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I'll add, run run run away!
We may soon see compliants about late payment postings, interest charges and other problems associates with a start-up credit card product. I know Electronic Bank handles store cards but I can see backrooms problems occuring.
Also good luck trying to keep track of all your purchases over $199 over six months for the 0% for six months, which everyone wants this product for.
They are in a crowded market.
of course, SP CLI!!!! gravy luv train ftw!
Equifax FICO 08 or whichever version is useful.
not sure if it's 'No FTF'... if not, make it!
mid-cycle CRA reporting updates like chase.
do something like AmEx Offers
beat chase Slate as a BT card. $0 transfer fee; 0% apr for 3-5 yrs.
single digit purchase APR better if none. lolz
make it like BoA BBR - if PIF, bonus!!! make it monthly $50 instead of quarterly $25.
have transfer partner sites (ALL the airlines & hotels known to man) with much better cpp! beating UR and MR pts.
have a HUGE sign up bonus ....with little to NO spend at all!
and yeah, instead of 2% make it 10% OR on top of the flat 2%, ADD 5%-10% rotating categories. non-rotating for ALL categories would be better.
and i almost forgot, World Peace!!! give us that! =D
realistically though, the ones in bold. =)
@Anonymous wrote:
I think this is speculation on your part, time will tell.
As a consumer if i cant keep track of my purchases, im probably not very good at keeping track of my bills in general. Knowing i have 6mo 0% , the math is not that hard. Redpat, I would think a comment like that would scare any creditor you have.
Im not going to sit here and say i wont give them a chance when 'A Chance' is what my credit needs. Everyone was a start up at one point or another. What is the worst that can happen.... i have to pay back the monies they loaned me? Thats the point, right?
A line of credit is just a loan that can be called anytime. If you cannot afford to pay it back tomorrow , dont borrow it. Revolving means , it come back around, full circle. Sometimes i wonder on here what some people would do if all of a sudden their $30,000 credit lines were 'called'. If one or more of the big banks went under. Would they be able to pay the.'loans' back immediately? I doubt that the majority could.
I just dont get what people are scared about with Blispay. I was approved, when BoA, Amex, Chase, Citi push their noses up at me.
3/16 Fico8 - 661eq/693tu/683ex 4/16 Fico8 664eq/697tu/683ex Inq/19tu, 13eq, 11ex bk6/2012/ Accts Kohls 1000, Cap1 QS 4,300, Cap1 QS 3,750, WMSC 5,000, Tar 300, CU 3,500, Bcly 2,000, WMMC 5,000, Disc 5,000, LL Bean 2,500, Blispay Visa $2,000
If I had a bunch of $200-$300 purchases it would admittedly be seriously irrirating to keep track of to try to maximize; however, my use case is things like property tax payments which don't accept JCB/Amex, or summer tuition at UCI, or similar large purchase options which I know pretty concretely when the date I come off the financing period ends. I just don't have that many big purchases over the course of the year.
Also yeah, people have absurdly outsized lines here, but the majority of those aren't seriously using them. My reported utilization right now is $202/$127K for example and I'm not an outlier on that... the few that are typically have non-trivial expense / reimbursement or similar patterns of payment rather than carrying a balance: I was making the tongue-in-cheek comment about being bad at math in the other Blispay thread, but for serious, carrying a balance on a ~20% APR rewards card never makes any sense unless you have no other option... 0% financing deals notwithstanding. I'm fairly confident everyone agrees with me on that point at least unlike the other that clearly falls below some people's trivial line.
Anyway I ain't skeered, if they screw up the payments on my credit report, well that's what disputes leading to lawsuits are for; however, I seriously doubt if they can jump through all the rest of the hoops needed to launch this business that they'd screw the bureau side up; reporting to the credit bureau is pretty darned easy: plug in the API for your development language into your application, present data to specification, and voila, you're reporting! It's about that simple these days unless you're writing your own library which, well, why in a startup?
Contract and money is where it always gets screwed up, technical process-wise it's easy.
@Anonymous wrote:
I think this is speculation on your part, time will tell.
As a consumer if i cant keep track of my purchases, im probably not very good at keeping track of my bills in general. Knowing i have 6mo 0% , the math is not that hard. Redpat, I would think a comment like that would scare any creditor you have.
Im not going to sit here and say i wont give them a chance when 'A Chance' is what my credit needs. Everyone was a start up at one point or another. What is the worst that can happen.... i have to pay back the monies they loaned me? Thats the point, right?
A line of credit is just a loan that can be called anytime. If you cannot afford to pay it back tomorrow , dont borrow it. Revolving means , it come back around, full circle. Sometimes i wonder on here what some people would do if all of a sudden their $30,000 credit lines were 'called'. If one or more of the big banks went under. Would they be able to pay the.'loans' back immediately? I doubt that the majority could.
I just dont get what people are scared about with Blispay. I was approved, when BoA, Amex, Chase, Citi push their noses up at me.
3/16 Fico8 - 661eq/693tu/683ex 4/16 Fico8 664eq/697tu/683ex Inq/19tu, 13eq, 11ex bk6/2012/ Accts Kohls 1000, Cap1 QS 4,300, Cap1 QS 3,750, WMSC 5,000, Tar 300, CU 3,500, Bcly 2,000, WMMC 5,000, Disc 5,000, LL Bean 2,500, Blispay Visa $2,000
I just don't know what the hype is all about. Pretty underwhelming if you ask me.
You would only see this many approvals and apps here on these forums,lol.
People with credit cards don't have a credit line, it's a credit limit and could get a CLD at anytime. They cannot call them in as they would LOC, you would just have to pay the balance over a period of time.
LOC is sometimes renewed annually.
@Anonymous wrote:
From my understanding and i could be wrong....
The 6 mo 0% fin. Is from the account open date? After that its regular int, and is retro back if not pif.
So if im correct here, my account opened on 4/5. So if i make a 300 purchase every month for 5 months, i only have until my statement date to pif for my 0% finacing.
From the FAQ, I thought this was on every $199+ purchase, from the date of posting (until it changes). So more like say the Amazon store card than a card with an introductory 0% APR