• Real Creditcard or free monthly overdraft

I know it has been asked a lot of time, but it is still a reasonable question to ask. As I am not getting why bunq is not providing credit/loans. Some say it is Morphium, but some also need to have these possibilities.

If I rent five cars in the months, I must have a lot of money on my account, just to deliver the deposit for the car. Which I get back again but the money is gone for some time.

If I order a lot of stuff online, because I’m living outside the big city, I sometimes also need to send something back again. I have to pay in advance for all these things, and other customers from other banks have the opportunity to use a normal credit card for these kind of transactions. They and I use the “in month free credit” for that. In the end of the month i can see in the transactions how much I have to have on my account. I think that Bunq can deliver Something nice here with the app that it won’t be overseen or maybe a automatic transaction.

But as I read, bunq doesn’t want that - why ? Isn’t it my decision how to handle the money ? Isn’t it my decision to work with loans and credit cards ?

It’s nice to have a lot of money on the bank account, but I use that money to invest in ETF, Robo’s or stocks, rent, pay my mortgage on the house etc. I don’t want to have thousands on my bank account which I can’t touch because of the above reason, it’s waste of money.
When I have to hold 10000€ as backup in my account for 10 years, I am losing 2189,94 € plus inflation. Conservative calculation with 2% per anno. Realistic would be 5-8% - but I don’t want to start a discussion about investing now.

It is a lot of money just laying around for something I sometimes use, and which is a normal use in other banks.

That is simply why I am not the main bunq user. If the above problem can be fixed, I am in immediately.

I use bunq a lot, but not for all my banking work, mostly because of the above. I pay a lot with it, but I always need to fill up with bank transfer or my credit card.

I think I’m not the only person having that problem, so why not starting up a talk for a real credit card or a realistic monthly overdraft with a fair pricing. Banks are taking 8-20% in arranged overdraft or in german dispositionszinsen, they earn a lot of money with that. I think this can be lowered down to 1-4%, when delivering bunq the right bank collateral. It could be a percentage of a average balance, another bunq bank account which gives you higher interest, which then will be used for these kind of transactions etc as a bank collateral account. Or a securities loan....

Let’s discuss the possibilities and what you think about that.

Please do not write: bunq doesn’t do that - as I know that right now.

    I am sorry, but the German translation to my English post is not that good, I would prefer to read it in English. I just read it in German for fun right now....

      @Steffan#145336 if you want to know why then it might be interesting for you to read the book "Break through Banking", which explains the core principles on which bunq has been founded. One of these is to not make money with your money, which is what happens with loans. bunq set up its business to focus only on the core services of banking, and not all the side products like insurances, loans, etc. That way they try to offer the best banking experience, and for the other services there are many competitors that offer solely insurances, loans, etc. bunq prefers to offer only the banking stuff for now, and let you choose by yourself for a partner for the other products you may need. 🙂 Furthermore, the current setup should safeguard bunq from financial crisises as we've seen in the past. 🙂

      Link to the book publisher: https://www.uitgeverijkompas.nl/bunq-break-through-banking-book/
      (if you ask nicely at Support 💬 they may still have a few copies left, they used to send these occasionally to bunq customers) 🙂

        @Sander#145348 Thank you for that, I will order the eBook. But where is the bank earning money with my money when I am using a credit card ? Bunq is earning money with every payment I do with the cards, or am I wrong ? So they earn money with my transactions. A MasterCard from lets say UniCredit, I have a limit I can use in that month and I am NOT charged for that. It’s a service from the bank or Mastercard, I don’t know.

          @Steffan#145354 ehr sorry, with loans bunq has to advance you money, which causes risks on their side when people are not paying back. bunq is principally against spending money that you do not have. This is also explained in the book in more detail.
          The making money with your money is when bunq invests your money (which bunq actually does now in a limited way, so maybe they'll find something for loans too in the future, who knows).

            @Sander#145355 Hi Sander. That is exactly why I am starting the conversation to get some ideas, which goes in the right directions. I like bunq a lot, and this is the one thing I am missing. It’s therefore I write this post and invest time in it. Risks, if bunq would provide investing in stocks etc, there would be a side feature there to provide securities lending or Lombard credit. Example when I have € in a stock, etf and etc. All these shares have lending values from 0-70%, there you have the possibility to change the risk for the bank to 0%.

              @Steffan#145365 ow boy! I like that idea 💡 😇

                @JohnDo#145373 Me too. 😊
                I have to agree with Steffan on one point though, for rental cars and the associated required deposits, everything but a real credit card can be a pain.
                I also understand why bunq might choose not to offer that (and just ordered the ebook).

                My solution is to keep my other bank account which I had for almost 25 years now, which has a (credit) Master Card.
                It’s good to have (multiple) backups, I guess. 😊

                  a month later

                  Hi. Has anyone else some thoughts here ?

                    I would really like the idea of having a ‘real’ credit card. I don’t have many issues with the current MasterCards, but I do find that whenever I want to rent a car or book a hotel I grab my actual (non-bunq) credit card. This is because with the bunq card any reservations are actually taken from your account and returned later. In many cases hotels can take weeks to repay this money.

                      @R#151189 That’s not true, it doesn’t take weeks for reimbursing the money. If the merchant doesn’t release it, Bunq releases the preauthorization after a couple of days and reimburse the money. I can confirm it from my travel in Canada in January.

                        To get this to a point: I think most of the people have a real credit card in their Portmonee because it is necessary for some people! Sure it would be very nice if bunq offers a real credit card. But there are many good credit cards in the market, so it is not a problem to get a „third“ party credit card from a different bank.

                          @MoFi#151234 Dat klopt. Ik houd naast mijn Bunq rekening, mijn Visa credit Card (met krediet faciliteit tot 5.000€ ) ook gewoon aan voor hotels en autohuur.

                            6 days later

                            I believe that real credit card and overdraft are the two main reasons why one cannot have only a BUNQ account. I understand it is not in their 'business model', but then it must resign itself to be only a secondary account, not a main one.
                            Perhaps that is why it is still losing money.

                              Hi 👋 @GeneralSunZi#151729

                              That totally depends. If you make sure you have plenty of money on your account you never need to overdraft and never pay additional interest or struggle to pay back the borrowed money. Also, I personally use bunq as my main account and use a supplemental 3rd party 'real' creditcard in case I come across a situation I would need that. In almost any case my Travel Card or Green Card will do the job just fine, so far it didn't let me down.

                                I am Italian. Our attitudes to money are culturally very different.
                                Neither is 'right'. We just make diverging assumptions. For instance, I couldn't care less if I have to pay a few bits of interest on a temporary overdraft. It's not the end of the world for me...

                                  @GeneralSunZi#151729 Why do you believe bank account needs to support overdraft , or else it can't be used as a main account?

                                    Because it may happen that while you move money around there might be a temporary dip in your main account, unless you have a very tight budget control.
                                    Money is for me a tool, not an end...

                                      Write a Reply...