6 ms·

I 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 m

I 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 ago
The 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 ago
  OK, 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 ago
    Credit 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 ago
    In 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 ago
      That's (thankfully) not true in the UK (or, indeed, most countries).
      - esrauch 15y ago
        Is 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
        There's no such thing as a credit score (at least not in the US sense). The big problem with the US system is that it gets you needlessly hooked on the whole idea of credit. As per this very example, you need to do things like get credit cards just to pay them off on time, or else you're screwed when it comes to things like getting a mortgage. In most of Europe the key factor for that sort of loan is simply whether you have a steady income that's high enough to make the payments, factoring in outstanding debts. A credit check will show up things like whether you've a history of missing payments on any existing credit, and that can certainly be taken into account, and most lenders have their own version of a 'credit score' they'll apply based on all that info — but it's not a centralised thing, and it's generally more concerned with raising past problems as a red flag, rather than with past good behaviour. If you've a history of living within your means that should be a good thing, not a bad thing.
        kr1shna 15y ago
        Are you saying the UK doesn't have a credit score system or that it's not used in the same way as it is in the US? Because I'm constantly getting emails from Experian asking me to do a free credit check, etc. etc.
kr1shna 15y ago
I 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.

mikeash 15y ago

The 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 ago
OK, 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 ago
  Credit 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 ago
  In 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 ago
    That's (thankfully) not true in the UK (or, indeed, most countries).
    - esrauch 15y ago
      Is 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
        There's no such thing as a credit score (at least not in the US sense). The big problem with the US system is that it gets you needlessly hooked on the whole idea of credit. As per this very example, you need to do things like get credit cards just to pay them off on time, or else you're screwed when it comes to things like getting a mortgage. In most of Europe the key factor for that sort of loan is simply whether you have a steady income that's high enough to make the payments, factoring in outstanding debts. A credit check will show up things like whether you've a history of missing payments on any existing credit, and that can certainly be taken into account, and most lenders have their own version of a 'credit score' they'll apply based on all that info — but it's not a centralised thing, and it's generally more concerned with raising past problems as a red flag, rather than with past good behaviour. If you've a history of living within your means that should be a good thing, not a bad thing.
        kr1shna 15y ago
        Are you saying the UK doesn't have a credit score system or that it's not used in the same way as it is in the US? Because I'm constantly getting emails from Experian asking me to do a free credit check, etc. etc.

kr1shna 15y ago

I 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.