I am the credit card king!

For just about anything you want to get off your chest about credit cards.
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JCarter
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Postby JCarter » Thu Apr 26, 2012 1:00 am

Moneytalks wrote:Soooo, after all that, I guess Jcarter is the credit card king??? haha


It's okay, he can be the credit card queen.


JCarter
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Postby JCarter » Thu Apr 26, 2012 1:03 am

DavidNY wrote:Here's the link: http://usa.visa.com/download/merchants/visa-usa-interchange-reimbursement-fees-april2012.pdf

The chart makes reference to a Signature Preferred level, apparently meant for those spending >$50k annually on their card. Not sure what the difference in perks may be between Signature, Signature Preferred and Infinite.


Signature Preferred cards are like Merrill Lynch's Visa, UBS Charter Visa and the Palladium from JPMorgan. It allows these banks to offer cards with extra services to UHNWI while allowing them to recoup costs rather than writing them off.

Signature Plus is supposed to be like MC World Elite and a US Infinite card. I do not know if the name will remain the same, but as of right now it is a working title. I have it from good sources within Capital One (Which is HQ not too far from my office, and has large operations all over this state) that this is something Visa is putting together to launch in Q4 of this year.

Crashem
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Postby Crashem » Wed May 09, 2012 1:02 pm

JCarter wrote:Interesting, where do you park the vehicle?


Had to rent a parking garage and install electrical. Kind of a pain.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

DoingHomework
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Postby DoingHomework » Wed May 09, 2012 4:17 pm

FastSRT8 wrote:I realized back in the day AMEX was not widely accepted due to the high rates they charge the merchants versus Visa or Mastercard but correct me if I am wrong, have they not lowered their merchants rates?

Also I may be biased but I feel Amex has really good customer service and if you ever have an issue with charges they are very good at resolving them in a timely manner.


As a customer I love my Amex card and the customer service is great.

As a merchant they are a bit of a pain to deal with. They usually take the customer side on a chargeback. (and in some businesses the customer is almost always wrong in making a chargeback). They charge higher fees, though premium visas are about the same, and they make you have a separate merchant account directly with them.

I don't take Amex so I have not dealt directly with the issues. But I know people in my "industry" who have been burned by Amex/customers. It's a service industry. Customers often use the service then do a chargeback, knowing full well that they are stealing...but Amex backs them up while visa and mastercard almost never do.

Again, I like that feature as a customer and that's partly why I use Amex as much as possible. But it also explains why many merchants don't like the card.

Maximilian
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Postby Maximilian » Wed May 09, 2012 4:58 pm

DoingHomework wrote:As a customer I love my Amex card and the customer service is great.

As a merchant they are a bit of a pain to deal with. They usually take the customer side on a chargeback. (and in some businesses the customer is almost always wrong in making a chargeback). They charge higher fees, though premium visas are about the same, and they make you have a separate merchant account directly with them.

I don't take Amex so I have not dealt directly with the issues. But I know people in my "industry" who have been burned by Amex/customers. It's a service industry. Customers often use the service then do a chargeback, knowing full well that they are stealing...but Amex backs them up while visa and mastercard almost never do.

Again, I like that feature as a customer and that's partly why I use Amex as much as possible. But it also explains why many merchants don't like the card.


As far as the chargeback goes, it applies to American Express, Visa and MasterCard. If you're in service industry, you're selling intangible goods which is a great recipe for chargeback. We've been accepting cards since 1999 and almost always (99.5%) of the times the chargeback was settled in the customer's favor. They don't budge in when it comes to services/intangible goods. I've only seen PayPal showing a soft-side on 'Disputed PayPal Payments'. Again we do have a PayPal Website Payment Pro which has a virtual terminal and ability to process credit cards and with them too, any credit/charge card chargeback was always settled in cardmember's favor.

We tried getting creative and mail a hard copy of the customer's account login information via FedEx, so we have a shipping proof. In those cases again the customer won the chargeback. It's like hitting against the brick wall.

JCarter
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Postby JCarter » Fri May 11, 2012 3:12 am

Maximilian wrote:As far as the chargeback goes, it applies to American Express, Visa and MasterCard. If you're in service industry, you're selling intangible goods which is a great recipe for chargeback. We've been accepting cards since 1999 and almost always (99.5%) of the times the chargeback was settled in the customer's favor. They don't budge in when it comes to services/intangible goods. I've only seen PayPal showing a soft-side on 'Disputed PayPal Payments'. Again we do have a PayPal Website Payment Pro which has a virtual terminal and ability to process credit cards and with them too, any credit/charge card chargeback was always settled in cardmember's favor.

We tried getting creative and mail a hard copy of the customer's account login information via FedEx, so we have a shipping proof. In those cases again the customer won the chargeback. It's like hitting against the brick wall.


Interesting. Maybe it is because the dispute goes through the issuer and not the merchant account?

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Postby Crashem » Fri May 11, 2012 9:13 am

If we are talking about PayPal, they have their own internal dispute process and card associations and issuing banks tend to let them decide.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Maximilian
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Postby Maximilian » Fri May 11, 2012 9:30 am

Actually the process goes as follow:
1. Cardholder issues a dispute
2. The issuer sends a notice to the merchant gateway/provider (i.e. Chase Paymentech)
3. Chase debits the merchant's account and sends them a notice, asking to provide more information, specifically proof of shipment.

You have 30 days to respond. If you're selling tangible goods and actually do have a proof of shipping, chances are that the chargeback will be settled in your favor. BUT, if you're selling intangible goods, particularly online services, then you pretty much got no legs to stand on.

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Postby FastSRT8 » Fri May 11, 2012 11:05 am

Maximilian wrote:Actually the process goes as follow:
1. Cardholder issues a dispute
2. The issuer sends a notice to the merchant gateway/provider (i.e. Chase Paymentech)
3. Chase debits the merchant's account and sends them a notice, asking to provide more information, specifically proof of shipment.

You have 30 days to respond. If you're selling tangible goods and actually do have a proof of shipping, chances are that the chargeback will be settled in your favor. BUT, if you're selling intangible goods, particularly online services, then you pretty much got no legs to stand on.


Hahahhahah so much for 1-900 phone $ex operators.... kidding
Carpe diem quam minimum credula postero!

Maximilian
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Postby Maximilian » Fri May 11, 2012 6:43 pm

Yes sir -- indeed :-)



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