is it illegal?

Question

i have read that businesss that wil not accept a credit card unless you spend a minumun amount of like 10 dollars. i have also read that this is against the law or something similar. recently i went to a gas station and tried to use my card for a coffee and i snack they told me i had to spend 3.00 at least. my bill was 2.97. i had three dollars but it was for my dinner at work. so i gave my cash and skipped dinner. not a biggie but isnt this why we have these cards for convenience???? whats the deal

Answer 1

As has been pointed out previously, the credit card companies charge businesses a percentage of the amount charged as a fee. For Visa and Master Card, this fee is about 3% (on small purchases, a per-transaction fee applies that can be a lot more than 3%) , and the merchant is absorbing this fee. For very small purchases, this fee offsets any profit the merchant may be making, so they lose money by accepting your card.
Have you ever wondered why so many places won't accept American Express cards? Here is why - their fee to the merchant is (or was until recently) 7%. Diners Club has high fees, also.
It may or may not be illegal (and bear in mind that because it is against the credit card issuer's policy doesn't make it illegal. Since credit cards are not considered legal tender, I don't see a reason why it would be illegal.), but if it was you running the business, would you accept credit cards on small purchases knowing what you know now?

Answer 2

I believe you that the opt for to regulate the guidelines, i.e., to flee from reality, is a undemanding human opt for. i imagine it would properly be a touch decrease on the record, although, because people opt for love and/or companionship earlier they opt for different issues. I also agree that the taxation challenge, fairly even as it is composed of marijuana, is significant. If all and sundry ought to easily improve it of their decrease back backyard, the authorities does no longer get its reduce like it does with tobacco and alcohol. The pharmaceutical market has adequate drugs to placed the entire u . s . into l. a.-l. a. land and then some, yet they federally regulated, are worthwhile, and pay taxes. Heroin and cocaine are extra not straight forward because of their addictive houses and skill deadly nature. If all and sundry ought to legally purchase those drugs, affordably, there will be a huge spike (no pun meant) in overdoses, so in this regard i think the authorities, or a minimum of your common voter, is worried about the well being consequences and not in any respect a lot about the lost taxes.

Answer 3

It costs the store money to accept your credit card. It's especially expensive for small businesses who can not negotiate better rates. It might cost them a fixed amount per transaction, plus a percentage.

Some places say a minimum of $10 to avoid the cost of the transaction eating all of their profit.

Big companies can negotiate to eliminate the fixed amount and just pay a percentage. That makes the amount of the sale not matter.

I'm pretty sure it's legal.

Answer 4

the business pays several fees for processing a credit card. It may cost them money to take a card for small purchases.

I keep at least $10 in cash to pay for small items during the day , or for any small emergencies.

Answer 5

It is against visa and mastercard policy to have a minimum purchase requirement, however it is an often unenforced rule. See the link for more information.