Applying for Square Credit Card Affect Future Square Loans

[Panda24]

Hello! I was just offered a Square Credit Card and I was wondering if it would affect future loan offers. Has anyone had experience with this.

[TheRealChipA]

Hey there @Panda24   

You can have EITHER a Square credit card. OR a Square Loan. Having one negates the other.  otherwise there is a risk we could get over extended. 

[Panda24]

Are they just offering credit cards instead of loans now? 

[TheRealChipA · Accepted solution]

@Panda24 Not at all.  As I mentioned in my post you replied to:

You can have EITHER a Square credit card. OR a Square Loan. Having one negates the other.  otherwise there is a risk we could get over extended. 

Keep in mind that not everyone is being offered a Square Credit Card right now.  It is still in beta testing, I think.

[Twpchair]

Thank you! I have been trying to **bleep** that fast! A few users in the testing phase who were offered a card and hit yes, by chance just received an offer and accepted it. It snuck through but again this was during the testing phase and now they have fixed that issue! It clearly states that you can have one or the other because of what you mentioned above. Square is not going to overextend you to the point where you are finding it difficult to pay back both. Thank you again for clearing that up! Like anything new, there are always hiccups along the way and this was one. But it's fixed now. 

[Twpchair]

Yes, you can't apply for one yet, it is still being just offered to others outside of Beta testing according to 2 weeks ago in one of messages I received about addressing it correctly. It's been running smoothly for the 3 mths now or so and glitches, no more offers for both at the same time or during the process of getting the card, and boom an offer came in at the same time. All that is working great and NO more cross-over misses. 

[Panda24]

Ok. Thanks for your knowledge! I was confused since I actively have a loan and was offered the card during my payoff period. It totally makes sense. Have you heard positive feedback from accepting the card?

[Twpchair]

So far yes! Most have been using it like a LOC or emergency and some are just deals to pass up on. That’s what it’s for though to use it via a loan and so far the last time I looked all was running great! Did you accept the card invite or no? I’m curious if you pass on it and say you’re at 81% how long it took to get that no thank you memo so you stay in the algorithm and choose to loans instead. I know now if you hit accept for the card it triggers the system about future loans but I haven’t seen or heard of anyone turning it down and how long before an offer came in depending of course what % you or they are at during this. Now, I have to go digging 😂 see if bigger minds know that answers. Good luck and hopefully, by now you received your offer or card. 

[Panda24]

You can have both.

[Twpchair]

According to the ones doing the Beta testing from the start as of now no. In the beginning a few slipped through who were both offered a card and loan picked them up. I did go ask and your card same as your loan is based on sales so if you make X amount they won’t over extend your 2x the repayment amount. Each one is under better review card and loans to improve on both and get it more accurate to what you are making each month and growing or averaging the same to better determine loans and credit card but as of tonight besides the ones that snuck through it is one or the other but not both at the same time. They review your card and adjust it vs sales and offer increases etc. but I made sure I checked into and copied the release from the Beta site. 

[Panda24]

Thank you! I've just never seen it or heard about it. Just trying to figure out which is better now.