Loyal 3 To Discontinue Funding With Credit Cards

I received some sad news for those of us funding accounts at Loyal 3 with credit cards.  This is a real bummer since I only recently opened a Loyal 3 account and barely got to take advantage.  I got the following email today:

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My Dividend Growth

http://www.mydividendgrowth.com

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10 thoughts on “Loyal 3 To Discontinue Funding With Credit Cards
  1. writing2reality

    Just posted about this myself. Tough news, but doesn’t take away from the main value of Loyal3, the fee-free investing. I still plan on utilizing the service, but might not put quite as much capital to work in that manner.

     
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    1. My Dividend Growth

      W2R,

      You are quick like a ninja, it was a great write up you made! To be honest, I didn’t even think about buying in super large quantities and selling instantly to solely reap the credit card rewards. Personally I would never try that, but I also wouldn’t look down on those who did. I completely agree with your approach from here and I plan to continue allocating smaller amounts, which was suppose to be my plan all along.

      All my best!
      Ryan

       
      Reply
      1. writing2reality

        Is it bad that I laughed our loud at the “quick like a ninja” line? I say no.

        There was a blogger (not a DG one) who came by my site early in the spring and bragged about earning 100,000+ rewards points or something like that by leveraging Loyal3. Not my cup of tea, but what can you do.

         
        Reply
        1. My Dividend Growth

          Haha, I was hoping you’d laugh at that! I got the email while at the office and within 15 minutes, I quickly put a two sentence post up and I looked over to see you had written a solid well thought out article already! That leveraging story is wild! Hopefully he got some sweet travel or cash back for it, because he helped ruined it for us little guys. Oh well, that sort of this is bound to happen and if it weren’t him, it would have been someone else.

          Take care!
          Ryan

           
          Reply
  2. DivHut

    Yup just read about it and commented on writing2reality. It still doesn’t change the fact that it’s a fee free service which is the best feature of L3. If I was just starting out today as a new investor I’d totally sign up at L3.

     
    Reply
    1. My Dividend Growth

      DivHut,

      Copy that! While the CC rewards were nice, I’m very happy paying zero costs for buying these great companies. I’m planning on keeping separate holdings in my L3 account, and even though it’ll be slower, those dividends will keep on rising.

      Wishing you the best,
      Ryan

       
      Reply
  3. Rob

    I just got the same email from them. I’ve been using them since the spring. getting 1.5% cash back on my Visa card. Bummer. But I will keep using them.

     
    Reply
    1. My Dividend Growth

      Rob,

      You’ve been at L3 so much longer than I have and I imagine you felt the pain even stronger. I’m still in it with you, and hopefully they’ll keep true to the zero commission idea for the long run. Glad to hear from you!

      Take care,
      Ryan

       
      Reply
  4. JC

    Saw the email this afternoon and while I wasn’t surprised it did bum me out a bit. I still like the platform because at the heart of the matter is that it’s a great way to DCA into positions without paying commissions. I’ll probably try and load up some purchases next week and then once credit cards are officially not allowed most likely slow down my purchases there. It was nice while it lasted! Just wish I had started at the beginning of the year when I first heard about Loyal3.

     
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    1. My Dividend Growth

      JC,

      Great plan and I’m on the same page, it’s definitely time to load up with the CC while we still can. I was hoping they wouldn’t announce this so soon after I joined, but in the long run I still love the brokerage. You’ve been doing such an admirable job diversifying your L3 account! It’ll be fun to watch you slow down and we’ll really see the power of DGI acting more on it’s own in smaller amounts. Keep up the great work 🙂

      Best Wishes,
      Ryan

       
      Reply

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