recentpopularlog in

creditcards

« earlier   
Apple Card and rejecting arbitration
“Getting an Apple Card? If so, be aware that you can opt out of the arbitration clause.

“To do so:

“1. Launch the Wallet app
“2. Tap your Apple Card
“3. On the Apple Card page, tap the (…) menu (upper right)
“4. Tap the Message button
“5. Type ‘I want to reject arbitration’”
applecard  creditcards  arbitration  2019  loopinsight 
19 hours ago by handcoding
Moltz on Twitter: "If you get an Apple Card today, remember to reject arbitration! It’s crazy easy. Go to the card in Wallet, tap the ellipsis and then Message. Then just text that you want to reject arbitration and they’ll connect you with the poor s
“If you get an Apple Card today, remember to reject arbitration! It’s crazy easy. Go to the card in Wallet, tap the ellipsis and then Message. Then just text that you want to reject arbitration and they’ll connect you with the poor sap at Goldman Sachs who’s doing all these.”
applecard  creditcards  arbitration  Moltz  twitter  2019 
yesterday by handcoding
Say No to the “Cashless Future” — and to Cashless Stores | American Civil Liberties Union
"It is great to see this pushback against the supposed cashless future because this is a trend that should very much be nipped in the bud. There are several reasons why cashless stores, and a cashless society more broadly, are a bad idea. Such stores are:

Bad for privacy. When you pay cash, there is no middleman; you pay, you receive goods or services — end of story. When a middleman becomes part of the transaction, that middleman often gets to learn about the transaction — and under our weak privacy laws, has a lot of leeway to use that information as it sees fit. (Cash transactions of more than $10,000 must be reported to the government, however.) More on privacy and payment systems in a follow-up post.

Bad for low-income communities. Participation in a cashless society presumes a level of financial stability and enmeshment in bureaucratic financial systems that many people simply do not possess. Opening a bank account requires an ID, which many poor and elderly people lack, as well as other documents such as a utility bill or other proof of address, which the homeless lack, and which generally create bureaucratic barriers to participating in electronic payment networks. Banks also charge fees that can be significant for people living on the economic margins. According to government data from 2017, about one in 15 U.S. households (6.5%) were “unbanked” (had no checking or savings account), while almost one in five (18.7%) were “underbanked” (had a bank account but resorted to using money orders, check cashing, or payday loans). Finally, because merchants usually pass along the cost of credit card fees to all their customers through their prices, the current credit card system effectively serves to transfer money from poor households to high-income households, according to a study by the Federal Reserve.

Bad for people of color. The burden of lack of access to banking services such as credit cards does not fall equally. While 84% of white people in 2017 were what the Federal Reserve calls “fully banked,” only 52% of Black and 63% of Hispanic people were.
Bad for the undocumented. Facing a lack of official identity documents, not to mention all the other obstacles mentioned above, undocumented immigrants can have an even harder time accessing banking services.

Bad for many merchants. Merchants pay roughly 2-3% of every transaction to the credit card companies, which can be a significant “tax,” especially on low-margin businesses. With the credit card sector dominated by an oligopoly of 2-3 companies, there is not enough competition to keep these “swipe fees” low. Big companies have the leverage to negotiate lower fees, but small merchants are out of luck, and the amount that they pay to the credit card companies is often greater than their profit. If cashless stores are allowed to become widespread, that will harm the many merchants who either discourage or flat-out refuse to accept credit cards due to these fees.

Less resilient. The nationwide outage of electronic cash registers at Target stores several weeks ago left customers unable to make purchases — except those who had cash. That’s a reminder that electronic payments systems can mean centralized points of failure — not just technical failures like Target’s, but also security failures. A cashless society would also leave people more susceptible to economic failure on an individual basis: if a hacker, bureaucratic error, or natural disaster shuts a consumer out of their account, the lack of a cash option would leave them few alternatives.

The issue goes beyond restaurants and retail stores; other services that are built around electronic payments should also offer cash options (or cash-like anonymous stored value cards). Those include ride-share services like Uber and Lyft, bike and scooter share systems, and transit systems. In San Francisco, for example, the city’s bike-share program is providing an option to pay with cash. In DC, where I live, the Metro requires a smart card to use — but riders have the option to either register their card so that they can cancel it if it’s lost or stolen, or buy it with cash and not register it to keep it more private."

...

"What to do

So what should you do if you walk into a store and are told: “your cash is no good here”?

Register your objection. Say to the staff, “I know this isn’t your policy personally, but I think it’s a bad one, and I hope you’ll pass that along to your management. Not accepting cash is bad for privacy, bad for poor people, and bad for the undocumented.”

Refuse to provide a credit card. If you haven’t been given very clear advance notice that cash is not accepted, tell them you don’t have a credit card with you and see what they propose. There’s no law that a person has to possess a credit card or furnish one on demand. This may tie up their line, require the calling of a manger, create abandoned food that has already been prepared, and generally create inefficiencies that, if repeated among enough customers, will start to erode the advantages of going cashless for merchants.

Walk out. If you can do without, leave the establishment without buying anything after registering your objection to a staff person so they are aware they’ve lost your business over it.

Understand why some stores charge fees for credit card use. If you visit a store or restaurant that charges a higher price for credit card purchases, understand that this is a socially beneficial policy and be supportive. Merchants are explicitly permitted to pass swipe fees (also known as “interchange fees”) along to customers, which among other things is fairer to low-income customers who don’t have credit cards and shouldn’t have to absorb the costs of those cards. If you are a business, consider passing along those fees to increase fairness as well as customer awareness of how the current system works.

Contact your elected representatives. We have already seen some cities and states ban cashless stores. Your state or city can do so as well.

The bottom line is that the technocratic “dream” of a cashless society is a vision in which we discard what is left of the anonymity that has characterized urban life since the dawn of modernity, and our freedom from the power of centralized companies like banks. Doing without cash may be convenient at times, but if we lose cash as an option we’re going to regret it later."
money  privacy  technology  privilege  cashless  currency  2019  aclu  inequality  resilience  bias  business  economics  policy  siliconvalley  creditcards  cash  technocracy  technosolutionism 
3 days ago by robertogreco
Why are we all paying a tax to credit-card companies?
This is the same thing that happens with insurance. Anytime you add a buffer layer, costs inflate.
getrichslowly  creditcards  consumerism  spending  APEX 
8 days ago by jdroth
Why are we all paying a tax to credit card companies?
Despite the tangle of institutions, most of the American payment system is quite cheap, efficient, and reliable — the result of well over a century of sustained government pressure and institution-building. Conversely, the immense profits of Visa, Mastercard, and the card-issuing banks are sheer parasitism. In an age of worldwide computer networks and near-instantaneous communication, it ought to cost virtually nothing to buy something. With just a little more public effort, that could become a reality.
creditcards  payments  Visa  Mastercard  review  critique  finance  USA  TheWeek  2019 
9 days ago by inspiral
How to stop getting Apple Card notifications and Daily Cash alerts | iDownloadBlog
(This post goes over how to turn off these notifications if you should ever need to:)
“By default, users receive a Daily Cash notification each morning from Apple Cash.

“In addition, customers also receive Daily Cash notification from Apple Card on a weekly and monthly basis depending on their spending for that period.”
applepay  applecard  creditcards  idownloadblog 
9 days ago by handcoding
Michael Tsai - Blog - Apple Card Exporting and Arbitration
“Basically, if you don’t reject the provision, you forfeit any public claim against Goldman Sachs. Arbitration involves an arbiter (not a judge) overseeing the case, and both parties have input into who the arbiter may be. Goldman Sachs will pay the arbitration fees and other costs.
Apple Card lets you use Business Chat to quickly contact customer support, so you can probably send them the above information to opt out.”
arbitration  applecard  creditcards  2019  apple  mjtsai 
13 days ago by handcoding
Twitter
now lets users pay with saved in their Google accounts when
shoppingonline  creditcards  Chrome  from twitter
6 weeks ago by jhill5
Guide: Anti-Churning Rules : churning
r/churning: A place to discuss the nitty-gritty of "churning" credit cards to profit from sign-up offers. Share your success stories, your horror …
creditcards 
7 weeks ago by nham

Copy this bookmark:





to read