If we count as March 31 as Day 0 for the new cash only policy, in a sense, what CVS has done is like what the new stock exchange, IEX, has done to high speed frequency trading. They leveled the playing field. Here’s an article that is a must read about the IEX exchange. High speed trading is negated through a gigantic spool of fiber cable to deliberately slow down the data transmissions. Those traders gamed the system. Manufactured spenders game the system.
Puz’s peculiar ability to solve puzzles was suddenly even more relevant. Creating a new stock exchange is a bit like creating a casino: Its creator needs to ensure that the casino cannot in some way be exploited by the patrons. Or at worst, he needs to know exactly how his system might be gamed, so that he might monitor the exploitation — as a casino follows card counters at the blackjack tables. “You are designing a system,” Puz says, “and you don’t want the system to be gameable.” The trouble with the stock market — with all of the public and private exchanges — was that they were fantastically gameable, and had been gamed: first by clever guys in small shops, and then by prop traders who moved inside the big Wall Street banks. That was the problem, Puz thought. From the point of view of the most sophisticated traders, the stock market wasn’t a mechanism for channeling capital to productive enterprise but a puzzle to be solved. “Investing shouldn’t be about gaming a system,” he says. “It should be about something else.”
Now, all the folks can now feel what it is like in a big city buying Vanilla Reloads where it has greatly been a hit or a miss. Folks in Seattle do not have their hands in the air in frustration “because of the bloggers” because they had no access to CVS. They know how to manufacture spend without the VR.
In the last two months, I actually had a great deal amount of success at one CVS, but obviously that success has now ended. I am disappointed the opportunity ended. A big point that I want to point is that everyone missed is regular, variable loaded OneVanilla cards appear to still be able to be purchased with credit.
Let’s review the memo again:
We know the first four so it will not be discussed, Item # 904509, “Vanilla Reload Network” is the Vanilla Reload. Below is the receipt from CVS for a VR.
Here’s why I think the OneVanilla card is exempt from the list
- It’s not on a separate line with Item number
- The Item number does not offer a range like 904509, 90451-8
- OneVanilla cards are not listed list with the 20-500 variable load
What is the benefit of OneVanilla over the Vanilla Visa Gift Cards? Is it just the teller cash advance capability?
These are not re-loadable like the MyVanilla, correct?
I was shot down today for a One Vanilla, but I think it was because the clerk doesn’t understand what is included in the cash only list.
I’m not in Seattle, but VR’s haven’t been available here with a CC for a long time. However, I haven’t had any problems buying OneVanilla cards and loading BB via Walmart. It’s a little more time-consuming and $1 more per card than VR, but definitely worth it to me. I can confirm successful purchases on 3/31 & 4/1 so no changes in store policy.
OD went cash only on VRs chainwide the first week, then it took another month to go cash only on OVs. I wouldn’t be surprised if something similar happens with CVS. Their intention to go cash only on variable reloads seems pretty clear in the memos.
I just wanted to thank you for pointing me to that awesome NYT article. It’s long but well worth the read.
I tried to buy a onevanilla card at two different stores and almost succeded at my first stop until the cashier said I better check with the manager and he said no cc on any prepaid card. period. Ok, at store number 2 cashier rang it up and said oh wait, I’ve got a memo on this and showed it to me and cancelled the purchase. Oh well, life goes on……
I swiped my card after asking ‘well can I give it a try anyways’ and transaction would not go through. This was in Iowa
@cyclops see Chuck’s response
@roger we will find out shortly
@mike agreed! my brother sent it to me
@JohnnieD & The spiderman – I will try it out at my CVS tomorrow morning and see what happens
Any update re: OV cards? Can these still be purchased with a CC?
No $ cards (one vanilla or any Vgc) would work even after I tried to swipe my card. since this just rolled out I am hoping that maybe the system is overdoing it and maybe in a week or so those cards will work again
It looks like there have been mixed reports regarding the OneVanilla card at CVS. Are there any other data points regarding this product?
I bought one $500 OV at CVS this morning with credit
I live in Vegas and it was a no go but I’m in Montana now and I’m stocking up on VR reloads…especially since I have to reach the cities aa advantage 10000 spend