this post was submitted on 18 Jun 2024
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What a load of bullshit. The real reason is that they would be held to the standards of any other credit agency and they didn't want to open their books to the required scrutiny.
Their credit card is already covered by the regular state and federal oversight institutions and rules. In fact, buy now pay later services are very loosely regulated hence why so many have popped up over the past couple years.
besides the service likely not being used much, their reason for discontinuing is because they’re allowing other financial institutions to offer BNPL services and things like pay over time credit card offers this fall.
Their credit card is basically a branded MasterCard administered by Goldman Sachs. It isn't in house like their bnpl.