Cardless had a line of team cards with very favorable rates on select categories. These have all now been streamlined to a simple 3x on Dining, along with higher rates for team-related merchandise.
All of the increased generic rates are gone. For example, the Liverpool card used to have 5x on rideshare and streaming. Those categories have now been removed entirely. The Celtics card used to have 7x on rideshare/streaming and 4x on dining. The rideshare/streaming category is now gone and the Dining category is down to 3x, like all of their cards. The Manchester United card offered 5x on rideshare/streaming and 5x on some restaurants. These have now been removed. Etc, etc.
Hat tip to JigglyJello1 and Rick
View Comments (31)
I just checked again. My Celtics card still has 7% streaming and 4% Dining/bard. It's still my go-to card for those categories.
Do u get 7% on Uber eats or doordash? Was always curious and I regret getting pelicans when Celtics was much better. 4% on bars and food delivery is ok but if Celtics got the same then it was a waste since I don’t drive a gas car
"Higher rates for team-related merchandise" on my Celtics card ain't gonna cut it - seeing as I've been a Lakers fan for over 50 years.
Brutal nerf. They aren't even doing the old 3/2/1 CC earn rate structure. 3x on dining and 1x on everything else? lmao useless. And a $50 SUB? Insulting.
Pretty unexpected since Cardless just got new partnerships and cash infusions. Even if the high earn rates were unsustainable, Cardless should've been able to keep going a while longer. Or at least reduce high-earn categories to 3x for a while instead of 1x.
A lot of double points are about to post for folks who opened the Cavs card a year ago.
Damn I was planning on taking this one for dining abroad because of the NFT. That sucks.
Cardless becomes pointless.
Soon all their cardholders will be...
...cardless.
RIP cardless. there days are numbered.
first they nerfed the subs and now this.
i just wish the cards were churnable and i would have hit them harder.
There's this concept of money in and money out. All of these cards are subject to interchange rates. In the Visa and Mastercard regulations, there are tables that identify specific interchange rates. These jokers are paying out way more than those interchange rates. They were destined to lose money. The big banks have been playing this game for years and they know what works and what the market will bear. If the big banks aren't doing it, there's a reason.
The ONLY one of these fintech cards that works (and will continue to work) is the Bilt card. Why? Because its rewards are consistent with good practice (the Sapphire Preferred). The others are falling one by one . . . just like the under-capitalized crypto currency providers.
I agree with everything you said except Bilt. Wait until Bilt figures out the required 5 transactions a month are all $.50 Amazon reloads.
I doubt they're too worried about that. The vast majority of people, when they hear they need to make five transactions, will just use it as a dining card or as their main card. A few will probably just randomly use it throughout the month to "make sure they hit five transactions" and there's a small portion that will simply do the Amazon reload trick.
Plus, a Bilt point likely only has a cost to Bilt of around a penny on the high end. Even at higher rents of $1,500 to $2,000, that's $15-$20/mo in rewards that they have to offset somehow, and there's a lot of data and targeted marketing that Bilt and Wells Fargo can do with knowing exact rent amounts, payment history, etc. They're also partnered with many of the largest rental companies who I'm sure pay Bilt money for points they issue.
I think Bilt will do fine for the foreseeable future.
We will agree to disagree. I give it 1 year. Also not sure where you live, but 1500-2000 is low rent where I live.
Let's put it on the calendar to all check back in a year.
Moderator: let's have an article in a year about which fintech cards survived the great downturn of 2022. Same Bat Time. Same Bat Channel.
When does this nerf go into effect?