*UPDATE* Blispay No Longer Accepting Applications

[baller4life]

Diners Club stopped taking apps cause they ran out of plastic and haven't reopened them yet. That was a year and a half ago. Let's hope that won't be the case with Blispay.

[CreditCuriosity]

Quicker than I thought as well.. I don't think they were ready for the sheer number of applications as the flood gates opened.  Be interesting to see how this plays out and if applications are ever re-opened.. My guess is they had X amount of money to lend out from the bank that backs them and they hit that number and if they prove the business model works then it will be re-opened for applications otherwise if it doesn't then obviously it goes bye-bye.. Only time will tell.  Will be watching this in the next weeks/months.  Assuming it will be several months until applications are being taken again if ever taken again, possibly even can I say 6 or so months to see how many of these people are defaulting and or paying the interest past the promo?  All speculation on my part

[theoldnocreditmaster]

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@Anonymous wrote:

Fido Jones was just approved for a $12,000 Blispay credit line yesterday.

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I managed to get in under the wire a day before you. They gave me 15K. maybe you got the last of what they had left.  

[Anonymous]

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@UncleB wrote:

My fingers are crossed that this is only temporary for a back-end 'tweak' of some type, and that they'll continue taking applications in the near future. 

Unlike Diners, this would actually be useful to me... I just wasn't ready to app just yet (I'm a few months off). 

If this does in fact end up like Diner's, I'll be kicking myself later on. 

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I am feeling the same way. Like I said in another post, I sure hope those who were lucky enough to get this card treat it right—and most importantly, pay their bills. With the limited funding this company has to start with, I highly doubt they can afford to take much in losses. I see with Barclay Ring just how much delinquent accounts affect profitability on a product, and that card is backed by a real bank, so if there are too many delinquent accounts with Blispay, I would imagine they would go under fairly quickly. I hope that doesn’t happen, because I sure do like the idea of this card.

[CYBERSAM]

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@theoldnocreditmaster wrote:

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@Anonymous wrote:

Fido Jones was just approved for a $12,000 Blispay credit line yesterday.

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I managed to get in under the wire a day before you. They gave me 15K. maybe you got the last of what they had left.  

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You broke the bank! nice going

[Anonymous]

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@pipeguy wrote:

Looking at the people that started this thing and their history I think they understand the game-goals-potential, but I think they might be thinking they are the next PayPal or sorts and their seed leverage funds ran out quickly.

Would not surprise me to see Blispay establish itsself, maybe with additional funding, for 6-12 months and then be sold to another better funded enity, thus making the founders a bunch of cash as they walk away - sans paypal, et al. 

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If I remember correctly, I think there was an article that stated that one of the founders of Blispay was also a co-founder of Bill Me Later (now called PayPal Credit). I don’t think they are trying to be the next PayPal per se, but I do think they are trying to create Bill Me Later 2.0.

I have PayPal Credit and I love it—mostly because of the hidden trade line, but I’d be lying if I said I didn’t like the no payments + no interest for 6 months as well. The only thing that bothers me about PayPal Credit is that you can’t use it in brick and mortar stores, and you can only use it online with places that accept PayPal. For this reason, Blispay is an awesome idea—not to mention it also comes with 2% cashback.

So the founders of Blispay have a great idea, they just need more funding. Although, I’m still trying to figure out their plan to make a profit; seems a little difficult the way they have it set up, especially if the card members they have now never pay any interest.

[baller4life]

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@CYBERSAM wrote:

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@theoldnocreditmaster wrote:

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@Anonymous wrote:

Fido Jones was just approved for a $12,000 Blispay credit line yesterday.

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I managed to get in under the wire a day before you. They gave me 15K. maybe you got the last of what they had left.  

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You broke the bank! nice going

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You guys are always breaking stuff! LMAO!

[ddemari]

They definitely weren't just approving people. Because they would have approved me if it wasn't due to inquires and i shouldn't have applied when it became live anyways.

[Anonymous]

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@baller4life wrote:
Diners Club stopped taking apps cause they ran out of plastic and haven't reopened them yet. That was a year and a half ago. Let's hope that won't be the case with Blispay.

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That excuse cracks me up. Is plastic some kind of rare commodity? 

[pipeguy]

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@Anonymous wrote:

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@baller4life wrote:
Diners Club stopped taking apps cause they ran out of plastic and haven't reopened them yet. That was a year and a half ago. Let's hope that won't be the case with Blispay.

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That excuse cracks me up. Is plastic some kind of rare commodity? 

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Perhaps in Canada, not sure....