4 ms·
I think what would happen is that collateral for credit cards would become commonplace
by cowpig 4y ago
I think what would happen is that collateral for credit cards would become commonplace
- yamtaddle 4y agoAnd much lower limits.
- Pfhortune 4y agoWhich has a similar effect to the cards not being available. If you're renting an apartment and riding a bus to work, what exactly are you going to put up as collateral? Organs?
- ejb999 4y agoIf you live in Massachusetts, you might be able to soon: https://www.technologyreview.com/2023/02/03/1067768/massachusetts-bill-prisoners-swap-organs-freedom/ https://www.technologyreview.com/2023/02/03/1067768/massachu...
- midasuni 4y agoI was really holding out hope this would be a story about piano playing
- aynyc 4y agoThat's called debit card. Limit is the money in your back account.
- Marsymars 4y agoIt’s not quite the same thing. Secured credit cards exist, primarily for people with bad credit. e.g. https://www.hometrust.ca/credit-cards/secured-visa-card/ https://www.hometrust.ca/credit-cards/secured-visa-card/ Personally, I already keep hefty minimum balances to avoid monthly fees on bank accounts that allow me to waive credit card annual fees. They could use that as credit card collateral.
- manigandham 4y agoThat’s much worse than interest rates for the vast majority (that don’t have any assets to put up or can’t afford to actually lose them).