Status of Everything Attachments

[jyoutz]

For a long time it was against the rules of the CC giants to charge extra for use of a CC (note: not the same as "illegal" which I have heard some say. It wasn't law, just the terms & conditions of the CC companies). Their workaround to try to keep it legal was that they did allow businesses to offer cash discounts. Subtle difference, but it tilted the field towards CCs a bit, I guess...

Some years back the CC's lost a big federal lawsuit (anti-trust?) over this and had to stop prohibiting it. But I suspect the habit got ingrained so much that many did not change. I have started seeing it more at smaller local shops & restaurants more recently, especially after the pandemic and inflation being so high these past 3 years.

Of course the problem is if I pay with cash all too often it requires breaking a hundo, and they sometimes struggle to do that. Soooo...if you want people to pay in cash, you better have enough change on hand for 50's and 100's these days as that is what comes out of the ATMs all too often...

Not to mention that buying fuel with cash is incredibly inconvenient. One attendant servicing 20 fuel pumps plus a convenience store. The business model for fueling stations is built around card use.

 

[steve tym]

Gas stations are one of the few places I use a CC.
For my business, I don't expect cash, but we certainly will except it. Most pay with a check. Some people are happy to pay the 3% we surcharge to get their points (duh).

 

[5030]

In my business, no credit cars accepted, company check or cash if the job isn't too large and we charge no sales tax either. The machine tool business is different from the retail sector. We are a short run machine and fab shop plus...

Now for the product line of motorcycle accessories that we produce and sell worldwide, we to accept pay-pal but there is a 3.5% surcharge (domestic) and a 6% surcharge for offshore. Pay Pal or wire transfer or cash.

 

[TN8Man]

CC companies are in business to provide funds for folks who can not manage their money. They have to have things NOW, and willing to pay the interest to get it. Hard to shed a tear for those who need them!

I've had multiple credit cards for most of my life and I have never paid interest on a balance.

 

[D&D]

Long term solution? EA is out of business.
But I would think most of use our credit card for the protection it offers.

You and others imply shady business practices are perfectly acceptable since the credit card company often erases your debt. The theory being “it’s ok, the banks can afford it”. Connect a couple of the dots - nothing In our life is free. It all has a price tag

 

[D&D]

I've had multiple credit cards for most of my life and I have never paid interest on a balance.

I’ve noticed most on this site claim that. Someone is though, how else are they making money?

 

[Eagle1]

Take a point or two from every transaction and you'll make some serious cash. Does not impact people (like taxes) the businesses will pay it. The interest is a high risk bonus.

 

[TerryR]

The businesses I trade with in person are mainly hardware/building supply and restaurants. The former don't apply a CC surcharge. We only go to locally owned restaurants and here they mainly charge 3%. I tried cash there, and it's too much of a hassle to have cash for the tip and the register. I get 2% back on my CC, so I figure the 1% difference is worth it for the convenience.

We live in a rural area where if your are at all particular about what you buy you often have go online. So much of our trade (except groceries, and even some of that) is online.

I've been using credit cards for 60 years or so, back when BankAmericaCard was a thing. I don't recall ever leaving a balance on purpose, but have a few times had one because of a payment mess up. I've not carried a checkbook for over 40 years. I sold an implement five years back for cash, and put the last $100 from that in my wallet a few months ago. Can't remember the last time I got cash from the bank.

I just don't use cash except for transactions under around $5. So it's credit cards only for me. If the business wants to charge me for that, so be it.

 

[TN8Man]

I’ve noticed most on this site claim that. Someone is though, how else are they making money?

The seller has to pay the surcharge if they want to make the sell. I refuse to buy from a seller who tacks on the surcharge to the buyer.

 

[Eagle1]

The seller has to pay the surcharge if they want to make the sell. I refuse to buy from a seller who tacks on the surcharge to the buyer.

The seller also has to pay the sales tax and it is tacked on top