$5.00 minimum for credit card purchases - a quick rant...

For just about anything you want to get off your chest about credit cards.
4 posts
NYC_Dweller
Centurion Member
Centurion Member
 
Posts: 192
Joined: Wed May 18, 2011 1:16 pm
Location: NYC

$5.00 minimum for credit card purchases - a quick rant...

Postby NYC_Dweller » Sun May 06, 2012 10:59 pm

Hello everyone,

I hate seeing these $5.00 or $10.00 minimum for credit card signs in businesses. Shouldn't the merchant know that this is against their agreement.

As mentioned in the title - a quick rant...


Moneytalks
Centurion Member
Centurion Member
 
Posts: 438
Joined: Sat Feb 04, 2012 8:22 pm
Location: United States

Postby Moneytalks » Sun May 06, 2012 11:15 pm

I think they can now after they amended the card act.... not 100% sure though. I have also seen those signs, but with small print quoting the right for them to from some law
Wallet: Amex BCE & Chase Freedom. (Credit Card dieting since 2014)

NYC_Dweller
Centurion Member
Centurion Member
 
Posts: 192
Joined: Wed May 18, 2011 1:16 pm
Location: NYC

Postby NYC_Dweller » Sun May 06, 2012 11:25 pm

I fully understand the need to increase profit and decrease any loss (P&L is part of my 9-5 duties). I think having a CC minimum sign has unintentionally turned down more customers than what the business owner would have loss via merchant transaction percentages. Not too long ago I say a sign at a mom and pop coffee shop that was ideal. If I can quote correctly:

"In order to keep our prices low in this economy we encourage you to use cash. If cash is not convenient at the moment we accept all major credit cards."

Just by seeing that I paid and will continue to pay with cash at that establishment.

randeman
Centurion Member
Centurion Member
 
Posts: 188
Joined: Tue Jan 10, 2012 7:11 pm
Location: New York, NY

Postby randeman » Mon May 07, 2012 9:44 am

The Dodd-Frank Act allows merchants to set a minimum purchase of $10.00. It is no longer a violation of their merchant agreements.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: TrumanMet and 2 guests