Do you ever feel bad about paying with a credit card?

For just about anything you want to get off your chest about credit cards.
30 posts
benhollberg
Centurion Member
Centurion Member
 
Posts: 353
Joined: Mon Apr 29, 2013 6:51 pm
Location: Salt Lake City

Postby benhollberg » Thu Jun 06, 2013 9:45 am

Dylan1982 wrote:What I really hate, is when a business says there is a $10 minium purchase to use your CC.. That is BS!!


That's crazy, I don't ever think I've seen a requirement as high as $10. I have see a few places where it is $5, and I mean really like two or three places only.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It


KrazyNick
Platinum Member
Platinum Member
 
Posts: 79
Joined: Mon Jan 25, 2010 12:10 am
Location: South Carolina

Postby KrazyNick » Thu Jun 06, 2013 9:48 am

benhollberg wrote:That's crazy, I don't ever think I've seen a requirement as high as $10. I have see a few places where it is $5, and I mean really like two or three places only.


I've only seen $10 one place and it was a small Chinese takeout place. Other than that I've never seen a minimum amount.
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

User avatar
Z06Biker
Centurion Member
Centurion Member
 
Posts: 464
Joined: Fri Apr 12, 2013 5:39 pm
Location: Los Angeles

Postby Z06Biker » Thu Jun 06, 2013 4:07 pm

KrazyNick wrote:I've only seen $10 one place and it was a small Chinese takeout place. Other than that I've never seen a minimum amount.


Try some dive bars around the country...
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Thu Jun 06, 2013 4:15 pm

Z06Biker wrote:Try some dive bars around the country...


You mean the sort of classy place that has a sign written in what looks like crayons above the urinal saying "If you have to throw up, use the toilet"?

User avatar
Snowman
Centurion Member
Centurion Member
 
Posts: 630
Joined: Thu May 10, 2012 10:10 pm
Location: North Los Angeles County

Postby Snowman » Thu Jun 06, 2013 6:37 pm

I hate when some of the other merchants try to pull that. I work right next door to a Thai restaurant at my second job and their minimum purchase is 5 dollars or more, and same with the Carl's Jr right across the street from my other job. They charge you 50 cents more if it's under 10$ and you use a debit or credit card. I've personally avoided going back to those two places, since I'd rather not pay extra. Like Fast said, it's the cost of doing business.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

augiedog
Centurion Member
Centurion Member
 
Posts: 261
Joined: Fri Jun 07, 2013 9:46 am
Location: Broward County FL

Postby augiedog » Fri Jun 07, 2013 7:26 pm

swipe_masta wrote:Ya know what the cost of doing business with cash is? Nothing.


For smaller merchants, like family run businesses, they likely have some of their own cash on hand to do business.

But doesn't it cost money for larger businesses to have Brinks trucks moving money? Cash needs to protected in vaults, and extra security is needed to safeguard those vaults and store cashiers. Making change with coins also has its own transaction cost.

Pennies are also frustrating. The US Mint pays more to distribute pennies than their actual value. Then when people receive pennies they throw them away or let them sit in a jar.
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

hematino
Centurion Member
Centurion Member
 
Posts: 339
Joined: Fri May 11, 2012 4:08 pm
Location: Atlantic City, NJ

Postby hematino » Sat Jun 08, 2013 7:22 pm

augiedog wrote:For smaller merchants, like family run businesses, they likely have some of their own cash on hand to do business.

But doesn't it cost money for larger businesses to have Brinks trucks moving money? Cash needs to protected in vaults, and extra security is needed to safeguard those vaults and store cashiers. Making change with coins also has its own transaction cost.

Pennies are also frustrating. The US Mint pays more to distribute pennies than their actual value. Then when people receive pennies they throw them away or let them sit in a jar.


That's a really good point. To be honest I never thought about it that way, but it makes a lot of sense.

But I use card for 95% of my purchases with the exception of my barber who doesn't take it but gives a damn good cut, and the couple bills (rent and auto insurance) that don't accept it. They get cash and checks, respectively.
Now she's eyeless.
The snakes she held once
Eat up her hands.

flan
Centurion Member
Centurion Member
 
Posts: 387
Joined: Tue Apr 09, 2013 10:16 pm
Location: chicago

Postby flan » Sat Jun 08, 2013 10:07 pm

augiedog wrote:But doesn't it cost money for larger businesses to have Brinks trucks moving money? Cash needs to protected in vaults, and extra security is needed to safeguard those vaults and store cashiers. Making change with coins also has its own transaction cost.

Pennies are also frustrating. The US Mint pays more to distribute pennies than their actual value. Then when people receive pennies they throw them away or let them sit in a jar.


Last time I did a study for a client, their cost of handling cash was less than 1%. That was for a (at the time) cash-only restaurant and bar. That cost included all costs we could reasonably allocate to it, including counting it, shipping it, employee theft, robberies, etc. The only form of payment that was cheaper was checks. They had some business accounts on net 30, they had a pretty high cost of collections.

The business owner couldn't get any of the acceptance companies to actually back up any of their claims about higher average spend, higher recurring spend, lower actual costs, etc, with either data or a guarantee.

That was several years ago, and 'not carrying cash' is a bigger reason to avoid places these days, but I doubt the cost of handling cash have changed that much.

augiedog
Centurion Member
Centurion Member
 
Posts: 261
Joined: Fri Jun 07, 2013 9:46 am
Location: Broward County FL

Postby augiedog » Sun Jun 09, 2013 12:42 pm

flan wrote:Last time I did a study for a client, their cost of handling cash was less than 1%. That was for a (at the time) cash-only restaurant and bar. That cost included all costs we could reasonably allocate to it, including counting it, shipping it, employee theft, robberies, etc.


The cost of using cash can vary by business, and the speed of transactions. At a restaurant or bar, everything is put on a bill and it's not necessary to give change quickly.

I'm a teller at a horse track, and dealing with change is frustrating. Counting hundreds or thousands of dollars in bills takes less time than counting coins. We don't have a coin drawer either, and we only use dimes for change. Customers who are betting hundreds of dollars get particularly annoyed when the person in front of them is taking ninety cents and would rather I didn't give change. Because we move so much cash, it does cost us more to handle it. We don't even order $10 bills because it's cheaper just to order all $5 bills.
Understandably, we cannot take credit card transactions anyway because they would be a cash advance.
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

benhollberg
Centurion Member
Centurion Member
 
Posts: 353
Joined: Mon Apr 29, 2013 6:51 pm
Location: Salt Lake City

Postby benhollberg » Sun Jun 09, 2013 1:14 pm

So this morning I went to buy some concert tickets, to this really ghetto concert that my sister needed tickets to. You could buy online and have them delivered or pickup them up at some ghetto music store. I went to the music store assuming that it would be cheaper because no online fees, at the store they had the tickets but was cash only. Not only that it was that same price, they still charged the same service fee as online. Even though I had enough cash on me I walked out and ordered them online just now, I paid the same price and it'll cost that company more money because they have to ship them to me now. I don't understand why they wouldn't take a credit card in the store at all.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests