Blispay Suspending future purchases

[CreditCuriosity]

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@firefox100 wrote:

Hi what I don't understand is why doesn't Blispay sell ther  portfolio off, some other bank could buy them out. I can't understand why thay don't communicate with card holders.

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They might do that, but honestly their portfolio is peanuts for any bank or CU really as they never really advertised..  Is there any real value in what they have or is it more of a liability for whomever was to buy out said customer base as if it was sold it certainly wouldn't have the same terms being 2% and 0 interest for 6 months as no lender in their right mind would buy that with those terms and they could buy the debt, etc, but terms would change for cardholder and probably would lose money being the person that would be acquiring them if I would to speculate although I am sure they are trying to sell what they have hence no announcements or communications as clearly raising more venture capital has appeared to have failed.

[JR_TX]

I think the best course of action is to just leave the card be. As they wrap up their operation and shut down everything, they’re gonna eventually stop reporting to the CRAs. And in the future it’s a good thing to have an aging + tradeline for when life happens. I really see no downside in just keeping the card open other than the annoying cute little CL for me. But that’s just my little 2 pennies

[longtimelurker]

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@JR_TX wrote:
I think the best course of action is to just leave the card be. As they wrap up their operation and shut down everything, they’re gonna eventually stop reporting to the CRAs. And in the future it’s a good thing to have an aging + tradeline for when life happens. I really see no downside in just keeping the card open other than the annoying cute little CL for me. But that’s just my little 2 pennies

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Yes, while I usually support closing rather than SDing unwanted/useless cards, in this case two of the major reasons don't apply!

1) Need to monitor for fraud.   Since the card isn't usable by anyone.....

2) Need to keep alive doing transactions that either aren't needed or could be better done on other cards.    They might close the card, but nothing you can do so this doesn't apply either

Plus, extremely unlikely but there is a possibility it will be transformed (presumably via purchase) into a somewhat useful card.

[Blodreina]

Well.  

 I recently closed my account, deciding that I didn't like the instability.  When you try to go to the website, it redirects to the login page.  I googled Blispay and clicked another link ("for merchants") and that redirects to the login page as well.  

I was pretty sure that they'd eventually reopen; I just decided to monitor from afar.  But now, I'm fairly certain Blispay is dead.  Why else would they shut down other aspects of their website.  Literally, the only thing that works is existing cardholder management.

I also noticed that if you visit the FAQ page, it's been stripped down.  For example, there's no information about cashback; I'm pretty sure there was stuff before about how earning cashback worked.

[Anonymous]

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@Blodreina wrote:

Well.  

 I recently closed my account, deciding that I didn't like the instability.  When you try to go to the website, it redirects to the login page.  I googled Blispay and clicked another link ("for merchants") and that redirects to the login page as well.  

I was pretty sure that they'd eventually reopen; I just decided to monitor from afar.  But now, I'm fairly certain Blispay is dead.  Why else would they shut down other aspects of their website.  Literally, the only thing that works is existing cardholder management.

I also noticed that if you visit the FAQ page, it's been stripped down.  For example, there's no information about cashback; I'm pretty sure there was stuff before about how earning cashback worked.

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I bet collections is in full operation.

[UncleB]

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@Anonymous wrote:

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@Blodreina wrote:

Well.  

 I recently closed my account, deciding that I didn't like the instability.  When you try to go to the website, it redirects to the login page.  I googled Blispay and clicked another link ("for merchants") and that redirects to the login page as well.  

I was pretty sure that they'd eventually reopen; I just decided to monitor from afar.  But now, I'm fairly certain Blispay is dead.  Why else would they shut down other aspects of their website.  Literally, the only thing that works is existing cardholder management.

I also noticed that if you visit the FAQ page, it's been stripped down.  For example, there's no information about cashback; I'm pretty sure there was stuff before about how earning cashback worked.

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I bet collections is in full operation.

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I'm sure they are, but they probably aren't having to do too much. 

Nobody was aware of Blispay other than credit enthusiasts, and that demo generally has no problem paying in full to avoid interest.

Ironically that was likely part of the problem - they needed customers who would pay interest.

[Anonymous]

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@UncleB wrote:

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Nobody was aware of Blispay other than credit enthusiasts, and that demo generally has no problem paying in full to avoid interest.

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I think that's only true if you look at it from the perspective of a forum member here.  From what I understand, we were in the minority when it came to Blispay customers, as the majority came from people signing up for Blispay through a merchant when making a purchase that they wanted to have 6 months to pay off at 0%.  Those people likely knew nothing about Blispay at all and just signed up for it out of impulse in order to be able to make whatever purchase they wanted.  These types of people IMO are the most likely to actually pay interest, many likely not paying off whatever they bought within 6 months.   

[UncleB]

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@Anonymous wrote:

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@UncleB wrote:

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Nobody was aware of Blispay other than credit enthusiasts, and that demo generally has no problem paying in full to avoid interest.

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I think that's only true if you look at it from the perspective of a forum member here.  From what I understand, we were in the minority when it came to Blispay customers, as the majority came from people signing up for Blispay through a merchant when making a purchase that they wanted to have 6 months to pay off at 0%.  Those people likely knew nothing about Blispay at all and just signed up for it out of impulse in order to be able to make whatever purchase they wanted.  These types of people IMO are the most likely to actually pay interest, many likely not paying off whatever they bought within 6 months.   

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I personally can't see the few vendors Blispay had signed up (most of which were specialty/boutique type places) sending more customers to Blispay than the various credit blogs did, but of course all we can do is speculate on that.

The handful of merchants Blispay did have didn't strike me as the type of places who would attract customers who would have problems paying in full - or before the promo expiration - so we're back to my original point either way.

Again, it's just speculation, but it makes sense. 

[core]

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@UncleB wrote:

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Nobody was aware of Blispay other than credit enthusiasts, and that demo generally has no problem paying in full to avoid interest.

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I don't know... there was a person in this very same thread who "had" to finance some blinds on his/her Blispay card or the world was going to end.  (Blinds? C'mon man.)  I think Blispay found their niche there.  It's just that there were far more "customers" with their head screwed on straight which were costing more than the profitable ones.  Half of these startups are ponzi schemes from the word go.  They ran out of victims/investors.

[Anonymous]

Why are you so concerned with what people spend their money on?  Custom wood blinds are very expensive for the size of my home.  Why lose money taking from my savings when I had an option to finance for free. That is the point of blispay. Not everyone is irresponsible with their money.