Curve X Feedback

There seems to be some disagreement about this. An official response early on was that all cards would remain until expiry. A later official response said the app would restrict the number of active cards to two.

From a support reply in June:

Not to worry! Although you can now only add 2 payment cards on your Curve card as a free Curve customer, you’ll continue to enjoy your existing payment cards in your Wallet until your payment card has expired or been removed the card from your Wallet.

From Curve Joel in early July:

I can also clarify the confusion surrounding the implementation of the 2 card limit for the free tier after the 27th. To confirm, the product team are currently building logic for the app which will automatically limit Free tier users to two active funding cards in the Curve app from the 27th of August.
This means that the claim that you’ll be able to continue using the cards already in your wallet past the 27th of August until they expire or are manually removed is false. However, this is still in development and I will discuss this with the product team, bearing your feedback on this in mind when I do.
I’m sorry for any misinformation that’s been provided and for the confusion caused.

So who knows what they’ve decided to do.

Personally think this is a great idea and would be interesting to see if @Curve_Joel could bring it up to the financing team if this would be viable to introduce this into play. I also think Curve should set up an “innovation” chat so customers such as @dotpointer can bring up great points such as this and then maybe the company can start implementing ideas to make the company more profitable, efficient and possible even get some more customer staff, enough to not have customers have to wait a week for answers and them being able to resolve any and all issues coming up. Let’s be honest, for me personally from keeping up with the threads it seems like it’s been ever since they announced they will increase the customer service team, they are yet still to do that.

Again disappointed with Curve’s information about the tier change. If they had been upfront about the card limitation and informed us clearly that even on the free tier we will not be restricted for existing cards already added then trust would have been gained - it seems they have no idea what they are doing.

Unless they will apply this restriction on some random date - wouldn’t be surprised. Luckily I kept 5 active - I had many more!

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I wonder how many valued customers got conned into X? They don’t give investors numbers anymore so :man_shrugging:

If ppl see value in X and can justify price curve asks for it, then they probably did upgrade.

Hey @Curve_Joel, you started this thread asking for feedback.
I know that you probably didn’t get what you were hoping for (although I find it hard to expect something different); however, now it’s not lovely that you ignore all the answers you receive.
Where did you end up?

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Well, based on this thread, Curve has gone down that path with the decision to cripple their product in the first place.

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Curve has requested to be cut out of the payment processes for all payment cards but 2 for the standard card.

Up to this change I have added my cards to Curve. I did not charge them for the job I did or the data I shared. But from now on it is not possible because of the 2 card limit.

So it will be like before Curve for any new cards - a growing pile of cards and transactions outside Curve they will not get involved in.

Imagine the average user has 5 cards and they are used evenly, then they will cut out of 60% of them or if it’s 7 then they will not be involved in over 70%. How will they make profit on these transactions now that they are not involved in them?

Members have already began to remove active cards from their accounts to select the 2 to keep, doing what Curve requested but probably not what they wanted. They have already started to communicate that uses can keep the cards they have.

Hit stop. Hit reverse. Apologize. Save what can be saved.

But in some cases it will not help. Some users will not return - some will not bother to re-add cards or even continue to use it.

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From the August product update:

Our new tier, Curve X, is available for £4.99/month but we’ve extended the discount period so if you upgrade to Curve X before 4 September, you will only pay £2.50 per month for an entire year!

And yet, this was posted on… September 6th :joy:

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Yes, I noticed this as well. I suspect Curve won’t exist for much longer. They are clearly in meltdown.

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Hi @a.pecere, thanks for checking in! Please be assured that I’ve checked back in at regular intervals on this thread to collect feedback but don’t have the capacity to respond to every message. I’m sorry if this has been frustrating for you.

@jmark.stevenson, I appreciate that there’s been some confusing messaging surrounding this but we’ve since confirmed how this currently works and will work going forwards. I hope this clears up the confusion!

I really don’t understand why everybody thinks that Curve doesn’t make money in every transaction. Apple Pay gets a 0.15% of every transaction. I thing they -Curve- get something similar… and there never was a clear response from curve to that. So a free terrier with only 2 cards is a joke… In the near past it’s was quite common in Europe not being able to add bank cards to Apple Pay. Using curve was really helpful. In recent years nearly every card can be used with Apple Pay. Curve was left with the physical card payments. The restrictions in the free terrier makes curve nearly useless and it’s very likely cost them money…

Making money on each transaction and being profitable is not the same. If it’s so profitable why Revolut ,is not profitable ? Why banks are not just free to get as much customers possible, why there is not bank profitable that just relies on interchanges fees. Why N26 is only profitable thanks to the paid subscriptions ?

Free users probably cost them money.

I’m sure they get revenue from every transaction, but I doubt that revenue covers costs. In the UK/EU, they’ll be getting max 0.2% in interchange fees when you make a purchase on a non-commercial debit card. They’ll then be charged up to 0.3% in interchange, plus any other merchant fees, for charging your underlying card. I don’t see how they can possibly be making money on each transaction unless you have a commercial curve card charging to a personal underlying card.

Apple pay don’t charge an underlying card. They work directly with your bank to virtualise your underlying card, where as Curve charge your card as a normal merchant via mastercard/visa networks. This means that Curve was able to get to universal support quickly, but also makes for a terrible business model.

They are free to…

Banks don’t have to just rely on interchange fees alone for example they sell additional services such as credit cards and insurance which is broken down into life assurance, life insurance, contents insurance and home insurance.

There are many more products they offer which oddly enough all makes them money or at the most extreme is a loss leader.

For example banking in the UK is free…At first glance. Think of all the charges that banks can and will hit you with and think is banking that free really? Sure some people might argue yes it is as they’ve never had a bounced direct debit or a cheque, ok cool. The problem is the vast majority have this happen from time to time and the banks charge you an obscene amount of money for the privilege much more then it costs them to facilitate.

Unfortunately most people have a overdraft, now what makes me laugh is when you use the banks money at the very least they charge you debit internet for the “privilege.” Ooooooh well that’s nice…Maybe not when I tell you what happens when you’re in credit with them? Well what happens?..Nothing, absolutely nothing. They don’t pay interest credit interest on balances anymore.

Banks are basically like a bookies, why? What makes you say that? Well like a bookies the house always wins…

Shachar Bialick, the Curve CEO, was very clear on this point at the investor day prior to his selling of shares - they made money from interchange fees at a very low margin (and needed to upsell to make good profits) but every transaction and customer was profitable. He was asked to clarify if, as people spent more on their card, did Curve lose more money or make more money? Shachar said they made more money.

I don’t understand the sums either, but he couldn’t have been clearer to potential investors.

Blockquote They are free to…

Not n every country in mine in traditionnal banks you usually have to pay a fee for the card and for the account.

Yes it was mainly to argue fact that I do not know any service that only rely on interchanges fees. But yes banks are always winner Especially if you have money problems haha

I did that deliberately as you neglected to say where you were talking about so it’s obviously the UK. :joy:

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Curve sent this funny reminder today :melting_face:

rem

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