Posted by William Charles on April 30, 2019
Credit Cards

Published on April 30th, 2019 | by William Charles

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Terps Credit Card Massively Devalues Points (Value Cut In Half) [Airfare Not Devalued]

Update: Airfare is not currently devalued, so you should be able to still get 1-1.1¢ in value there. If you have points I’d recommend redeeming them for airfare ASAP.

Recently it was possible to get a sign up bonus of up to 50,000 points on the Terps credit card. You could redeem 24,000 points for a $200 Visa gift card, now that same gift card is costing more than double the amount of points at 50,000. Third party cards have also been hit, with a $100 card now costing 25,000 points.  This means people that were previously getting a bonus worth $400 are now getting a bonus worth $200. I guess they were overwhelmed with applications and rather than reducing the points sign up bonus (which they have now done) they decided to massively cut the points value. The problem with applying for these sort of cards is that there isn’t really much you can do about this and it’s not like they are that worried about their brand.

Hat tip to reader @rent_is_high



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Richard
Richard

Wow. Horrible. And I just signed up for the card and was working on the minimum spend.

Frito Pendejo
Frito Pendejo

Hah. Well played

Justin
Justin

Did the point value for flights also change? I’m really glad that I used all of my points quickly.

Paul S. Kim
Paul S. Kim

man, got in right under the change for both me and P2 🙂

Wyle
Wyle

Got the card or redeemed points in time?

Brit Churner
Brit Churner

Ok, but is the airfare redemption also devalued?

Well played to TERPs tho, they beat us at our own game.

Frank
Frank

You can overwhelm them with email complaints. If they can’t take the heat then stay out of the kitchen

Blake
Blake

This should be illegal to change without proper notice. All they had to do was change the signup bonus.

JB
JB

Unless the point was to cut their costs on everyone who signed up for the card recently.

CooCoo4CocoPuffs
CooCoo4CocoPuffs

That goes in reverse too. Stop whining if you can’t handle the risks.

YoniPDX
YoniPDX

They got DOC’d
(This is the site I’ve seen the card promo info – probably because they don’t pay blogger’s ;).

Respect to Chuck and William Charles for the selfess sharing of deals.

So I guess they decided they would doctor the points value.

el_pistolero
el_pistolero

Damn.. working on msr of this card

Flame
Flame

Should definitely register a protest. I signed up recently and was working on meeting this spend.

lesson here is to earn and burn as quickly as possible

Mike
Mike

Wasn’t the appeal of the card the airline redemption? Because $450 in visa and merchant gift cards, worth $440 tops, after 5k spending wasn’t that hot to begin with. Considering that 5k at a 2% card would have already yielded $100.

Frogger
Frogger

Whay do I need with airfare when gravy train exists.

Ken
Ken

#FearlessIdeas

cowsareverywhere
cowsareverywhere

Who signed up for this card to redeem it for VGC?

Frogger
Frogger

That was my plan.

ray
ray

Moo

Jacob Hurley
Jacob Hurley

That’s what I did. Who needs flight when you have 2+ million miles?

Frogger
Frogger

Wow I feel.totally screwed. I have spent 4k already. 5k spend fir 200 dollars? BS.

ps
ps

I am in same situation. I even paid few Bill’s with 2% fee. This should not be allowed for existing card holders. Wtf .

Wyle
Wyle

Definitely not a respectful way to implement the change, but they do have that pesky fine print to point at …
“The Sponsor and the Administrator reserve the right to change the terms and conditions as well as the points required for a reward within the rewards Program. At the Sponsor’s option, redemption of Points may be restricted, limited, expired or cancelled at any time without prior notice.”

Eric
Eric

I used Plastiq for over half of my spend and paid a 2.5% fee. How did you get a 2% fee?

I am very close to reaching the $5K spend and this makes me very angry. I’ll probably call to complain but don’t expect anything to come of it.

PS
PS

i paid through rentpayment which has setup with my renter.

Dan
Dan

They have Costco cards… good as cash for me.

Sparky
Sparky

All third party cards are devalued as well.

Stan
Stan

not really that unexpected from an entity affiliated with the university of maryland

frogger
frogger

They are a credit union from Illinois.

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