The US Justice Department is said to be close to a decision on whether credit card companies can continue to forbid merchants from charging extra to customers who use credit cards to cover the cost of the credit card processing fees (usually 1-5% of the price). [More]
Yesterday, we told you how Visa and AMEX now allow merchants to require customers up to a $10 minimum for credit card payments and how MasterCard will soon be changing their policy to allow for the same. We’d naively hoped that Discover — who hadn’t yet replied to our query — would be the lone holdout, but… not so much. [More]
For years, educated credit card holders have been safe in the knowledge that a merchant could not require them to purchase a minimum amount in order to charge something to their cards. But with the recent passing of the finance bill, the door has been opened to allow such minimums — and the card companies are just fine with that. [More]
Kate has a $50 Visa gift card. She used $40 on it and then tried to buy some DVDs for $7, but the card was rejected. What gives? [More]
If you’ve gone to an Olympic event over the past 22 years, Visa was everywhere you wanted to be. And everywhere you didn’t want to be. In fact, thanks to a contract between Visa and the International Olympic Committee, Visa has been the only credit or debit card allowed at the Olympics since the Seoul games in 1988. But Britain may challenge the exclusivity in the run up to the 2012 games. [More]
Seems like in the last few years that big banks make embarrassing errors as often as criminals commit crimes at Taco Bell. So it was no small feat for the editors over at CNN Money to whittle it down to their list of 6 Biggest Banking Blunders of recent years… By the way, three of them involve Bank of America. [More]
As we all know, merchants are generally not supposed to mandate minimum credit card purchases. It’s a violation of the merchant agreements they sign with the credit card companies. (For more info, check out this article.) The proposed finance bill, however, may legitimize those handwritten signs if it ends up passing. [More]
“Go. Get it. Run. Use your VISA card right now. It doesn’t matter what you use your VISA card to buy. It doesn’t matter what you use your VISA to buy. All that matters is that VISA is a monster that feeds on human wealth. And VISA is hungry.” The credit card companies’ rapacious desire for your debt is laid bare in this commercial parody video. I guess you would call what we’re going through now the purging stage? NSFW due to naughty words and suggestive simulating gestures. [More]
While banks have spent the last two years consolidating and closing, it looks like people have been turning elsewhere for their financial services. Walmart — you might have heard of them — just opened up their 1,000th in-store MoneyCenter and have announced they’re rolling them out to 500 more locations before the end of 2010. [More]
Now that Chase has reversed their initial decision and issued a refund to the retiree they accused of credit card fraud, maybe they can take a look at a rather similar case, but on a smaller scale. Reader P tells Consumerist that Chase ruled that he is responsible for some uncharacteristic purchases he purportedly made thousands of miles away from where he was at the time. [More]
We’ve told you that it stipulates in the contract between merchants and credit card companies that stores aren’t allowed to force you to show ID when you buy stuff, but what about the other side of the story? Alex is a 26-year old small business owner and Consumerist lover, but he doesn’t know how he’s supposed to prevent fraud if he can’t check people’s ID’s. Contrary to what some commenters assume, when a stolen credit card is used, the money gets yanked out of Alex’s bank account and he is unlikely to get it or the missing merchandise back. He gets jacked twice: once by the fraudster, and once by the credit card company. What should he do? Switch to cash only? His story, inside… [More]
So, Puerto Rico is a self-governing unincorporated territory of the United States. Its head of state is Barack Obama. Its currency is the US Dollar. So why is one of Chris Elliott’s readers being charged an international transaction fee on her Visa? [More]
If you buy something with your Visa card at Best Buy, you’ll have to go the old fashioned route, comparatively speaking, and swipe it. Visa demands that contactless payments have to be signed, which is more profitable for Visa but not for Best Buy. Visa refused to change their policy, so Best Buy says it will no longer allow customers to pay that way, reports StorefrontBacktalk. Mastercard doesn’t ban PINs on contactless payments and will continue to be an option. [More]
The NYT has an interesting article about what does on behind the scenes when you make a purchase at a retailer with your VISA debit card. You typically have two choices — you can enter your PIN or choose to sign. When you sign the retailer has to pay higher fees to VISA. [More]
Anthony received a Newegg rebate in the form of a prepaid debit card. When he went to use the $15 card for a $15.93 purchase, he received an unexpected and wonderful surprise.
Considering the growing amount of credit card fraud, it’s not surprising that banks are becoming more and more vigilant about identifying suspicious transactions. It’s too bad they haven’t been as successful at filtering out false positives or promptly notifying customers, as James Fallows at The Atlantic recently discovered when he got his account frozen for sending files to his Kindle.