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Advice whether to get a Blispay or not.....

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wacdenney
Valued Contributor

Re: Advice whether to get a Blispay or not.....


@kdm31091 wrote:

@wacdenney wrote:

@Closingracer99 wrote:

@wacdenney wrote:

@core wrote:

@wacdenney wrote:

I really don't see any advantage to Double Cash over BlisPay and there's certainly no advantage to any Crap 1 products.


Does Blispay allow you to pay your balance with a debit card?  That would be one advantage the Citi has.  And maybe financial stability... someone who likes to keep things simple might not want to go looking for a different credit card next year when this whole thing goes Tango Uniform.


I still haven't seen any evidence whatsoever to support the assertion that BlisPay is likely to go under. 


Evidence is within itself ... Brand new.... plus the 0% APR with no min payments for 6 months is a recipe for disaster .... Plus the semi low score required ot get the card I see this going under quite quickly depending on how it pans out and who gets the card. That or they change the offer for like 6 month 0% APr with a min payment and 1% CB....


Can you cite anything AT ALL to back this up?  2% has been done successfully more than once as has 0% for 6 months.  They aren't exactly reinventing the wheel here.  Everyone keeps on insisting that Blis is going to fail yet I have yet to see ANYONE provide any evidence to support the assertion.  My cards working great for me...


Historically, most 2% cards have gone away or been nerfed. Priceline and Schwab are two examples. Many 2% cards, like Venture or Arrival, are only 2% if you redeem for certain things, so that doesn't really count. General, flat rate 2% cards are not usually profitable for banks, which is why they rarely come with sign up incentives (and Citi has pulled the 0% offer on Double Cash, at least via some links). Fidelity is still around because they take the losses in order to draw in customers (you can find articles on this).

 

So it stands to reason that people don't expect Blispay to last forever. They will not be making as much money off of interest to boot, and the 2% rewards. They have to make profit somewhere to make it worth offering. If that doesn't pan out, rest assured, it will go away.

 

When Double Cash first came out, many people figured it wouldn't last any time at all and it has lasted ~2 years although like I said, they did take away the purchase promo, leading me to think they want to get more interest from people and if it doesn't work out they may pull the plug.

 

This is all speculation of course, but 2% flat rewards have never been profitable. By all means, people should enjoy Blispay while it's around. That doesn't mean others have to think it will stay around forever (credit cards with high flat rate rewards rarely do).

 


Closingracer99 wrote

Eh I got $180 in CB on my DC in the 8 to 10 months I have used it.


Right but with a card with a $200 bonus you'd still be ahead over  the DC, which was my point.


Most card offerings do not last FOREVER and no one is asserting that this or any other card would be garaunteed to last till the end of time.  However, there is NO basis whatsoever for the bandwagon assertions that BlisPay will FAIL within 3 months or 6 months or whatever unreasonably short timeframe is popular today.  Here again you have posted a wall of text that amounts to rank speculation based on unequivilant comparison.  How many cards have failed of whatever various flavor of reward?  Because Citi Dividend failed are we to assume Chase Freedom is also bound to fail?  How much sense does it really make to compare a privately owned company like BlisPay to Citi or Fidelity both of which are publicly traded profit driven institutions?  BlisPay doesn't NEED to turn huge profit margins.  They are a startup and their goal at this stage is to remain in the black and gain market share.  How long they pursue their current strategy is anyone's guess, but no it likely will not be FOREVER and yet this still doesn't lead to a foregone conclusion that the company will FAIL.

 

I get it, the haterade tastes good and bandwagons are a fun ride, but given the background of the people running the company along with the at worst reasonable and at best SMART play to attempt to gain market share early on I stand by my assertion that there is no reasonable argument to be made for a crash and burn outcome or even an early nerfing.  What if BlisPay had launched with a 1.5% card?  That's reasonable and can be marginally profitable right?  Yeah and it's also boring and obsolete.  Then maybe the crash and burn assertions would have had merit.  Instead they chose to come out strong and sacrifice huge profit margins in exchange for market share and I see that as a sound strategy for an upstart breaking into a fiercly competitive and crowded market. 

 

BlisPay will end up being the Nickelback of the forum.  Everybody hates on them yet they somehow manage to sell millions of records! 

Message 51 of 60
Anonymous
Not applicable

Re: Advice whether to get a Blispay or not.....

well after contemplating got Blispay with CL of 7500. Can't wait to try it out!

Message 52 of 60
Anonymous
Not applicable

Re: Advice whether to get a Blispay or not.....


@Anonymous wrote:

well after contemplating got Blispay with CL of 7500. Can't wait to try it out!


Congratulations!!

Message 53 of 60
UncleB
Credit Mentor

Re: Advice whether to get a Blispay or not.....


@wacdenney wrote:

 

BlisPay will end up being the Nickelback of the forum.  Everybody hates on them yet they somehow manage to sell millions of records! 


^^^ This is an excellent analogy!  (I never understood all the Nickelback hate, either...)

 

FWIW, I'm glad I got my Blispay, haters or not - it has value to me.  Smiley Happy

Message 54 of 60
UncleB
Credit Mentor

Re: Advice whether to get a Blispay or not.....


@Anonymous wrote:

well after contemplating got Blispay with CL of 7500. Can't wait to try it out!


Congrats!  I got mine just a few days ago (same CL even!)   Smiley Very Happy

Message 55 of 60
galahad15
Valued Contributor

Re: Advice whether to get a Blispay or not.....

Congrats on the approval & excellent SL! Smiley Happy

Message 56 of 60
lakelife16
New Contributor

Re: Advice whether to get a Blispay or not.....

Just got approved with Blispay a couple days ago. 748 FICO and all they'd do was $3600. I was hoping to receive the $7500 others in my score range did but no avail. I asked about future CLI's and she said doubtful, they don't plan to offer any unless they change policy. I wouldn't app them again if I wouldn've known the low limit and no future for growth.

Message 57 of 60
Blackbeauty212
Frequent Contributor

Re: Advice whether to get a Blispay or not.....

 

I too really don't get why folks are wanting BP to fail as to prove some type of point. Maybe I haven't been around the forums enough and this is just par for the course of any card with rewards that's not Chase, CIti, BofA, Cap One? As other have said we have other 2% cards, we have 0% Financing Deals (albeit nothing that is on a major network). So what if BP has to scale back the 2% or nerf it all together, sure some people who planned to make this their Daily Driving Card would be pissed, they wouldn't be adversly affected though, just go and get a DC or something.

 

The Real benefit to this card is being a Visa with 6 months 0% and No Payments ... This is the unique feature, its why the majority of us signed up. Its what sets BP apart, they nerf this aspect of the card, they have NO product to offer. I would be upset that I lost a great Balance Carrier card, but I would easily move on, my life isn't over. I haven't lost anything. 

 

BP is smart people, they are offering maxium benefits but doing so not to put themselves out of business.... Requiring High Score, Strict Verfiable Credit Profiles, Requiring 2% redeemed automatically, so that Buildup does not cost them. No CLIs, Modest SL (Max CL is 12K). They want to succeed, but offering high rewards plus financing requires strict regs for a start up. I would even venture to say the 2% was a smart "Trick" by them to get people to pay interest with their Promo vs No Promo payment allocation clause.

   

I Don't see BP failing, maybe nerfing the 2% down, if they don't get much return from people falling into the "Trap". Doesn't matter for me the 2% is not why I have the card, it could go away altogether as far as I'm concerned.   

 

 

@lakelife16 wrote:

Just got approved with Blispay a couple days ago. 748 FICO and all they'd do was $3600. I was hoping to receive the $7500 others in my score range did but no avail. I asked about future CLI's and she said doubtful, they don't plan to offer any unless they change policy. I wouldn't app them again if I wouldn've known the low limit and no future for growth.


BP max CL 12K .... getting even a 10K SL with them means having near or > 800 EX scores with mostly at or > 20K CL on long standing Revolvers. I have 5 long standing revolvers with >20K limits w/745 EX score, and I still got a 7.5K SL. As i've said previously 7.5K is quite enough for me if the TL is Hidden, I wouldn't ever need to seek a CLI. 

 

the 680 or > EX score just help determine if you're approved or not, its your overall Credit Profile that determines your SL. So if you've already gone on a spree of app'ing and its reflecting in your EX that will ding you on the SL, Not having high CLs on long standing Revolvers will ding you. Or if they feel like your carrying too many Balances already will ding you. 

 

They are NOT liberal at all with CLs, and as a responsible start up they shouldn't be. 

Message 58 of 60
wacdenney
Valued Contributor

Re: Advice whether to get a Blispay or not.....


@Blackbeauty212 wrote:

 

I too really don't get why folks are wanting BP to fail as to prove some type of point. Maybe I haven't been around the forums enough and this is just par for the course of any card with rewards that's not Chase, CIti, BofA, Cap One? As other have said we have other 2% cards, we have 0% Financing Deals (albeit nothing that is on a major network). So what if BP has to scale back the 2% or nerf it all together, sure some people who planned to make this their Daily Driving Card would be pissed, they wouldn't be adversly affected though, just go and get a DC or something.

 

The Real benefit to this card is being a Visa with 6 months 0% and No Payments ... This is the unique feature, its why the majority of us signed up. Its what sets BP apart, they nerf this aspect of the card, they have NO product to offer. I would be upset that I lost a great Balance Carrier card, but I would easily move on, my life isn't over. I haven't lost anything. 

 

BP is smart people, they are offering maxium benefits but doing so not to put themselves out of business.... Requiring High Score, Strict Verfiable Credit Profiles, Requiring 2% redeemed automatically, so that Buildup does not cost them. No CLIs, Modest SL (Max CL is 12K). They want to succeed, but offering high rewards plus financing requires strict regs for a start up. I would even venture to say the 2% was a smart "Trick" by them to get people to pay interest with their Promo vs No Promo payment allocation clause.

   

I Don't see BP failing, maybe nerfing the 2% down, if they don't get much return from people falling into the "Trap". Doesn't matter for me the 2% is not why I have the card, it could go away altogether as far as I'm concerned.   

 

 

@lakelife16 wrote:

Just got approved with Blispay a couple days ago. 748 FICO and all they'd do was $3600. I was hoping to receive the $7500 others in my score range did but no avail. I asked about future CLI's and she said doubtful, they don't plan to offer any unless they change policy. I wouldn't app them again if I wouldn've known the low limit and no future for growth.


BP max CL 12K .... getting even a 10K SL with them means having near or > 800 EX scores with mostly at or > 20K CL on long standing Revolvers. I have 5 long standing revolvers with >20K limits w/745 EX score, and I still got a 7.5K SL. As i've said previously 7.5K is quite enough for me if the TL is Hidden, I wouldn't ever need to seek a CLI. 

 

the 680 or > EX score just help determine if you're approved or not, its your overall Credit Profile that determines your SL. So if you've already gone on a spree of app'ing and its reflecting in your EX that will ding you on the SL, Not having high CLs on long standing Revolvers will ding you. Or if they feel like your carrying too many Balances already will ding you. 

 

They are NOT liberal at all with CLs, and as a responsible start up they shouldn't be. 


Honestly given the apparent additional benefit of a hidden tradeline, the lowish limit is much less important.  When / if this does indeed pan out as hidden I can take that 5k CL and actually use 5k of it.  There's no need for 90% more CL than you'll ever use if they don't report.  That's a big part of the reason for what people percieve as being CLI crazy on the boards.  If you only have a 1k CL you can really only use $100 of that without micro-managing due dates and reporting if you want to keep your scores high as most of us do.  With BlisPay so far not reporting, that's no longer a concern.

Message 59 of 60
Gmood1
Super Contributor

Re: Advice whether to get a Blispay or not.....


@wacdenney wrote:

@Blackbeauty212 wrote:

 

I too really don't get why folks are wanting BP to fail as to prove some type of point. Maybe I haven't been around the forums enough and this is just par for the course of any card with rewards that's not Chase, CIti, BofA, Cap One? As other have said we have other 2% cards, we have 0% Financing Deals (albeit nothing that is on a major network). So what if BP has to scale back the 2% or nerf it all together, sure some people who planned to make this their Daily Driving Card would be pissed, they wouldn't be adversly affected though, just go and get a DC or something.

 

The Real benefit to this card is being a Visa with 6 months 0% and No Payments ... This is the unique feature, its why the majority of us signed up. Its what sets BP apart, they nerf this aspect of the card, they have NO product to offer. I would be upset that I lost a great Balance Carrier card, but I would easily move on, my life isn't over. I haven't lost anything. 

 

BP is smart people, they are offering maxium benefits but doing so not to put themselves out of business.... Requiring High Score, Strict Verfiable Credit Profiles, Requiring 2% redeemed automatically, so that Buildup does not cost them. No CLIs, Modest SL (Max CL is 12K). They want to succeed, but offering high rewards plus financing requires strict regs for a start up. I would even venture to say the 2% was a smart "Trick" by them to get people to pay interest with their Promo vs No Promo payment allocation clause.

   

I Don't see BP failing, maybe nerfing the 2% down, if they don't get much return from people falling into the "Trap". Doesn't matter for me the 2% is not why I have the card, it could go away altogether as far as I'm concerned.   

 

 

@lakelife16 wrote:

Just got approved with Blispay a couple days ago. 748 FICO and all they'd do was $3600. I was hoping to receive the $7500 others in my score range did but no avail. I asked about future CLI's and she said doubtful, they don't plan to offer any unless they change policy. I wouldn't app them again if I wouldn've known the low limit and no future for growth.


BP max CL 12K .... getting even a 10K SL with them means having near or > 800 EX scores with mostly at or > 20K CL on long standing Revolvers. I have 5 long standing revolvers with >20K limits w/745 EX score, and I still got a 7.5K SL. As i've said previously 7.5K is quite enough for me if the TL is Hidden, I wouldn't ever need to seek a CLI. 

 

the 680 or > EX score just help determine if you're approved or not, its your overall Credit Profile that determines your SL. So if you've already gone on a spree of app'ing and its reflecting in your EX that will ding you on the SL, Not having high CLs on long standing Revolvers will ding you. Or if they feel like your carrying too many Balances already will ding you. 

 

They are NOT liberal at all with CLs, and as a responsible start up they shouldn't be. 


Honestly given the apparent additional benefit of a hidden tradeline, the lowish limit is much less important.  When / if this does indeed pan out as hidden I can take that 5k CL and actually use 5k of it.  There's no need for 90% more CL than you'll ever use if they don't report.  That's a big part of the reason for what people percieve as being CLI crazy on the boards.  If you only have a 1k CL you can really only use $100 of that without micro-managing due dates and reporting if you want to keep your scores high as most of us do.  With BlisPay so far not reporting, that's no longer a concern.


This is what I'm hoping for! I'll use all of my $7500 limit if it pans out. Just checked EX report tonight through the back door dispute. Nothing showing up as yet. Hope it stays that way!Smiley LOL

 

Message 60 of 60
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