Let’s make things more expensive for customers… | Page 5 | GTAMotorcycle.com

Let’s make things more expensive for customers…

FullMotoJacket said:
... Wouldn't read my card's chip when I inserted it or the strip if I swiped it.
Click to expand...
Moving to the stripe from the chip is called fallback. Fallback is not forbidden for chip equipped cards used at a EMV enabled terminal. So, if you present a chip card at an EMV terminal (with a card reader) and if the chip read fails, then you can't try the mag stripe. The issuer will decline the attempt.

FullMotoJacket said:
... Tapping isn't enabled, but I did it to humour him. It worked.
Click to expand...
Are you sure? I have a TD debit card and tap is enabled by default unless I specifically ask the Bank to disable it on my account configuration.
 
robmack said:
Are you sure? I have a TD debit card and tap is enabled by default unless I specifically ask the Bank to disable it on my account configuration.
Click to expand...

I have the tap disabled. It doesn't work anywhere. It only worked at that gas station during the time their machines were acting up. It doesn't work there any more. The first time I tried it was to show the attendant the tap didn't work, and to my surprise, it did. Tried it at different stores at the time to see if it did and it didn't work as it shouldn't.
 
Last edited:
PrivatePilot said:
Varies between banks.

Biometric tap limits (ie ApplePay) were in many cases dramatically increased however as $100 was artificially low in todays realities...and in reality, a biometric transaction is far safer than a chip and pin transaction even so it makes sense. I think my ApplePay limit is now $1000 or something like that for tap.
Click to expand...

That's what I asked to have increased specifically because of the biometric security (the tap on my card is disabled by me). It was a hard no.
 
Tap on your physical card is also fraud protected, so it's not something that needs to be avoided. If your card is lost or stolen and used fraudulently you are covered for 100% of any loss.

Yes, biometric options on your phone are better, but the physical cards tap feature is also a perfectly safe option.
 
OntFF said:
And those rewards are exactly the problem... the CC companies aren't eating a dime; they just pass the cost of those rewards programs on to the retailer.

I get why you like it, but there's no such thing as a free lunch - for every dollar in rewards you receive, a retailer is paying a $1.05...
Click to expand...
I saved about $5 thousand on GM vehicles withthe GM Visa card. There was also a way of selling the discount.
 
PrivatePilot said:
I have no doubt many retailers have increased their prices a proportionate amount to their credit card fees....but again, if the options are:

1/ Pay with my credit card and get anywhere from 1% to 5% bonus that goes directly towards holidays for us.

or...

2/ Pay with debit and pay the exact same amount but get 0% back.

It's stupid to not go with option #1.

And if you think retailers, especially big ones are going to drop their base prices before adding the surcharge to arrive back at the same prices we're paying now for those paying credit but it will actually be cheaper to pay debit/cash, I have some swampland in Florida to sell you.
Click to expand...
Anyone remember when Crappy Tire gave 5% coupons if you paid cash instead of credit? Now it's 0.5% and they prefer you use their loyalty card. Their CC was 29% interest IIRC.

Someone asked one of their execs about how much CT money was out there and the answer was "Enough to cause a cash flow problem if it all got redeemed at once."
 
FullMotoJacket said:
I have the tap disabled. It doesn't work anywhere. It only worked at that gas station during the time their machines were acting up....
Click to expand...
That's weird. Technically, the merchant seems to have changed the POS entry mode on the transaction; I'm guessing here. Have to talk to experts at work about this.
 
This is my area of employment. Doesn’t make me an expert though.

It’s really a combo between the banks and the credit card companies adding more revenue streams for “services” to retailers/consumers.

The banks want the loyalty programs to create some stickiness with customers and the credit card companies want more revenue for their services such as fraud liability mitigation to retailers and offering consumer convenience such as tap and e-commerce payments etc.

Covid moved the majority of payments straight to credit card, tap, e-commerce and some interact.

The fees really started to add up for a lot of small retailers. The big box and national/international retailers have less impact due to large volume
Contracts.

Where credit card companies got greedy was classifying basic cards as high spend or high transactional and charged the equivalent fees of those big reward cards that have high annual fees to the consumer and visually you could tell if a gold or platinum card was a high fee card compared to classic or standard cards.

So the retailer can’t even distinguish if their customers are “premium” card users or paying with a basic run of the mill visa.

Bankers and credit card companies will continue to find ways to generate revenue to keep the shareholders happy.

As for the retailers, they can now charge their 1.5/2% interchange rate to the customers. The big boys won’t. The smaller independents might.

Lastly, cash is a pain to retailers. Big ones anyways. That why Walmart and others offer cash back to customers and got rid of their high fee ATM at the exit/entrance.

It costs them to commercial banking fees go deposit the funds and reconcile their sales and deposits. Much easier to have the credit card companies deposit fund right into their bank account and pay some office admin to balance their direct deposits.

Less errors related to counting nickels, cashier mistakes etc, paying for Brinks less often etc.


Sent from my iPhone using Tapatalk
 
nakkers said:
This is my area of employment. Doesn’t make me an expert though.

It’s really a combo between the banks and the credit card companies adding more revenue streams for “services” to retailers/consumers.

The banks want the loyalty programs to create some stickiness with customers and the credit card companies want more revenue for their services such as fraud liability mitigation to retailers and offering consumer convenience such as tap and e-commerce payments etc.

Covid moved the majority of payments straight to credit card, tap, e-commerce and some interact.

The fees really started to add up for a lot of small retailers. The big box and national/international retailers have less impact due to large volume
Contracts.

Where credit card companies got greedy was classifying basic cards as high spend or high transactional and charged the equivalent fees of those big reward cards that have high annual fees to the consumer and visually you could tell if a gold or platinum card was a high fee card compared to classic or standard cards.

So the retailer can’t even distinguish if their customers are “premium” card users or paying with a basic run of the mill visa.

Bankers and credit card companies will continue to find ways to generate revenue to keep the shareholders happy.

As for the retailers, they can now charge their 1.5/2% interchange rate to the customers. The big boys won’t. The smaller independents might.

Lastly, cash is a pain to retailers. Big ones anyways. That why Walmart and others offer cash back to customers and got rid of their high fee ATM at the exit/entrance.

It costs them to commercial banking fees go deposit the funds and reconcile their sales and deposits. Much easier to have the credit card companies deposit fund right into their bank account and pay some office admin to balance their direct deposits.

Less errors related to counting nickels, cashier mistakes etc, paying for Brinks less often etc.


Sent from my iPhone using Tapatalk
Click to expand...
Bankers and credit card companies will continue to find ways to generate revenue to keep the shareholders happy.

Shareholders want income greater than inflation. If their invested dollar isn't worth more than a dollar a year down the road they might as well put it under the mattress.

Once a company has maxed out its client base, growth stops unless they can get more out of each client.
 
Yesterday I got a call from a buddy who was locked out of his 2022 ram pickup well away from home. They're not supposed to let the doors lock if the key fob is inside. His did.

The app that is supposed to do everything on his phone went blank.

Two hours of phone calls to everywhere on the planet and he finds his subscription was only for six months. He paid the renewal fee on his CC ($20 / mo) and he got to talk to more people and then suddenly his engine started and the doors unlocked.

Several people he spoke with mentioned they've heard about the locked up fob before.

So after all the technical advances he may be going back to a Hide-a-key magnet.

What if he left his cell phone in the truck as well?

Subscription $20 / month or Hide-a-key $5.99.

Lots of what ifs. What if he called CAA and they asked to see the ownership before popping a door? "It's in the glove box."
 
How many people keep their ownership on their person?
 
Wingboy said:
Government grrrrrr! I was told when my wife passed in March that i would recieve up to 60% of her cpp as a survivors benefit. However there is a limit to how much an individual can recieve. Therefore my cpp went up by $20.
The government keeps the rest.
Click to expand...

Thanks. I wasn't aware of that. As it turns out my wife and I are in the same boat if one dies. A scant few bucks extra come in to the survivor. We could eke out an existance on our present CPP and OAS but if one dies it's almost the same cost to run the place on half the income. We fortunately have some pensions.

Some single senior home owners could rent out a basement apartment but then get screwed by deadbeats and the LTB. Of course if they don't own they get renovated, priced out etc. I can't help but feel it's going to get really ugly for the unprepared.
 
mimico_polak said:
Here…more good news!

Canadian home energy costs to spike by up to 100 per cent on average this winter: analyst

Most Canadians who pay for natural gas or electricity can expect their bills to rise by between 50 and 100 per cent on average this winter, according to one energy analyst.
beta.ctvnews.ca beta.ctvnews.ca
Click to expand...

Just in time for winter... awesome. Then when we all see enbridge and friends with record profits in 6 months time we can be happy inflation didn't effect them.
 
You must log in or register to reply here.

Back
Top Bottom