“The app, when it launches next year, won’t replace your plastic credit card. Instead, it will withdraw directly from your checking account”
Which means you lose the numerous builtin benefits of using a credit card in uncertain situations. The credit card company is your friend if things don’t go right, especially online purchases. I’ve never failed to get my money back from a CC company on a bad online transaction. Only a modicum of documentation is needed, like an email receipt and a statement the item was broken, faulty, not what was ordered, etc.
Except for very rare situations, like autopaying my Xcel gas bill because they won’t take a credit card, I NEVER allow direct deduction from my bank account.
That little plastic credit card still looks pretty good.
What’s that they say about a fool and his money?
“the numerous builtin benefits of using a credit card “
Yeah, it’s a choice between paying for those benefits, or using a free NFC system that doesn’t give or charge for those benefits.
People would probably use the CC for ‘uncertain’ sales and the cheaper merchant-provided NFC for mundane purchases.
Interestingly merchants would effectively be able to pass CC costs on to the CC user- which they aren’t allowed to do now.