Smartly V1 is changing on September 15th

[ptatohed]

My wife just emailed me this.   'phew'! 

[MJ-san]

Ok- saw the letter in informed delivery and was waiting for bad news ... got the "good" nerf keeping investment balance as qualifying. That means I'll shift some spend around but keep things as is until the next time they play around with it.

[ptatohed]

I have a dumb question.  How does USB know if you buy a gift card(s)?  Let's say you throw a gift card or two in with your other purchases at, say, Walmart or the grocery store.  

[NoHardLimits]

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@ptatohed wrote:

I have a dumb question.  How does USB know if you buy a gift card(s)?  Let's say you throw a gift card or two in with your other purchases at, say, Walmart or the grocery store.  

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It is dependent upon the credit card processing level of the specific merchant (Level 1, 2, or 3).  I'm not well versed enough to explain it in detail, but I know that Level 1 data is basic info, while Level 3 data is much more granular.  Larger merchants are more likely to report Level 3 data to receive discounted processing rates.  I found this article through a Google search:

https://www.hostmerchantservices.com/articles/ultimate-guide-to-level-ii-and-iii-credit-card-data/ 

[bs1234]

Still haven't received a letter but yesterday discovered I had paid the Smartly card with the wrong bank, which didn't have the funds.

(My excuse is to not take any responsibility but blame the UI:  you have to call to have old banks removed and it defaults to the wrong account for some reason). 

I am waiting for the reversal to post and pay $25 fee, fortunatly this was an extra payment so I had already paid the statement balance in full, but it was for $4,600 so will be easily noticed.   If they are still wondering which letter to send to who, presumably this is bad timing!

[Kforce]

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@bs1234 wrote:

Still haven't received a letter but yesterday discovered I had paid the Smartly card with the wrong bank, which didn't have the funds.

(My excuse is to not take any responsibility but blame the UI:  you have to call to have old banks removed and it defaults to the wrong account for some reason). 

I am waiting for the reversal to post and pay $25 fee, fortunatly this was an extra payment so I had already paid the statement balance in full, but it was for $4,600 so will be easily noticed.   If they are still wondering which letter to send to who, presumably this is bad timing!

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Not sure there really are other letters.  

No reports from active MyFico members as yet.

Seems extra odd to have multiple nerf versions, will bet you get the same letter.

[NoMoreE46]

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@Kforce wrote:

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@swankytiger wrote:

It is wild that there are multiple letters out there.

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Got my letter today.

Have the mild "nerf" language, like all "Smartly" card nerfing posts above.

Wonder if a regular on this forum has received any other, "nerf" version ??

As with all really good reward cards, some restrictions need to be in place because there are many that will take advantage.  I am not surprised by a spend cap, and prefer a 10k with no tax, insurance, business, gift-cards, than a 4k cap and less restrictions.

The big question is why not do the math, restrictions and cap from the beginning, they have had cards and in business long enough to think things out before introducing a card, then killing it in 6 months, and nerfing new card holders with card in hand a whole 3 months.

I understand restrictions, not the bait a switch.  

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I got the letter earlier this week.

[G2244]

Was out of town for a couple of days and a bit on pins and needles as I had not gotten my letter yet. Today, after getting back was VERY relieved to see the mild nerf. As long as my ROTH IRA still counts, I am still in the game. Glad that sounds like a common theme for many here.

I am now closely following the USBAR thread in a simialr fashion. If that card gets the leaked changes I may just be going all in on Smartly. Smartly at 4% vs. USBAR at 3% is not a hard call. Time will tell. I am just hoping they sort it all out soon and quit changing everything.

[bs1234]

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@G2244 wrote:

I am now closely following the USBAR thread in a simialr fashion. If that card gets the leaked changes I may just be going all in on Smartly. Smartly at 4% vs. USBAR at 3% is not a hard call. Time will tell. I am just hoping they sort it all out soon and quit changing everything.

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Informed Delivery tells me I am getting the letter today (if not for this thread I would have assumed it was one of their monthly BT offers).  If the IRA cannot count, I will move that back to Fidelity and basically stop using the card.  If all goes well....

Smartly at 4% vs. USBAR at 3% is not a hard call.

Or even "Smartly with no AF at 4% vs USBAR at 3% with a $400 AF is not a hard call!"

USBAR still would retain the advantage of no FTF and I do a lot of foreign spend, so I would have to run some numbers for that vs say the Fidelity 2%.   I will also need to look hard at the portal to see if I can really count the USBAR as having an effective $75 AF (like today) or if the now harder-to-use $325 credit is less.      Now if it gets some wonderful transfer partners that I can use, maybe.....

[bs1234]

OK, got the letter and as @Kforce predicted, just the minor nerf, which I can live with.   Still, given my previous exposure to their IT systems, I will be watching post Sep 15 to make sure that I am still receiving 4%.   It seems slightly easier to send out different versions of the letter, based on whatever criteria, than to actually make the code change, classifying customers into different groups to determine what a qualifying balance is.   But I guess some of that is already done for the two different versions out there now (assuming it's done correctly!)