Earn 3% on everything using one card -Dead !-

[Anonymous]

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@Anonymous wrote:
@Saeren: I recommend the BCE for groceries.

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Tried for it in December and was denied. I think I’m going to have to make my cashRewards a MoreRewards Amex and I really don’t want to because a $7500 grocery card is overkill... But at least that way NFCU will get some spend from me so when my payment posts to my CR I’ll call and do it. 

[digitek]

In a way I'm relieved because I've been holding off on getting it forever, I knew it was kind of fluke and would get shut down, but my OCD optimized brain kept telling me to get it.  At least I don't have to even think of getting the card anymore, we all know it is over now on March 11.

[Anonymous]

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@DaveInAZ wrote:

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@Anonymous wrote:

I wonder how soon before PayPal realizes that 99% of their PayPal Business Debit cards no longer get used as a result.

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I've been think about this and I doubt if it was PayPal behind this, I bet Synchrony demanded it be shut down. PayPal was no doubt happy with this, they get the entire 2.xx% swipe fee for the transaction while only paying us only 1% on the debit card. Synch on the other hand was paying out 2% rewards on the transaction while getting $0 in swipe fees. 

I would think that the arrangement was somewhat different, not sure why Sync would agree in the first place if that was the case (unlimited exposure for no reward) unless they thought it would grow market share for their card.

[DaveInAZ]

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@Anonymous wrote:

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@DaveInAZ wrote:

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@Anonymous wrote:

I wonder how soon before PayPal realizes that 99% of their PayPal Business Debit cards no longer get used as a result.

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I've been think about this and I doubt if it was PayPal behind this, I bet Synchrony demanded it be shut down. PayPal was no doubt happy with this, they get the entire 2.xx% swipe fee for the transaction while only paying us only 1% on the debit card. Synch on the other hand was paying out 2% rewards on the transaction while getting $0 in swipe fees. 

I would think that the arrangement was somewhat different, not sure why Sync would agree in the first place if that was the case (unlimited exposure for no reward) unless they thought it would grow market share for their card.

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Knowing how much PayPay loves fees I doubt if they agreed to share any swipe fees with Sync. I think it just got way out of hand and it started costing Sync too much. Doctor of Credit posted about it this morning and there's already a long page of postings with people moaning about how much they were running through this with Plastiq, buying Visa gift cards, etc. I didn't go overboard with this, I averaged an extra $6-7 monthly from PayPal on the 1% debit card so I don't think I'll lose any sleep, just a couple bills to switch over directly to the Cashback MC.

[Anonymous]

@DaveinAZ that makes sense. Those people suck, they should just have their accounts shut down, sucks those of us who were using it as a legit general category cash back card rather than manufacturing spend have to suffer too. Oh well, such is the nature of our hobby.

[CreditCuriosity]

Everyone had to know this was coming.  Stinks especially or the new comers on this.  As others echoed if it is to go to be true than it .....  

Some people were doing heavy MS and caught their attention and obviously this isn't how it was intended to be used.

Time for some of you all to get the alliant Visa Signature although AF after the first year probably the next best card next to the limitless that is no longer available if you have over 12k approx spend on non cat spend

[Anonymous]

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@Anonymous wrote:
@DaveinAZ that makes sense. Those people suck, they should just have their accounts shut down, sucks those of us who were using it as a legit general category cash back card rather than manufacturing spend have to suffer too. Oh well, such is the nature of our hobby.

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I don't think those using it as a "legit general category cash back card" (which in this case includes me) have a whole lot of moral high ground to stand on relative to MS.   As many have said, looked too good to last and a whole bunch of people doing even modest spend can cost too much.   

OT, but I do see often "What I do is OK (good, clever, prudent) whereas those others are ruining it for us all"   An example is the recent stuff on AA gift cards.   Getting reimbursed is CLEARLY not meant to happen in the T&C, but people who were happily doing this have railed against MS in the past (for being against T&C!).   Basically, if something works for someone, that should be OK for us to accept (not necessarily follow), and if it is too "good" it will probably stop working at some point.

[wasCB14]

+1 LTL

How many used the card or Paypal account exclusively for business? How many businesses were even real? "Backup" was probably not intended to mean "primary" or "exclusive" as a source of funding.

Many of us push the rules in one way or another. My BBP spend, for example, is 80%+ personal.

[CreditCuriosity]

I have no problem with MS, just can't be discussed on this forum .. Plenty of other places that it is very much allowed.  No morale high ground here I will make a buck most ways possible; assuming they are legal and won't get me thrown in jail and don't defraud others and i certainly don't feel bad for any banks as you have seen what they have done to most normal day people.  With that said it isn't to hard to figure out how much either PP or Sync was losing due to this and it was to much for them to stomach so they closed the loop hole.

[vV35Hszm]

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@wasCB14 wrote:
+1 LTL

How many used the card or Paypal account exclusively for business? How many businesses were even real? "Backup" was probably not intended to mean "primary" or "exclusive" as a source of funding.

Many of us push the rules in one way or another. My BBP spend, for example, is 80%+ personal.

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I don't think there are any "rules" being pushed here, there's no rules that required a "business" for the PayPal Business Debit card.  I also agree about not having an issiue with. MS, if it's legal it's legal, but that's a topic for another forum.