Tell us a little about the current state of affairs regarding the credit card industry and how your company is helping people maximize on credit card reward programs.
We are a company founded by four lifelong friends from the Jewish community in New York. Our company name is ‘Get PEYD’ and our PEYD logo represents the first name of each of the partners, Pinny Ackerman, Eli Schreiber, Yaakov Portnoy, and Dudi Akerman. Our mantra is to help our customers navigate the credit card industry by advising them on all credit card related matters and providing our customers value through the redemption of rewards points associated with the various reward programs.
To provide some background, the U.S. Census Bureau estimates that there are 181 million credit card holders in the United States. This represents approximately 77 percent of the adult population of the U.S.
According to Census Bureau estimates, there are more than 1.4 billion credit cards currently in circulation in the U.S., whose 2010 population is roughly 308.8 million. At present, more than 60 percent of all credit cards issued in the United States are linked to a rewards program, based on industry estimates. However, it is estimated that out of all rewards earned by credit card holders, only ten percent of these rewards are used each year.
This is in part due to consumers being unaware of the opportunities for rewards redemption, coupled with the difficulty that is often experienced when redeeming these points. As an example, if a customer wanted to redeem their points for a trip to Israel on a specific airline, it is quite possible that the flight provided to them through the rewards program won’t be with the airline carrier of their choice, and may only be available at an inopportune time of the day, etc.
The good news is, that an increasing number of rewards programs allow customers to transfer their points to others cards and airline mileage programs. This is where Get Peyd comes in.
‘Get Peyd’ utilizes available points for first class and business class travel purposes. Purchasing these points gives our customers an avenue to achieve the maximum value, by redeeming them for a cash value greater than what is being offered by the credit card companies.
Q: How does this whole thing work? I’ve heard of people selling their miles/points. What happens to the miles/points when I sell them?
A: It’s actually quite simple. Credit card points are used to book airline reservations. All we need is some basic information regarding your account, and we can start the process immediately.
Q: In what increments can I sell my reward points? Is there a minimum?
A: Every program is different. Some points can be transferred in the hundreds and others in the thousands.
Q: Are all miles/points programs transferable? Is there a cash value for all miles/points?
A: Not all programs allow you to book travel for someone other than the cardholder. In addition, there can be fees incurred when transferring out points. Let us know which card/program you have, and we’ll let you know what would be the best value for you.
Q: Are there any taxes and fees associated with the transaction and will I have to pay for them?
A: As mentioned above credit cards charge a variety of fees depending on the points being transferred and the policies of the credit card company. In addition, the airlines themselves have numerous policies regarding fees associated when points are transferred into airline accounts. However, it is Peyd’s policy to reimburse our customers for any and all taxes and fees associated with the transaction.
Q: Is the transaction secure? What happens to my information after the points are used?
A: Our site is SSL secured. All information is kept confidential, and after the transaction is completed, we delete all of your personal information.
For information you may contact us at
(646) 801.PEYD (7393) or
via email at info_getpeyd.com.
You can also visit us on the web at www.GetPeyd.com.