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Old 05-15-2016, 09:24 AM   #101
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Originally Posted by Texas Proud View Post
That is because they refuse to pay those pesky CC or bank fees...


Around here you can pay online with a CC, but it is through a company that charges a convenience fee... like 2.5% or so....


Funny thing is that a couple of days ago BCBS sent an email saying THEY will not accept a CC or debit card anymore!!! So, it is not just the gvmt... (so, there goes my reward money for paying this high fee!!!!)
Same here. If you order you car tabs on line you can use a credit or debit card with an additional service fee.
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Old 05-15-2016, 12:03 PM   #102
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Originally Posted by JustCurious View Post
Not true, there are lots of situations where cash is a more effective form of payment...
https://www.bogleheads.org/forum/viewtopic.php?t=191052
Checks are as good as cash and for handymen/housekeeper, I have volunteered to make the payment to their credit card. Funny thing is they all have them. And the process is electronic.

But my comment was for me NOTB. In Mexico, I use the amazon/Chase no FX Visa card and cash.
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Old 05-15-2016, 05:12 PM   #103
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Ever hear of blockchain? Ever look at paper money and notice the serial number.....


Sent from my iPad using Early Retirement Forum
I read where the big Techs and Financials are doing a lot of work on blockchain technology.
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Old 05-15-2016, 06:34 PM   #104
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(shudder) I thought I was the only one who worried about such things in the middle of the night. I sincerely hope none of us ever have to experience scenarios like that.
Early retirement has given some of you guys too much time to think.
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Old 05-15-2016, 08:22 PM   #105
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Early retirement has given some of you guys too much time to think.
What, you think I didn't worry about everything under the sun before I retired? Oh my, you don't know me too well.
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Rewards points on credit cards
Old 05-16-2016, 05:47 AM   #106
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Rewards points on credit cards

you realize that what you "earned" was really a profit reduction to a small merchant via increase led interchange expense.
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Old 05-16-2016, 06:07 AM   #107
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you realize that what you "earned" was really a profit reduction to a small merchant via increase led interchange expense.
Not necessarily. Merchants decide whether to accept credit cards based on their assessment of their own financial best interest. And they set their prices accordingly. Who ultimately pays the ~2% intercharge fee (merchants or customers) is an unresolvable academic question. Not some established fact.

And even if we knew it came out of the merchant's pocket, it doesn't matter. Why should I pay any merchant more (by foregoing credit card rewards) than they require to complete a transaction? I don't voluntarily pay more than the list price of items on the shelves. No one does. No one expects you too either. Why are credit cards any different?

Nope, I'll continue to direct my charitable donations elsewhere.
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Old 05-16-2016, 09:43 AM   #108
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Oh, I agree that barter has been around for much longer...

But barter is based on trading something of value that you own and someone else wants for something else of value that they own that you want... I do not think a drug dealer is going to want to trade a bicycle that he cannot get any value for if he cannot sell it for cash...

Now, jewelry and gold coins he might take... bikes? I think not....
bitcoin
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Old 05-16-2016, 11:27 AM   #109
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And even if we knew it came out of the merchant's pocket, it doesn't matter. Why should I pay any merchant more (by foregoing credit card rewards) than they require to complete a transaction? I don't voluntarily pay more than the list price of items on the shelves. No one does. No one expects you too either. Why are credit cards any different?
Apparently some do (see the Bogleheads article linked in this thread). Not me though. Everything is on the CC when possible. Many small ethnic groceries I shop at require $5-15 minimum purchases. If I can exceed the min purchase, I'll use the CC even though it might cost the business 2-3%.

In talking to one shop owner, he doesn't take Amex any more. Over 5% fees he says. Makes sense to drop them. He still does MC/Visa because he would probably lose a lot of business if he didn't take any CC's.
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