Curve account & experience

Hi Fellow Mustachians,

I was long looking on the forum around but didn’t find any information or topic directly about Curve.

I’d be really interested, if any of you has already experience with this new fintech, and if they really can beat and offer more than Revolut and/or Transferwise. Befor I’d open up a new personal account, I wanted to read your thougths, comments, hints first.

I’m personally using Transferwise, and this working me perfect as well, but the offer of Curve is not that bad. I’m pretty curious regarding:

  • Security / safety, trust
  • Cost advantage on Transferwise / Revolut
  • App/Web usability
  • Speed of transfers

Any feedback is appreciated.

Ciao,
Mr.P :hot_pepper:

There are no transfers - your just add your existing cards

their killer feature is ‘to go back in time’. So you can change the card for a given txn - quite handy if you forgot that another card would have given you more cashback etc. For that they refund card a and do another charge to card b for the same amount

2 Likes

The business model of Curve is simple: They give you a “business card” for which they can charge the merchant in the EU higher fees than with “normal” credit or debit cards. (because of stupid EU regulations). You than add your normal cards to the curve app and if you buy something in a store with your curve card they charge that store the higher “business card” fee. Afterwards curve is acting as the “merchant” and they simply recharge what you bought (in full) to one of your normal credit cards. Here the lower “non business fee” applies (0.2% for debit, 0.3% for credit), and this is where curve makes money as they get to keep the difference. Also this is how they can afford to give you additional cashback. The real problem is that if you have to dispute a transaction you will have to do this with curve and not your cc company, also you cannot use the insurance on your normal card etc., your normal credit card company will simply see curve charging the card. This is also why e.g. Amex refuses to support Curve. Curve simply has a normal merchant contract with the CC companies, there is no magic happening at all. It’s rather stupid and only possible because of the flawed regulations and because Curve takes the liberty to classify all it’s customers as business customers. In Switzerland the EU regulations don’t apply and afaik there is no differentiation between normal and business card fees, therefore this business model will not work and this is also the reason why curve is not available in Switzerland and also not even supporting swiss cards and probably never will.

If you want to take advantage of this arbitrage with an EU card: fine, but don’t expect this to be sustainable. If the regulations change curve will be dead.

9 Likes

Wow! Thanks for the summarization! This is enough reason not to open up a new account…
Have a nice weekend folks! :sunny:

By reading and partipating to this forum, you confirm you have read and agree with the disclaimer presented on http://www.mustachianpost.com/
En lisant et participant à ce forum, vous confirmez avoir lu et être d'accord avec l'avis de dégagement de responsabilité présenté sur http://www.mustachianpost.com/fr/