On Friday, ParadePerks members still awaiting approval of Gold status (required for cashout) found that all rewards now required Platinum status. PP’s customer service responded quickly to user emails, attributing this to “a glitch in our inventory management system.” They apologized for the error and went on to say that due to “overwhelming response” to their Gold VIP survey, level upgrades were backlogged but our levels should be corrected “shortly.” They warned that prizes would go fast, but added, “rest assured that we are working diligently to add additional rewards at the Gold level and expect to have many up within the week.”
Over the weekend, Gold status was finally conferred upon at least SOME of ParadePerks’ members (myself included), and many of the points-only redemptions are now only available for points-plus-cash. (Yes, the iPod has been snatched up. Surprised? Me, either.)
This leaves ParadePerks with some challenges ahead. First of all, they’ve got to provide enough rewards for the remaining members to cash out for, or else they will drop the program. Second off, they need to adjust the cost in points of all future redemptions. The program can’t afford to give out 250,000 free points a day and then let people cash out 2 million points (8 days worth of earnings) for a $90 prize. Next, they will need to provide points-plus-cash prizes for those who have already taken their only allowable points-only prize, and at a substantial enough discount that it is worth their time to stay with the program and continue to accrue points. And last (that I see right now), they need to gear up for the many folks who will no doubt be approaching Platinum level soon.
Right now I’m torn between cashing out for one of the few remaining $50-ish prizes for points only, and hanging in there to see if they’ll offer anything more exciting in the higher point range in the near future. I’m sure that choice will be taken away from me during the day today as the last of the points-only prizes will be quickly claimed.
Congrats to those who were able to cash out!