Wells Fargo Prepaid Cards
Mar 7, 2013, 8:27 am
#1261
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
There are tons of products for them that does not cost monthly dues, a secondary credit card or debit card, everyone has it if they have a bank account, which is required to fund the Wf PP according the new policy.
Mar 7, 2013, 9:06 am
#1262
Join Date: Aug 2004
Location: MGM
Programs: United Silver, PC Plat/Amb, HH Dmnd
Posts: 805
Sigh. There it is on the FAQ as well:
"Note: Effective May 1, 2013, only Wells Fargo Debit Cards and Wells Fargo Credit Cards can schedule recurring reloads or transfer funds."
Another one bites the dust. It's kind of a relief in one sense. Now I can stop worrying about whether WF will shut me down. It's full speed ahead until I crash into that May 1 wall!
Andyandy
"Note: Effective May 1, 2013, only Wells Fargo Debit Cards and Wells Fargo Credit Cards can schedule recurring reloads or transfer funds."
Another one bites the dust. It's kind of a relief in one sense. Now I can stop worrying about whether WF will shut me down. It's full speed ahead until I crash into that May 1 wall!
Andyandy
Mar 7, 2013, 9:16 am
#1263
Suspended
Join Date: May 2010
Posts: 2,998
And no, NOT everyone who uses a WFPP has to have a CC or bank aco.... with WF, or any other institution, be it today or after the new T&C take effect.
Mar 7, 2013, 9:18 am
#1264
Join Date: Feb 2013
Location: PDX
Posts: 36
Well dang. I've had my WFPP for a few months, but just started cautiously using it this week - testing it with a little $500 load, and $250 BB transfer. Reading the accounts in this thread of people loading & dumping the max amounts over and over again without any normal, "moderation" spending strategy...not saying that it ruined it for us, but I'm sure it raised more than a few red flags at WF.
Mar 7, 2013, 9:48 am
#1266
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
Right, these are fly by products and have short life, banks look for a fast buck and we want our points. There must always a win - win situation.
Mar 7, 2013, 9:51 am
#1267
Join Date: Nov 2007
Location: PHX
Posts: 4,787
I think it's designed somewhat to be a product that can be loaded remotely for a user who is not the one doing the loading. Like a college student whose parents want to control their monthly spending and see their charges, or add funds when they need to buy books, etc.
Mar 7, 2013, 11:24 am
#1268
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
Most college students have a 'Student checking account' and a credit card and also a 'Debit card' linked to their checking account, that does not cost a thing. The parents can transfer money from their checking account remotely online to the student's checking account, does not cost a thing. I do not see need for wf PP and pay the fees for it, the product Wf PP will die in less than a year with new policy......we the points seekers keep these products live for mutual benefits, I think all banks know it, when their objective is served they change the rules of the game in the middle of the game or shut it down, we move on to the next product, keep on churning.....
Mar 7, 2013, 11:34 am
#1269
Join Date: May 2012
Posts: 684
Most college students have a 'Student checking account' and a credit card and also a 'Debit card' linked to their checking account, that does not cost a thing. The parents can transfer money from their checking account remotely online to the student's checking account, does not cost a thing. I do not see need for wf PP and pay the fees for it, the product Wf PP will die in less than a year with new policy......we the points seekers keep these products live for mutual benefits, I think all banks know it, when their objective is served they change the rules of the game in the middle of the game or shut it down, we move on to the next product, keep on churning.....
Mar 7, 2013, 3:16 pm
#1270
Join Date: Apr 2006
Posts: 1,259
Too bad this is dying. The economics of this card were pretty good. Using the UA Club Card, I was earning 6750 UA miles per month ($4500 load plus 50% bonus). The costs were:
$10 (2 $5 loads)
$3 (monthly fee)
$6.30 (9 MO's at WM at .7 each)
$19.30 for 6750 miles is $0.0028 per mile, which I'll take any day.
I don't think I'm going to continue even before the May deadline. The recent shutdowns, plus the change in funding, means the risk management folks at WF are paying very close attention to this product. WF's customer service is AWFUL for this card, and I suspect a shutdown would result in a very lengthy tie-up of funds, not worth it for another month of manufactured spending.
$10 (2 $5 loads)
$3 (monthly fee)
$6.30 (9 MO's at WM at .7 each)
$19.30 for 6750 miles is $0.0028 per mile, which I'll take any day.
I don't think I'm going to continue even before the May deadline. The recent shutdowns, plus the change in funding, means the risk management folks at WF are paying very close attention to this product. WF's customer service is AWFUL for this card, and I suspect a shutdown would result in a very lengthy tie-up of funds, not worth it for another month of manufactured spending.
Mar 7, 2013, 3:30 pm
#1271
Join Date: Jan 2008
Location: LAS
Programs: DL PM, UA PS, Hyatt Globalist, Marriott Titanium
Posts: 4,904
I don't think I'm going to continue even before the May deadline. The recent shutdowns, plus the change in funding, means the risk management folks at WF are paying very close attention to this product. WF's customer service is AWFUL for this card, and I suspect a shutdown would result in a very lengthy tie-up of funds, not worth it for another month of manufactured spending.
Mar 8, 2013, 11:21 am
#1273
Join Date: Dec 2005
Location: Washington, DC
Posts: 1,727
Bummer to hear this. Only recently got it for the first time in late January and funded once. I just added my second credit card as a funding source but it won't take a charge even though I put in well under my CA limit. Is there a wait time before using the new funding source?
Mar 8, 2013, 11:38 am
#1274
Join Date: Jan 2008
Location: LAS
Programs: DL PM, UA PS, Hyatt Globalist, Marriott Titanium
Posts: 4,904