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Secure is relative. The HSBC crap-gadget that one has to carry around on a key chain is susceptible to easy theft/loss. Anyway, "security" is a poor reason to n
by kr1shna 15y ago
Secure is relative. The HSBC crap-gadget that one has to carry around on a key chain is susceptible to easy theft/loss. Anyway, "security" is a poor reason to not have such a great service in the UK
- maximusprime 15y agoAn HSBC security device is absolutely useless unless you know all the other details needed to login. That's kinda the whole point of it... I personally don't see the need for mint.
- mikeash 15y agoMint wouldn't be very useful if your finances are simple. I have accounts with three banks, two credit card companies, and three investment brokerages, so having a service that aggregates all of that activity together makes it much easier to keep track of what's going on.
- maximusprime 15y agoI guess possibly, but I still don't understand the need. I have quite a few accounts, but they're all for different purposes. Seeing them "all together" would make little sense for me, since they are different entities.
- mikeash 15y agoThe investment accounts are really just a bonus, but it's really useful to have the checking account and all credit cards visible in one place. The checking account is where money comes in, and the credit cards are where money goes out, so seeing them together makes things much clearer. I also use multiple credit cards for purchases, so I can't easily see all of my purchase activity in one place otherwise. Additionally, having everything consolidated means I can do a quick check on recent transactions several times a week, instead of just looking at things when a bill comes. That means that it's much easier to detect fraud, since the activity is fresh in my mind, and takes much less time to notify the institution of the fraudulent transaction.
- maximusprime 15y agoOK, I guess I'm a completely different use case. Why multiple credit cards for purchases? Why don't you buy things using a debit card?
- mikeash 15y agoCredit cards provide several advantages over debit cards. In the case of fraud or simple mistakes, money isn't directly removed from your account. You also effectively get a ~30 day revolving interest-free loan if you pay the card in full every month. You can make unusually large purchases without waiting for money to transfer around, since the card can be paid off later. As for multiple cards, some of it is playing games with different rewards programs (card X gives more points for groceries, but card Y is better for gas, etc.) and some of it is that not every place takes American Express, which is generally my preferred card.
- esrauch 15y agoIn addition to what mikeash said, using a credit card and paying it in full improves your credit score whereas a debit card doesn't, which will make it easier to get loans later.
- salvadors 15y agoThat's (thankfully) not true in the UK (or, indeed, most countries).
- esrauch 15y agoIs there no such thing as a credit score in the UK? Or does paying credit cards not improve your credit score? The banking industry in the US is messed up, but how does it not make sense that responsibly paying loans doesn't indicate you are more likely to make good on future loans?
- salvadors 15y ago
- kr1shna 15y agoI used to live in the US and was a big fan of Mint. There's nothing I miss more than seeing a single financial snapshot, tracking, budgeting, etc. all in a single place. Oh, also - security by inconvenience (i.e. the HSBC secure key) isn't really security.