Loyal3 no longer taking credit cards

[sheepstache]

Through the success, we've also learned a lot about how people use LOYAL3. Credit cards have become a common method for people "gaming" LOYAL3 to gain credit card points and not for the purpose of investing. This increases our costs and subtracts from our mission of making it easy, affordable and fee-free for people to invest in the brands they love.

In order to put an end to the "gaming" of LOYAL3, and to maintain fee-free investing, on Tuesday, 11/18/2014, we will be removing credit and debit cards from the LOYAL3 platform. Automatic Monthly Plans (monthly recurring investments) using credit and debit cards will continue to be active until Thursday, 12/11/2014, to allow time to switch over to ACH (checking account transfers).

[carloco]

that sucks

[ZMonet]

I received the same email even though my account has been suspended for quite some time.

It could only go on so long and I think most of us are surprised they allowed credit card for this long.  I churned over $70,000 with them and others likely did more.

[carloco]

I wonder why they care.  They are getting a great deal batch buying stocks

[sheepstache]

Yeah, I'm wondering if they were planning to cut out credit card payments all along. It was a great way to get lightning fast word-of-mouth. And it was word of mouth among a  financially literate, detail-oriented crowd. Everyone was wondering why they were eating the credit card transaction fees anyway. If they wanted to, they could limit the gaming by only giving you one credit card transaction per stock per month or they could set a dollar amount limit on how much you could purchase by credit card per month.

[Calvawt]

Well, even though I have been credit card churning, I have not tried this yet. I guess this means I never will get to try it!

[Asclepius]

I wonder if they have to pay a percentage to the credit card company like other businesses do. Maybe that's how they are losing money.