Posted by Chuck on February 11, 2017
Credit Cards

Published on February 11th, 2017 | by Chuck

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Beware: SVM on eBay Now Codes as Cash Advance

Beware that the SVM Gift Cards seller on eBay is now coming through as a cash advance on most credit cards.

Many reports are coming in within the past few days of people who got charged a cash advance fee on their Visa and Mastercard for an SVM purchase, across many different card issuers. I believe Amex cards are safe (personal experience), and we don’t yet have data points about Discover.

Sometime on February 8th or 9th, SVM changed their merchant category code from “Services Not Elsewhere Classified” to “Prepaid and Stored.” The new coding is coming through as a cash advance which has fees and doesn’t earn points.

Screen Shot 2017-02-11 at 9.39.10 PM Screen Shot 2017-02-11 at 9.38.46 PM

The new code is showing on Amex cards too (as indicated in the screenshots above), but Amex isn’t considering it a cash advance while other banks are.

I imagine this will be fixed quickly. If they don’t refund you, be sure to leave them bad feedback. Others have already done that.

If you did get hit with a cash advance fee, you might want to quickly pay down your balance in case it can’t be reversed. Otherwise, interest starts accruing immediately.

In the olden days, the advice in similar circumstances was to pay with an eBay gift card – something no longer possible. Now, my only advise is to use an Amex card. Or use a Paypal balance or checking account if you don’t have an Amex. You can also try using a Visa or Mastercard which has it’s cash advance level set to $0, but there’s a good chance the transaction won’t go through.

Hat tip to @milesperday



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Dan
Dan

I paid with Fidelity Visa and no CA

SVM Sucks
SVM Sucks

I paid with Fidelity Visa on 2/13 and I was charged a $10 “Cash Equivalent Fee”.

Mark O
Mark O

Have of those bad feedbacks are mine – Barclay said if I can get them to credit it they will wipe out the fees but I think the cards have already shipped so we will see how that plays out.

Mark O
Mark O

*Half

cj
cj

When u get them, shred them and say you never got them if they dont refund you the first time. Then keep saying that till they refund you. The only problem with this is if they put tracking on the package, then you may be sol.

cj
cj

Some if my cards never came a while back so i had to contact them. They aparently resent them out and i never got them again and they would not resend them again after that point so they refunded me. 2 months down the road, same thing hapened, only this time the policy changed, they had to put tracking on it. Same ahole handled the issue… but this time after a week passed from the time he said he would reship them, i sent him a message… Where is my tracking numbers? Did you even ship these? Next day i get an email directly from svm with a tracking number dated that day… Moral of that story… crappy lazy employee that was irresponsible was the problem… and they generally refund an item if they cant get it to you.

chaseaholic
chaseaholic

Thanks for the heads up Chuck.

Any chance we could get a run down/review of some of the private gc buying/reselling websites?

Thanks!

John555
John555

gc reselling is slowly dying. I’m a member on every bulk/private site out there and the margins have become razor thin. Honestly not worth the time anymore. Fwiw I moved over 500k last year, not a major amount but pretty decent.

chaseaholic
chaseaholic

I mean tbf, I guess it depends on your expectations?

I’m fine with getting $2k ink spend for floating the money for a little while and spending 20min buying/typing in codes.

which ones pay out fast in your experience? are they all trustworthy? etc.

your thoughts/advice appreciated 🙂

Diamond Vargas
Diamond Vargas

Reviewing a private group would be pretty contradictory to its purpose.

John555
John555

They are certainly not all equal IMO. There is a certain site that seems headed in the direction of GCR but I’m not going to name names.

Joining has become much tougher too. Bulk reselling is all about trust-work your way up from public sites and then apply with proof that you have a track record. Private sites can offer higher rates because of less fraud.

As a side note, 2k of ink spending for 20min of work is quite rare. There is significant amount of time involved because sales are very time limited–you have to constantly check sites and it gets old fast.

chaseaholic
chaseaholic

could you name names?

lol I know I would appreciate as well as others here that would like a heads up from the more experienced people on here since I certainly don’t want to be stuck holding the bag like many were went GCR went under.

calwatch
calwatch

Honestly, it’s not surprising that private sites are getting less. The purpose of the private sites is to aggregate a bunch of gift cards from vetted people and sell them, en masse, to one of the big gift card vendors. They have to take their cut too. Honestly, unless you would take the effort to invest in this like you would any other resale type business, it’s not worth it.

cj
cj

@ Chaseaholic

It is called google. Try it some time like the rest of us do to find marketplaces.

jfluckey
jfluckey

I took advantage of the Lowe’s 10% off and have a few DP’s with some post dates on the 9th, so maybe not to helpful but:
Chase Ink Plus:
Transaction 2/6/17, Post 2/7/17, coded Legal & Professional ($450)
Transaction 2/6/17, Post 2/8/17, coded Legal & Professional ($450)
Transaction 2/8/17, Post 2/9/17, coded Legal & Professional ($270)
[weird since both $450 purchases were on the same day]
Chase Ink Preferred:
Transaction 2/8/17, Post 2/9/17, coded Legal & Professional ($270)

Skor
Skor

My cash advance was set to $0 on Citi ATT, I could not complete the transaction. Luckily, I gave up rather than my usual habit of switching cards.

projectx
projectx

My last SCAM eBay purchase was on 2/7, no problem there. But I feel for those that were affected by this; I’d be pissed.

SVM better get this resolved quick.

projectx
projectx

Whoops… Autocorrect changed SVM to SCAM lol

therealMARK
therealMARK

autocorrect done right

Abey
Abey

I bought 3 BP gas cards from SVM and i paid through Paypal so i think it should be fine.

Mark O
Mark O

Everyone paid through paypal – if it was on the 9th and a non amex card then I would double check it

Mser
Mser

Based on what? Your vast experience? Ha!

Prashanth
Prashanth

Capone directly and no fee

jp
jp

send svm a message directly thru their ebay link

Raj
Raj

I used the Ritz Carlton card with SVM on eBay on 2/9 (posted 2/10) and it posted as a purchase, not CA. It coded as Online, Mail, or Telephone transaction.

JASON
JASON

I remember giftcardmall used to have that issue in the past?

JF
JF

Made purchase for 270 (3 discount Lowe’s cards) the 9th with Ink+ through PayPal, did not post as CA.

DLJuna
DLJuna

Bought 5x Lowes on 02/09, posted at Finance & Other. Is that a CA?

Mark O
Mark O

Probably – a fee should hit your transactions too if it is

Hua
Hua

I paid by ally cashback card, it is purchase.
Country Code: US – United States
Currency: US Dollar (USD)
Merchant: PROFESSIONAL SERVICES NOT ELSEWHERE CLASSIFIE
Merchant Information: PAYPAL *SVM LP
402-935-7733 CA 95131
Transaction Date: 02/06/2017
Posted Date: 02/07/2017
Transaction Type: Purchase

Steven F
Steven F

“Sometime on February 8th or 9th, SVM changed their merchant category code”

Carlos
Carlos

Quick fix.
Pay through paypal and mot through ebay checkout.
Sorry if this has been mentioned didnt feel like reading through it all.

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