The difference here is that it's so far not reporting similarly to PayPal Credit. So there is less need for a larger line because it has no effect on utilization and you can actually use 100% of the line you're given. Assuming a person is keeping their utilization below 10% then a 5k Blispay limit is equivilent to a 50k limit on another card.
I understand that. My issue however is I'm the type of person that will drop $4-$5k on a new TV every few years or finance another similar large purchase. If I end up with a CL of say $3k that would put a damper on the dollar value of the interest free purchases I could use the card for. That's really my concern, not so much the utilization that doesn't report.
Historically, most 2% cards have not lasted that long, with the exception of Fidelity (who readily admits the card is a loss but they keep it to draw people in to invest).
That plus the financing deal means that it will likely not last very long, but how long "very long" is remains to be seen. Could last years. Could last a month. I just don't see how they will be able to reap substantial enough profit to keep it going, especially with no other products in the portfolio. Citi can possibly tolerate losses on Double Cash because they have many other cards in the lineup, etc.
Blispay really doesn't need to maintain the same kind of profit margin as Citi. Blispay doesn't have stock holders to worry about or dividends to pay or any of that stuff. As long as they can pay their employees and service whatever debt they have then everything else is icing on the cake. There's not nearly the overhead or preassure on Blispay as there is on a publicly traded company like Citi.
True, but they still need to make a profit, and unless something very special is going on, 2% seems to be a lot to make out of just swipe fees (since the issuer only gets part of them anyway)
Right, but they also can't make a profit in the long term without a customer base. Launching with something less profitable to get their name out there is a solid strategy for an upstart in a crowded and competative market.
This also ties back into the fact that the line so far isn't reporting. If I have to float a smaller balance that I don't want to bother with transfering then I float it on Blispay because it doesn't report. I think there are others that would also be likely to place something that they needed to float for a month or two on the card due to this. I had a total of around $300 related to repairing my wife's car and multiple trips to the parts store that I needed to let ride for 1 month and I let it ride on Blis and I did end up paying interest on it. Maybe I'm unique in this but I chose the card specifically because it's not reporting plus the 2% is always nice and works to offset the interest I did end up paying.
Bingo if it doesn't report some people will by more inclined to float a balance thus making money.. Probably one of many ways they hope to be profitable
My ex is 724 and I got approved for ....1400 lol
Its unusable to even float a big purchase on it.
Very strange... Have high utilization or new to credit?
So I used the card for the first time and made a larger purchase so I can take advantage of the special financing. My first statement cut and I saw that I got the 2% back AND special financing. I thought it was 2% OR special financing for purchases over $199?
And as a side note, I made a payment "pulling" the payment from my bank and the money was out of my account and the payment credited within 24 hours. In my experiencing "pulling" payments, that was a quick turnaround!!
so far, thumbs up Bllispay!!!!👍👍👍👍👍
Was the payment reflected in available balance right away? From what others have said, they wait 10 days before doing so.
Ahh! Just checked and no, my available credit doesn't reflect the payment. Although my current balance reflects the payment. But I think the statement cut after the payment was applied.
Blispay issued me a $1,200 credit line with a 712 Experian Fico score. I do believe i have the lowest credit limit for that card on these forums.
Glad to hear all of this positive feedback on Blispay as I'm strongly considering apping for it based on everything I've read on this site.
The only thing holding me back is me worrying about the credit limit I'm given. As I understand it, your SL is what it is as there is no opportunity for a recon and/or CLI that anyone knows of at this point. If I apply and end up with a $3k-$4k limit it would be quite a letdown.
If you feel your credit profile is not good enough for an optimal starting limit for you, then you should hold off on applying until a later time.