[kwlug-disc] Cash becoming illegal?
plongstaff at rogers.com
Fri Nov 5 14:08:14 EDT 2010
Years ago, computer places selling PCs offered a 3% cash discount, and I assume
it was due to this CC fee.
I used to be a hypochondriac AND a kleptomaniac. So I took something for it.
From: John Van Ostrand <john at netdirect.ca>
To: KWLUG discussion <kwlug-disc at kwlug.org>
Sent: Fri, November 5, 2010 2:02:09 PM
Subject: Re: [kwlug-disc] Cash becoming illegal?
----- Original Message -----
> Locally, cash is king even for large transactions (even land and real
> in some cases), because the credit card company takes 2% of the
> transaction. Something the vendor saves when dealing with cash.
This is the problem I have with credit cards is that they appear to offer *free*
value. They make purchasing convenient but neglect to tell us that the vendor is
charged a percentage. In fact this fee is undoubtedly passed along to us in some
form. If you were given an option to have a 2% to 4% discount on something and
pay by cheque, debit or cash would you? I'm guessing most of you would say yes
when it comes to medium and large purchases. Conversely if you were told you
would be charged that same 2% to 4% more because you're using a credit card
would you still use it?
Visa actually introduced a new credit card last year, I forget the name. It
added an extra couple of percent to the amount charged to vendors. The vendors
contractually could not refuse to take payment using this card. Again the
customer was unaware of the extra charge but the vendors were furious.
John Van Ostrand
Net Direct Inc.
564 Weber St. N. Unit 12, Waterloo, ON N2L 5C6
Ph: 866-883-1172 x5102
Linux Solutions / IBM Hardware
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