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Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

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Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#61

Post by mehrdadn »

aeternus wrote: post #58
mehrdadn wrote: post #39

Earlier quoted context omitted.

Ohh.. so it's saying Visa CPS Retail vs. Visa Rewards Traditional vs. Visa Rewards Signature vs. etc. are different. Interesting, thanks, I didn't know that. But if I'm buying two of the same product (obviously -- I'm not talking about two gas vs. groceries here) with two different cards, both of which are from the same network and the same "kind" (by which I mean the categorizations listed above, like two that are b…

Not always, even the exact same card can run on different networks. For example: 1) You buy a product with your Visa debit card and enter your pin 2) You buy the same product, same card, but don't enter your pin 3) You buy the same product, same card, but your card won't swipe so the cashier manually enters your card number Each of these scenarios will likely result in different fees to the merchant.

This is avoiding and completely missing the point of my question. I was not asking whether card fees can vary based on how the card is processed. I was asking to precisely what extent they can vary based on the card itself. Please re-read my entire question above.

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#62

Post by cycrutchfield »

Dwolb wrote: post #50
jlarocco wrote: post #13

I'm not sure I understand why this is a big deal all of the sudden. Don't retailers already account for these costs when they're choosing prices?

Imagine if you ran a $1B/year business with 10% profit margins and Visa took 2% of revenues. Profit before Visa is $100M, profit after Visa is $80M. If you negotiated Visa’s fees down to 1.5%, profit after Visa would be $85M. This is a 6% improvement in operating profit which is a lot.

Imagine if you ran a $1B/year business with 10% profit margins and 20% of your customers only have one credit card, a Visa.

Profit before Visa is $100M, profit after Visa is $80M.

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#63

Post by mehrdadn »

cycrutchfield wrote: post #60
mehrdadn wrote: post #56

Earlier quoted context omitted.

Wait, seriously? I only ever saw a bank account option. I'd totally do this.

There are a bunch of different sites, but I have used this one: https://www.pay1040.com/

Oh wow, so I have to give them my name, address, phone, and SSN just to process a credit card payment? That's not worth it...

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#64

Post by cycrutchfield »

cagenut wrote: post #3

Good? I hate the asinine secondary market of "points". Just don't take the money in the first place and then we don't have to sort out how I can reclaim it somehow.

I love points. I get to fly first or business class internationally all the time, and it's all pretty much paid for by rubes that subsidize my travels.

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#65

Post by rosege »

cycrutchfield wrote: post #49
rosege wrote: post #47

Earlier quoted context omitted.

Or just work the system - I made around $6000AUD from points in the last 12 months. Its pretty minimal work. Sign up for card. Fulfil requirements to get sign-on points then cancel and move onto the next card. Your credit rating takes a bit of a hit but recovers over time.

You credit rating can actually in some cases get better, believe it or not.

Yeah mine dropped but over time (around a year) has come back higher than it was so I could definitely believe that.

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#66

Post by cycrutchfield »

rosege wrote: post #65
cycrutchfield wrote: post #49

Earlier quoted context omitted.

You credit rating can actually in some cases get better, believe it or not.

Yeah mine dropped but over time (around a year) has come back higher than it was so I could definitely believe that.

If you don't cancel and instead just downgrade to a no-annual fee card it should help your score. I am not sure how it works in Australia, but average age of accounts plays a large role in US credit rating calculations.

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#67

Post by cycrutchfield »

mehrdadn wrote: post #63
cycrutchfield wrote: post #60

Earlier quoted context omitted.

There are a bunch of different sites, but I have used this one: https://www.pay1040.com/

Oh wow, so I have to give them my name, address, phone, and SSN just to process a credit card payment? That's not worth it...

Your SSN is essentially your Tax ID number, so I'm not sure how else you would expect them to pay your taxes on your behalf.

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#68

Post by smsm42 »

koolba wrote: post #12
Marsymars wrote: post #10

Earlier quoted context omitted.

I've found it very difficult to try to explain this well to people who aren't financially/numerically-inclined. The latest fad in Canada seems to be Paytm, which lets you pay (among various bills), your property taxes with your credit card.

That’s available in many places in USA as well though everywhere I’ve seen charges a transaction fee which nets it negative for the consumer.

If you have regular rewards card, like 1%-1.5%, sure. But if you have 3% or 5% (I don't know of any card that does it on taxes specifically, but there might be ones where it fits some of the categories) or if you need to fulfill requirement like "spend $X000 in N months and get tons of points" then even with the transaction fee it might actually be a pretty good deal.

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#69

Post by mehrdadn »

cycrutchfield wrote: post #67
mehrdadn wrote: post #63

Earlier quoted context omitted.

Oh wow, so I have to give them my name, address, phone, and SSN just to process a credit card payment? That's not worth it...

Your SSN is essentially your Tax ID number, so I'm not sure how else you would expect them to pay your taxes on your behalf.

Well I kind of hoped I could pay IRS directly rather than through a middleman, or get a clear, no-loophole guarantee of some sort that they would do nothing with my SSN other than transmit it to the IRS. (Or through TurboTax, which I've unfortunately already used anyway, meaning they already have my info.)

Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban

#70

Post by [deleted] »

cycrutchfield wrote: post #49
rosege wrote: post #47

Earlier quoted context omitted.

Or just work the system - I made around $6000AUD from points in the last 12 months. Its pretty minimal work. Sign up for card. Fulfil requirements to get sign-on points then cancel and move onto the next card. Your credit rating takes a bit of a hit but recovers over time.

You credit rating can actually in some cases get better, believe it or not.

[deleted]
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