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Old 07-22-2013, 09:05 PM
 
Location: East Village
755 posts, read 1,994,162 times
Reputation: 295

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Quote:
Originally Posted by Febtober View Post
It is perfectly accurate and has been that way since September of 2010. Just because you know a store that isn't playing by the rules doesn't mean the rules don't exist.
Exactly.

And if a place is going to protest running my card over 48 cents, as in the case I mentioned above, I will certainly complain. Cash-only is one thing (and absolutely fine). You either accept cards or you don't—the minimums are B.S.
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Old 07-23-2013, 06:20 AM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
Let's go to the Instant Replay:


Quote:

Merchants may require up to $10 minimum credit card purchase





Little noticed passage in law gives federal blessing to those handwritten
signs






By Dana Dratch








You step up to the counter with a couple of small items and your credit card.



Then you see the sign, often handwritten and taped to the register: "$10
minimum for credit card transactions."


It's a familiar scene to consumers, especially those who frequent mom-and-pop
stores. There's just one difference now: It's a practice sanctioned by law.






Until 2010, most card networks prohibited merchants from setting minimums for
credit card transactions, and even set up methods for consumers to turn in
violators. The card issuers want cards to be universally accepted like cash, and
minimum purchase requirements made them less, well, cashlike.


A coalition of retail and small business organizations asked Congress to
change that. Because it costs retailers money to accept cards, small transaction
amounts can make accepting cards unprofitable, especially at places such as
convenience stores and gas stations, where profit margins are paper-thin. They
asked for the option to require a minimum purchase amount for credit card
transactions.


They got it. The request received little notice because it was tucked into a
bill that became an 848-page legislative behemoth -- the Dodd-Frank Wall Street
Reform and Consumer Protection Act. As fierce debates took place over whether
the legislation created or preserved "too big to fail" banks, and whether to set
a cap on debit card interchange fees, the short section on credit card minimum
payments survived, there on page 698.


It went into law in July 2010, and all those handwritten signs went from
forbidden to federally blessed.


New rules: up to $10 minimum OK


The law says that merchants can set a credit card minimum purchase of up to
$10, as long as they treat all cards the same. It also allows the Federal
Reserve to review and increase the minimum payment amount.








Read more: It's the law: Merchants may require up to $10 minimum payments
on credit card purchases



Compare credit cards here - CreditCards.com
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Old 07-23-2013, 07:53 AM
 
Location: Riverdale, New York
1,283 posts, read 1,894,051 times
Reputation: 300
Quote:
Originally Posted by Kefir King View Post
Let's go to the Instant Replay:



So where do these merchants get off charging $10 - 20 minimums for credit card charges??
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Old 07-23-2013, 10:55 AM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
Quote:
Originally Posted by Grosvenor View Post
So where do these merchants get off charging $10 - 20 minimums for credit card charges??

They just don't know the law, or care about it...like my Chinese liquor salesman and his $20 minimum.
I won't make a fuss because I buy either $8.99 +tax vermouth or $23.99 +tax Seagam's 7, neither of which would be affected if he were forced to a $10 minimum.

Some things aren't worth fussing over.
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Old 07-23-2013, 11:25 AM
 
590 posts, read 965,028 times
Reputation: 323
Credit card processing charges the business owner a fee. Debit transactions are cheaper but still add up. Only giant corporations like Mcdonalds can eat the fee of credit card processing (e.g charging everything as a "credit" no signature/pin transaction) because the speed more than makes up for the time invested to verify the cheaper way.

Business owners do not want to eat this fee if they can avoid it and some processing companies are predatory which may put business owners off from even setting one up.
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Old 07-23-2013, 12:34 PM
 
Location: Plandome, NY
7,048 posts, read 7,621,322 times
Reputation: 3889
wow, I had dinner at this place called The Boil in LES....the bill was close to $150 for two people.....CASH ONLY...seems too convenient that they had an ATM at the front of the establishment. Good thing I have some emergency cash tucked away in my wallet......lesson learned.
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Old 07-23-2013, 02:11 PM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
sirtiger,

I hope the place and others like it have a BIG SIGN prominently displayed so you know the rules BEFORE you get stuck washing dishes at 50% of the minimum wage.

You guys must have socked away several drinks to run up $150:
Quote:
This place is cash only. No credit cards accepted. So make sure you carry
enough cash on you (be prepared to spend anywhere from $25 to $45 a person if
you were to order any one of their combo dishes).
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Old 07-23-2013, 02:14 PM
 
2,853 posts, read 6,253,492 times
Reputation: 1636
Quote:
Originally Posted by Kefir King View Post
sirtiger,

I hope the place and others like it have a BIG SIGN prominently displayed so you know the rules BEFORE you get stuck washing dishes at 50% of the minimum wage.

I have to say that I've notice that most restaurants that are cash-only have that clearly displayed on the menus.
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Old 07-24-2013, 05:46 AM
 
Location: Plandome, NY
7,048 posts, read 7,621,322 times
Reputation: 3889
Quote:
Originally Posted by Kefir King View Post
sirtiger,

I hope the place and others like it have a BIG SIGN prominently displayed so you know the rules BEFORE you get stuck washing dishes at 50% of the minimum wage.

You guys must have socked away several drinks to run up $150:
funny, we didn't even drink any alcoholic beverage that night. I always have cash tucked away for emergencies.
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Old 07-24-2013, 10:36 AM
 
1,500 posts, read 1,917,051 times
Reputation: 2566
Quote:
Originally Posted by BORN IN BROOKLYN 1986 View Post
Peter Luger Steak House also is cash only but vip customers may be issued a Peter Lugers "credit card" of sorts. I am

not sure how that works, but if you read on yelp plenty of reviewers have mentioned it's existance.
The amount of money that place will have on hand on a busy weekend is crazy. Every time I go to the one in Brooklyn the place is packed wall to wall. And if you go with a party of 8 or more your check will come out to $1000 at least. If you do the math, that place must rake in close to or more than $200k a weekend.
I'm surprised that place hasn't been hit yet with all that money in their possession.

Also they are super fussy with their credit card. The info they ask for goes far beyond the basic credit card application. Unless you go there at least 4-5 times a year its not even worth it.

I could only imagine how much busier it would be if they accepted credit cards.
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