 How can I establish credit when I can't get a credit card or even a storecard? |
| I am trying to establish credit (without having to go to a bank and take a out a loan. I hate going through all of that.) but I can't get a credit card, let alone a storecard.I have a job I'... |
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 How do I repair my credit after a divorce? |
| I dont own a car or a house but I do make an alright wage. I dont have any credit cards and the only thing I have to pay other than living exspences is ... |
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 What do I do if someone used my name on a bank loan account as a co-signer and I didn't know about it? |
| I once co-signed for a friend on a motorcyle loan that was paid off. Now that friend decided to take out another loan for a dirt bike trough the same bank and somehow my name ended up on the loan as ... |
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 About credit cards? |
| I have a high credit score of 770. However, yesterday I was turnded down by a credit card. I think I was turned down because I don't make alot of money. Is there credit cards out there for ... |
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 Paying off a credit card!? |
| Im about to pay off my credit card today and i have had this card for almost a year know and i never missed a payment but when i pay it off should i keep a low balance for a month.... |
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 How on earth was I denied by Chase for a credit card? |
| I am confused about what reason Chase could have had for denying me a credit card. My credit score is about 760, I have $52,000 in my bank account, I make $97,400/yr salary, and I have no late or ... |
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 If the lender that financed my car is not reporting to the credit bureau can it hurt credit if.....? |
| I bought my car from a used car lot. they got my fianced by a lending institution. well the vehicle is giving me nothing but problems and i really need to get rid of it. i have been shoppin for a new ... |
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 How do I avoid paying the collectors? |
I disputed it with the credit bureau and didnt work. Now how do I approach the collection agency so that they drop my account or pay less than amt stated?
Additional Details
I didnt ... |
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 What will happen if I can't pay off my debts? |
| I am about $10,000 in debt, both credit cards and medical bills. I think I have a total of about 6 or 7 credit cards. I am a college student who makes less than $2,500 a year. It's really hard ... |
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 Low credit score...looking to get a credit card to help bring it up...? |
| Me and my husband had a rocky start but after years of working on it we finally have it together....We now have 3 children and pay outrageous rent. Does any one know of a bank that works with low ... |
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 If you had some sort of cancer and you knew you were going to die in a couple of months.....? |
| If you were single and you purposley during the last couple of months of your life took out multiple credit cards and ran them up and live an extravagent life. Who will pay those cards off if you ... |
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 I want apply a credit card? |
| I want apply a credit card but they don't allow me to apply, because I had one credit card which was past due to. After that they closed my credit card. How can I apply again? any other ways ... |
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 Can I get the over the limit thing removed? |
| I went to buy groceries and I swiped my card and signed but the cashier said I needed to do it again. I asked her to make sure I wasn't charged twice. I got one receipt. I got online and ... |
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 I need to rebuild my credit. What are some good SECURED credit cards? |
Additional Details
People my credit score is in the mid 400's. Nothing is being reported to my credit report. I obviously don't have the credit to take out a mortgage, hence ... |
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guitarman | A lot ofbusiness won't accept credit card purchases under $10 now. Can they do that? |
I saw a report on the news that said credit card companies do not like that when merchants do that. They said to call their customer service line and inform them of which businesses are doing that.
Additional Details
But it ends up hurting the business in the long run. If I go to a store once and they deny me from using my credit card, I won't ever go back there again even if I have cash in the future. They're losing a repeat customer. |
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TaxGurl
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Technically no, they can't require a minimum. Their merchant agreement with VISA/MC/Discover/Amex will require them to accept all amounts without charging the customers extra or enforcing a minimum. They do not get to pick and choose which transactions they will accept. They either accept credit cards or they don't.
However, many small businesses do require a minimum amount in violation of these rules and count on the customers not raising a fuss over it. Why do they do this? VISA charges a percentage of each transaction as a fee but there is also a minimum charge per transaction. I don't know the exact numbers but it's something like a quarter or fifty cents minimum processing fee. On sales smaller than $3 or $5, the store is probably paying more to VISA in processing fees than they are making in profit on the sale. Large grocery stores can absorb these costs, small businesses can't.
You can raise a fuss and try to make them process the transaction but I seriously doubt complaining to VISA will cause them to lose their merchant agreement. Or you can realize that they are just trying to make their business profitable. I never carry cash on me so I've run into this many times. If you are polite and reasonable and explain that you just don't have cash but you HAVE to have the $1.29 soda put on your card or you will walk out the door and go to their closest competitor, they may just take care of you in the name of customer service.
It's not a question of legality since this type of thing is not really governed by federal, state, or local laws. It's a question of contract breach between the merchant and VISA |
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Gypsy Girl
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I've heard that businesses sign a contract that states they cannot deny a credit purchase. I know a lot will anyway. Then reason is that it costs them money to process a credit transaction and for a $10 transaction, it eats up all the profit. |
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knightwolf006
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Legally,
They cannot impose a minimum amount for using your card. But they can charge a non-variable surcharge such as 50 cents, not 2%. |
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VY
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No store has to accept credit cards. Most small store prefer cash over credit cards. One reason is that credit card companies charge 1-3% per transaction. For a small transaction, small stores don't want the hassle. |
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bdancer222
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It use to be very common that no one would take a credit card for less than $10 -- some were even higher. I am surprised at the number of places that now accept credit cards, like fast food restaurants.
The merchant is charged fees by the credit card company. For smaller purchase, those fees eat up any profit. If the business isn't going to make a profit on your purchase, you don't qualify as a "good customer". |
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ALFimzadi
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Of course they don't, but it isn't illegal. Many businesses are actually charging the fees to process credit card transactions on to the consumer (ie-Taco bell in Las Vegas/Henderson charges $1 per transaction). it isn't nice, and it prevents me from doing business with these places, but it is legal. |
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C
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Businesses get charged fees when people use credit instead of cash. I don't see why they can't make you have a minimum purchase to use credit. They have to get their fees somewhere. |
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financespecialist30
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Yes, the reason is because it costs the business a certain fee every time you use your card as credit. The credit card companies then get that fee. If the charge is small it is not worth it for small businesses.
This is why credit card companies offer rewards points, because it encourage people to use their credit cards and they not only make money of you but also from the business you charged it at. |
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pmspotter
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Having owned a convince store for years I know that most of these answers are correct, but it goes further than that.
For example,- You purchase a item for $6.99. that item probably cost the store about $4.90 or so. Out of the $2,09 profit the store must pay the overhead which amounts to - rent or bank payments, electric, heat, taxes and help wages.
Credit card companies charge a percent as stated by others before. say it is 2% (american express is the worst and the main reason most wont accept it any more). But the 2% isn't the end of it. That is just the start. the % is .14 cents. then there is an access fee of 5 cents, a look up fee of 6 cents, a coverage fee of 5 cents, and a billing fee of $10.00 for the month.
Don't sound like much but times that by a hundred customers a month. Seemes to me the credit card customers would want the store to to take the card so they can rake you across the coals for 23% intrest. What a scam, AND it's legal. |
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Classy Granny
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They do it because it cost them more in fees than your $10 purchase. They don't care if they loose a cash customer and they don't care what the credit card company's have to say. They have a legal right not to accept a credit card for small purchases. |
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