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Is Blispay too good to be true????

Anusara
Senior Contributor

Re: Is Blispay too good to be true????


@irunfromcredit wrote:

@longtimelurker wrote:

They have to make money somewhere, and they seem to have done a good job preventing that for now!   Perhaps the expectation is that people won't pay off the 0% promos in time, and maybe that's the reason it is so easy to set them up, people might overspend and have to pay interest.    Or there will be a nerf at some point, reducing the availability of the 0% promos.

 

Or perhaps they have found the secret!


I would imagine there would be a good amount of people who will not pay off the promos in time.  Isn't that how other credit cards make their money when they offer that kind of promotion?

 

Whether this card lasts or not, i am going to take full advantage of the benefits for now.  I am really only using it for purchases that would normally pay over time but would have to pay some sort of interest.  For instance, the purchase I currently made was for my car insurance. I usually make 4 payments, over 6 months, but pay some sort of fee. This way I can still make the 4 payment but without the additional fees!  win/win for me.  LOL


I plan to use it to pay our insurance too. I agree. As long as the product is available, I will use it. Enjoy!Smiley Happy

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 31 of 166
BrutalBodyShots
Super Contributor

Re: Is Blispay too good to be true????


@shmacckk wrote:

My ex is 724 and I got approved for ....1400 lol 

 

Its unusable to even float a big purchase on it.


WOW, that's the lowest CL I've seen on this card by more than 50%; the previous lowest CL I've seen issued was $3k and that was to those with scores in the high 600's.  Is there anything outside of your 724 EX score that could have spooked them?  Lots of inquiries?  Low AAoA?  Baddies?  That has to be some sort of reason why they threw that low of a limit at you.

Message 32 of 166
BrutalBodyShots
Super Contributor

Re: Is Blispay too good to be true????


@beautifulblaquepearl wrote:

@BrutalBodyShots wrote:

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. 


I think it's a crapshoot personally.  People with my EX score have been approved for $3k and some have been approved for $8k.  I imagine I'd fall somewhere in between this range.  Assuming it's near the upper end, I'd be happy.  If it's near the lower end, it's more of a waste for me.  Holding off on apping isn't really going to do me much good as I've got 5.5 years to go before a baddie ages off, and data points suggest that AT BEST my score in the next 5.5 years assuming a perfect profile over that time can only increase by 25 points.  From the talks in this thread and on this forum, there's more than a good chance that Blispay is nixed well within those 5.5 years...

Message 33 of 166
BrutalBodyShots
Super Contributor

Re: Is Blispay too good to be true????

I stand corrected on the $1800 limit as being the lowest I've heard of as another member has now posted a limit of $1200.  Unreal!  Looking at the credit pulls database there are 20 or so applicants and none of them have under $3k limits.  I'm wondering if Blispay is starting to get more conservative with their SL's based on the 2 people that have posted in this thread with significantly lower limits with notably higher scores than others that have received greater starting limits.

 

If this trend keeps up, perhaps someone will get approved for a $198 limit so that they have no means of taking advantage of the financing offer?  Smiley Wink

Message 34 of 166
k_m_m
Established Member

Re: Is Blispay too good to be true????

I was approved a little more than a month ago for a $2400 limit with an EX of 734 at the time, but I do have AAoA issues as I just started utilizing credit a little more than a year ago, but it's another low limit approval datapoint for you just the same.
NFCU Platinum Mastercard $12K, Amex BCP $12k, Discover it $8.5K, Citi DoubleCash WEMC $7.5k, Penfed Platinum Rewards Visa Signature 6k, Alliant Platinum Rewards Visa $5K, Barclaycard CashForward WMC $5K, Blispay Visa $2.4K, Chase Amazon Visa Signature $2K, Amex PRG NPSL, Alliant Auto Loan @ 2.74% APR

7/15/2016 EQ 701 TU 711 EX 730
Message 35 of 166
Anusara
Senior Contributor

Re: Is Blispay too good to be true????


@wacdenney wrote:

@longtimelurker wrote:

@wacdenney wrote:

@kdm31091 wrote:

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.


It makes sense. We all have to make decisions that are best for us and our families.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 36 of 166
UncleB
Moderator

Re: Is Blispay too good to be true????


@beautifulblaquepearl wrote:

@BrutalBodyShots wrote:

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. 


+1

 

That's what I did... when Blispay first came out, my EX score was around 715-720 because I still had one 'baddie' remaining.  I likely could have been approved with that score (at least based on evidence provided by other myFICO members) but I realized my credit line would likely be smaller.

 

This is why I decided to wait and not apply until May when I had clean reports (my EX jumped to 765).  I know I sound like a 'broken record', but for me the gardening paid off.  I would say in any case, if you know (or suspect) that a significant score boost is obtainable in the near future, you might consider holding off on Blispay as well. 

 

With other cards it might not matter since you can probably get a CLI or lower APR later on, but as we all know this one is different - at least for now.

 

Just my 2¢.  Smiley Wink

 

 

Edited to add:  I just read the OP's reply to this and a few other posts... since increases in his/her scores aren't expected for a bit, it might be advisable to go ahead and give Blispay a shot... even if approved with a smaller than desired SL there's always a chance Blispay will start offering CLIs in the near future.  I would at least give it some thought... Smiley Happy

Message 37 of 166
RonM21
Valued Contributor

Re: Is Blispay too good to be true????


@UncleB wrote:

@beautifulblaquepearl wrote:

@BrutalBodyShots wrote:

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. 


+1

 

That's what I did... when Blispay first came out, my EX score was around 715-720 because I still had one 'baddie' remaining.  I likely could have been approved with that score (at least based on evidence provided by other myFICO members) but I realized my credit line would likely be smaller.

 

This is why I decided to wait and not apply until May when I had clean reports (my EX jumped to 765).  I know I sound like a 'broken record', but for me the gardening paid off.  I would say in any case, if you know (or suspect) that a significant score boost is obtainable in the near future, you might consider holding off on Blispay as well. 

 

With other cards it might not matter since you can probably get a CLI or lower APR later on, but as we all know this one is different - at least for now.

 

Just my 2¢.  Smiley Wink

 

 

Edited to add:  I just read the OP's reply to this and a few other posts... since increases in his/her scores aren't expected for a bit, it might be advisable to go ahead and give Blispay a shot... even if approved with a smaller than desired SL there's always a chance Blispay will start offering CLIs in the near future.  I would at least give it some thought... Smiley Happy


I was in the same situation Unc....knew my scores were going to be higher, so I held off. Plus I wanted to see how it all panned out with this card. The only thing is, I still haven't applied lol. I'm.glad.people who do have it are liking the card for the most part.

                

TCL: $306,100Utiliz: 6%AAoA: 5yrs 2mOther: Lease, Loan, *No MortgageCollections-Lates-BK's: 0

LWS-35k | BOA-50k | AMX-32.4k | DISC-33.6k | ALNT-25k | NFCU-33k | BARC-15k | BBUY-12k | CSE-10k | CP1-10k | CITI-11.7k | PF-38.4k


Message 38 of 166
JamP
Valued Contributor

Re: Is Blispay too good to be true????

Yes Blispay is too good to be true but we will use it until they change it or close it.

 

This card seems to be the most debated card that I have seen since joining Myfico.

 

Its the card people love to hate and the ones that have it love it because so far we have a hidden tradeline with 2% cash back almost instantly and 6 month financing (no payment needed) on anything $199 and up. 

 

I have two promotions going at the moment (IRS and MOTO360) and will ride the Blispay train until the wheels fall off or something else comes along that's better. Smiley Very Happy

250k+ CL and climbing.
Message 39 of 166
Anusara
Senior Contributor

Re: Is Blispay too good to be true????


@BrutalBodyShots wrote:

@beautifulblaquepearl wrote:

@BrutalBodyShots wrote:

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. 


I think it's a crapshoot personally.  People with my EX score have been approved for $3k and some have been approved for $8k.  I imagine I'd fall somewhere in between this range.  Assuming it's near the upper end, I'd be happy.  If it's near the lower end, it's more of a waste for me.  Holding off on apping isn't really going to do me much good as I've got 5.5 years to go before a baddie ages off, and data points suggest that AT BEST my score in the next 5.5 years assuming a perfect profile over that time can only increase by 25 points.  From the talks in this thread and on this forum, there's more than a good chance that Blispay is nixed well within those 5.5 years...


It's all speculation. No one can predict what will happen. Until then...

 

You can always apply for PayPal Credit. They offer 6 months financing on purchases of $99 or more and it's a hidden trade line. They don't have the 2% cash back option, but they send out weekly deals. Your account would also be eligible for CLIs. I have received a SP CLI. The other way to obtain a CLI is to make a purchase above your limit/available credit and they will either deny or approve it. It's another option.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 40 of 166
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