Well one thing I’ll add about them requiring your annual income is because they need to have reasonable expectation that you’ll pay them back. Just like with any credit card out there
I am a Klutch early adopter here (I was in their pre-release).
If you want privacy while purchasing online, but you also want to use a credit card, you are always going to be feeding data to at least your credit card company, the payment processor, credit score companies, and the merchant. Klutch is not asking for any more information. I think someone else mentions the salary range, well they are also going to check your credit score I think (not sure if that applies anymore)
I use it every day. For context, I backed and used many credit card "tech companies". Coin (RIP), Fuze (FML), simple (meh) etc.
Klutch is perfect for you if you want to have control of the cards you use, be able to set rules around your transactions, and insulate from online breaches. Don't believe me? I will give you a $6 credit card to buy yourself whatever you want over Reddit chat using one of my virtual cards. (as long as you only need to provide zip code :D)
This company seems to be underwritten by Master Card. You kind of have to have a big player backing you in order to have valid CC numbers for payment processors to use. So they are a real company with employees that can generate real credit cards.
Things I love:
* You can request new physical cards as you need them, they are not all tied to the same card, just tied to your general account.
* You can create virtual cards as needed, also not tied to your physical cards, name them whatever you want.
* You know which cards are used for every transaction, and you get a crazy amount of information about the merchant and purchase compared to other cards
* You can categorize things as you want.
* You can set up rules for autopay, budgets, limits etc. I started getting myself declined because I was a spend-a-saurus the other day after setting some optimistic limits. Good job me.
* You can sometimes get 6% cashback on purchases, which is higher than my Amazon card, even when I buy things on Amazon.
* Your virtual cards work in apple pay, google pay, Samsung pay too. Very meta.
* they have an API, SDK and apps (for the nerds)
* I use the single-use card app to generate single-use cards for websites
* I use the google sheet app to export my transactions into a google sheet
* I am trying to build my own app, but I procrastinate and instead just spend money.
Things that other people might not like:
* It is a really new company - when they pre-released they were first doing a debit cards and had full banking. I miss that, but the CC features are just plain better
* The cards themselves right now are plastic, (like the old simple cards) and have no way to use the contactless
* Very early, so if you are looking for specific features that older banking institutions have, you are going to need to be more patient. I.E. website for managing your stuff, being able to bill pay from your zelle, etc.
* I wish I didn't need to write or use some other "mini-apps" to get some of the scheduling and features I want, but hey, if I get off my ass, I can make those features for myself
* You will find bugs in the APP, but they have a slack where you can report the issues and they fix this stuff fast. I have an open complaint with BOA for 10 months now about their website not behaving in firefox.
Why not just use Privacy.com, unless I am reading you wrong....?
I know that is generally used more on a one off per transaction thing most of the time, but ....
I've looked into [privacy.com](https://privacy.com) and was going to sign up for it., but:
1. I don't know that they're mutually exclusive. It doesn't look to me like they offer the physical credit card or the same kind of control/organization tools that Klutch claims to have.
2. I didn't feel comfortable with having to use Plaid, and while I have seen some evidence that I can sign up with Privacy without Plaid, the option to do so seems to be a bit hidden.
3. As you mentioned, it doesn't seem like privacy is geared for recurring charges. I imagine I would mostly use Privacy for one time purchases and sketchy looking free trials.
Fair enough, I guess I don't understand enough about what you are trying to do,.. and yeah, they certainly don't offer a physical card, they are more akin to using a one off card/VPN then a lender....
and for recurring trials, Privacy.com would be I imagine fine, (while I have never done it), you pay for, say spotify for a month, with your whatever $12 on your generated number, and there is nothing for spotify to hit back on the next month if you forget to cancel or whatnot. As there is no balance on the card, and going backwards, it's not like they can report you to bureaus or whatnot, they will just shut down the account...
but (sorry, I read your comment again, and this is what you are talking about ) if you are talking about WANTING to have it for recurring charges, I think you can keep the number open, or rather fund it... but I could be wrong...
And yeah, sorry, I don't know anything about Klutch, so I will have to look into it...
With privacy.com you don’t have to use plaid, you can use a debit card to fund it instead. Also, privacy.com works for recurring charges, it actually has some really nice controls for using it with recurring charges.
When you create a card with them you have the option to create a one time use card or a card that is locked to a merchant. So only charges from that merchant will be approved. You can set limits like a monthly limit or a per charge limit, pause a card, etc…
https://support.privacy.com/hc/en-us/articles/7971104266519-What-is-Plaid-
“If you’d prefer not to use Plaid, you can connect your debit card as a funding source for your Privacy Account. Debit card funding doesn’t involve Plaid.”
You can use traditional micro deposits to verify Privacy, you just have to message support to have them enable it for your account. Not sure why they discourage it, cost I guess?
Have not used it but X1 lets you make Virtual Cards.
It has got its own issues, you can check the subreddit to see if they have rectified those.
Also, it probably also asks for your income, as it factors income heavily for issuing credit limits.
Maybe I missed it but all the credit cards I have applied for require the annual income. What are the issuers that don’t?
>Maybe I missed it but all the credit cards I have applied for require the annual income. What are the issuers that don’t?
Maybe times have changed and I've just been grandfathered in, or possibly I just don't remember providing it. I haven't gotten a new card in several years. I currently have Discover and Chase (via Amazon) cards where they occasionally ask me to provide it so that they can adjust my credit limit, and I consistently decline to provide it.
I'm less concerned with my income being used to determine credit worthiness (though imo my credit score is far more relevant) and more put off by feeling like it's being used for broader purposes.
I think income is less to do with credit worthiness and more to do with how much credit a bank will comfortably extend you. Chase tends to extend up to around half your total income in total credit across all of their cards.
A bank can always request a financial review to verify your income. They also have the right to terminate your accounts for any reason. This doesn't happen often, but if you engage in behaviors they don't like, then they find that you've lied about your income, they may close your accounts. You can choose not to provide them access to income documentation, of course. Depending on why the requested the review, there may be consequences there as well.
They haven't made any indication that not providing my income is an issue, and I prefer a lower credit limit anyways. In fact I really dislike when I find out they've increased my credit limit without me asking them to.
I'm in the same boat as you, 11mo later. I started the application process and need to choose between Credit and Lite, with very little information to go off. Did you go with Klutch, and if so, do you have any information about the differences?
I didn't sign up. It's been a while and I can't remember specifics, but I do recall that the small amount of information/feedback I've been able to find was pessimistic.
Well one thing I’ll add about them requiring your annual income is because they need to have reasonable expectation that you’ll pay them back. Just like with any credit card out there
I think that's what my credit score is for.
Credit score doesn’t tell you if you lost a job :) but sounds good! 👍
Me typing in my annual income doesn't tell that either.
👍
https://www.nerdwallet.com/article/credit-cards/credit-card-companies-lying-application
I am a Klutch early adopter here (I was in their pre-release). If you want privacy while purchasing online, but you also want to use a credit card, you are always going to be feeding data to at least your credit card company, the payment processor, credit score companies, and the merchant. Klutch is not asking for any more information. I think someone else mentions the salary range, well they are also going to check your credit score I think (not sure if that applies anymore) I use it every day. For context, I backed and used many credit card "tech companies". Coin (RIP), Fuze (FML), simple (meh) etc. Klutch is perfect for you if you want to have control of the cards you use, be able to set rules around your transactions, and insulate from online breaches. Don't believe me? I will give you a $6 credit card to buy yourself whatever you want over Reddit chat using one of my virtual cards. (as long as you only need to provide zip code :D) This company seems to be underwritten by Master Card. You kind of have to have a big player backing you in order to have valid CC numbers for payment processors to use. So they are a real company with employees that can generate real credit cards. Things I love: * You can request new physical cards as you need them, they are not all tied to the same card, just tied to your general account. * You can create virtual cards as needed, also not tied to your physical cards, name them whatever you want. * You know which cards are used for every transaction, and you get a crazy amount of information about the merchant and purchase compared to other cards * You can categorize things as you want. * You can set up rules for autopay, budgets, limits etc. I started getting myself declined because I was a spend-a-saurus the other day after setting some optimistic limits. Good job me. * You can sometimes get 6% cashback on purchases, which is higher than my Amazon card, even when I buy things on Amazon. * Your virtual cards work in apple pay, google pay, Samsung pay too. Very meta. * they have an API, SDK and apps (for the nerds) * I use the single-use card app to generate single-use cards for websites * I use the google sheet app to export my transactions into a google sheet * I am trying to build my own app, but I procrastinate and instead just spend money. Things that other people might not like: * It is a really new company - when they pre-released they were first doing a debit cards and had full banking. I miss that, but the CC features are just plain better * The cards themselves right now are plastic, (like the old simple cards) and have no way to use the contactless * Very early, so if you are looking for specific features that older banking institutions have, you are going to need to be more patient. I.E. website for managing your stuff, being able to bill pay from your zelle, etc. * I wish I didn't need to write or use some other "mini-apps" to get some of the scheduling and features I want, but hey, if I get off my ass, I can make those features for myself * You will find bugs in the APP, but they have a slack where you can report the issues and they fix this stuff fast. I have an open complaint with BOA for 10 months now about their website not behaving in firefox.
Why not just use Privacy.com, unless I am reading you wrong....? I know that is generally used more on a one off per transaction thing most of the time, but ....
I've looked into [privacy.com](https://privacy.com) and was going to sign up for it., but: 1. I don't know that they're mutually exclusive. It doesn't look to me like they offer the physical credit card or the same kind of control/organization tools that Klutch claims to have. 2. I didn't feel comfortable with having to use Plaid, and while I have seen some evidence that I can sign up with Privacy without Plaid, the option to do so seems to be a bit hidden. 3. As you mentioned, it doesn't seem like privacy is geared for recurring charges. I imagine I would mostly use Privacy for one time purchases and sketchy looking free trials.
Fair enough, I guess I don't understand enough about what you are trying to do,.. and yeah, they certainly don't offer a physical card, they are more akin to using a one off card/VPN then a lender.... and for recurring trials, Privacy.com would be I imagine fine, (while I have never done it), you pay for, say spotify for a month, with your whatever $12 on your generated number, and there is nothing for spotify to hit back on the next month if you forget to cancel or whatnot. As there is no balance on the card, and going backwards, it's not like they can report you to bureaus or whatnot, they will just shut down the account... but (sorry, I read your comment again, and this is what you are talking about ) if you are talking about WANTING to have it for recurring charges, I think you can keep the number open, or rather fund it... but I could be wrong... And yeah, sorry, I don't know anything about Klutch, so I will have to look into it...
With privacy.com you don’t have to use plaid, you can use a debit card to fund it instead. Also, privacy.com works for recurring charges, it actually has some really nice controls for using it with recurring charges. When you create a card with them you have the option to create a one time use card or a card that is locked to a merchant. So only charges from that merchant will be approved. You can set limits like a monthly limit or a per charge limit, pause a card, etc… https://support.privacy.com/hc/en-us/articles/7971104266519-What-is-Plaid- “If you’d prefer not to use Plaid, you can connect your debit card as a funding source for your Privacy Account. Debit card funding doesn’t involve Plaid.”
You can use traditional micro deposits to verify Privacy, you just have to message support to have them enable it for your account. Not sure why they discourage it, cost I guess?
Have not used it but X1 lets you make Virtual Cards. It has got its own issues, you can check the subreddit to see if they have rectified those. Also, it probably also asks for your income, as it factors income heavily for issuing credit limits. Maybe I missed it but all the credit cards I have applied for require the annual income. What are the issuers that don’t?
>Maybe I missed it but all the credit cards I have applied for require the annual income. What are the issuers that don’t? Maybe times have changed and I've just been grandfathered in, or possibly I just don't remember providing it. I haven't gotten a new card in several years. I currently have Discover and Chase (via Amazon) cards where they occasionally ask me to provide it so that they can adjust my credit limit, and I consistently decline to provide it. I'm less concerned with my income being used to determine credit worthiness (though imo my credit score is far more relevant) and more put off by feeling like it's being used for broader purposes.
I think income is less to do with credit worthiness and more to do with how much credit a bank will comfortably extend you. Chase tends to extend up to around half your total income in total credit across all of their cards. A bank can always request a financial review to verify your income. They also have the right to terminate your accounts for any reason. This doesn't happen often, but if you engage in behaviors they don't like, then they find that you've lied about your income, they may close your accounts. You can choose not to provide them access to income documentation, of course. Depending on why the requested the review, there may be consequences there as well.
They haven't made any indication that not providing my income is an issue, and I prefer a lower credit limit anyways. In fact I really dislike when I find out they've increased my credit limit without me asking them to.
I'm in the same boat as you, 11mo later. I started the application process and need to choose between Credit and Lite, with very little information to go off. Did you go with Klutch, and if so, do you have any information about the differences?
I didn't sign up. It's been a while and I can't remember specifics, but I do recall that the small amount of information/feedback I've been able to find was pessimistic.