Author Topic: Credit cards  (Read 6386 times)

Offline bluefoxicy

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Re: Credit cards
« Reply #30 on: September 30, 2012, 03:57:08 PM »
I'm taking an MBA program right now. There's a huge emphasis on "corporate responsibility" and generating "value" for all parties involved, including stockholders, employees, neighbors, etc. rather than generating maximum short-term profits. This is all at a university in Missouri, which isn't exactly known for being "progressive." So, the times are a'changing, but maybe not very quickly.

How does generating value fit in with buying TechTV, renaming it G4tv, and replacing all the shows that made TechTV wildly popular with your own garbage?

Offline gymrat

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Re: Credit cards
« Reply #31 on: September 30, 2012, 07:57:38 PM »
When I got divorced in 03 I took on 13 grand in debt. I took two of those 0% credit card offers. Back then they only went 6 months. So 5 months in I took two more cards. 5 months later they were offering a year 0% and I had one of my cards paid off. So I transferred the other one to the new 0% promotional offer. 11 months later I transferred to yet another 0% offer. Eventually all of that debt was paid off. No interest just occasional transfer fees. I then cancelled all of my cards but one. Now I put my gas and incidentals on that card and pay it off every two weeks. I pay no interest but get rewards from it. I recently used those rewards to pay for a copy of beersmith. I love getting over on credit card companies.
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Offline punatic

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Re: Credit cards
« Reply #32 on: October 01, 2012, 12:28:24 AM »
All that... and a cool German Sheppard too.   8)
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Offline narvin

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Re: Credit cards
« Reply #33 on: October 01, 2012, 05:46:31 AM »
For better or worse, credit, debt, and spending drives our economy.  If all the people complaining about thrift and personal responsibility got their wish, their favorite corporations would suddenly become a lot less profitable.

I'm taking an MBA program right now. There's a huge emphasis on "corporate responsibility" and generating "value" for all parties involved, including stockholders, employees, neighbors, etc. rather than generating maximum short-term profits. This is all at a university in Missouri, which isn't exactly known for being "progressive." So, the times are a'changing, but maybe not very quickly.

Well, that's good to know.  But I wasn't even necessarily talking about unethical profits.  Our economic growth has in general been based on credit and spending over saving.
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Offline mtnrockhopper

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Re: Credit cards
« Reply #34 on: October 02, 2012, 12:15:20 PM »
Cash price and credit price is coming back at gas stations.  Way back in the day (late 70s? early 80s?) it was common for the credit price to be slightly higher.

Except - at least around here, the cash price is often the same as the price at "one price for all" stations and the credit price is about 10 cents higher than average. It is only a deal if you are not paying attention.
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Offline Joe Sr.

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Re: Credit cards
« Reply #35 on: October 02, 2012, 12:23:22 PM »
Cash price and credit price is coming back at gas stations.  Way back in the day (late 70s? early 80s?) it was common for the credit price to be slightly higher.

Except - at least around here, the cash price is often the same as the price at "one price for all" stations and the credit price is about 10 cents higher than average. It is only a deal if you are not paying attention.

I wasn't suggesting that it's a deal.  It's a penalty for the credit purchaser as the gas station is pushing the transaction fees for use of credit onto the consumer.  The retailer pays a fixed fee every time a card is swiped.  I believe they also pay a variable fee depending on the size of the transaction.

If the differential to the consumer is $0.10 per gallon, then the fee must be more than that.  Which adds up quickly.
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Offline nateo

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Re: Credit cards
« Reply #36 on: October 02, 2012, 02:25:00 PM »
I wasn't suggesting that it's a deal.  It's a penalty for the credit purchaser as the gas station is pushing the transaction fees for use of credit onto the consumer.  The retailer pays a fixed fee every time a card is swiped.  I believe they also pay a variable fee depending on the size of the transaction.

We don't do gas, but our CC account charges us a per-swipe fee, a flat fee +% of trans for debit, a different flat fee and % for credit, a batch fee to run the cards at the end of the day, and a monthly fee. If you don't close your "batch" out within 24 hours, the % per trans goes up.

For someone spending $50 on 15 gallons of gas, a surcharge of $0.10/gallon is enough to cover the cost of running the card if you have more than 20 CC transactions per day. Our cost to run a transaction that size is about 2% for debit, and 3% for credit on a typical day.

We've thought about adding a surcharge to credit card payment, or doing a minimum credit card amount, but so far we feel the cost (hassle, explaining/arguing to/with customers) don't outweigh the 2-3% gain from implementing that policy.

If your retailer isn't checking your ID everytime they run your card (we do), they're getting hit with chargebacks from stolen cards that drive up the price you pay. We've never run a stolen card, and that keeps our costs a lot lower, since chargebacks and associated fees are typically for 2-3x the amount stolen, and the retailer has to eat the cost.
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Offline euge

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Re: Credit cards
« Reply #37 on: October 03, 2012, 09:22:53 AM »
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

I knew there were fees to the retailer but damn. ??? Regardless, as an entrepreneur it's better to pay these fees to have access to the card carrying customer-base. I think people carry less cash and write fewer checks for purchases these days.
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Offline punatic

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Re: Credit cards
« Reply #38 on: October 03, 2012, 11:14:03 AM »
I knew there were fees to the retailer but damn. ??? Regardless, as an entrepreneur it's better to pay these fees to have access to the card carrying customer-base. I think people carry less cash and write fewer checks

I think you might mean retailers, not entrepreneurs.  My businesses provide services.  They receive payments almost exclusively by checks or transfers.  Ocassionally invoices are paid with cash.  Credit cards are not accepted.  We have never lost a sale because we don't take credit cards.  Credit cards are faster, but there is a price for that speed.

 Provide a service and send the bill.  In 7 1/2 years of business we've only been stiffed two times, on two small bills.

« Last Edit: October 03, 2012, 11:15:44 AM by punatic »
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Offline bluefoxicy

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Re: Credit cards
« Reply #39 on: October 03, 2012, 11:34:52 AM »
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

Yes but did you need $25,000 of cash for Pho?

Offline punatic

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Re: Credit cards
« Reply #40 on: October 03, 2012, 12:27:47 PM »
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

Yes but did you need $25,000 of cash for Pho?

Only for the barbequed pho.   8) 
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Offline euge

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Re: Credit cards
« Reply #41 on: October 03, 2012, 02:24:49 PM »
In my quest to find a fried spring-roll and bowl of Phở within a decent distance of my neighborhood I came across a place- Lien Hung Restaurant that has a sign on the door: "No credit or Debit cards accepted- Cash Only." Had to check and make sure I actually was carrying some. ;D BTW their Phở is OK but the springrolls suck.

Yes but did you need $25,000 of cash for Pho?

I'm not sure what you mean by that- but, while there may be a need for 25K it isn't for my beloved Phở!
The first principle is that you must not fool yourself, and you are the easiest person to fool. -Richard P. Feynman

Offline ccfoo242

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Re: Credit cards
« Reply #42 on: October 03, 2012, 04:22:16 PM »
I've found Clark Howard to be a great teacher of all things money related.

http://www.clarkhoward.com

He has a radio show that you can also get as a podcast.  I started listening about 6 months before buying my house and learned a whole lot about my credit score.

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