@Anonymous wrote:From my reading it seems like 2% cashback regardless.
+1
My understanding of the participating merchant language is that a "participating merchant" is necessary if you want to apply on your phone and immediately use the credit line on the spot. It seems to be set up to work similar to a Care Credit transaction, in that a participating merchant can get your account number either from your phone or look it up on a merchant portal if you don't have your card with you, just as a Care Credit 'provider' can do for their card holders. (This isn't specified for Blispay, but a dedicated merchant portal like Care Credit has would make sense).
The main difference here is the transaction will be processed over the merchant's existing Visa terminal (not a merchant portal like Care Credit) as a keyed/card not present transaction for someone who has just been approved. Of course once the plastic card is delivered this becomes a moot point, and the account can be used anywhere Visa is accepted (very much unlike Care Credit... LOL).
As for the rewards, this is from the FAQ on the website:
https://blispay.com/faq/#!/#how-does-cash-back-work
I admit that even if the MSers don't jump on this with both feet (which they will) I can't see it being sustainable. I'm not trying to be pessimistic, but if I felt this would be around for the long term I would be interested. As it is, for someone with my profile it's not wise to open an account just to have it closed if/when the issuer removes it from the market. If I were established with a thick, strong profile I would likely give it a try.
There are times when I actually like to be wrong... and this is one of them. I will be rooting for these guys. 
@Anonymous wrote:
^this might help clear up some confusions.
'me no comprende' still though... so is it like citi dc/fidelity visa 2 percenter card then (once you get the physical card)???? *i need a 2 percenter card after my 1 yr with discover.
Thanks for that link... that actually answers a couple of the questions I had.
This is the part that really got my attention:
What that says to me is that the credit lines won't be huge... apparently the idea is for folks to PIF within six months. Many (if not most) of the folks on here do that anyway, but we've grown accustomed to nice, fat, credit lines since the majority of the public does carry a balance. So if I'm reading the tea leaves correctly that might be a drawback, at least for myFICO folks. (I admit this is speculation... and again I would love to be wrong.)
The second notable thing I see is that the bank is only the 'middle man'; all transactions are 'owned' by Blispay - not First Electronic Bank. This would seem to indicate (again, possibly only to me) that Blispay could shut the program down without too much effort. I know it's common for banks and credit unions to use other institutions to process their transactions (i.e. Elan Financial) but normally the situation is one bank/credit union outsourcing to another, which this is not.
I'm pleased to see that the people involved have extensive prior experience with this kind of thing, but that only goes so far. The folks behind Perk Street Financial were also "heavyweights" from the industry, and they ended up closing like a thief in the night (the folks who never got their cash rewards when Perk Street shut down would likely agree with this terminology).
Thanks again for the link... I'm going to continue to look around for more info about this, and I continue to hope they thrive. Competition is a good thing. 