Welcome Back, MINIMUM PURCHASE signs for Credit Card Usage!!

[jpeyton]

I don't see this as a problem. I carry fat stacks of cash everywhere I go.

 

[Gunslinger08]

I pay for everything with credit. Why I don't use other forms of payment:
- Cash: I have to take time/remember to get cash. Using an ATM increases my chances of having my card skimmed. If I'm mugged, I will not recover my cash.
- Check: I have to carry around a checkbook and take time to write a check. I expose my account and routing numbers to more people than necessary. I also have to order checks much more frequently, which costs me money.
- Debit: I have to expose my card to skimming and prying eyes. This has some of the benefits of credit cards, but it's more of a pain if my card is stolen, since my actual money is affected, not just my credit limit. I also don't get any rewards for using my debit card. Potentially my bank charges me a fee per usage as well.

 

[oogabooga]

This is bullshit. I wonder how a signed contract by a merchant stating they'll agree to visa/MC mandates forbiding the use of minimum purchase price will fare.

 

[jpeyton]

This is bullshit. I wonder how a signed contract by a merchant stating they'll agree to visa/MC mandates forbiding the use of minimum purchase price will fare.

They'll fare just fine, because companies large and small have ditched Visa/MC processing to save money.

Does Costco ring a bell? Costco has a sweetheart deal with Amex for processing, which is why it is the only credit card they accept. They will also accept debit and cash. No Visa, MC or Discover credit transactions are allowed.

 

[ShawnD1]

- Debit: I have to expose my card to skimming and prying eyes. This has some of the benefits of credit cards, but it's more of a pain if my card is stolen, since my actual money is affected, not just my credit limit. I also don't get any rewards for using my debit card. Potentially my bank charges me a fee per usage as well.

One of my friends has been skimmed before. That sucks ass. Credit cards can be jacked as well but it's a lot easier to dispute. As far as I know, it's virtually impossible to dispute debit transactions.

I use credit for everything because it's the cheapest and easiest. Cheques cost about $0.50 each last time I ordered them, debit transactions are $0.50 every time, but credit card is totally free to use. It's also the easiest to use. When I use a credit card at McDonalds or Wendy's, they don't even ask for a signature. I can also use a credit card when buying in a different currency.

 

[PingSpike]

This isn't a big deal. I'll just go from carrying zero dollars to carrying $10 in my wallet for emergencies. (A $10 emergency is a situation I doubt will ever happen...) Its pretty rare that I buy some food for $5, its usually a waste of money...and since I'm pretty confident McDonald's or Subway won't go this route, I'll go there instead of a Mom and Pop place when I'm in the rare pinch. As it stands, some places around here have the minimum purchase thing up even though its illegal and I just avoid going to them after I get burned once.

As said, free checking going away is more worrisome. I can easily avoid the above situation, I need a checking account.

 

[PingSpike]

Not really entitlement. I just hate carrying coins around. Plus I get 1% back on my CC. If I use it for everything, it adds up.

That's the thing, I get 1-3% cash back on my card. I don't get any discount for using cash, and in fact, cash is a huge PITA.

 

[PingSpike]

There's no guarantee of that, and nothing says they have to lose money on you just because they're making it on someone else. You don't have anything to do with those other people.

Today I'm the $5 guy, tomorrow I'm the $20 guy. And neither one of those guys goes to the $10 minimum place.

 

[Patranus]

The one thing I see that is most disturbing is that retailers can charge difference fees for different credit card networks.

This will certainly eliminate many (if not all) smaller credit card networks leaving Visa as our new credit card overlord.

 

[alkemyst]

I never carry cash. I use my debit/credit card for convenience. The only time I use cash is when I pay my barber.

If an establishment wants to set a $10 minimum, I'll just take my business elsewhere.

I agree...it still sucks to stop, get inside and pick out a soda or snack to only be told of a minimum fee or worse some places are not taking credit on certain merchandise now.

One liquor chain here (two shops) will not take CC for beer purchases.

As a former merchant I priced my items accordingly for the fees. I rarely dealt in cash (certified checks actually) and if I did I could always negotiate a better price for them.

The merchant gains a lot more from allowing CC's than the customer.

However now with debit cards the gap is closing, however; many that don't take CC's also decline debit...they don't trust their employees to always know the difference.

 

[TwiceOver]

After getting burned by debit cards in the past there's no fucking way I would ever use one. You are at the mercy of the banks if something happens to your card. I want the protection of a credit card as far as getting erroneous charges removed and money refunded immediately.

A check/debit card with a Visa/Mastercard logo when used as a Credit based transaction affords you the same protection as a Visa/Mastercard credit card.

 

[Jeff7]

I love how the root of the problem is the merchant fees on small transactions but somehow the consumer is to blame. WTF

Trickle-down economics.
By the anything trickles down, all the positive aspects have been filtered out, leaving only the crap that no one else wanted.

 

[Fingolfin269]

My favorite part of this entire discussion are those who think this is the way of the future, cash is outdated, etc.

So are you saying that a small business owner giving a % of each and every transaction to a massive corporation (not the government) instead of keeping it locally is the future you want? Really? Yeah I understand this BS affects all businesses who take cards but I think more about the guys who have the gas stations where someone pays at the pump with a card then walks in and buys a bag of chips/drink with a card. That guy is not McDonald's, Wal-Mart, etc. It could be a guy who lives in the same neighborhood as you. But that's ok, giving a cut to the large corporation is a the wave of the future! Get with the times, neighbor!

Also, the credit card companies are hilariously awesome. A lot of people in this thread are talking about the cashback they get for using the card (1-2%), 'points' per transaction, etc. Imagine if those benefits went away and they reduced the charge to the merchants by that %. You would still have the convenience of using the card and the merchants would be stuck with only paying per transaction fees. The price of goods COULD potentially drop. Win/win.

 

[tk149]

My friend is the manager of McDonalds. The money truck comes by his store once per week.
Lower managers count money each shift and deposit it in the safe (it has a drop slot but cannot be opened by any of the lower managers). After a week, the safe has more than $10,000 in it. Would you really want one of your employees hauling around 10k in cash? Would you want him doing this every week? Of course you wouldn't. That's why you hire a money truck.

The money truck also delivers new coins. You didn't think change magically showed up at the store did you?

Off topic:
A few years ago, I attended the trial of a guy convicted of robbing a Burger King manager. After the restaurant closed, he followed the manager to a gas station and stole around $10,000 from him. The manager was on the way to the bank's night deposit.

The felon actually used to work at that same exact store. He got around 26 years in prisontime IIRC. Anyway, just saying that maybe not all stores use armored car services.

 

[Phoenix86]

Trickle-down economics.
By the anything trickles down, all the positive aspects have been filtered out, leaving only the crap that no one else wanted.

The amazing thing is, decisions like this are exactly what prompted additional federal regulation (over draft fees and whatnot).

Like taking us back to the 80s is a better option...

 

[alkemyst]

A check/debit card with a Visa/Mastercard logo when used as a Credit based transaction affords you the same protection as a Visa/Mastercard credit card.

Not true. For one most will require you to report any fraud within 24 hours of it happening to be protected. With a real CC you can take your time.

Also and this is the big one most don't realize, while they are investigating your money is not yours. Some banks may allow for charges to post while investigating, some do not and your account is immediately frozen.

The only people usually bitching about CC's are the one's with shit credit that cannot get a real one. There is not much reason to carry cash in general and with all the people out of work and carjacking/strong arm robbery happening in even good areas you'd be out that cash as insurance doesn't cover it.

 

[Platypus]

A check/debit card with a Visa/Mastercard logo when used as a Credit based transaction affords you the same protection as a Visa/Mastercard credit card.

Not when your card number gets skimmed and used to do ACH transactions, which has happened to me 3 different times at 3 different major banks (Chase, Citibank, 5/3rd).

The best part is that you can prove the charges are false and it might take up to 5 days for the money to transfer, all the while banks can do nothing to stop it until the money has been transfered. Then the transaction has to be investigated for fraud by the bank which takes an additional week+ (it took me 3 months to get $1500 back from citibank).

 

[QueBert]

I don't like people who use a credit card to charge $4 worth of shit. Regardless of what Visa might say on their commercials it's NOT faster to use a CC than cash. Cash is quicker by a long shot. It's especially apparent when I have 4 buttfuckers in front of me who all want to use their Visa to buy a bag of chips and a soda, the extra time adds up.

 

[geno]

For you guys who like small purchases, use a Check Card or Debit Card.

/debate

Places still put a lower limit on card purchases. I never put a credit transaction through on my debit card, yet I've still had places tell me "sorry, $10 minumum) on a $9 purchase.

 

[OutHouse]

This is fucking bullshit.

I guess I'll get more detailed.

I use my debit card for day to day purchases, I never carry cash. I already avoid people who make me pay to use my card, IE Arco Gas, small coffee places, etc etc.

I'm not going to start carrying around cash just to cater to these stupid fucking places.

people like you are exactly why they are allowing this. using a debit/credit card to pay for a $1.50 cup of coffee is beyond idiotic.

 

[PingSpike]

It seems like debit cards are worse than carrying cash. I mean, at least with cash they can't also steal from my bank account.

 

[PingSpike]

people like you are exactly why they are allowing this. using a debit/credit card to pay for a $1.50 cup of coffee is beyond idiotic.

I dunno man, I got my cup of coffee. Seems like it worked out.

 

[OutHouse]

A check/debit card with a Visa/Mastercard logo when used as a Credit based transaction affords you the same protection as a Visa/Mastercard credit card.

nope.

Debit cards: your money is gone out of your account until the investigation is over and they put it back in your account. this can be a 2 month process. good luck in paying your bills. I NEVER EVER use a debit card for online purchases or at places where i have give my card to somebody to swipe it.

credit cards: the banks money is gone, and after i report it to them i dont care anymore. not my problem.

 

[Platypus]

It seems like debit cards are worse than carrying cash. I mean, at least with cash they can't also steal from my bank account.

They ARE worse than cash, I've been telling people this for years. It never really 'sinks in' until it happens to you. People argue with me about it constantly saying how since it's got a credit card logo on it that somehow means anything at all...

They literally offer you nothing but a giant headache and take just as long as paying with a CC.

 

[Fingolfin269]

I don't like people who use a credit card to charge $4 worth of shit. Regardless of what Visa might say on their commercials it's NOT faster to use a CC than cash. Cash is quicker by a long shot. It's especially apparent when I have 4 buttfuckers in front of me who all want to use their Visa to buy a bag of chips and a soda, the extra time adds up.

CC is only faster than a person who writes a check. That's it. I try to keep a little bit of cash on me at all times, $30-$50 or so, and once that is close to $0 I hit the ATM again. If you have a decent bank you shouldn't have to go too much out of your way to hit the ATM so I really don't see the problem here.