credit card ???

[JackDidley]

I keep getting offers from my CC to sign up for shopping help. If I am buying on line and there is a better price elsewhere they will automatically get me the deal. All I need to do is sign up. I think it needs an adon for my browser. Not sure how it works but I am skeptical. Anybody else using this ?? Whats the catch ?

[rfuerst911sc]

I have a Capital One CC and have been receiving emails to " join " . I see their TV commercials pushing it also . I too have been hesitant to sign up as I haven't figured out their angle for offering it . I assume it has something to do with browsing activity/history . Do they share or sell that data ? Or is their some other reason to provide discounts ?

[JackDidley]

Yes, I am getting the emails from Capital One also. I have the same questions/doubts. I dont think Ive gotten any from the Chase cards yet.

[thor66]

the catch would be tracking

[JackDidley]

Originally Posted by thor66

the catch would be tracking

But who is tracking ? The CC company has my purchase info anyway.

[thor66]

right, only when you purchase do they have info

with the app they will track you all over, whether you buy or not, and sell your info

[JackDidley]

Originally Posted by thor66

right, only when you purchase do they have info

with the app they will track you all over, whether you buy or not, and sell your info

Makes sense. Not going to happen.

[rfuerst911sc]

I will continue to search for deals on my own , have done alright the past 50 years or so 😁 with no help .

[rusnak]

Capital One is a sketchy ass bank. Of all the credit cards out there, I would refuse to accept theirs as a merchant.

[JackDidley]

Originally Posted by rusnak

Capital One is a sketchy ass bank. Of all the credit cards out there, I would refuse to accept theirs as a merchant.

Maybe, but I make good $$$ on the cash back. I pay no fees and no intrest.

[rusnak]

Originally Posted by JackDidley

Maybe, but I make good $$$ on the cash back. I pay no fees and no intrest.

Trust me, you don't. The merchants add that into the cost of the inventory. If you pay with a card (not pin Debit) then you're paying on average .08 to .12 per gallon more for gas. It raises the cost for everyone.

[JackDidley]

Originally Posted by rusnak

Trust me, you don't. The merchants add that into the cost of the inventory. If you pay with a card (not pin Debit) then you're paying on average .08 to .12 per gallon more for gas. It raises the cost for everyone.

It may raise the cost for everyone but it will not be any cheaper for me if I pay cash. I buy gas at Sams. About 30ḉ a gallon cheaper than the Marathon down the street.

[rusnak]

Originally Posted by JackDidley

It may raise the cost for everyone but it will not be any cheaper for me if I pay cash. I buy gas at Sams. About 30ḉ a gallon cheaper than the Marathon down the street.

No, what I am trying to say is that the cost of your Capital One card is figured into the overall merchant services expense, which is added into the merchandise price when margin is calculated. That means you're paying for it in the base costs, regardless of your paying cash. I know, because that's exactly what I do.

[JackDidley]

Originally Posted by rusnak

No, what I am trying to say is that the cost of your Capital One card is figured into the overall merchant services expense, which is added into the merchandise price when margin is calculated. That means you're paying for it in the base costs, regardless of your paying cash. I know, because that's exactly what I do.

I understand that. Still, I am one guy. If I pay cash, it will not effect prices. If everybody pays cash, it may. Cash is a pain anyway. Would not use.

[rusnak]

Originally Posted by JackDidley

I understand that. Still, I am one guy. If I pay cash, it will not effect prices. If everybody pays cash, it may. Cash is a pain anyway. Would not use.

Actually you are paying the stores you spend cash in, approximately 1% of the cost of goods to deposit cash. More if they use an armored truck. It costs money to deposit cash. The cheapest by far is ATM/ PIN Debit. That is because the credit card companies don't get as much of a cut of the action.

[JackDidley]

Originally Posted by rusnak

Actually you are paying the stores you spend cash in, approximately 1% of the cost of goods to deposit cash. More if they use an armored truck. It costs money to deposit cash. The cheapest by far is ATM/ PIN Debit. That is because the credit card companies don't get as much of a cut of the action.

I may be the only one left that has no debit card. Back in the 80s, I got home late from work. I was nearly out of gas. Ordered a pizza and was going to get gas on the way. Stopped at the ATM and it ate my debit card. Tired, hungry and out of gas. No money. I went home, got my checkbook, found a store that would cash my check. Stopped for gas and picked up my cold pizza. I decided that would nothappen again. Now I almost never use cash or checks.

[stomachmonkey]

Originally Posted by rusnak

Trust me, you don't. The merchants add that into the cost of the inventory. If you pay with a card (not pin Debit) then you're paying on average .08 to .12 per gallon more for gas. It raises the cost for everyone.

Hmmmm

I’ve never seen a merchant agreement that allows charging more for a customer using a card.

Merchants can offer discounts for cash transactions.

I see what you are saying, you are factoring in the costs you are exposed to for taking cards.

I mean it makes sense.

But if you are not giving your cash customers a discount then isn’t it actually you that’s raising the prices for everyone?

[rusnak]

Originally Posted by stomachmonkey

Hmmmm

I’ve never seen a merchant agreement that allows charging more for a customer using a card.

Merchants can offer discounts for cash transactions.

I see what you are saying, you are factoring in the costs you are exposed to for taking cards.

I mean it makes sense.

But if you are not giving your cash customers a discount then isn’t it actually you that’s raising the prices for everyone?

I don't think you read this thread carefully.

When a customer uses a credit card, the credit card company takes a cut of the transaction. So does the issuing bank, and so does the merchant services company.

I'm really shocked that you think banking services are free, and businesses don't need to cover their costs.

And I also described how banks charge fees to deposit cash. I'm not talking about a few thousand either. More like a few hundred thousand. And you'd better believe that a merchant covers ALL OF THESE COSTS in the pricing of goods. They just don't tell you.

[Zeke]

Advice I have received says do not get a debit card. Your account can be drained. With a CC that can't happen. I went to turn in my BofA DC and they told me to say goodbye to the ATM. Since COVID that would have been pretty stupid so I take it with my ONLY when I'm on my way to the bank. I use it very infrequently and guard it carefully meaning as little exposure to any reader as possible.

Using a DC at a gas station is reckless. Your money, your bank, YMMV.

[rusnak]

Originally Posted by Zeke

Advice I have received says do not get a debit card. Your account can be drained. With a CC that can't happen. I went to turn in my BofA DC and they told me to say goodbye to the ATM. Since COVID that would have been pretty stupid so I take it with my ONLY when I'm on my way to the bank. I use it very infrequently and guard it carefully meaning as little exposure to any reader as possible.

Using a DC at a gas station is reckless. Your money, your bank, YMMV.

The new EMV chip technology seems to cut back on bank card fraud. And the big banks have fraud detection software that will lock out your card if it detects unusual activity.

I think NFC credit cards are probably the riskiest thing going. I would never ever use Apple Pay or Samsung Pay.