Blispay Suspending future purchases

[DantGwyrdd]

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@Physh1 wrote:

I just got this email too. Wasn't this card backed by TD Bank (the same ones who back the Target cards)? Wonder if something happened there...

I liked the card...made big purchases I could float over 6 months with no extra fees. Wonder if it has backfired with them & the transacation fees alone weren't enough to keep floating.

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It's First Electronic Bank which doesn't really seem to have a big portfolio (but I'm not sure if that list is exhaustive, maybe someone who knows more about them can chime in, Blispay is the first I'd ever heard of them).

[DaveInAZ]

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@lindsaydruart wrote:

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@CreditInspired wrote:
Just thinking out loud. I wonder if their next step is to start doing CLD on card holders with large unused CLs, or Cards with large balances, which could cause maxed out cards

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This is how they stay in the business if they are smart.

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Suspending any new purchases means they have a cash crunch and don't have the funds to pay merchants for new purchases, slashing unused CLs won't help that one bit, "unused" being the key word. Now, getting cardholders to pay down current balances would help their situation but they really don't have much they can do about that. They can't change the terms of existing deferred interest balances, they can only change the terms for new purchases. They could offer a discount or other incentive to get cardholders to pay down current balances, but that would be pretty unheard of and damaging to their future finances.

I'm just glad I didn't bite on Blispay.

[jigglypuff]

I still have a charge pending with them... anyone else?

[FinStar]

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@Physh1 wrote:

I just got this email too. Wasn't this card backed by TD Bank (the same ones who back the Target cards)? Wonder if something happened there...

I liked the card...made big purchases I could float over 6 months with no extra fees. Wonder if it has backfired with them & the transacation fees alone weren't enough to keep floating.

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No, Blispay was not backed by TD Bank. 

[lindsaydruart]

Now that I think about it, they did this before Black Friday on purpose. They probably have money coming but Christmas shopping will hurt them. They hold off until January, CLD to get potential risk off the books, then change the 0% promotion when they come back in January with a new batch of money. It's smart business if this is truly what's going on. They don't have enough money to continue if they let people shop.

[kugel]

I think it’s the end of this bank card they just done wanna say it yet meaning they are going Bankrupt
what happenes if yes and I have a big balance will I need to pay it ?

[Anonymous]

Just got my e-mail.  Not completely surprised nor that upset as I haven't really used the card that much (sometimes because I just forgot about it).  I'd be shocked if they return at all.  Guess we will find out soon enough if they keep reporting the card as open to EX or just close them down completely.

[Anonymous]

Got the same email about an hour ago, too good while it lasted; I'm hopeful they'll find
new investors and will keep ongoing !!

[DaveInAZ]

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@kugel wrote:
I think it’s the end of this bank card they just done wanna say it yet meaning they are going Bankrupt
what happenes if yes and I have a big balance will I need to pay it ?

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Yes, of course. If they go BK or another route someone will buy the debt (no doubt at a big discount) and collect it.

[longtimelurker]

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@DaveInAZ wrote:

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I'm just glad I didn't bite on Blispay.

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I don't think the damage is all that great for people who took it: for many the inq will have dropped off by now.   If during the time the card was open people took advantage of the 0% (and the 2% when that wasn't all that common) it's probably an overall win.

If it was your only 2% card then yes, probably need to apply for one of the alternatives....