 What does "Principle" mean when dealing with loans? |
It's hard to find the definition. I have looked it up before posting here, but can't find it.
Thanks in advance.
(I do vote best btw)... |
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 When a credit card had "check ID" on the back, what do I need to look for on the license? |
| I know that the face need to match the person, and the name on the credit card needs to match the name on the ID. Is that it? Or do I need to check anything else?... |
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 Hey can anyone tell me where i can get a loan for 3000 dollars please help? |
| hey im unemployed have good reefences but bad credit rating im after a loan of 3000 dollars does anyone know where there a website that will loan me the ... |
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 â–º Whats the best way to build my credit? Right now I have NO credit at all? |
Im 21 and have NO credit.
Im also a college student and have no job (hence no money, lol). I graduate next year (May) and will need an apt and car, but right now I dont have any credit. What ... |
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 I was served papers for an overdure credit card? |
Okay so I got served papers for an outstanding credit card debit.
The balance is now $6,000, but the credit limit qas $2,000. I had called the company several times to try and set up a ... |
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 Suggest credit card good one? |
| which credit card is good?... |
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 Capital one card? |
| iv just been offered a capital one card and can have up to 2500 pounds say i spent all of that what what kind of payment would they want each month and are capital one a good card company to go with ... |
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 Is it dangerous to give ur credit card number online? |
| ok i have never bought anything online.....but i really want to pre-order the 4th book of twilight series online at amazon.com and they ask for u credit card number over there.........is there any ... |
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 Is it better to pay off current non-delinquent debt or my spouse's past credit delinquency? |
| We are trying to clean up our credit scores and are about to come into some money. We know we need to pay off some debt, but are unsure whether to pay off old delinquency's or if it is better ... |
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 I am trying to apply for a loan asap, but i am not on electoral roll..? |
i am really distressed at the moment as i need to borrow money urgently.
please help me, my car is on my name and so are bank statements,
thank ... |
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 Is it a good idea to borrow money? |
| Is it a good Idea to borrow money of your bank, and your friends or family?... |
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 Seriously in debt and living in fear? |
| What are the chances of a couple lasting that are seriously in debt? They have already broken up 3 times in 6 years. They both owe 7 years back payment in taxes plus 60,000 dollars each on other ... |
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 What are the loopholes in which I can make my credit rating erased or much better then they are today? |
| My credit rating is bad, and I don't know what I owe from the past, how do I find out and what to do about my bad credit. I have been told there are loopholes in fixing my bad credit rating, but ... |
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 How does bankruptcy affects cosigners? |
| I am considering filing for bankruptcy, but I have cosigners on equipment I leased for my business. Is there a way to file without involving my cosigners? I would be filing for personal bankruptcy ... |
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 How long does bad credit follow you?Can and old bad debt resurface? |
| I was told bad debt may linger or re-surface when debt is sold to a collection ... |
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 Can debt collectors do this? |
| Okay I have a credit card that I haven't paid on in a year. I did try to pay it off last February in full because they sent me a letter saying I need to pay by the 14th. I called and said I ... |
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 Credit and marriage? |
| If I was to marry would my bad credit affect my husbands credit...and would his good credit affect mine?... |
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 Simple CREDIT CARD question. Please help if you can? |
Hi
I don't really understnad how the whole banking thing works and was just wondering if someone could help me.
I just checked my credit card details through online banking.... |
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Leilani O | Is it illegal to charge a consumer more more if he or she would prefer to use a visa/mastercard over cash? |
I work for a company who has independent contractors that are always trying to get our customers to pay with cash vs. credit. I am wondering if this practice is illegal.
Our company would prefer credit but our technicians keep seeming to want cash only! |
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haveyoueversleptoutside
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There is a legal explanation and an illegal explanation.
The practice itself is legal or illegal depending on which price was the original price. It is legal to offer a cash discount, but illegal to charge more.
When a company accepts a credit card payment they need to pay a portion of that sale to the credit card company. This is because the credit card company offers a service which a) attracts customers (more potential customers if they can use Credit), b) puts the stress of the customer not paying on the credit card company (they hunt down customers that spend money they can't repay, not the contractor) c) isn't free.
If the independent contractors don't accept the credit card they gain more money from the sale. As a further incentive, an independent contractor may need to pay the people THEY buy stuff from with cash only, which makes having cash from THEIR sales even more convenient.
On the other hand, accepting cash can be a sign of tax fraud/evasion. The cash payment can be unreported (under-the-table) which lowers the Gross Income for the contractor, which means that the percentage he must pay in tax is going to be lower. A small amount of this can go undetected, or it can be found. If done in large amounts, these under-the-table payments are usually, if not always caught. |
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Bicycle Bill
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When a business accepts credit cards for payment, they are charged anywhere from 1.5% up to as much as 3% of the sale as a processing fee. In addition, if it is a reward card, the business is accessed that charge as well, usually another 1%
It is not illegal to charge more for credit than for cash, but another way is to offer a cash payment discount.
As a business owner myself, I wish all my customers would use cash. |
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Gaspard
 |
If they take payment buy credit card, they are charged an extra 2.5% or something for that service from the bank/credit card company. So if they get cash they don't lose the 2.5%. So that is one point.
THe other is that with cash, they could choose not to report that income and thereby, avoid paying income taxes which are legally required.. but waiters do it too. |
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hungryethopian007
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not. its legal. they inccur cost for using mastercard. plus they dont get to use cash!!!!
cash is the only thing that is illegal to refuse as payment. atleast here in uk.
one cannot be sued or taken to court for nonpayment, if payment has been made in legal tender bank of england notes
(i think its the same in america. and i THINK it has something to do with gold. people didnt really trust the dollar and prefered payment in gold. the gov couldnt have this so they made people accept it. and took away their right to own gold. i may have that wrong, or its inaccutate and mixing up dates/reasons etc.) |
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jhnny_greene
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Yes it is legal. If the customer is informed that you charge extra. When you accept a credit card you are charged and this is passing the charge on to the card holder. |
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Suzie
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no I don't think it is, lots of grocerie stores even charge like a dollarfor credit instead of cash |
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Misty C
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It is not illegal but against mastercard/visa merchant regulations to charge a surcharge to accept credit vs. cash. The Company could lose their terminal and not be able to accept credit cards anymore. |
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Judy
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Depending on how much business you do Visa/MC charges you a certain percentage of sales.
Walmart might only pay 1% of total sales.
But a small store might pay 3%.
So you can now understand why a company would like cash vs. credit card.
/ |
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stephenweinstein
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The law does not prohibit charging different prices for cash and credit card customers.
However, the contracts between the credit card networks (Visa, MasterCard, etc.) and merchants (businesses that accept credit cards) usually do prohibit the merchants from charging different prices for cash and credit card customers.
If the technicians prefer cash, you may want to look into why. Perhaps, the technicians are pocketing some of the cash and not paying you your share. If it is simply inconvenient to take down credit card numbers or confusing to operate the credit card reading machines, you might be able to obtain better credit card acceptance equipment (for example, wireless machines). |
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OC1999
 |
There is nothing illegal about wanting to accept one form of payment over another. There is also not anything illegal about not accepting a form of payment.
The reason the IC's are trying to get the customers to pay with cash is because the credit card companies charge a percentage of the sale to process the transaction. This is based on the volume a customer does so this could be anywhere from about 5% down to 1% of each transaction.
Now, can the IC's pass this fee onto the customers who pay by credit card. In most places there is no law against it. However, it is against the policy of the credit card companies to allow this. If they are found to be doing this the credit card companies could no longer allow them to take their credit cards. Now to get around this they could offer a discount by raising their price, but then offer a discount for cash. The net result is the same but they are technically no longer charging more for credit transactions.
Please note that this applies to Credit Card transactions and not PIN based(ATM) transactions where they can add a service fee. |
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julvrug
 |
Frankly it is not wise practice as you risk losing customers in doing this. Whether or not it is illegal or not, I am not sure, but it is immoral either way. What real difference does it make as long as the company get their money. Most the sur charges come from the company you have your card with not the store accepting the payment. If you are running it through a machine there is little risk involved as the call number will tell you right away if there is enough to cover the charge left on the card balance. |
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Staszek G
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Yes thats illegal the consumer has the right to decide what way he will pay ! |
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Nicky
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It makes sense to want cash above all other forms of payment because it is the most trustworthy. Their card could bounce, they may not have the money, etc. Even a check is untrustworthy. So it makes sense that they want cash, but the customer has the right to determine their method of payment and if they just can't do cash, that needs to be accepted. If the company charges them more to not use cash, I do believe that that is wrong and could be illegal. Talk to someone in law about it. Honestly, if the customer understands that there is a fee for using credit card instead of cash and pays that fee, it would not be illegal, because they are accepting the terms. If the customer had a problem with it then they probably could win unless they signed a contract agreeing to pay a fee if they use credit card. There are ways around it legally, but I think it would be tough. Try talking to your supervisor about it. Explain how you feel. Maybe you can get them to stop charging a fee. It is not honest and wrong. Hope things go well. Good luck! |
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booey
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Actually, stores do charge you for using a credit card. Not overtly, but usually 3% of the total. Which is unbelievable, since the credit card companies charge you fees, interest, etc. They are making money had over fist, but still want the government to bail them out.... |
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