Curve, the well-known app to manage all your cards, has recently announced about welcoming Amex (American Express) cards. The news came into light on the 28th of January, 2019. Do read further find out more about this single card’s support for Amex cards.
What is Curve?
The app, basically gives a secure method to use all your cards at just one place. It also helps to manage all of your spending. Their page gives a better insight into their product and the uses of this card. It says the following on the website –
“Wouldn’t it be nice if managing your money wasn’t a big, stressful, complicated thing?
Well, hello. Our friendly app lets you magically use all your current cards through one simple, secure Curve Mastercard.
It’s the only card you need to carry. Plus, you’ll get instant cashback rewards from your favourite retailers and you can spend abroad with no exchange fees. Nice and simple.
It seems to us you don’t need another bank. You just need a better way to control your money. So, we’ve created one very simple card that puts all your finances in one very smart place.
With all your finances at your fingertips, you can get on with the business of enjoying life. Get Curve now.
Managing your money just got a lot easier. With Curve, you get real-time alerts that tell you how much you’ve spent (and in which currency).
We also show you how you’re spending to help you budget. And if you use the wrong card to pay, you can Go Back in Time and change it. With Curve you’re in complete control. Brilliant.
Curve is safer than carrying all your cards with you. We don’t store your card numbers in the app, your information is encrypted with military-grade security.
We never ever share your information with retailers. Instantly lock your Curve Card or call us if you lose it and we’ll fix things.”
Curve and American Express –
In 2016, the app was being tested initially and it had asked for the support of American Express. Later, it ended up blocking the Amex cards.
But it seems like the good days are on its way. The two companies appear to have finally settled their differences, which is undoubtedly good news for Curve customers who also have a U.K. American Express card. The reason for the initially blockage of Amex cards is as stated by TechCrunch below –
Technically in beta, the new Amex feature lets Curve customers add their Amex cards to Curve and spend with Amex anywhere the Curve Mastercard is accepted. This, says the fintech startup, solves the annoyance Amex card members face with some retailers not accepting Amex cards due to the card’s higher fees.
Presumably, Curve is happy to swallow these fees to better serve its customers, although we don’t know the specific terms of any commercial agreement, if indeed there is one.
Advantages of using Curve-Amex cards –
The company says that Amex card members will continue to earn American Express Membership Rewards points when they spend with their Curve card linked to Amex, and will simultaneously earn Curve Rewards points, too. Curve itself offers rewards at 50 major brands, including Amazon, Uber, Tesco, Sainsbury’s, Waitrose, Ocado, Selfridges, BP and more.
This should mean that Curve customers who switch the Curve app to charge their Amex card under the hood will receive twice the rewards — once from Curve and once from American Express, per qualifying transaction.
Curve says it has been trialing Amex compatibility with its platform in closed beta since November. During beta testing, at least 500 Curve users spent more than £1 million on their Amex cards by paying with Curve, apparently.
More Insight –
Words of Curve Founder –
Shachar Bialick, the founder and CEO of the company says in a telling statement: “Ensuring Amex compatibility with Curve was one of our priorities and most asked for features by our customers. However, bringing Amex back to Curve was not an easy feat. There were challenges around brand and commercials, some of which still exists.”
In a brief call, Bialick paid tribute to his team for getting Amex support across the line and to the “progressive regulatory and competitive landscape” in Europe and the U.K., which he says is fostering competition in the payments and financial space and enabled Curve to bring Amex into its platform. “We hope Amex will continue to support the interest of their customers,” adds the Curve founder.
In other words, this is likely evidence of a startup pushing up against the boundaries of open banking and PSD2 to innovate on behalf of customers and finding that the regulation holds water. Hopefully we’ll see more innovation to come in the months and years ahead as other fintech startups do the same.