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diff --git a/content/blog/2022-08-31-privacy-com-changes.md b/content/blog/2022-08-31-privacy-com-changes.md index 1ba6746..930524b 100644 --- a/content/blog/2022-08-31-privacy-com-changes.md +++ b/content/blog/2022-08-31-privacy-com-changes.md @@ -7,93 +7,86 @@ draft = false # Privacy.com Changes Their Terms -Recently, Privacy.com reached out to their customers regarding a change -in their terms of use. Further, all customers are required to agree to -the changes in order to continue using their accounts. +Recently, Privacy.com reached out to their customers regarding a change in their +terms of use. Further, all customers are required to agree to the changes in +order to continue using their accounts. [You can view the new cardholder agreement here](https://privacy.com/commercial-cardholder-agreement). -When you log in, you\'ll be greeted with a pop-up window asking you to -review and agree to the new terms of use. You will also not be able to -open any new cards until the terms are agreed to. +When you log in, you'll be greeted with a pop-up window asking you to review +and agree to the new terms of use. You will also not be able to open any new +cards until the terms are agreed to. -## Changing from a \"Prepaid Debit\" Model to a \"Charge Card\" Model +## Changing from a "Prepaid Debit" Model to a "Charge Card" Model -The actual content of the changes is interesting. While the historical -model of using Privacy.com was akin to prepaid debit cards, the new -model is very similar to a credit card (they use the term \"charge -card\"). +The actual content of the changes is interesting. While the historical model of +using Privacy.com was akin to prepaid debit cards, the new model is very similar +to a credit card (they use the term "charge card"). -I have used Privacy.com for 1-2 years, and the process was always that -you would create a single-use or merchant-locked card. This card could -be used for any dollar limit you set and would immediately draw the -funds from whatever funding source you connected, e.g. PayPal account or -a bank account. +I have used Privacy.com for 1-2 years, and the process was always that you would +create a single-use or merchant-locked card. This card could be used for any +dollar limit you set and would immediately draw the funds from whatever funding +source you connected, e.g. PayPal account or a bank account. -The benefit this service provides with a premium account is masking the -merchant names from your funding source. If you have a concern that your -bank account uses merchant data from your account, you could direct all -charges through Privacy.com and set the merchant as one of their pre-set -options, such as \"Smiley\'s Corner Store\" or \"NSA Gift Shop.\" +The benefit this service provides with a premium account is masking the merchant +names from your funding source. If you have a concern that your bank account +uses merchant data from your account, you could direct all charges through +Privacy.com and set the merchant as one of their pre-set options, such as +"Smiley's Corner Store" or "NSA Gift Shop." -The new model still works with a bank account as a funding source, but -the model is changed so that you get a \"line of credit\" set according -to a 14-day billing cycle. It seems that Privacy.com will now allow -charges to be incurred without being immediately paid. +The new model still works with a bank account as a funding source, but the model +is changed so that you get a "line of credit" set according to a 14-day +billing cycle. It seems that Privacy.com will now allow charges to be incurred +without being immediately paid. ## Daily Payments and Available Credit -Instead of paying as charges are incurred, you must make a \"Daily -Payment\" and your \"Available Credit\" will be locked until you make -that payment. There are also \"End of Billing Cycle Payments\" that are -assigned a due date. +Instead of paying as charges are incurred, you must make a "Daily Payment" and +your "Available Credit" will be locked until you make that payment. There are +also "End of Billing Cycle Payments" that are assigned a due date. -Further, Privacy.com will decline charges that would cause you to exceed -your Available Credit or Credit Limit. +Further, Privacy.com will decline charges that would cause you to exceed your +Available Credit or Credit Limit. One particular interesting section states the following: -> YOUR OBLIGATION TO PAY US BACK FOR ALL CARD TRANSACTIONS AND OTHER -> OBLIGATIONS YOU INCUR IS SECURED BY THE SECURED ACCOUNT. IF YOU DO NOT -> PAY US BACK FOR ANY AMOUNT YOU OWE US WHEN YOUR PAYMENTS ARE DUE, WE -> WILL EXERCISE OUR INTEREST AND DEBIT THE SECURED ACCOUNT, AND YOU WILL -> LOSE THE MONEY IN THE SECURED ACCOUNT. SEE SECTION 8: SECURITY -> AGREEMENT FOR MORE INFORMATION. +> YOUR OBLIGATION TO PAY US BACK FOR ALL CARD TRANSACTIONS AND OTHER OBLIGATIONS +> YOU INCUR IS SECURED BY THE SECURED ACCOUNT. IF YOU DO NOT PAY US BACK FOR ANY +> AMOUNT YOU OWE US WHEN YOUR PAYMENTS ARE DUE, WE WILL EXERCISE OUR INTEREST +> AND DEBIT THE SECURED ACCOUNT, AND YOU WILL LOSE THE MONEY IN THE SECURED +> ACCOUNT. SEE SECTION 8: SECURITY AGREEMENT FOR MORE INFORMATION. ## Personal Information -Now that Privacy.com is more of a financial institution, they are -obligated to comply with the [know your -customer](https://en.wikipedia.org/wiki/Know_your_customer) -guidelines/laws. +Now that Privacy.com is more of a financial institution, they are obligated to +comply with the [know your +customer](https://en.wikipedia.org/wiki/Know_your_customer) guidelines/laws. -I did not proceed with the change to my Privacy.com account, but I have -heard from some peers that the changes require more personal information -to be submitted, such as SSN. I am not aware of all new personal -information required or if the funding source is now required to only be -a bank account. +I did not proceed with the change to my Privacy.com account, but I have heard +from some peers that the changes require more personal information to be +submitted, such as SSN. I am not aware of all new personal information required +or if the funding source is now required to only be a bank account. ## Fees -Luckily, the fees section did not change much. The subscription fees for -a premium account are still the only fees. +Luckily, the fees section did not change much. The subscription fees for a +premium account are still the only fees. # My Thoughts -Personally, I wiped my personal information from my account and then -permanently deleted it when I heard about these changes. I have no -interest in yet another method of credit lending offered by private -companies. While I accepted that they would have access to my bank -account information for the purposes of paying off my prepaid debit -payments, I have no interest in incurring charges that will need to be -paid back at a later date. I also have no interest in submitting +Personally, I wiped my personal information from my account and then permanently +deleted it when I heard about these changes. I have no interest in yet another +method of credit lending offered by private companies. While I accepted that +they would have access to my bank account information for the purposes of paying +off my prepaid debit payments, I have no interest in incurring charges that will +need to be paid back at a later date. I also have no interest in submitting personal information to Privacy.com. -This type of change toward a \"buy it now, pay us later\" model is -concerning, and I will be watching Privacy.com to see if they further -their interests in the credit model as time goes on. +This type of change toward a "buy it now, pay us later" model is concerning, +and I will be watching Privacy.com to see if they further their interests in the +credit model as time goes on. -Could we see them start charging interest, fees, etc.? I\'m not sure, -but this change does not inspire confidence in their mission as a -privacy-focused company. +Could we see them start charging interest, fees, etc.? I'm not sure, but this +change does not inspire confidence in their mission as a privacy-focused +company. |