Wal-Mart, Amex take on banks with Bluebird debit card
Jan 16, 2013, 8:19 pm
#6061
Join Date: Feb 2009
Posts: 64
write check to yourself? pay bill to CC? do DD and take from ATM? come on its not hard, read the faq...
Jan 16, 2013, 8:21 pm
#6062
Join Date: Apr 2010
Location: SFO
Programs: OZ *G; HH Diamond;
Posts: 1,647
True. However, it has been reported elsewhere that the largest merchants (like Walmart) pay a flat 1% fee on each transaction. That would be $5 per $500 VR card. And they DO NOT get ANY discount on the actual cash that you load. If there is any breakage, it's kept by InComm. InComm ain't giving away cold, hard cash to anybody. I scoff at the idea that CVS is getting 1% of the load in addition to the $3.95 loading fee. VR cards are not like gift cards for a specific store (where the store is getting more business) or a debit card (where Amex/Visa/MasterCard generate revenue from transaction fees). So CVS does lose on every purchase over $395.00. Now, I assume they figured that the loss would be made up with other in-store purchases generated by the sale of VR cards. Maybe.
CVS:
This potential "loss leader" situation could lead some zealous store managers to restrict access to the reload cards, I would imagine.
Vanilla:
Their main business. They take any GC breakage. They are happy to sell more.
BB:
Amex is making major push into the prepaid. Merchant discounts and keeping our money (without FDIC dues) interest free. Will get breakages on BB as well.
All seem to line up for this deal to go on for a while. Right?
Jan 16, 2013, 8:42 pm
#6063
FlyerTalk Evangelist
Join Date: Sep 2005
Location: MN
Programs: Lots of programs, dirt on all of them!
Posts: 11,938
I honestly believe that was pure speculation. I do the same as you and have a very high credit score. How far before the due date the payment is received appears to be totally irrelevant.
Jan 16, 2013, 8:49 pm
#6064
Join Date: Apr 2010
Location: SFO
Programs: OZ *G; HH Diamond;
Posts: 1,647
Never mind.
Last edited by geclub1; Jan 16, 2013 at 9:32 pm
Jan 16, 2013, 8:50 pm
#6065
Join Date: Jul 2009
Location: RDU
Programs: Delta silver, HH silver, IHG platinum, SPG gold, AMEX platinum
Posts: 400
Originally Posted by jeckll:20063501
Jan 16, 2013, 9:16 pm
#6066
Suspended
Join Date: Jun 2011
Posts: 639
In other words, if you pay 10 days early that's 10 days of potential 0% credit usage vs. a potentially large percentage.
Last edited by member7777; Jan 16, 2013 at 10:13 pm
Jan 16, 2013, 9:47 pm
#6067
Join Date: Nov 2009
Location: SDF
Programs: UA, HH
Posts: 692
Had an interesting thing happen to me:
was buying $481.05 VR at CeeVeeeSS with $480 WM GC (I thought the GC is for $485). The register took the GC and instead of denying the transaction just asked for $5 additional payment. Never thought register would communicate with the GC issuer to the point of knowing the balance...
was buying $481.05 VR at CeeVeeeSS with $480 WM GC (I thought the GC is for $485). The register took the GC and instead of denying the transaction just asked for $5 additional payment. Never thought register would communicate with the GC issuer to the point of knowing the balance...
Jan 16, 2013, 9:56 pm
#6068
Join Date: Feb 2009
Posts: 64
Had an interesting thing happen to me:
was buying $481.05 VR at CeeVeeeSS with $480 WM GC (I thought the GC is for $485). The register took the GC and instead of denying the transaction just asked for $5 additional payment. Never thought register would communicate with the GC issuer to the point of knowing the balance...
was buying $481.05 VR at CeeVeeeSS with $480 WM GC (I thought the GC is for $485). The register took the GC and instead of denying the transaction just asked for $5 additional payment. Never thought register would communicate with the GC issuer to the point of knowing the balance...
Jan 16, 2013, 10:05 pm
#6069
Join Date: Nov 2009
Location: SDF
Programs: UA, HH
Posts: 692
Anyway, just thought this was interesting, plus I can still get VR with GC
Jan 16, 2013, 10:11 pm
#6070
Join Date: Nov 2012
Location: NYC
Posts: 398
uh, what exactly is a breakage?
Jan 16, 2013, 10:26 pm
#6071
Join Date: Sep 2012
Location: Florida
Posts: 448
I believe it is the amount on a GC that is never used. IMO, this is much more applicable to GC than it is to "loadable" cards such as VR as VR are meant to load a prepaid card that can be used just like a debit card. It's not hard to use up all the money on a prepaid card. Maybe InComm makes some "breakage" money in the form of small denomination VR (i.e. loading <100) that never gets loaded to some other card. It's hard for me to imagine this happening often enough for InComm to count on as a profit driver.
Jan 16, 2013, 10:29 pm
#6072
Join Date: Oct 2007
Posts: 589
Could I fund my Vanguard IRA with Bluebird? I need to mail a check with my account number to:
The Vanguard Group
PO box 1110
valley Forge, PA
19482-1110
If yes, how? I tried navigating around BB website..
Cheers-
The Vanguard Group
PO box 1110
valley Forge, PA
19482-1110
If yes, how? I tried navigating around BB website..
Cheers-
Jan 16, 2013, 10:55 pm
#6074
Join Date: Feb 2009
Posts: 64
No, I was describing paying at Target with MC, VISA, AMEX gc. Same with Walmart, CVS, WG, grocery, etc. Nothing new.
Jan 16, 2013, 10:55 pm
#6075
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,470
Except that most issuers report whatever is on the statement itself as the balance. (One notable exception is US Bank which apparently sends the balance from the 1st of the month, according to anecdotes on myfico)