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This is significant. It’s one of the largest US Open-Loop Issuers, buying their own network (Closed Loop). Cap1 will now be able to cut out Visa/Mastercard.
by alberth 3y ago
This is significant.
It’s one of the largest US Open-Loop Issuers, buying their own network (Closed Loop).
Cap1 will now be able to cut out Visa/Mastercard.
Cap1 will now be like Amex.
- finfrastrcuture 3y agototally agree. but an amex focused on the non-affluent demographic. I think this actually increases competition in an area the FTC/CFPB cares about!
- deleted 3y ago[deleted]
- bediger4000 3y agoLike Amex - expensive, difficult to work with because they define their own goofy standards, and loathed by merchants and customers alike?
- lannisterstark 3y agoLoathed? Lol. American Express is one of my favorite actual providers.
- ulfw 3y agoWorse. At least Amex is widely accepted worldwide (not as widely as Visa/MC). Discover? Ha. Tough luck.
- LeafItAlone 3y agoWhat do customers dislike about Amex? I’ve typically seen them referred to positively compared to other processors.
- jjeaff 3y agoI'm not a fan. They like to play the game of "unlimited credit limit". Until you spend more than your secret credit limit that is, in fact, not unlimited. this was years ago, but I was unable to get them to tell me what the secret limit was until I tried to make a large purchase and they blocked it. then we had to play a stupid game of hypotheticals. If I were to attempt to make a single purchase of $75k next week, would it go through? What about $100k?