07
Jun
Google Wallet

Google's Wallet-powered peer-to-peer payment service launched to rival Paypal was announced on May 15th and came with an interesting promotion: waived fees for transfers funded by credit cards. This promotion was recently (possibly today) adjusted quite drastically, and now only payments less than $250 aren't charged fees. Additionally, we now know that the promotional period ends on June 29th.

1 image

Left: terms before; Right: current terms

Typically, credit card-funded transfers are charged a fee of 2.9% with a minimum of $0.30, but for a previously undefined "limited time," Google decided to foot the bill in hopes of attracting initial users. I have participated in this promotion myself and had some less than favorable experiences, but I'll save this rant for another day (and what a rant it will be).

Considering the limits of $10,000 per transaction and $50,000 per 5-day period, this promo opened doors for essentially fee-free cash advances and has quickly become a target of various deal-finders roaming the Internet. Having read a few pages of that thread, I suspect the promotion, which was viewed as a great deal, has been exploited heavily for the purposes of racking up credit card points and miles, so it makes sense for Google to try to limit it to transactions below $250. I'm actually quite surprised they let it ride this long and launched it with virtually no limits at all.

image SNAGHTML379302a2

Credit card-funded transfers of $250 or less continue to enjoy a no-fee promotional period until June 29th. The fee only starts to accumulate after the initial $250.

Artem Russakovskii
Artem is a die-hard Android fan, passionate tech blogger, obsessive-compulsive editor, bug hunting programmer, and the founder of Android Police.
Most of the time, you will find Artem either hacking away at code or thinking of the next 15 blog posts.

  • http://turbofool.com Jarrett Lennon Kaufman

    Brakes, I think you mean?

    • http://www.androidpolice.com/ Artem Russakovskii

      Whoops.

      • http://turbofool.com Jarrett Lennon Kaufman

        Now to lie and claim I've never made the same error...

    • Matthew Fleisher

      Thanks, I thought something was really broken...

  • trendless

    Yes, I also was confused and had to read/reread the headline several times to understand

  • ThePhanein

    It actually seems like you got a really aggressive (after really stupid technical support) rep because of all the points racking that was going on. Sad to see the limit imposed but it was bound to happen sooner or later. I've had nothing but good experiences with them thus far.

  • Michael Ta

    so after June 29 any amount will be charged? I'm not sure if I get it right..

  • GazaIan

    This is kinda unrelated... but why does this post and this ( http://www.androidpolice.com/2013/06/07/psa-google-puts-brakes-on-fee-waiving-wallet-promotion-for-credit-card-funded-transfers-clarifies-end-date/ ) post have the exact same comment thread?

    Edit: And now suddenly it's fixed. I think.

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