Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
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.  :smileywink:

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
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Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
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.  :smileywink:


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

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Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
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)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
Re: The Craigslist Credit Card
[ Edited ]

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 :smileywink:

JP Morgan Select $10k | CSP $10k | Citi TY Premier $15k | BofA 3-2-1 $15k | Chase Freedom $10k | Discover IT $10k | Barclaycard $15k | AMEX SPG $5k | AMEX PRG NPSL | NASA Platinum-Advantage $10k | CapOne Quicksilver $3k | Walmart Card $5k | Amazon Card $10k | Chase Auto 1.49% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
Valued Contributor
maiden_girl
Posts: 2,110
Registered: ‎12-29-2011
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.

The truth is out there...
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