Credit Card Rant

[TPD]

I am reviewing my monthly merchant credit card statement and just want to let you rewards credit card holders know that we, the merchants, are paying for your free TVs and 'round the world excursions! I am paying as much as 3.6% of every dollar you spend in my store so you can bask in the sun in Jamaica. For the average Joe with the no frills credit card, I only have to pay 1% of every dollar you spend.

To make it simple for ya - if the rewards card customer spends $100 in my store, I pay a total fee of $3.60 when I swipe your card. I only pay $1 for that same $100 purchase if you have no rewards card. I still like cash at my business. And don't give me the argument that it costs a lot of money to take cash to the bank for deposit. I could go to the bank twice a day every day of the month and not spend as much money in vehicle and payroll expense as I do in credit card fees. And with cash, I have your money when you walk out of the door, not 2-4 days from now when the credit card company decides to give it to me.

And while I am at it, if merchants have agreed to accept Visa and Mastercard at their business, they are NOT, I repeat, NOT allowed to impose a minimum charge to your card. You, the consumer, can charge $.50 to your card if you choose. If you encounter a retailer that imposes a minimum, you inform that retailer that they will accept your card for whatever amount you choose and that you will call Visa/Mastercard to report them. If I have to play by these rules, all other retailers should play by the rules as well - white, black, hispanic, or illegal immigrants!

Thanks for listening - rant over.

 

[czygvtwkr]

Let me know what buisness you own and I won't burden you with my money.

 

[TPD]

Let me know what buisness you own and I won't burden you with my money.

Thanks!

My point is that most people think the billion dollar corporations like Visa and Southwest Airlines are paying for your free tickets each time you use their credit card. They do not. It is the retailer that pays, and many retailers are small business owners like myself. That's all I'm sayin'.

 

[stockgirl]

And while I am at it, if merchants have agreed to accept Visa and Mastercard at their business, they are NOT, I repeat, NOT allowed to impose a minimum charge to your card. You, the consumer, can charge $.50 to your card if you choose. If you encounter a retailer that imposes a minimum, you inform that retailer that they will accept your card for whatever amount you choose and that you will call Visa/Mastercard to report them.

Yet, every liquor store in the area still imposes a minimum purchase.

 

[JOKER]

I appreciate the good service all you local
small businesses provide to our community,
and I thank you and support your business
whenever I can.

 

[withrespect]

I am reviewing my monthly merchant credit card statement and just want to let you rewards credit card holders know that we, the merchants, are paying for your free TVs and 'round the world excursions! I am paying as much as 3.6% of every dollar you spend in my store so you can bask in the sun in Jamaica. For the average Joe with the no frills credit card, I only have to pay 1% of every dollar you spend.

To make it simple for ya - if the rewards card customer spends $100 in my store, I pay a total fee of $3.60 when I swipe your card. I only pay $1 for that same $100 purchase if you have no rewards card. I still like cash at my business. And don't give me the argument that it costs a lot of money to take cash to the bank for deposit. I could go to the bank twice a day every day of the month and not spend as much money in vehicle and payroll expense as I do in credit card fees. And with cash, I have your money when you walk out of the door, not 2-4 days from now when the credit card company decides to give it to me.

And while I am at it, if merchants have agreed to accept Visa and Mastercard at their business, they are NOT, I repeat, NOT allowed to impose a minimum charge to your card. You, the consumer, can charge $.50 to your card if you choose. If you encounter a retailer that imposes a minimum, you inform that retailer that they will accept your card for whatever amount you choose and that you will call Visa/Mastercard to report them. If I have to play by these rules, all other retailers should play by the rules as well - white, black, hispanic, or illegal immigrants!

Thanks for listening - rant over.

Very sorry.

 

[TPD]

And while I am at it, if merchants have agreed to accept Visa and Mastercard at their business, they are NOT, I repeat, NOT allowed to impose a minimum charge to your card. You, the consumer, can charge $.50 to your card if you choose. If you encounter a retailer that imposes a minimum, you inform that retailer that they will accept your card for whatever amount you choose and that you will call Visa/Mastercard to report them. If I have to play by these rules, all other retailers should play by the rules as well - white, black, hispanic, or illegal immigrants!

Ok - I'm eating crow. Some businesses, such as lodging and car rental, are allowed to have a minimum charge, but that minimum charge can not be more than $10. Not sure about the liquor business, but from what I have read in the updated contract, no business can impose a minimum greater than $10, but if you are using a Visa debit card, there can be no minimum charge at all!

A business also can not tack on a fee for using a credit card. They can offer a discount for using other forms of payment besides a credit card though.

Sorry for the misinformation. The contract is only 1200 pages long... http://usa.visa.com/download/merchants/visa-international-operating-regulations-main.pdf

 

[MarieB]

Ok - I'm eating crow. Some businesses, such as lodging and car rental, are allowed to have a minimum charge, but that minimum charge can not be more than $10. Not sure about the liquor business, but from what I have read in the updated contract, no business can impose a minimum greater than $10, but if you are using a Visa debit card, there can be no minimum charge at all!

A business also can not tack on a fee for using a credit card. They can offer a discount for using other forms of payment besides a credit card though.

Sorry for the misinformation. The contract is only 1200 pages long... http://usa.visa.com/download/merchants/visa-international-operating-regulations-main.pdf

That's what I had thought too. Thai Inter had a minimum of $15, but the new owners have changed that policy.

Isn't the fee charged to the business cheaper for a debit transaction than for a credit transaction? I'm not sure why so many businesses just run all of the charges as credit

 

[vraiblonde]

Damn hippie. We pay our cc service fees (mostly) gladly because it allows our client to pay us faster and credit cards don't bounce. It's a service, and they card companies are entitled to make money from it.

Actually, the people paying for my rewards are the ones who carry a balance and shell out interest fees each month, not the merchants.

 

[MMM_donuts]

Ok - I'm eating crow. Some businesses, such as lodging and car rental, are allowed to have a minimum charge, but that minimum charge can not be more than $10. Not sure about the liquor business, but from what I have read in the updated contract, no business can impose a minimum greater than $10, but if you are using a Visa debit card, there can be no minimum charge at all!

A business also can not tack on a fee for using a credit card. They can offer a discount for using other forms of payment besides a credit card though.

Sorry for the misinformation. The contract is only 1200 pages long... http://usa.visa.com/download/merchants/visa-international-operating-regulations-main.pdf

It's my understanding that the Durbin Amendment to the Consumer Protection Act of 2010 allows for a merchant to charge a $10 minimum when paying with a credit card, voiding Visa and MasterCard's ban on this.

 

[rhenderson]

Well - You don't HAVE to accept any card. That's a business decision you made. I understand the impact to your business if you don't accept cards as I am one of the few people in stores that actually use US issued money instead of plastic.

However, if the card fees are that big a problem you have the choice of raising prices or not accepting cards. Every decision has its consequences.

 

[b23hqb]

Well - You don't HAVE to accept any card. That's a business decision you made. I understand the impact to your business if you don't accept cards as I am one of the few people in stores that actually use US issued money instead of plastic.

However, if the card fees are that big a problem you have the choice of raising prices or not accepting cards. Every decision has its consequences.

Yup. With the massive move to plastic vs. check or cash, the merchants will have to deal with it. I'm sure many, even smaller mom and pop businesses, have or will have to make adjustments to keep their profit margin acceptable, one way or the other.

 

[kara teoke]

I am reviewing my monthly merchant credit card statement and just want to let you rewards credit card holders know that we, the merchants, are paying for your free TVs and 'round the world excursions! I am paying as much as 3.6% of every dollar you spend in my store so you can bask in the sun in Jamaica. For the average Joe with the no frills credit card, I only have to pay 1% of every dollar you spend.

To make it simple for ya - if the rewards card customer spends $100 in my store, I pay a total fee of $3.60 when I swipe your card. I only pay $1 for that same $100 purchase if you have no rewards card. I still like cash at my business. And don't give me the argument that it costs a lot of money to take cash to the bank for deposit. I could go to the bank twice a day every day of the month and not spend as much money in vehicle and payroll expense as I do in credit card fees. And with cash, I have your money when you walk out of the door, not 2-4 days from now when the credit card company decides to give it to me.

And while I am at it, if merchants have agreed to accept Visa and Mastercard at their business, they are NOT, I repeat, NOT allowed to impose a minimum charge to your card. You, the consumer, can charge $.50 to your card if you choose. If you encounter a retailer that imposes a minimum, you inform that retailer that they will accept your card for whatever amount you choose and that you will call Visa/Mastercard to report them. If I have to play by these rules, all other retailers should play by the rules as well - white, black, hispanic, or illegal immigrants!

Thanks for listening - rant over.

Thank you been to Hawaii twice in the last three years first class all the way. Appreciate it buddy

 

[b23hqb]

Thank you been to Hawaii twice in the last three years first class all the way. Appreciate it buddy

You must spend a lot of money on credit. In debt or anything like that? If not, good for you. If so, bad for the rest of us that bail you out.

The banks do not pay for debt failures. Everybody else does, though.

 

[kara teoke]

Nope, 99% is work related and all expensed.

 

[Wenchy]

I paid my daughter's college expenses on plastic to get a 1% cash back award. Is this acceptable?

I went to a liquor store a year ago and informed them they had to accept my CC charge of 8.99 or so (they had no idea)

I have a roll of quarters in my car for when I travel and encounter toll booths.

I do NOT carry cash.

Plastic is my friend. Cash can be stolen and never replaced.

 

[kara teoke]

Cash can be stolen and never replaced.

and it takes up a lot of space. also it's dirty.

 

[b23hqb]

Nope, 99% is work related and all expensed.

OK. How will that stand up come Jan 1, 2013? Nice that you enjoyed it, though. And all legal.

 

[kara teoke]

OK. How will that stand up come Jan 1, 2013? Nice that you enjoyed it, though. And all legal.

I'm not government

 

[b23hqb]

I'm not government

What does that have to do with anything?

Tax deduction and credit reform? Promised by the current, and concurrent admin?

Like I said, enjoy it while you could. The current occupant of the WH has said all you rich peeps getting freebies - errrrr......all you tax cheats.....errrrrrr......all you peeps getting free perks......

Glad you got it. Soon to be history, though.