card-news/cash-rebate-cre...
  - jaywalk 6y ago
    Well that fee is what pays for points/cash back. So although they're not literally taking them, they are taking the fees that would have funded them. So they are in effect taking them.
    - dsohn0 6y ago
      That's idiotic. If I rob a carnival of cash have I also robbed them of ride tickets?
      - nikisweeting 6y ago
        You stand between the carnival operator and the riders holding up a curtain so they can't see each other. In exchange for this anonymizing service you take a 1% cut of each transaction, then spend it on a ride yourself at the end of the day. The 1% cut is priced into the operator's ticket prices so they still make enough profit, and is practically invisible to the rider, but if the service did not exist, then the tickets could be sold 1% cheaper. This is the model, whether or not you call it "taking" the 1% or "adding on" the 1% is inconsequential.
        dsohn0 6y ago
        If my mother had wheels she would be a bike.
EGreg 6y ago
It isnt for credit cards. Only debit.
reidjs 6y ago
Doesn’t appear to, it was almost a killer app for me. I hate giving out my CC details online, but I love the benefits

Does it preserve the underlying benefits of the card (cashback, points, etc.)?

by rhendz 6y ago

Does it preserve the underlying benefits of the card (cashback, points, etc.)?

They take your points/cashback and in return shield your transaction info from your bank and vendor, that's their business model unless you sign up for one of their paid plans.

jedimastert 6y ago
That's not how it works at all. How would that even work? They make their money from the same fee merchants pay to any other card issuer. https://support.privacy.com/hc/en-us/articles/360012046114-How-much-does-it-cost-to-use-Privacy- https://support.privacy.com/hc/en-us/articles/360012046114-H...
- nikisweeting 6y ago
  That merchant-facing fee is how you earn cashback/points when you're a credit card holder. Instead of passing it on to you in the form of points or cash back, Privacy.com keeps it. > Card issuers can afford to pay cash back because merchants pay an interchange fee on each transaction. https://www.creditcards.com/credit-card-news/cash-rebate-credit-cards-1277/ https://www.creditcards.com/credit-card-news/cash-rebate-cre...
- jaywalk 6y ago
  Well that fee is what pays for points/cash back. So although they're not literally taking them, they are taking the fees that would have funded them. So they are in effect taking them.
  - dsohn0 6y ago
    That's idiotic. If I rob a carnival of cash have I also robbed them of ride tickets?
    - nikisweeting 6y ago
      You stand between the carnival operator and the riders holding up a curtain so they can't see each other. In exchange for this anonymizing service you take a 1% cut of each transaction, then spend it on a ride yourself at the end of the day. The 1% cut is priced into the operator's ticket prices so they still make enough profit, and is practically invisible to the rider, but if the service did not exist, then the tickets could be sold 1% cheaper. This is the model, whether or not you call it "taking" the 1% or "adding on" the 1% is inconsequential.
      - dsohn0 6y ago
        If my mother had wheels she would be a bike.

EGreg 6y ago

It isnt for credit cards. Only debit.

reidjs 6y ago

Doesn’t appear to, it was almost a killer app for me. I hate giving out my CC details online, but I love the benefits