Comments on: Why banks want you to use debit cards and credit cards to pay for everything http://financedad.com/why-banks-want-you-to-use-debit-cards-and-credit-cards-to-pay-for-everything/ Wed, 26 Oct 2011 03:37:42 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Bead Demon http://financedad.com/why-banks-want-you-to-use-debit-cards-and-credit-cards-to-pay-for-everything/comment-page-1/#comment-2317 Bead Demon Thu, 02 Dec 2010 00:47:17 +0000 http://financedad.com/?p=2054#comment-2317 I have long abhorred the credit/debit card processors AND the banks that issue the cards. Today, I decided I am going to become an activist for the merchants who are at their mercy. WE (merchants) are usually the ones who pay for the miles/points/cash-back, etc. We usually have to pay a flat fee per transaction and then a variable percentage of the purchase, depending on the card used. We have to agree NOT to have minimum credit/debit purchases and NOT to dissuade people from using their cards or reward them for paying with cash or check. We have to pay a monthly STATEMENT FEE, which is frequently MORE if we want it electronically. It's virtually IMPOSSIBLE to determine the actual fees charged for a particular sale. We get charged extra if we have to type the card in because it won't read (I think they DESIGN the magnetic strip to wear out). Returns and other "abnormal" transactions all incur an extra fee. We have to agree to rigorously verify the person's identity so that the processors/companies themselves are at less risk. I'm over it. There is virtually NO education of the public about these issues, and the government basically does the bidding of the credit card corporations. Another reason to be an activist if you're an American citizen. I have long abhorred the credit/debit card processors AND the banks that issue the cards. Today, I decided I am going to become an activist for the merchants who are at their mercy.

WE (merchants) are usually the ones who pay for the miles/points/cash-back, etc. We usually have to pay a flat fee per transaction and then a variable percentage of the purchase, depending on the card used. We have to agree NOT to have minimum credit/debit purchases and NOT to dissuade people from using their cards or reward them for paying with cash or check. We have to pay a monthly STATEMENT FEE, which is frequently MORE if we want it electronically. It’s virtually IMPOSSIBLE to determine the actual fees charged for a particular sale. We get charged extra if we have to type the card in because it won’t read (I think they DESIGN the magnetic strip to wear out). Returns and other “abnormal” transactions all incur an extra fee. We have to agree to rigorously verify the person’s identity so that the processors/companies themselves are at less risk.

I’m over it. There is virtually NO education of the public about these issues, and the government basically does the bidding of the credit card corporations. Another reason to be an activist if you’re an American citizen.

]]> By: FinanceDad http://financedad.com/why-banks-want-you-to-use-debit-cards-and-credit-cards-to-pay-for-everything/comment-page-1/#comment-123 FinanceDad Thu, 14 Jan 2010 14:48:08 +0000 http://financedad.com/?p=2054#comment-123 You're right... but it's more lip service than anything.. to make consumers think the card companies aren't the bad guys. Thanks for your comment! You’re right… but it’s more lip service than anything.. to make consumers think the card companies aren’t the bad guys. Thanks for your comment!

]]> By: FinanceDad http://financedad.com/why-banks-want-you-to-use-debit-cards-and-credit-cards-to-pay-for-everything/comment-page-1/#comment-122 FinanceDad Thu, 14 Jan 2010 14:46:15 +0000 http://financedad.com/?p=2054#comment-122 You've raised a very good point. Thanks for commenting! You’ve raised a very good point. Thanks for commenting!

]]> By: FinanceDad http://financedad.com/why-banks-want-you-to-use-debit-cards-and-credit-cards-to-pay-for-everything/comment-page-1/#comment-121 FinanceDad Thu, 14 Jan 2010 14:44:14 +0000 http://financedad.com/?p=2054#comment-121 You've raised a number of great points on the pitfalls of privacy with regards to spending on plastic. Thanks for your comment! You’ve raised a number of great points on the pitfalls of privacy with regards to spending on plastic. Thanks for your comment!

]]> By: anon http://financedad.com/why-banks-want-you-to-use-debit-cards-and-credit-cards-to-pay-for-everything/comment-page-1/#comment-120 anon Thu, 14 Jan 2010 09:49:52 +0000 http://financedad.com/?p=2054#comment-120 The merchant agreement for credit cards says that merchants can't charge extra for credit cards, but they can give a discount for cash. Generally, no rules on debit card fees. The merchant agreement for credit cards says that merchants can’t charge extra for credit cards, but they can give a discount for cash. Generally, no rules on debit card fees.

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