topic Re: Secret invite-only cards: What's the deal with Taekus? in Credit Cards

Secret invite-only cards: What's the deal with Taekus?

TyrannicalDuncery2 — Mon, 01 Apr 2024 13:25:11 GMT

There is a shadowy, invite-only institution called Taekus. I see them mentioned occasionally as a good cashback debit card, and their homepage says that they are "working on" a travel credit card.

What products does Taekus offer and what are the benefits?

I don't think that is public information.

Re: Secret invite-only cards: What's the deal with Taekus?

AyaMai — Mon, 01 Apr 2024 13:33:26 GMT

@TyrannicalDuncery2 wrote:
There is a shadowy, invite-only institution called Taekus. I see them mentioned occasionally as a good cashback debit card, and their homepage says that they are "working on" a travel credit card.

What products does Taekus offer and what are the benefits?

I don't think that is public information.

You will find it is worthless https://tracxn.com/d/companies/taekus/__PikFru4snEKtL8iMPq-Svy6gBysqeT_EM8-Oe1vRagg/competitors

Re: Secret invite-only cards: What's the deal with Taekus?

TyrannicalDuncery2 — Mon, 01 Apr 2024 13:40:18 GMT

@AyaMai wrote:
You will find it is worthless https://tracxn.com/d/companies/taekus/__PikFru4snEKtL8iMPq-Svy6gBysqeT_EM8-Oe1vRagg/competitors

Thanks! Are you able to elaborate?

From reading their pitch for the credit card, it doesn't sound very useful. However, they also have debit cards and checking accounts which offer some kind of rewards. Are those worthless too?

Re: Secret invite-only cards: What's the deal with Taekus?

coldfusion — Mon, 01 Apr 2024 13:42:55 GMT

For starters it looks like they're a startup fintech with about a dozen employees with ~ $6 million in seed funding that partners with a small (~ $3 billion in assets) bank.

Here's the latest version of their debit card agreement: https://files.consumerfinance.gov/a/assets/prepaid-agreements/Taekus_Prepaid_Account_and_Debit_Card_Agreement_01_08_2024.zip

If they come out with a card I hope it's a lot better than the ones their affiliated bank offers. https://www.stearnsbank.com/consumer-credit-cards

IMO Run, Forrest, Run!

Re: Secret invite-only cards: What's the deal with Taekus?

TyrannicalDuncery2 — Mon, 01 Apr 2024 13:46:09 GMT

Thanks @coldfusion! Makes sense. That debit card agreement mentions the existence of a rewards balance, but I don't think it describes how the rewards are earned. I'm not sure that's unusual. But mysterious....

Re: Secret invite-only cards: What's the deal with Taekus?

AyaMai — Mon, 01 Apr 2024 13:50:12 GMT

@TyrannicalDuncery2 wrote:
@AyaMai wrote:
You will find it is worthless https://tracxn.com/d/companies/taekus/__PikFru4snEKtL8iMPq-Svy6gBysqeT_EM8-Oe1vRagg/competitors
Thanks! Are you able to elaborate?
From reading their pitch for the credit card, it doesn't sound very useful. However, they also have debit cards and checking accounts which offer some kind of rewards. Are those worthless too?

Taekus Total Funding $6.43M, that's nothing, it is a red flag comparing to their competitors, you can check at the bottom of the link I provided and it is better to use the computer to see the page

Re: Secret invite-only cards: What's the deal with Taekus?

CYBERSAM — Mon, 01 Apr 2024 16:43:45 GMT

@TyrannicalDuncery2 wrote:
There is a shadowy, invite-only institution called Taekus. I see them mentioned occasionally as a good cashback debit card, and their homepage says that they are "working on" a travel credit card.

What products does Taekus offer and what are the benefits?

I don't think that is public information.

There is no such a thing as "good debit card" ALL of them are dangerous to use for purchase! Once and when the numbers gets compromised then you are losing money and hopefully you get that back! 🤞

Some people may not share my point of view but after running to many situations that I have lost money on using debit cards, the best use for them is taking cash out of ATM!

Re: Secret invite-only cards: What's the deal with Taekus?

ChargedUp — Tue, 02 Apr 2024 02:24:44 GMT

@coldfusion wrote:
For starters it looks like they're a startup fintech with about a dozen employees with ~ $6 million in seed funding that partners with a small (~ $3 billion in assets) bank.

Here's the latest version of their debit card agreement: https://files.consumerfinance.gov/a/assets/prepaid-agreements/Taekus_Prepaid_Account_and_Debit_Card_Agreement_01_08_2024.zip

If they come out with a card I hope it's a lot better than the ones their affiliated bank offers. https://www.stearnsbank.com/consumer-credit-cards

IMO Run, Forrest, Run!

Their affiliated bank (Stearns) doesn't appear to back their own cards. Who is "Card Assets"????

The creditor and issuer of credit cards is Card Assets, pursuant to a license from Mastercard® International Incorporated. Credit Cards are subject to Card Assets' credit approval. Rewards and benefits subject to change at any time.

Re: Secret invite-only cards: What's the deal with Taekus?

FicoMike0 — Tue, 02 Apr 2024 03:53:02 GMT

I agree that debit cards are dangerous, I keep mine frozen. There are some that offer rewards, most are gimmicky. Here's a link to one that pays 5% interest. https://redneck.bank/

Here's one that pays 7% interest. https://www.lascolinasfcu.com/premier-account

I have the amex rewards checking no gimmick, pays 1% interest plus some rewards on debit spend, but I don't use the card. I sometimes pay my amex card from it, the account is no fee no min and they bribed me $250 to take it lol. I probably should close it, but I'd still have their app on my phone.

Re: Secret invite-only cards: What's the deal with Taekus?

CorpCrMgr1 — Tue, 02 Apr 2024 04:15:33 GMT

@CYBERSAM totally agree! Only use mine for ATM dealings. When BoA came out with your picture on its debit card I used it for purchases. I no longer bank with BoA. I figure it's easier to dispute an unpaid item then something paid.

Re: Secret invite-only cards: What's the deal with Taekus?

coldfusion — Tue, 02 Apr 2024 12:31:21 GMT

@ChargedUp wrote:
Who is "Card Assets"????

They're just one of the companies that silently issues and manages credit cards solely branded by the contracted bank or credit union. Business model and ownership is similar to Elan + US Bank except Card Assets is owned by First Arkansas Bank & Trust https://www.fabandt.bank

Re: Secret invite-only cards: What's the deal with Taekus?

TyrannicalDuncery2 — Mon, 08 Apr 2024 20:48:32 GMT

Here's an update from very cool redditor moneysaver688: https://www.reddit.com/r/churning/comments/1aw8gu9/comment/kyiwqe3/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

"So it is pretty weird. Amazon reload has 0 cash back, misc purchase very little cash back, hotel purchase about 2%"

So I guess pretty situational, if that's the full story.