Bringing Amex Back to Curve

amex

#112

No idea if you have a credit score in .pt but here it wouldn’t make sense to have that many cards just for a few €. Is there a card that has a much higher cashback limit or no limit at all?


#113

1% cards usually don’t have limits and there are 3 or 4 of them to choose from. We don’t have credit scores in Portugal (which is great🙂, as they’re useless in many respects) and unless you have more than say 8 cards, at which point cc companies will think you’re getting ready to max out all the cards at the same time or something else fishy, it doesn’t matter how many cards you have.

If you add up the cashback of the 2-5% cards mentioned, it’s 120(bankintercard) +100(Cetelem)+300(cofidis), which equals a minimum wage here in Portugal after taxes(1 of 14 as wages are paid in 14 months per year). You can pay 3 months rent with that in Lisbon or a year of electricity, so just for filling 3 online forms and receiving 3 cards at home, I think it’s worth it. After that you can still make as much cashback as you want with a 1% card.

And as I mentioned, all of those cards have regular offers where they give up to 5% cashback in specific categories or just by paying with contactless or something else they may come up with and the cashback from said promos doesn’t count towards any of the caps.

There are also some cards I haven’t mentioned that give up to 8% specifically at petrol stations from certain brands. There’s the BP card, the Galp card, etc, tough to be honest you’ll get between 10 to 35% savings from supermarket, restaurant and petrol station loyalty programs (there are 3 or 4 loyalty programs that span all three and more merchants in different categories), so cashback from credit cards is just a cherry on top


#114

I am almost sure that Curve won’t go forward with a head to head commercial litigation against Amex, especially considering the fact that they are still
Waiting for their series B to be closed.

An open commercial litigation burns a lot of money and Amex for sure have the horsepower to drag the case till Curve bleed out of $. Further an open litigation scares the investors. However, Curve may open a complaint with the PSR & wait for their decision.

Can you pls elaborate on Amex funding disappearing ? That looks interesting on the surface


#115

Widely reported on HfP. Thinking seems to be just it either hasn’t been claimed by Curve in time or something to do with merchant agreement cancellation. However with valid auth code from prior to agreement termination they should still be able to claim funds… (although would be interesting to hear more from someone with more in depth knowledge!)


#116

Ok,

Yes, as per Terms Curve has right to claim the funds for unprocessed transactions - but it will definitely be on the face of the beta testers as from what I know many topped up significantly.

* 9.5. In a situation where Curve receives an authorisation for a transaction but is unable to charge your Payment Card, we may, at our sole discretion, decide to step in and cover the cost for the transaction. We will then retain the right to recover the charges by either charging one of the Payment Cards or your Amex Wallet added to your Curve Account or by using any other reasonable means.

I am hoping Curve had some additional T&C for closer beta testers. I am eager to know how it plays out in the near future. @Sharka


#117

@ediflyer I suppose it depends on the detailed timeline, such as when any merchant agreement was terminated and for what reasons.

@manu Even interpreting that clause favourably to Curve, they will need to manage the liquidity mismatch between their paying and reclaiming the funds from other sources. I do not see how they can try and claim funds without giving formal notice and quantifying the amount alleged to be owed. If they did not, any cardholder could contact the issuer of their Visa/Mastercard and state that the charge was unauthorized: it would be reversed or, at the very least, Curve would have more liquidity problems. Surely another problem is that Curve did no KYC: it does not even know who to sue in a money claim and at which address.

If they are not receiving the funds from Amex and have already paid out the contents of the Amex wallets, Curve is going to have to fund what must be several millions of pounds. How is it going to do that?


#118

Curve did no KYC? So what were the ID pictures and address confirmation for?


#119

@megamaster

I think my point is tolerably clear: if Curve needs to reclaim funds paid from Amex wallets from cardmembers, it is going to be rather challenging for many reasons. It seems, from the comments in HfP, that the funds used to top-up the Amex wallets are not going to be paid to Curve, at least soon. Moreover, I am unsure they did take photos and ask for addresses back in 2016.

Given Curve’s latest accounts only show about £3 million, and their burn rate is likely high since then, how are they going to fund this liquidity mismatch?

Anyway, I am sure we shall see empirically.


#120

Amex aint gonna leave the EU market based on a disagreement with Curve!


#121

FWIW both my amex top ups have been posted on my amex account, so it’s certainly not the case that all topups were returned.


#122

I only topped up during the beta… all of them posted. Used the funds for places that didn’t take Amex, e.g. the shop at work, Lidl etc. Only got a few quid left in my Wallets now!

I’m guessing only those that were made after the roll-out will be affected.

My wife added a second Amex after the rollout. The test transaction (to verify the card) that in previous cases posted and refunded, never posted for her. That’s not really a problem as it would have been refunded anyways…


#123

I have made a sizeable top up to my Amex wallet on the 28th and the charge spent 4 days as pending on my Amex but has now disappeared. Amex wallet is topped up though and I can spend the money.

Amex said that they haven’t blocked the transaction and are waiting for Curve to request the funds. Not sure how much detail the tier 1 response team can see but curious to know how this will turn out.


#124

Not really the same, this is not Portugal


#125

My point is simply that with Curve it’s no easier or harder to do cash recycling, I was just giving examples of how cash recycling can be done regardless of using Curve or not. PayPal is available pretty much everywhere and systems similar to Multibanco exist all throughout Europe


#126

Important information update:


#127

I’m in the same boat as you over 3k in two Amex wallet top uptransactions that were pending and have now disappeared…but still show a deduction in my available credit. I’ve already used the funds within the wallet itself. @Curve_Marie can we have an update on what’s happening with this?


#128

Same for me. Would appreciate clarification from Curve on what’s going to happen.


#129

I’m sorry, but this seems quite desperate and very unprofessional.


#130

I don’t see anything wrong with that update and I feel I’ve seen it many many times before when a smaller company is trying to harness social media to persuade a larger company into changing course.


#131

It does seem desperate. Quotes you might expect from a forum - not from the company.