Sounds like a normal debit card to me. What is so special about it? People use credit cards because they don’t have money in the bank.
they are eliminating the credit card, period.
Have a $5k credit card with Chase? Poof, all gone.
Have a $1K LOC with Chase 360, poof all gone.
Look over hear, hear is the fancy new currency card...
Not true at all.
Many use them for convenience and auto-pay the entire balance every billing cycle.
We dumped our bank of many years when it tried to make use a debit card.
We don’t want one.
The consumer protections for debit cards are much weaker than for credit cards.
Bet it’ll be the same with this arrangement, too.
Many years ago, when I was young and poor and credit card transactions were processed manually, I would buy something stupid on credit and then return it later in the day for cash. Today, we have five branded credit cards that are tied to American, Delta, Marriott, Southwest, and United, which we use for the travel points and pay in full every month. We have not incurred a late fee or interest charge in over 30 years, but we have over a million travel points that we use to visit our children and grandchildren.
Probably true in many cases. The article also points out the use of the "float".
"Consumers also have the added benefit of the credit card float, where you can make a purchase today and pay it back later."
Another use of the a card is to generate the bennies. We just replaced our multilevel HVAC systems to the tune of $25,000 (Merry Christmas). I was astounded when the HVAC company said we could pay it with a charge card. Put that sucker right on the airmile card. It'll be paid off by direct draft when the charge card bill rolls around January 20, 2023.
I could've written a check...even done a direct pay from the checking acct to the HVAC company, but this way, I've got two roundtrip flights to Charlottesville VA for the wife to visit her grandkids.
“People use credit cards because they don’t have money in the bank.”
I use a WF CC because I don’t want to give merchants direct access to my checking, savings and brokerage accounts’ account numbers and routing numbers. I have plenty of money in the bank.
“Sounds like a normal debit card to me. “
Exactly.
Are you serious? I run thousands through my credit cards every month and I get handsomely rewarded for it. I also pay off all my credit cards in full every month because the money is already sitting in my credit union account. Credit cards are much easier to use than checks and much safer to use than debit cards, which offer zero rewards and are much more damaging when fraud is involved.