[kwlug-disc] Cash becoming illegal?
jon at plexnet.com
Fri Nov 5 15:22:18 EDT 2010
On Fri, 2010-11-05 at 15:05 -0400, John Van Ostrand wrote:
> ----- Original Message -----
> > But before we get some garments in a bunch. How many purchases would
> > you pass on if you didn't have the convenience of the credit card?
> > I don't like carrying cash so there would be several purchases I
> > wouldn't make if I had to use cash.
> > Actually, that is one of the premises in the "'til debt do us part" TV
> > program. The host forces couples to make all the purchases in cash so
> > they see what they are spending on and the spending becomes more real.
> > That's a good thing except when you are already stingy like me. Many
> > vendors wouldn't get my business if I didn't have a CC.
> I admit liking the convenience of electronic payments and there was a time the credit part was significant. I don't have a problem carrying lots of money. Not to brag, but I found myself carrying $1,300 in my wallet for weeks. It was a cash payment for some used equipment sold personally. Aside from the extra lump it made, I wasn't concerned at all. Eventually it went to scuba gear and I liked that it was "off the books."
> Unlike Paul, I'm fine with debit. The vendor pays a 40c per transaction fee regardless of the size of transaction. Although the fairness of the amount is in question, the flat rate is suitable for something like that.
> Does anyone know if if Visa/MC has a flat rate on top of the percentage? What is the rate?
Visa and MasterCard have transaction fees along with a discount rate.
Visa has a variable discount rate in their Debit Card Product.
Depending on Merchant Category Code and Bank sponsor, there may also be
monthly statement fees. This is usually negotiable. American Express
only charges a discount rate - although this rate tends to be higher
that Visa and M/C.
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