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The Craigslist Credit Card

Established Contributor

Re: The Craigslist Credit Card

The problem with this idea is that Craigslist is ground zero for seller scams, bait-and-switch sellers, and unwarranted buyer remorse by buyers who got a more-than-fair deal.

 

The chargebacks would kill this card within 90 days.

 

"wherever lots of cash is changing hands credit is never far behind" may be true in most instances, but there's a reason why black markets tend to be cash economies.  Smiley Wink

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),
Message 11 of 15
Highlighted
Established Contributor

Re: The Craigslist Credit Card


TheConductor wrote:

The problem with this idea is that Craigslist is ground zero for seller scams, bait-and-switch sellers, and unwarranted buyer remorse by buyers who got a more-than-fair deal.

 

The chargebacks would kill this card within 90 days.

 

"wherever lots of cash is changing hands credit is never far behind" may be true in most instances, but there's a reason why black markets tend to be cash economies.  Smiley Wink


you could say the same about eBay and/or Paypal.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 12 of 15
Established Contributor

Re: The Craigslist Credit Card

you could say the same about eBay and/or Paypal.

Much like you could compare a squid to a gorilla.  Yes, they're both animals but they are actually quite different.

 

The way eBay works, there is always a 3rd-party record of the agreed-upon transaction. It's an auction, not a classified ad.

 

Craigslist is, as you might infer from the name, just a list of offers. The actual agreement and settlement of the transactions happens offline.

 

That's a much riskier environment to introduce credit issuance into.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),
Message 13 of 15
Established Contributor

Re: The Craigslist Credit Card

Nobody is disputing the fact that the current landscape would never warrant nor foster the introduction of a CL CC. Rather we're pointing out that the implementation of a 'middle man' system would be so easy and so lucrative. Imagine a 'make an offer' button on a CL ad. The seller could either accept, deny or counter the offer. If an agreement is reached the buyer would pay with his CL CC and the funds would be held in limbo until the buyer picks up the item or service. Now granted this is a very rough draft that glazes over many details however for argument's sake I think most of you get the idea.

 

By the way, the CL CC is a registered trademark of Jlu, all rights reserved Smiley Wink

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 14 of 15
Valued Contributor

Re: The Craigslist Credit Card

I would have loved an ING Direct credit card...that is until the CAP1 take over...one can still dream. Lol.

As of 2017, rebuilding...
Message 15 of 15