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View Diary: Step 1, Banks. Step 2, Credit Cards (40 comments)

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  •  The problem is it's not the bank paying for those (10+ / 0-)

    perks, it's the merchant you bought from. Corporate / rewards cards cost twice as much for the merchant as regular cards. I refuse to accept Discover cards because the cost is so high. And I'm really starting to frown on American Express. I had one guy charge 350 bucks and A/E subtracted 8.50 from my account. A/E thinks 3.5% off the top is just grand. I don't.

    "We're here to start a dialog, nothing more. We keep quiet and let the press, the politicians, and the Wall Streeters hang themselves." From a veteran protester in the civil rights days at Liberty Park. h/t to pistols at dawn.

    by mrsgoo on Mon Nov 07, 2011 at 06:04:28 AM PST

    [ Parent ]

    •  interesting to hear what they cost the merchant (4+ / 0-)
      Recommended by:
      mrsgoo, DRo, lgmcp, glorificus

      A regular consumer doesn't really know this, and might think twice about using one.  Do you have the percentages for all of them?  I'd be sure to use the lowest one if I knew which one it is.  I guess I could always ask the merchant, too.

      "Repression works only to strengthen and knit the repressed." --J. Steinbeck

      by livjack on Mon Nov 07, 2011 at 06:22:00 AM PST

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      •  Credit card processing is a huge racket and (2+ / 0-)
        Recommended by:
        DRo, lgmcp

        profitable. Generally speaking regular swiped cards are about 1.5% Corporate and reward cards are about 2-3.5%. Same for keypayd transactions (phone orders).
        The sonosabitches have more fees than you can even believe. On average we get clipped 2.5%.

        "We're here to start a dialog, nothing more. We keep quiet and let the press, the politicians, and the Wall Streeters hang themselves." From a veteran protester in the civil rights days at Liberty Park. h/t to pistols at dawn.

        by mrsgoo on Mon Nov 07, 2011 at 07:49:10 AM PST

        [ Parent ]

        •  I've been thinking of going right back to cash (1+ / 0-)
          Recommended by:
          glorificus

          for most daily transactions.  It's been years since I've done that, but it seems like maybe it's time.

          "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

          by lgmcp on Mon Nov 07, 2011 at 09:04:43 AM PST

          [ Parent ]

        •  I took a trip with a travel agent friend. (0+ / 0-)

          She allowed me to charge it, but also charged me the 3% fee she would have been charged. I know the merchants pay for the privilege, but I think Target can absorb the loss easily.

    •  Why would I care what merchants pay banks (2+ / 0-)
      Recommended by:
      mrsgoo, glorificus

      especially when we are talking about big ones like Target? If you as a small merchant refuse to accept some or all credit cards or have a minimum purchase requirement to use them, sure, I'll find another way to pay you.

      •  I use my a/e costco business card only at costco (3+ / 0-)
        Recommended by:
        DRo, mygreekamphora, glorificus

        and big box chains. I pay cash at mom and pops. I've got the vast majority of my regular customers paying by check now. What kills me is when somebody comes in and buys 2-3 bucks of stuff and flips out a card. It's .35 off the top and the % after that. I might as well just give them the merchandise.

        "We're here to start a dialog, nothing more. We keep quiet and let the press, the politicians, and the Wall Streeters hang themselves." From a veteran protester in the civil rights days at Liberty Park. h/t to pistols at dawn.

        by mrsgoo on Mon Nov 07, 2011 at 07:54:33 AM PST

        [ Parent ]

        •  Many small stores have $15-20 minimum purchase (1+ / 0-)
          Recommended by:
          mrsgoo

          requirement for credit card.

          •  Yeah we used to have a 10 dollar one but you would (0+ / 0-)

            not believe how many folks run around with no cash.

            "We're here to start a dialog, nothing more. We keep quiet and let the press, the politicians, and the Wall Streeters hang themselves." From a veteran protester in the civil rights days at Liberty Park. h/t to pistols at dawn.

            by mrsgoo on Mon Nov 07, 2011 at 06:29:03 PM PST

            [ Parent ]

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