4 ms·

> I suspect most people don’t even need them but use them for cash back and consumer protection. Then make a debit card system with cash back and customer prot

by adev_ 3y ago

> I suspect most people don’t even need them but use them for cash back and consumer protection. Then make a debit card system with cash back and customer protection. And kill a system that screw people with useless debts when there is no need for it. Btw > Because the vast majority of people use credit cards without messing up their lives? You never know where life bring you. I can certify you that "good", "honest", "responsible" people can also get screwed under a mountain debts because some unfortunate life circumstances brought that on them. This system just make that much easier.

lmm 3y ago
> Then make a debit card system with cash back and customer protection. And kill a system that screw people with useless debts when there is no need for it. The debt is inherent to making the consumer protection work: the card issuer doesn't and can't take your money, they can only create a debt and ask you to repay it, and if you didn't get what you paid for you can dispute the billing before a penny leaves your account.
naniwaduni 3y ago
Setting aside the cash back, which is frankly superfluous and plausibly nets negative, the credit is the active ingredient of the consumer protection, specifically the property that when something unusual happens, you still have full access to all of your rightful funds and retain full leverage while bringing your dispute. If card-issuing bank for Some Reason fails to respond to you at all for a month, it's their problem that they're short that money because it's still in your accounts, must of the time minimizing the impact on your day-to-day finances to bricking the one credit line. > This system just make that much easier. What are we comparing it to? Inaccessibility of credit comes with its own issues, and predatory loans can get a lot worse.

4 ms·

> I suspect most people don’t even need them but use them for cash back and consumer protection. Then make a debit card system with cash back and customer prot

by adev_ 3y ago

lmm 3y ago
> Then make a debit card system with cash back and customer protection. And kill a system that screw people with useless debts when there is no need for it. The debt is inherent to making the consumer protection work: the card issuer doesn't and can't take your money, they can only create a debt and ask you to repay it, and if you didn't get what you paid for you can dispute the billing before a penny leaves your account.
naniwaduni 3y ago
Setting aside the cash back, which is frankly superfluous and plausibly nets negative, the credit is the active ingredient of the consumer protection, specifically the property that when something unusual happens, you still have full access to all of your rightful funds and retain full leverage while bringing your dispute. If card-issuing bank for Some Reason fails to respond to you at all for a month, it's their problem that they're short that money because it's still in your accounts, must of the time minimizing the impact on your day-to-day finances to bricking the one credit line. > This system just make that much easier. What are we comparing it to? Inaccessibility of credit comes with its own issues, and predatory loans can get a lot worse.