RadPad Android Pay Free Promotion Ends
I have some bad news for your renters out there who were hoping to generate free miles for paying your rent. Radpad had recently announced a new promotion allowing users who paid via Android Pay to avoid fees when using a credit card to pay their rent. Of course this was an amazing deal and thus it is no more.
According to the company, Android Pay users were only 5% of their user base before the promotion and that spiked up to 70% in just 6 days! Since the promotion began, renters have paid over $5 million dollars in rent. That is a lot of credit card rewards and a lot of fees not being paid!
Although we are overwhelmed that the promotion has gained so much traction, we drastically underestimated just how many people would sign up to pay their rent with Android Pay; and within only a few weeks we’ve surpassed the budget for the entire year that was allocated to subsidize the credit card fee.
That is why we regret to inform everyone that beginning today, August 24th, 2016 we will no longer be able to offer the Android Pay promotion.
Good News? Sort Of.
If you signed up and qualified for the promotion before today and your rent is charged on or before August 31, 2016 then that payment will be fee-free. After August 31, 2016 all credit card payments will be subject to the 2.99% fee. To avoid the 2.99% fee you can pay with a debit card for $4.95 or switch to ACH for no fee.
This promotion was way too generous although I am not sure why they are surprised that it got so much coverage. Either way, I’m sure the terms allowed for this and it no doubt will hurt their reputation so they will suffer a bit. Hopefully none of you went out and purchased an Android phone just to use Android Pay.