Credit Cards?

BobbyFord

BobbyFord

Secret Agent Man
Contributor
Joined
Apr 6, 2005
Messages
73,174
Points
1,033
Location
Southern California.
Someone please enlighten me.
Up until 10 minutes ago, I had a MasterCard forever. My current card was about to expire so Chase sent me a new card...only this time it was a Visa o_O I didn't ask for a Visa. I called them on the phone and they said they changed it to Visa. Well, I already have a Visa. He said, "We are now doing business with Visa." I said, "I already have a Visa card." He said, "Well, I'm sorry, that's the way it goes." I said, "Cool, close my account."
What's going on with MasterCard?? Why did Chase switch?? I like to have a Visa and a MasterCard; that's how it's always been. It seems nowadays, every credit card on the market is offering some gimmick to get you to carry over a balance (I realize that this is the way they make their money.) It also seems that the days of fixed rate cards are over? Everything now is 10% & up, variable rate. Is this how they blow out people with old, low interest rate fixed accounts? :idunno:
 
I have a MasterCard debit card from my credit union, which I never use, except for ATM withdrawals. I had a MasterCard credit card for a long time because a while back, some places didn't take Visa (or vice versa), so I always liked to carry both. Maybe I'm not changing with the current economic times. I don't travel enough to take advantage of a lot of the current credit card options. I've always paid cash for most purchases anyway. I just don't understand why Chase would change my Slate MasterCard to a Slate Visa. I have a Visa at a lower rate than the Chase MasterCard. I never carried a balance anyway so maybe this was just their way to get rid of me.
As I said, I realize that a company offering a no annual fee, low interest card, relies on the cardholder to carry over a balance in order to turn a profit, but another thing I wonder about is why certain gas stations offer a lower price for cash purchases than they do for brand credit card purchases. Isn't the gas card holder more apt to purchase their particular brand of petroleum than the average cash paying buyer?
 
Another way the credit card weasels make money is to charge the retailer a fee every time they swipe a card. With gas, the profits at the pump are so low that they are passing the fee that card companies charge back to the customer.
 
StandOnIt said:
Another way the credit card weasels make money is to charge the retailer a fee every time they swipe a card. With gas, the profits at the pump are so low that they are passing the fee that card companies charge back to the customer.
Click to expand...
I forgot about that. Makes sense.
As I recall, it's about 2-3%
 
I have a MasterCard credit card with my Credit Union because their rates are so much lower than anyone else's but I also have a Visa credit card with my regular bank.
 
BobbyFord said:
I forgot about that. Makes sense.
As I recall, it's about 2-3%
Click to expand...

I have a friend that has a small music shop. They charge him a flat rate of $2.00 for each time he swipes a card. Probably less for big retailers I would guess. But he tells the customer that he charges 2 bucks extra if they want to use the card if the purchase is under 25 dollars.
 
Johali said:
I have a MasterCard credit card with my Credit Union because their rates are so much lower than anyone else's but I also have a Visa credit card with my regular bank.
Click to expand...
I looked at my credit union and the Platinum MasterCard is listed at 10.8% :eek:
Is that really what they're going for these days?
 
My bank switched mine from Visa to Mastercard 3 or 4 years ago, not sure why.

I still have a Visa with the Credit Union card.
I didnt even want a credit card, my wife did. But it works out ok, she pays everything off during the same billing cycles. She just uses it get cash back rewards. She is tighther with a dollar than I am.
 
BobbyFord said:
I looked at my credit union and the Platinum MasterCard is listed at 10.8% :eek:
Is that really what they're going for these days?
Click to expand...
My credit Union one is 6.6, and the banks is 11.2, I don't know about anybody elses.
 
Greg said:
My bank switched mine from Visa to Mastercard 3 or 4 years ago, not sure why.

I still have a Visa with the Credit Union card.
I didnt even want a credit card, my wife did. But it works out ok, she pays everything off during the same billing cycles. She just uses it get cash back rewards. She is tighther with a dollar than I am.
Click to expand...
Same here. Dad has a master, a visa, and an amex. Mom has a discover. All of them get paid off each period to not carry a balance. But the rewards keep piling up. Let's put it this way. Most of our racing expenses except entry fees are paid by credit card. Think about how much a racing operation costs, getting 3% on fuel, 2% on whatever, and 1% on everything else, and paying off monthly. Yea, it works out better than the checkbook.
 
Mastercard and Visa plus Lowe's card. All purchases are put on the Mastercard for points and accumulated to pay for air fare on vacations. We like the convenience of a credit card plus it gives points and while we are accumulating points , Mastercard is also giving a percentage to the association to which the card is dedicated.
The Visa card is used to track deductible expenses only. Saves a lot of questioning at the end of the year. And the Lowe's card gives a 5% discount on every purchase. I was against credit cards for years until I found out there are some things that require a credit card. Now, we don't leave home without it. ;)
 
I have 2 Visa cards ---- one is strictly for 'net purchases only. The other is used very sparingly.
Both are currently carrying very small balances, but only until the bill comes in.
My debit card is my currency, I rarely carry more than just a few dollars. I can keep close tabs on my bank balance that way.
 
StandOnIt said:
With gas, the profits at the pump are so low that they are passing the fee that card companies charge back to the customer.
Click to expand...

I've noticed down south (South Carolina for example) all of the gas stations have a lower price for cash than paying with credit. I don't think i've seen that up north or out west at all, or at least not much. Also noticed gas is always much cheaper in a lot of states in the south ( i've noticed that in South Carolina and Tennessee especially).
 
toledo47 said:
I've noticed down south (South Carolina for example) all of the gas stations have a lower price for cash than paying with credit. I don't think i've seen that up north or out west at all, or at least not much. Also noticed gas is always much cheaper in a lot of states in the south ( i've noticed that in South Carolina and Tennessee especially).
Click to expand...
I'm sure @Nitro Dude can elaborate on the significant savings with cash...I've seen differences as much as a dime per gallon.
 
Magnethead said:
I'm sure @Nitro Dude can elaborate on the significant savings with cash...I've seen differences as much as a dime per gallon.
Click to expand...
It's not so much here with the credit cards but they do have the little rewards cards for certain stores that saves you 5 to ten cents a gallon, Tom Thumb is one of the biggest.
 
Johali said:
It's not so much here with the credit cards but they do have the little rewards cards for certain stores that saves you 5 to ten cents a gallon, Tom Thumb is one of the biggest.
Click to expand...
Same here, Johali. The more points you acquire on your customer card, the bigger the discount on the gas. I saved 90 cents a gallon earlier this summer.
 
Yeh we have all those customer award cards here, i have two of them, but find myself not using them that much because for me it is a matter of convience most of the time where I buy my gas. Two stations near where I work are always cheaper than any other around town where I live, so most of the time I buy gas there. I think the reward thing is a pain in the ass, just give me the damn discount on gas all the time and you will find me spending more at your convience store all the time.
 
Mopardh9 said:
Yeh we have all those customer award cards here, i have two of them, but find myself not using them that much because for me it is a matter of convience most of the time where I buy my gas. Two stations near where I work are always cheaper than any other around town where I live, so most of the time I buy gas there. I think the reward thing is a pain in the ass, just give me the damn discount on gas all the time and you will find me spending more at your convience store all the time.
Click to expand...
It's easy at Tom Thumb, you pay at the pump and use your rewards card in the slot and the computer keeps track of it. Like TRL said, It adds up quickly.
 
Two cards, one for net purchases and one in the wallet backing up cash. The cards are paid in full when the bill comes. I use the debit card to get cash (I use cash more often now). I get annoyed when so many places ask if I want their store credit card every time I make a purchase.
 
Magnethead said:
I'm sure @Nitro Dude can elaborate on the significant savings with cash...I've seen differences as much as a dime per gallon.
Click to expand...
Most truck stops charge an extra 6 cents per gallon credit card price for diesel fuel. When i go across 40 in New Mexico i have to buy a fuel permit at the "port of entry" which is $60.00 each way, but if i pay with a credit card then they tack on an extra $4.00 each way.
 
You must log in or register to reply here.
Back
Top Bottom