Revenge?

Posted by: stormbringer

Revenge? - 06/04/07 09:11 PM

My Visa card was refused today. According to their agreement when they accept Visa cards they MUST accept it Regardless of the amount of the transaction. In other words, even if they post a sign saying $5.00 minimum, they MUST accept your card even if it is only $.01. I work for a credit card company, so I know of these regulations. I did report him to my card issuer (unfortunately you can't go straight to Visa ). I was quite when I did it, and I was feeling a vindictive pleasure while doing it, but does that make it vengeance? I'm reporting him to the appropriate people for doing something wrong instead of doing something personally to him or his store.
Posted by: MattJ

Re: Revenge? - 06/04/07 09:19 PM

Report him? Pffft. CHALLENGE MATCH!!!
Posted by: Dereck

Re: Revenge? - 06/05/07 01:45 AM

I do know that when a vendor signs up with a credit card company they must pay a portion to them and why many vendors do not like small amounts and for that matter, large amounts. When purchasing my 2004 Suzuki Katana and then again for my 2007 Yamaha YZF-R6, I purchased both on my credit card. The company did not like it too much but as my friend knows the manager it was allowed but normally they wouldn't as they loose out on a good portion of cash. Normally I wouldn't use a card for this amount but in getting a newer card with points and an initial 3 months at 3.9%, I couldn't pass up the opportunity recently.

Not sure if your card issuer can do anything about it especially if the store you were at had something posted, but I've always found that the squeaky wheel always gets greased so it wouldn't hurt. By me contacting people because of problems that I felt I should report, I've received gift certificates and also received a portion back on my flight when we went to Cancun many years ago. Just make sure you keep good documentation and when you talk or write to these people that you do it professionally. My wife not being happy with the quality of a chocolate bar once called the company and low and behold received a $25 voucher to purchase more chocolate bars. MMMMM, I love chocolate.
Posted by: Cord

Re: Revenge? - 06/05/07 07:37 AM

We have a £10 minimum on card transactions at our pub. Taking less than that actually means that with the cut the card companies take, we end up making a loss on the drinks purchased.
Dont be angry with the small private business working on such narrow margins that they cant absorb the charges, be angry with the card companies who make money from you, and from the vendor on the same transaction. It is their greed, and the continued globalisation of the tertiary industry sector that is making independant businesses take such steps.
Posted by: freedom_warrior

Re: Revenge? - 06/05/07 09:55 AM

revenge is not a good thing my friend, just do what is right but never take revenge, for then there will be only darkness in your heart
Posted by: rideonlythelabel

Re: Revenge? - 06/05/07 10:33 AM

Quote:

We have a £10 minimum on card transactions at our pub. Taking less than that actually means that with the cut the card companies take, we end up making a loss on the drinks purchased.
Dont be angry with the small private business working on such narrow margins that they cant absorb the charges, be angry with the card companies who make money from you, and from the vendor on the same transaction. It is their greed, and the continued globalisation of the tertiary industry sector that is making independant businesses take such steps.



Besides, you make everybody wait in line longer by using your credit card. Pay cash if you can, if not, pay with debit and withdraw money so you can pay your next 5$ purchase cash. I can understand if you had no other choice but...

FYI, the cashier probably wanted to murder you.
Posted by: crablord

Re: Revenge? - 06/05/07 10:36 AM

Quote:

revenge is not a good thing my friend, just do what is right but never take revenge, for then there will be only darkness in your heart



Thank you shakesp- I mean freedom warrior
Moving words.
Posted by: jpoor

Re: Revenge? - 06/05/07 11:27 AM

Quote:

...I work for a credit card company, so I know of these regulations.



Just because you work for _A_ credit card company doesn't mean that all others have the same agreements in place. I doubt (though I could be wrong) that there is any regulatory control stating that the card must be accepted regardless of amount. By regulatory, we are not talking about card company agreements, but rather governmental regulation.

In any case, though it was probably inconvenient, this falls into the so what category when compared to many other things in the world today.
Posted by: stormbringer

Re: Revenge? - 06/05/07 10:50 PM

I use my debit card because it makes tracking my purchases much easier for my budget. I work for a company that processes the credit card transactions for the business and therefore make a living off of it. However, I won't say the industry is perfect, nor will I say it needs improving, what I will say is that both the merchant and the consumer should know what they can and are supposed to do, and that would help keep fees and rates down. An interesting thing is these rewards cards. The extra rewards you get come from the higher fees a merchant pays for accepting that particular card. Visa, MC, Discover, and Amex each have their own regulations about what merchants can and can't do. If you go to Visa's website and search for "rules for visa merchants" there's a pdf file that will tell you what a merchant can and can't do whith a Visa card (clearly states that they must accept the transaction regardless of the amount). Why do people blatantly defy what they agreed to do in the first place? In this case he gets a first warning, the second time a fine, the third time a fine and he can't process Visa cards anymore. Do people not think.
Posted by: Tashigae

Re: Revenge? - 06/06/07 05:00 AM

My card is Mastercard (I assumed they were the ones used by kungfu masters…). I chose it because it would supposedly allow me to pay / retrieve money anywhere in the world. Well, here in China they DO accept them regardless of the amount. Except, every single machine I’ve tried systematically tells me my secret code is wrong!

Maybe because the standard length for codes is 6 digits in China, while only 4 in Europe…

(Note to self: upon return to Europe (if ever), use the said card to slit the throat of that [censored] of a banker who sold me that [definitely censored] card and told me that was the one I’d need if I planned to go to China.)

Guess I’ll have to make it to Grandmastercard…
Posted by: Cord

Re: Revenge? - 06/06/07 07:12 AM

Quote:

I use my debit card because it makes tracking my purchases much easier for my budget. I work for a company that processes the credit card transactions for the business and therefore make a living off of it. However, I won't say the industry is perfect, nor will I say it needs improving, what I will say is that both the merchant and the consumer should know what they can and are supposed to do, and that would help keep fees and rates down. An interesting thing is these rewards cards. The extra rewards you get come from the higher fees a merchant pays for accepting that particular card. Visa, MC, Discover, and Amex each have their own regulations about what merchants can and can't do. If you go to Visa's website and search for "rules for visa merchants" there's a pdf file that will tell you what a merchant can and can't do whith a Visa card (clearly states that they must accept the transaction regardless of the amount). Why do people blatantly defy what they agreed to do in the first place? In this case he gets a first warning, the second time a fine, the third time a fine and he can't process Visa cards anymore. Do people not think.



You are bound to be a little biased here storm, you work for the credit industry after all.

Britain has a population of 60 million, and personal debt/borrowing here has exceeded 1 TRILLION pounds. Cards with massive limits are handed out like sweets to people who have no chance of ever making repayments on the maximum limit. All cards run at around 15% apr, when the national interest rate is under 5%. Charges for late fees, charges for statements, handling charges, final balance charges. Technicaly, usury is still a crime, but it is now called accepted practice in the credit game.

Personaly, I am with Tyler Durden in regards to my thoughts on Credit companies. (and no, I am not in debt, I was brought up to save for what I wanted. i did have a credit card that I used for setting up our home, but I then destroyed it and busied myself paying it off inside the interest free time period i was given)