REVscene Automotive Forum
Page 366 of 1394 « First 266316356357358359360361362363364365 366 3673683693703713723733743753764164668661366 Last »
Show 25 post(s) from this thread on one page

REVscene Automotive Forum (https://www.revscene.net/forums/)
-   Vancouver Off-Topic / Current Events (https://www.revscene.net/forums/vancouver-off-topic-current-events_50/)
-   -   Vancouver's Real Estate Market (https://www.revscene.net/forums/674709-vancouvers-real-estate-market.html)

Hondaracer 12-19-2016 12:22 PM
where do you use it?

besides major retailers i found no reason to keep my AMEX once costco dumped them because more often than not i was being told they dont take AMEX

jackmeister 12-19-2016 12:25 PM
Quote:
Originally Posted by Manic! (Post 8810832)
It's actually because they don't want to pay taxes. That's why Mr. Kim has a calculator beside his till.
while that may be true for some mall retail businesses (mom/pop shops), a lot of people would straight up appreciate it if business told customers "i'm charging 2% extra if you buy with credit card" instead of including 2% fee in prices and hope people pay cash.

CC fees are generally a percentage off the top, so if you're doing $1000/month in CC transactions, that's about $20-30/month (+ terminal rental $40/month) which isn't much in the grand scheme of things but still like 7% of CC sales. But if it's $10k/month then you're looking at $2-300/month which then becomes a big expense over time. That's 3-4k in pure profit a year.

I think in Australia they do give 2 prices

Manic! 12-19-2016 12:45 PM
Quote:
Originally Posted by jackmeister (Post 8811001)
while that may be true for some mall retail businesses (mom/pop shops), a lot of people would straight up appreciate it if business told customers "i'm charging 2% extra if you buy with credit card" instead of including 2% fee in prices and hope people pay cash.

CC fees are generally a percentage off the top, so if you're doing $1000/month in CC transactions, that's about $20-30/month (+ terminal rental $40/month) which isn't much in the grand scheme of things but still like 7% of CC sales. But if it's $10k/month then you're looking at $2-300/month which then becomes a big expense over time. That's 3-4k in pure profit a year.

I think in Australia they do give 2 prices
Frequently Asked Questions

Quote:
Question:

Can a merchant charge you a service fee (or a “convenience fee”) when you use your credit card to pay for a purchase?

Answer:

According to Visa, MasterCard and American Express merchant rules, merchants generally cannot charge you a service fee when you use your credit card. However, Visa, MasterCard and American Express permit eligible merchants to charge a service fee (also known as a convenience fee) for certain types of transactions.

Visa, MasterCard and American Express all require that the fee be clearly disclosed to cardholders before the transaction is completed and that cardholders are able to cancel the transaction without penalty.

Note that under the Code of Conduct for the Credit and Debit Card Industry in Canada, merchants may choose to offer discounts for different payment methods, but they are not required to do so.

For more information on eligible types of transactions, visit MasterCard, Visa or American Express’ merchant web pages below.

If you think you have been wrongly charged a fee, contact MasterCard, Visa or American Express via the same links below.

roastpuff 12-19-2016 12:51 PM
Quote:
Originally Posted by Hondaracer (Post 8811000)
where do you use it?

besides major retailers i found no reason to keep my AMEX once costco dumped them because more often than not i was being told they dont take AMEX
Gas, groceries (most major retailers take them), travel.

IGTBAR 12-19-2016 03:54 PM
Quote:
Originally Posted by Hondaracer (Post 8810994)
does anyone in Canada actually still use Amex?
.

IGTBAR 12-19-2016 03:55 PM
.

kr4l 12-19-2016 03:55 PM
Quote:
Originally Posted by Ferra (Post 8810930)
That's just the "basic rate" you are quoting..i am sure at the end of the date you are getting charged higher than 1.6%.

My basic rate is 1.50/1.55%, which applies if you have those basic credit card with no rewards. But if someone gives you a visa infinite privilege or platinum dividend card...there is no way you are getting charge just 1.6%. (there are the "non-qualified" and card brand fees on top of your basic rate, which is usually another 0.2%-0.8%)

Also..i am sure Visa/MC are making more money from the merchant fees they are charging then the high interest rate. I think not that many people keep balance on their cards resulting in interest charge. And usually it is few hundreds to few thousands dollars. Where else, there are plenty of people putting few thousands $ transaction on their credit cards every month.
Yeah, but I'm still not paying anywhere near 3-4%. It's around 1.85%

Also, small businesses that take cash only avoids paying some taxes AND is able to pocket money without paying taxes as well.

kr4l 12-19-2016 04:00 PM
Quote:
Originally Posted by jackmeister (Post 8811001)
while that may be true for some mall retail businesses (mom/pop shops), a lot of people would straight up appreciate it if business told customers "i'm charging 2% extra if you buy with credit card" instead of including 2% fee in prices and hope people pay cash.

CC fees are generally a percentage off the top, so if you're doing $1000/month in CC transactions, that's about $20-30/month (+ terminal rental $40/month) which isn't much in the grand scheme of things but still like 7% of CC sales. But if it's $10k/month then you're looking at $2-300/month which then becomes a big expense over time. That's 3-4k in pure profit a year.

I think in Australia they do give 2 prices
As a business owner, I do not charge extra for using plastic. However, if places do charge extra, I would not see a problem with them not telling you. This is a convenience fee. If you don't like it, don't use credit cards

Also, you're looking at things in a very small perspective. That 3-4K in profit loss a year to using cards is nothing for the convenience for people. You know how much money you'd lose if you were cash only nowadays?

Jmac 12-19-2016 04:43 PM
So it's perfectly okay to steal a tip from your customers?

lowside67 12-19-2016 04:48 PM
Quote:
Originally Posted by Jmac (Post 8811065)
So it's perfectly okay to steal a tip from your customers?
Seriously? If they raised their prices by exactly 2 cents you would still go there, still buy the same things, and pay that extra 2 cents but not give it even one fleeting thought.

Mark

adambomb 12-19-2016 05:59 PM
Does the extra charge bother you that much?
Exercise your power as a consumer and just don't shop their anymore.

I went to a donair place once. Owner said we charge $0.50 to use CC. I said that's cool, allowed him to add the fifty cents, used the machine, I have never eaten there again.

:inout:

kr4l 12-19-2016 09:00 PM
Quote:
Originally Posted by Jmac (Post 8811065)
So it's perfectly okay to steal a tip from your customers?
What?

quasi 12-20-2016 06:41 AM
Quote:
Originally Posted by Jmac (Post 8811065)
So it's perfectly okay to steal a tip from your customers?
I'm a guy who still pays for most purchases under $40 with cash and if it's less then 25 cents change I usually tell them not to worry about. They could round purchases up to the quarter get rid of nickles and dimes and it wouldn't bother me in the least, matter of fact it's not a bad idea.

wingies 12-20-2016 07:45 AM
Back on the topic of real estate, did anybody get a special assessment yet? My parents got theirs, $700k increase, Steveston in Richmond. They are pretty much the only old house on the street left

Nlkko 12-21-2016 05:18 PM
Toronto more expensive than Vancouver. :)

No relief for home owners as Canadian housing affordability continues to slip: RBC Economics

JDMStyo 12-22-2016 02:27 PM
?Sanity returning to market?: LePage predicts double-digit drop in Vancouver home prices in 2017 | Financial Post

TLDR: Royal LePage says market to drop by double digit % next year

Sw0op 12-22-2016 04:24 PM
Quote:
Originally Posted by JDMStyo (Post 8811625)
is this from the same company that said Vancouver would jump up 2.8% in 2015? alright...well i guess it could happen cuz "its different this time"

Harvey Specter 12-22-2016 04:47 PM
Prices will continue to decline. Houses are not selling and sitting on the market and a lot of the buyers for these homes were builders who are in trouble because they can't unload new homes or houses they were holding to build on.

On top of all this the banks are tighten up so lending is near impossible to obtain and personal debt levels are soaring with no end in sight. You also have the uncertainty with Trump and his trade polices and tax proposals which could really hurt the Canadian economy.

lowside67 12-22-2016 06:07 PM
Quote:
Originally Posted by Harvey Specter (Post 8811661)
On top of all this the banks are tighten up so lending is near impossible to obtain
On what planet do you think the banks in Canada have tightened lending to the point where it's nearly impossible to obtain? If you are a first time home buyer in BC you will be able to buy a $500K apartment with as little as 2.5% down starting in January.

Mark

Harvey Specter 12-22-2016 06:29 PM
Quote:
Originally Posted by lowside67 (Post 8811678)
On what planet do you think the banks in Canada have tightened lending to the point where it's nearly impossible to obtain? If you are a first time home buyer in BC you will be able to buy a $500K apartment with as little as 2.5% down starting in January.

Mark
WTF are yapping about. I'm talking about obtaining million+ dollar homes, not $500k condos.

kr4l 12-22-2016 06:40 PM
Can't wait until people bitch that they can't afford the payments on their $500k condo in 5 years time.

Also, houses are still unaffordable and will always be unaffordable. I mean, if condos can sell for $500+, why on earth would a house ever be less than $1m

lowside67 12-22-2016 07:41 PM
Quote:
Originally Posted by Harvey Specter (Post 8811684)
WTF are yapping about. I'm talking about obtaining million+ dollar homes, not $500k condos.
Again, my question is what changes have they actually made that's made it any harder to get a loan, even on a $2-million house? The rules to qualify haven't changed. You need 20% down and to prove your income as a Canadian. Or 35% down and don't prove your income as a non-resident.

-Mark

Harvey Specter 12-22-2016 08:26 PM
The rules haven't changed but if you want to get that $2m+ mortgage with 20% down you better have legitimate income to qualify. Few months ago you could find brokers who were getting mortgages for people who had no business getting that mortgage in the first place but not anymore. It was greed on the part of the banks but it was also shady brokers who worked the system.

Timpo 12-24-2016 02:56 AM
CBC News Investigation

Hondaracer 12-24-2016 10:27 AM
lol listing agent wearing a hat and showing his full sleeves, hella professional bra


All times are GMT -8. The time now is 11:50 AM.
Page 366 of 1394 « First 266316356357358359360361362363364365 366 3673683693703713723733743753764164668661366 Last »
Show 25 post(s) from this thread on one page

Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2025, vBulletin Solutions Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net