Simon Mall Gift Cards (2019 onwards)

    Hide Wikipost
Old May 20, 20, 11:04 pm   -   Wikipost
Please read: This is a community-maintained wiki post containing the most important information from this thread. You may edit the Wiki once you have been on FT for 90 days and have made 90 posts.
 
Last edit by: ChrisFlyer66
Wiki Link
$1000 gift cards to be available indefinitely. Notified by Simon Mall spokesperson on Dec 26 2019. ($1k cards are temporarily not available anymore at many Simon malls as of March 2020)
Print Wikipost

Old Jul 17, 19, 9:43 pm
  #256  
 
Join Date: Oct 2014
Programs: All of them
Posts: 1,077
Originally Posted by ketelone View Post
Can someone please direct me to some website that explains the economics.
1) when I buy a 500 gc who gets what out of it. With Visa, cc company, metabank, Simon mall, is there enough to go around for the 3.95 fee.

​​​​​apologize if it's been answered in forum somewhere
Everyone here is intensely curious, but no one really cares. As long as we make money it's all god.
littlewinglet is offline  
Old Jul 17, 19, 9:47 pm
  #257  
 
Join Date: Jun 2019
Posts: 104
Originally Posted by ECCM View Post


Not St. Peteís...the one further north. Was contacted by higher up apologizing for the encounter and welcoming me to come in now that the individual was spoken to. As is often the case, try to avoid older clerks when possible as they are oftentimes difficult to deal with.
Glad it worked out. I guess Iíll find out how St. Pete is tomorrow.
DBFL is offline  
Old Jul 18, 19, 4:40 am
  #258  
 
Join Date: Dec 2016
Programs: IHG, Hilton diamond (IHG match) SPG gold
Posts: 40
Agree to disagree- wm should love this, lower swipe fees for them. Unless thereís another aspect Iím not considering.
808pineapple is offline  
Old Jul 18, 19, 9:44 am
  #259  
 
Join Date: Jan 2017
Posts: 144
Originally Posted by 808pineapple View Post
Agree to disagree- wm should love this, lower swipe fees for them. Unless thereís another aspect Iím not considering.
That's not how this works. That's not how any of this works.
TyPo311 likes this.
shipitkthx is offline  
Old Jul 18, 19, 9:45 am
  #260  
 
Join Date: Jan 2017
Posts: 144
Originally Posted by ketelone View Post
Can someone please direct me to some website that explains the economics.
1) when I buy a 500 gc who gets what out of it. With Visa, cc company, metabank, Simon mall, is there enough to go around for the 3.95 fee.

​​​​​apologize if it's been answered in forum somewhere
Everyone wins but Wal-Mart.
shipitkthx is offline  
Old Jul 18, 19, 9:57 am
  #261  
 
Join Date: Dec 2013
Posts: 3,268
Originally Posted by shipitkthx View Post
Everyone wins but Wal-Mart.
Why doesn't WM win? They get reduction in swipe fees.
ericdabbs is offline  
Old Jul 18, 19, 10:24 am
  #262  
 
Join Date: Jan 2017
Posts: 144
Originally Posted by ericdabbs View Post
Why doesn't WM win? They get reduction in swipe fees.
Card fees are not just a flat rate, there is a percentage fee is as well. That percentage fee on unregulated debits (which gebits are) is extremely high. The MO sellers are the losers in MS, this just makes them lose money faster. As of 2015 the visa unregulated debit interchange fees were 1.80% + $0.20 (based on one source I found). This is how Simon/Blackhawk/Metabank make money.

Last edited by shipitkthx; Jul 18, 19 at 10:32 am
shipitkthx is offline  
Old Jul 18, 19, 10:38 am
  #263  
 
Join Date: Oct 2013
Posts: 151
Those fees are the maximum fees that can be charged. We have no idea what WM actually pays to process an unregulated debit card, and we have no idea of the arrangements Simon.com has made either.

Plus, please explain to me how Simon/Blackhawk/Metabank make money by paying fees to process the charge cards used to buy the debit cards. A fee is not a profit item--it's a cost. If fees are paid TO Simon/Blackhawk/Metabank by those who distribute their cards, that's different.
Lobachevsky is offline  
Old Jul 18, 19, 11:40 am
  #264  
 
Join Date: Jan 2010
Programs: Hilton Diamond, Marriott/SPG Platinum
Posts: 434
MG and Simon mall can make money if people dont deposit MO/misplace VGC
coolguy100 is offline  
Old Jul 18, 19, 11:48 am
  #265  
 
Join Date: Jan 2017
Posts: 144
Originally Posted by Lobachevsky View Post
Those fees are the maximum fees that can be charged. We have no idea what WM actually pays to process an unregulated debit card, and we have no idea of the arrangements Simon.com has made either.

Plus, please explain to me how Simon/Blackhawk/Metabank make money by paying fees to process the charge cards used to buy the debit cards. A fee is not a profit item--it's a cost. If fees are paid TO Simon/Blackhawk/Metabank by those who distribute their cards, that's different.
My point is that Walmart is PAYING fees to Blackhawk/Metabank when you liquidate the card. This is how the system works:
Simon pays less than 100% of face value to buy the cards from Blackhawk/Metabank. They make money on that spread + $3.95 card fee, their expenses are the swipe/interchange fees they pay to our credit cards.
When you use a VGC, the merchant (in most cases Walmart or w/e your liquidation outlet is) pay swipe/interchange fees to Blackhawk/Metabank on that transaction.
It's not rocket science to figure out how who's paying the bills here. Simon is embracing "loyalty gamers" because they, and those above them on the chain, are making money. The end merchants are the losers here. Money services are offered by stores as a loss leader to get people in the door, but we are not their target customers. They are taking losses on these services in hopes that the unbanked then spend their entire paycheck on other crap in the store.
shipitkthx is offline  
Old Jul 18, 19, 11:48 am
  #266  
 
Join Date: Jan 2017
Posts: 144
Originally Posted by coolguy100 View Post
MG and Simon mall can make money if people dont deposit MO/misplace VGC
That is not how this works. Even if it was, we would be their worst customers as I guarantee MSers have the lowest breakage rates.
shipitkthx is offline  
Old Jul 18, 19, 1:03 pm
  #267  
 
Join Date: Jun 2015
Posts: 1,606
Word on street is there is a nat campaign to stop manuspen and stores will track whoever cashes out $1k gebits...
shadow520 and Prometheus77 like this.
Chelski is offline  
Old Jul 18, 19, 1:47 pm
  #268  
 
Join Date: Feb 2016
Location: Northeastern United States
Posts: 409
CSR smiled and immediately asked me if I was there for the $1K cards. Liquidation went smooth at WM and a couple local grocers.

Last edited by Prometheus77; Jul 18, 19 at 6:37 pm
Prometheus77 is offline  
Old Jul 18, 19, 4:48 pm
  #269  
 
Join Date: Jun 2019
Posts: 104
Simon CSR was wonderful to deal with. She was very pleasant. After I told her how much I wanted, she asked for my ID and the card I’d be using to pay with. She even asked if I wanted to buy more with another card. When I was leaving she made sure to remind me that the promo is good through the beginning of next month.

WM liquidation was another story. I went to two different locations and both times they immediately asked for ID and to see the card I was using. I was doing my usual $999.12 per MO and was only trying to buy one. Both said they were specifically told that they can’t accept Simon cards and that cards would have to have my name on them.
Ended up liquidating half of each card at my local grocery store and the other half, ironically enough, at WMNM.

I’m hoping this WM policy doesn’t apply to the GCM cards that I have coming.
DBFL is offline  
Old Jul 18, 19, 5:42 pm
  #270  
 
Join Date: Sep 2004
Location: The World!!!
Programs: Some of them not all ...
Posts: 1,260
Originally Posted by DBFL View Post
Simon CSR was wonderful to deal with. She was very pleasant. After I told her how much I wanted, she asked for my ID and the card I’d be using to pay with. She even asked if I wanted to buy more with another card. When I was leaving she made sure to remind me that the promo is good through the beginning of next month.

WM liquidation was another story. I went to two different locations and both times they immediately asked for ID and to see the card I was using. I was doing my usual $999.12 per MO and was only trying to buy one. Both said they were specifically told that they can’t accept Simon cards and that cards would have to have my name on them.
Ended up liquidating half of each card at my local grocery store and the other half, ironically enough, at WMNM.

I’m hoping this WM policy doesn’t apply to the GCM cards that I have coming.
That is why I buy my Simon VGCs in South Cali and liquidate them in the Middle of Nowhere Mid West
Now it will be a blast when telling my CSR friends at Wally that I need a $998.12 MO and will not need to split the transaction
carlitos is offline  

Thread Tools
Search this Thread
Search Engine: