MSE News: New Curve card claims to be 'the only card you need to carry'
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Yet another solution to a problem that doesn't really exist!0
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Who is to say that it's a debit card and should be accepted as such by a merchant? Will a card terminal not recognise it as a credit card or prepaid card?
Its issued as a normal MasterCard debit card (i.e. it also has 'Debit' written on it) - all the linking to other cards would be done by Curve in the background.
Its not a pre-pay card.0 -
Thanks, yes, I understand how it works, I even have a Curve card somewhere, used only once so perhaps they won't offer me the new version.Its issued as a normal MasterCard debit card (i.e. it also has 'Debit' written on it) - all the linking to other cards would be done by Curve in the background.
Its not a pre-pay card.
That is recognised as a credit card, as are most prepaid cards, so I'm mildly curious whether the new one will actually be treated as a 'true' debit card in a terminal that's been set up to reject credit cards. And if so, how the revenue stream will allocate the fees to make it viable for Curve, although that may never be revealed of course.
I have had debit MasterCards that were not accepted as a debit card when buying a ticket online, for example, and had to be entered as a credit card. So if the new Curve is a true debit card and not just posing as one, sure, it could be useful.Evolution, not revolution0 -
Over complicates things, and the loss of S75 is major. No thanks.0
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The loss of S75 is only major on certain types of purchases, is it major on a trolley full of shopping from a supermarket? You're hardly likely to claim under S75 against Tesco for that, transactions under £100 if you use it for everything are not covered anyway.
For transactions where you need S75, use your credit card directly.If you don't like what I say slap me around with a large trout and PM me to tell me why.
If you do like it please hit the thanks button.0 -
The Curve card is a debit card where you can allocate spending to any credit or debit card, right?
So where a credit card allows payment by debit card, what is to stop you paying a £200 credit card bill with your curve card, and then retrospectively allocating that £200 spend back to your credit card.
Do curve have something in place to stop this? I see T&Cs say:
ATM Withdrawals from credit cards
You can withdraw up to £200 (or currency equivalent) for free using your credit cards per calendar month after which period there is a 2% charge. This limit does not apply to ATM debit card withdrawals.
Furthermore any behaviour which Curve deems to be “cash recycling” whereby high volumes of cash are taken out of an ATM using a credit card and then used to repay the credit card in order to gain rewards on the funding card or Curve Rewards is not permitted. Any other equivalent usage which the Curve Compliance Team believes aims to achieve the same outcome, for example via the use of money transfer services, is also not permitted. Such behaviour may result in your Curve account being blockedor cancelled. See Section 6 of Curve Terms and Conditions for further information.
Will cash recycling always be possible to spot?
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I don't know how they'd spot it. All they'd see is money coming out of your account.The Curve card is a debit card where you can allocate spending to any credit or debit card, right?
So where a credit card allows payment by debit card, what is to stop you paying a £200 credit card bill with your curve card, and then retrospectively allocating that £200 spend back to your credit card.
Do curve have something in place to stop this? I see T&Cs say:
Will cash recycling always be possible to spot?
There's no gain that I can see in doing it either - the most cashback you'll get will be around 1% which will be eaten up instantly by the 2% fee.
£200 withdrawn at a Tesco cash machine then immediately paid in at the customer service desk will generate £1 of cashback (on an average 0.5% cashback) plus interest every month, though.0 -
I can see a benefit in doing it.
Get a credit card with a 0% intro offer for spending and balance transfers. The transfer has a 3% fee. Pay your existing credit card off with your "debit" card. Wham your balance transfer is a purchase. Free of charge.
Alternately you have a credit card bill to pay that accepts debit cards. Pay it off using a cashback credit card and get paid for doing so.
Another thing that would be possible. Buy premium bonds with your "debit" card as NS&I allow it (or used to) if you don't want them immediately cash out.
It wouldn't be hard to spot though. Just look for people doing lots of great big transactions.If you don't like what I say slap me around with a large trout and PM me to tell me why.
If you do like it please hit the thanks button.0 -
Thanks, yes, I understand how it works, I even have a Curve card somewhere, used only once so perhaps they won't offer me the new version.
That is recognised as a credit card, as are most prepaid cards, so I'm mildly curious whether the new one will actually be treated as a 'true' debit card in a terminal that's been set up to reject credit cards. And if so, how the revenue stream will allocate the fees to make it viable for Curve, although that may never be revealed of course.
I have had debit MasterCards that were not accepted as a debit card when buying a ticket online, for example, and had to be entered as a credit card. So if the new Curve is a true debit card and not just posing as one, sure, it could be useful.
Debit cards are generally defined by the issuer identification number (first 6 digits). If the retailer doesn't bother to update their website then it's hardly the issuer's fault.0 -
There's no gain that I can see in doing it either - the most cashback you'll get will be around 1% which will be eaten up instantly by the 2% fee.
What 2% fee?
There is a maximum of £200 cash withdrawal each month applied to credit cards, followed by 2% for any excess over £200.
Debit card cash withdrawals are free, limited to 10 per month, followed by 50p per withdrawal after the free 10 ones.
Payments to credit cards or other credit accounts via the Curve card and then allocated to a credit card are fee free.
Cashback from the supermarket checkout is likely to be completely unspottable as part of a purchase which can then be allocated to a credit card. Getting paid 25p with every shop could soon add up.
I could see credit card providers choosing to exclude Curve transactions from cashback if this takes off. If they really wanted to kill off Curve, the credit card companies might even try to count them as "cash" transactions in the way that gambling transactions often are on a credit card, even though it is processed like a purchase - but the credit card cash withdrawal fee applies. A change of terms and conditions would be necessary for card providers to do this though.0
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