There’s currently a report on FlyerTalk that CVS will no longer be a participating five back merchant as of January 20. A close relative of mine was literally just at a Simon Mall, and the cashier informed them that CVS would no longer be a participating merchant. A date wasn’t said, but from the sounds of it, it was immediate. That’s at least two separate datapoints.
If this is true, then this is a blow to users of the cards since CVS was a major liquidation point for many. I can see why CVS would make this decision if they’re even partially subsidizing the 5% back; it must be very costly to them.
Maybe it would have lasted longer if it hadn’t gotten as much exposure as it had. I know quite a few bloggers had written about this with some fairly detailed guides. I won’t weigh in on whether it’s good or bad to be so explicit, but I do think that it could have lasted a bit longer if there hadn’t been so many circles and arrows.
This really doesn’t bode well for the future of the program as a whole. If a merchant as large as CVS leave the program at any time, then any merchant could. That creates a lot of uncertainty about how to liquidate these cards.
My personal suggestion would be to avoid getting any more five back cards until further news is released. At least then you won’t be stuck holding onto a bunch of cards.