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"They recognized that getting a new card is one of the rare times you must actively renew your automatically renewing subscriptions, since you have to update th

"They recognized that getting a new card is one of the rare times you must actively renew your automatically renewing subscriptions, since you have to update the payment information on file with those companies." This isn't true: I've had subscriptions roll over to the new credit card number - and not just for a month or two. Apparently the bank will continue to process them (I'd rather they didn't.)

deleted 3y ago
[deleted]
b112 3y ago
The bank will "helpfully" tell retail partners the new expiry date, and 3 digit code. It's to help you, supposedly.
- el_benhameen 3y ago
  I get the concern. At the same time, when my card was stolen last year, it was helpful to not have to update my billing info on 8,000 different vendor websites or risk having an account cancelled. I think tying a credit card to an account number versus an account as an entity is becoming somewhat antiquated.
  - chucksta 3y ago
    It goes both ways, a couple years ago I had to deal with a scammer who the bank kept "helping" with each new card they issued me. It happened like 5 times before it stopped, nothing I could do.
    - bcrosby95 3y ago
      You issue a chargeback. It's been a while since I've worked on these systems, but IIRC back in the day you would get a refund and they would be penalized an extra $25 or so on top of it. If they get too many they can loose their merchant account. We always made cancels easy in our system, and if someone issued a chargeback we would ban their email from signing up again.
      - chucksta 3y ago
        I did, the charge back process wasn't the issue. Each time I would call, they would give me a new card and number, I'd go update everywhere. Then a few days later there would be a new fraud charge on the new card.
      - wrycoder 3y ago
        If you use the iOS app for Bank of America, there's a "dispute this transaction" button for every charge. If you click on that, you'll be informed that your card will be cancelled immediately for your own protection, and a new one issued. When what I want is to charge back to a vendor who never shipped and won't refund when contacted. You have to get on the phone, wait for half an hour, and then be very nice about the whole thing, while trying to avoid a card replacement, which is easy and safe for them and very hard for you.
  - NoZebra120vClip 3y ago
    That's one of the reasons I enjoy using PayPal and Google Pay. Because my payment card details simply aren't on file with any vendors anymore. And I get a dashboard full of recurring payments where I can unilaterally cut anyone off. And I can modify which payment card they're using for each.
- deleted 3y ago
  [deleted]
- grotorea 3y ago
  Missing a payment and having to pay a late fee or interruption to an important service seems bad in fairness.
foobarian 3y ago
Yes, miraculously my EZ-Pass bill is still being paid perfectly successfully even after two replacements for the *original* card expired since, and one was canceled due to theft. Magic!
paxys 3y ago
That happens in case an existing card renews (or is replaced after getting lost etc.) If you get a net new card then retailers aren't getting that info.
pxeboot 3y ago
Visa calls this "Visa Account Updater (VAU)" [1]. MC and AMEX have something similar. [1] https://developer.visa.com/capabilities/vau/overview https://developer.visa.com/capabilities/vau/overview
bonton89 3y ago
There's apparently some kind of service that automatically updates payment processors when you get a new card. Seems kind of stupid since one of the main reasons to get a new card is that is compromised and you might just end up sending the new card info to the same company that lost it or is refusing to cancel your subscription.
- tomjakubowski 3y ago
  presumably if you report a card lost/stolen, the bank will report that to these services
ip26 3y ago
It's easy to decide it's malicious, but after replacing a lost card that was on file for what must have been fifty different payments, I would rather they did. Even incurred some chargeback fees in the process because I forgot to update a few vendors.
- paxys 3y ago
  Exactly. My cards have been getting replaced on average once a year, either due to expiry or some new security feature or whatever else. It would be a monumental pain to keep updating every online account, so I'm glad this feature exists.

deleted 3y ago

[deleted]

b112 3y ago

The bank will "helpfully" tell retail partners the new expiry date, and 3 digit code. It's to help you, supposedly.

el_benhameen 3y ago
I get the concern. At the same time, when my card was stolen last year, it was helpful to not have to update my billing info on 8,000 different vendor websites or risk having an account cancelled. I think tying a credit card to an account number versus an account as an entity is becoming somewhat antiquated.
- chucksta 3y ago
  It goes both ways, a couple years ago I had to deal with a scammer who the bank kept "helping" with each new card they issued me. It happened like 5 times before it stopped, nothing I could do.
  - bcrosby95 3y ago
    You issue a chargeback. It's been a while since I've worked on these systems, but IIRC back in the day you would get a refund and they would be penalized an extra $25 or so on top of it. If they get too many they can loose their merchant account. We always made cancels easy in our system, and if someone issued a chargeback we would ban their email from signing up again.
    - chucksta 3y ago
      I did, the charge back process wasn't the issue. Each time I would call, they would give me a new card and number, I'd go update everywhere. Then a few days later there would be a new fraud charge on the new card.
    - wrycoder 3y ago
      If you use the iOS app for Bank of America, there's a "dispute this transaction" button for every charge. If you click on that, you'll be informed that your card will be cancelled immediately for your own protection, and a new one issued. When what I want is to charge back to a vendor who never shipped and won't refund when contacted. You have to get on the phone, wait for half an hour, and then be very nice about the whole thing, while trying to avoid a card replacement, which is easy and safe for them and very hard for you.
- NoZebra120vClip 3y ago
  That's one of the reasons I enjoy using PayPal and Google Pay. Because my payment card details simply aren't on file with any vendors anymore. And I get a dashboard full of recurring payments where I can unilaterally cut anyone off. And I can modify which payment card they're using for each.
deleted 3y ago
[deleted]
grotorea 3y ago
Missing a payment and having to pay a late fee or interruption to an important service seems bad in fairness.

foobarian 3y ago

Yes, miraculously my EZ-Pass bill is still being paid perfectly successfully even after two replacements for the *original* card expired since, and one was canceled due to theft. Magic!

paxys 3y ago

That happens in case an existing card renews (or is replaced after getting lost etc.) If you get a net new card then retailers aren't getting that info.

pxeboot 3y ago

Visa calls this "Visa Account Updater (VAU)" [1]. MC and AMEX have something similar. [1] https://developer.visa.com/capabilities/vau/overview https://developer.visa.com/capabilities/vau/overview

bonton89 3y ago

There's apparently some kind of service that automatically updates payment processors when you get a new card. Seems kind of stupid since one of the main reasons to get a new card is that is compromised and you might just end up sending the new card info to the same company that lost it or is refusing to cancel your subscription.

tomjakubowski 3y ago
presumably if you report a card lost/stolen, the bank will report that to these services

ip26 3y ago

It's easy to decide it's malicious, but after replacing a lost card that was on file for what must have been fifty different payments, I would rather they did. Even incurred some chargeback fees in the process because I forgot to update a few vendors.

paxys 3y ago
Exactly. My cards have been getting replaced on average once a year, either due to expiry or some new security feature or whatever else. It would be a monumental pain to keep updating every online account, so I'm glad this feature exists.