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ANY business that sticks it to me.....never shopping there ever again!
If it is a well advertised policy in the store...and I know they charge the fee, I will just avoid in the future. If they do it via stealth....forget it, you have lost me as a customer.
what a bunch of babies
you're not getting ripped off if the store passes the fee onto you
you're actually getting ripped off if they build that cost into the cost of the product and you pay cash
.....This was finalized over the summer as part of a settlement against the big banks. Seems it was more a "win" for them than it was for us. Seems to me a $10 CC purchase is processed the same way a $1000 CC purchase would be yet the "checkout fee" is a percentage of the purchase... $.30 for the $10 purchase and $30 for the $1000 purchase......
Excellent post - a real service in informing people of a change which can affect them. However, I have a quibble with the logic of the bolded sentence in the portion of your OP which I quoted above. The "win" in this case is not for the banks at all, but for the merchants. The fee charged (if a merchant elects to charge it) will not go to the banks, but will remain with the merchant as a deferral of processing charges levied by the banks against the merchant. In fact, to the extent that customers choose to pay cash or to switch to debit cards to avoid the fee, the banks will actually loose out on the lucrative fees.
I am no fan of the big banks, but your statement (the bolded sentence) was just not accurate, it seems to me.
FYI..this site says to put in the first 6 digits of your CC card which I didn't do nor would I recommend it.
They have example cards that you can click on though.
Why not? The first six digits on all credit cards is simply the issuer identification number. It has absolutely nothing to do with you or your particular account.
Our bank does not charge us for any transactions, & we only pay cash for purchases. If we need airline tickets we go and purchase them at the airport with cash. This is just good & works for us. kelsie
That's a good way to set yourself up for extra screening at the airport.
By the way, what would you do if you were traveling and had sudden unexpected expenses. A blizzard shuts down the US air system for four days. Do you keep enough in your checking account to cover hotel rooms and meals?
Why not? The first six digits on all credit cards is simply the issuer identification number. It has absolutely nothing to do with you or your particular account.
I'm just anal like that..don't like any of my personal information on sites I do not know nor are secure.
And I wouldn't want anyone else doing it either if I post the link.
Excellent post - a real service in informing people of a change which can affect them. However, I have a quibble with the logic of the bolded sentence in the portion of your OP which I quoted above. The "win" in this case is not for the banks at all, but for the merchants. The fee charged (if a merchant elects to charge it) will not go to the banks, but will remain with the merchant as a deferral of processing charges levied by the banks against the merchant. In fact, to the extent that customers choose to pay cash or to switch to debit cards to avoid the fee, the banks will actually loose out on the lucrative fees.
I am no fan of the big banks, but your statement (the bolded sentence) was just not accurate, it seems to me.
I read that most businesses that do a lot of CC sales had already accounted for the cost of processing a CC.
If that is the case then that cost turns into profit for them because now the fees will be paid for by the customer at checkout.
That's a good way to set yourself up for extra screening at the airport.We do travel quite a bit and so far we have not had any unexpected problems.
By the way, what would you do if you were traveling and had sudden unexpected expenses. A blizzard shuts down the US air system for four days. Do you keep enough in your checking account to cover hotel rooms and meals?
Actually, this did happen to us a few yrs. ago and we went back to the guest house we were staying in & gave them a check for an additional 3 nights & I always keep extra money on hand for food.
I'm just anal like that..don't like any of my personal information on sites I do not know nor are secure.
And I wouldn't want anyone else doing it either if I post the link.
Better safe then sorry is my motto.
But that was my point. There is no personal info whatsoever in the first six digits of your credit card. It is simply the bank's identifier. It would be akin to giving out the bank routing number on the bottom of your checks. That has absolutely nothing to do with your checking account number.
It may be less than 3% for a large business that is able to negotiate much lower processing rates, but for small businesses, it can be much more than 3%. Ours, for instance, is 2.82% PLUS a per-transaction fee, and other additional fees depending upon the card. On a small charge, it can be way up there. Among additional fees are higher fees for cards such as airline mile cards which get hit with a higher processing fee than the 2.82...
Exactly. We looked into the option of accepting credit card payments for rent, but the costs were just too high for us. It would cost us MORE than 3% per transaction. If your rent is $1000, that is $30+ lost every month, on each property, and that is just too much. We figured there weren't enough people who would be willing to pay that $30 extra each month for the ability to pay with plastic, so we didn't sign up.
Because rents are set by the market and not by our expenses, we can't raise rents to cover this fee.
This isn't about "sticking it to the customer" or "trying to get more money out of them". For us, it would be the only reason we would ever consider getting a card swiper. Otherwise, it is just money out of our pocket with NO financial benefit to us. If only 1/3 of our tenants decided to use credit cards (and my guess is it would be quite a bit higher than that), it would cost us around $1400 a month in fees. For a literal "mom and pop shop", that is a lot.
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Thanks for an informative OP, but.....
