Blispay cards offering up to 12-month financing this year

[Blackbeauty212]

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@Anonymous wrote:
Numbers do not lie apparently enough people are blowing it and not paying off stuff quick enough so it is a business model he wants to take elsewhere and do the same thing

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People are using the Card not only for the 6 months financing, but also as an Everyday card because of the 2%. 

The only way BP is really making money is off people lapsing the 6 months (5 months if its used as an Everyday card) financing. They knew the only way to get people to use this card for something more than just to carry large purchases for "Free" was to offer some type of Cashback, hence the 2%. I've always said if you try to use BP as both a Financing and Everyday card you will fall into BP trap. It's too difficult for most to keep up with the algorithms to avoid hitting interest.  Which why people said from the beginning its best to use BP just as a Financing "Floater" card and use something else as an Everyday card. 

[lokobo]

I use it as both, finance "floater" and an everyday card, but am careful to not float beyond 4 months (5 at the max)

Trap people might fall into is that after 4 months, your payments go to those interest deferred balances that are older than 4 months old and you'll have to pay monthly interest on any everyday purchases until the 4 month old promo balances are paid off. They don't make that part--how much balance is subject to interest-- clear in the app.

For example I paid my auto insurance premium for the entire year in advance for a slight discount and budgeted to pay it off over 6 months until I read on here what they do after 4 months right before I would have been caught in that trap

[Blackbeauty212]

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@lokobo wrote:
I use it as both, finance "floater" and an everyday card, but am careful to not float beyond 4 months (5 at the max)

Trap people might fall into is that after 4 months, your payments go to those interest deferred balances that are older than 4 months old and you'll have to pay monthly interest on any everyday purchases until the 4 month old promo balances are paid off. They don't make that part--how much balance is subject to interest-- clear in the app.

For example I paid my auto insurance premium for the entire year in advance for a slight discount and budgeted to pay it off over 6 months until I read on here what they do after 4 months right before I would have been caught in that trap

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You definitely can avoid the Trap, if you know how the game is being played, and are able to stay a step ahead. I'm just saying most people can't keep up with the algorithm to make sure they never pay interest.  BP is banking on this, which is why they dangle that 2% carrot in front of people's face and most will fall into the "Trap"

Think of it like this, if Blispay didn't offer the 2% and they only benefit was the 6 month float, people would only use it for simply that, the Free Float. Hense BP makes no money, the merchant fees are not enough to cover lost interest on the Free Float. They needed an additional "Gimmick" to make this work to their benefit. 

BML/PPCredit doesn't have this problem because there's no middle man (Visa) involved. They control the entire process so they can get away with the 6month Float being the sole benefit of PPCredit. 

BTW - Good JOB, make the card work for you.  

[Anonymous]

Good post above.  I agree that the 2% CB on any purchase is something that will indirectly cause people that would otherwise just use the card for the 6 month promo feature to use it more often and thus increase their chances of scoring interest.

[UncleB]

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@Anonymous wrote:

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@SunriseEarth wrote:

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@Anonymous wrote:

Not to be "that guy" but this card seems like it's either doomed to fail, or something crazy going on internally at blispay.

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The same model was used successfully when the Blispay founder had previously created BML (now Paypal Credit).  But we'll see...

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Isn't PayPal Credit run by the dreaded Synchrony?

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Someone can correct me if I'm mistaken (since I have neither product) but my understanding is that the product that used to be Bill Me Later (BML) is Paypal Credit, which is now Comenity. 

Unless I'm mistaken the Paypal Extras credit card (and SmartConnect) are Synchrony products.

[Benzman]

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@UncleB wrote:

Someone can correct me if I'm mistaken (since I have neither product) but my understanding is that the product that used to be Bill Me Later (BML) is Paypal Credit, which is now Comenity. 

Unless I'm mistaken the Paypal Extras (and Ebay) credit card (and SmartConnect) are Synchrony products.

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Absolutely correct on both Comenity & Synch!

[Anonymous]

PPcredit is the same. If you float a 400 purchase with several months left, and buy some sneakers on ebay for 93… dumb.. Lol.. Next month you better pay the 93 plus what it says to avoid standard and deferred interest. They lay it out for you on statements perfectly.

[SunriseEarth]

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@Blackbeauty212 wrote:

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@Anonymous wrote:
Numbers do not lie apparently enough people are blowing it and not paying off stuff quick enough so it is a business model he wants to take elsewhere and do the same thing

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People are using the Card not only for the 6 months financing, but also as an Everyday card because of the 2%. 

The only way BP is really making money is off people lapsing the 6 months (5 months if its used as an Everyday card) financing. They knew the only way to get people to use this card for something more than just to carry large purchases for "Free" was to offer some type of Cashback, hence the 2%. I've always said if you try to use BP as both a Financing and Everyday card you will fall into BP trap. It's too difficult for most to keep up with the algorithms to avoid hitting interest.  Which why people said from the beginning its best to use BP just as a Financing "Floater" card and use something else as an Everyday card. 

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This is exactly it, and which is why I'm not using the card as my daily driver while I have promo purchases.   It's also why everyone can only have one Blispay card.  

[Anonymous]

This card started off being a good ideal but a few things that I don't like...When you opt to send your payments whether by check, bank bill pay etc, the lag time on posting which my longest was 14 days from any bank account I sent through, there's a disconnect on the posting which if not careful, two things can happen, a late payment or the payment doesn't post if it's your last one towards a deferred promo in time. (I didn't like the ideal of letting them pull my payments until I got to know their practices better and how long they would be around, I now let them pull the payments. That being said, leads into my other point of concern, if you're really doing a huge purchase aka $700 plus, you better divide up your average payment to a tee for the 5 month mark instead of 6, I caught a huge chuck of interest on a $13 remaining balance cause my payment didn't post until the day after but it showed cleared through my bill pay service a full week before. 

I would not use this as a everyday driver card, the 2% doesn't give a big enough bonus until you're at $250 in, that's when you hit the $5 mark. I don't think the card is doomed to fail and for some that point out that it may be, I think since they are going off the same model as Bill Me Later (PayPal Credit) is what's saving the card, there will be a lot of people like myself that catch that huge interest hitting all at once and lose any benefit that came from the original purchase. I'm leaning more towards using my DC with the 1%/1% and price rewind. At least if I catch an interest charge it's not for a 6 month spread and easier to make large payments and I trust them pulling my payments since they post the pending payment immediately.

[Erusidhion]

    The Walmart Credit Card still offers 6 months for under $299 and 12 months for $299 and above. If they went this route; this would replace a few promotional cards I have like auto repair credit cards. It would probably even replace Home Depot/Lowe's BUT I would probably still keep those cards. At least with Blisplay you could take advantage of the 12 month offer on pretty much any big purchase with 2% cash back. You could probably find some deals to add to that 2% depending on where you shop.

    I would be ecstatic if Blisplay offers the 12 month financing. However a lot of big banks like Bank of America, Capital One, local credit unions are killing it these days with balance transfer offers for 18/24 months at like 5% apr or less. The market is getting pretty competitive in the last 12-24 months. Good for all of us MyFICOers.