Citi bank VISA is the only credit card i've ever had...
But i pay off in full every month and get 3% back on all my purchases... those basteds aint making a penny off me!
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Citi bank VISA is the only credit card i've ever had...
But i pay off in full every month and get 3% back on all my purchases... those basteds aint making a penny off me!
They get a fee from the stores you shop at for accepting the card. They are still making money off you. I can't say how much because my info is old, but at one time credit cards were getting 5% and higher from the stores. You used to see 2 prices for gas at gas stations. A cash price and a credit price. Also on gun broker some auctions say add 3% for credit card usage, so I'm guessing CC companies are getting 3%??? One of my customers said there is a percentage charge and a fee with each transaction. I think they said 10 cents plus 4%.Quote:
Originally Posted by Delphi
hrmm :(
Well when my credit rating gets good enough i'll just switch to pentagon federal credit.... cause yea they have a nicer program :) but they denied me :(
i think the fees i pay are more in the ballpark of $.25 per transaction and somewhere around 1.4%. i refuse to pay anyone a 3% fee for taking my card. anyone that is doing that is making additional profit from that. it also states in my contract with the card company that i am not allowed to collect an extra fee. that is why you do not see the 2 prices for gas any more.
That means that when you pay cash, they still make money off of you.Quote:
Originally Posted by robsterclaw
And that is why EVERYONE pays that difference - that fee is just in the price no matter how you pay.Quote:
Originally Posted by shrapmetal
The whole thing is a scam with the percentage rates. In six years of being in business I have had several merchant services.
They play so many damn games it is not even funny. You can get the places that will give you some insane low percentage rate. The thing they don't tell you is that you pay transaction fees and also monthly fees.
It all boils down to one thing and that is your business and how it operates. For instance if you have a convenience store you would be better off paying a higher % rate with no transaction fees. If your an auto shop like the me your better off paying transaction fees and having a lower % rate.
I could write ten pages on these asshats and how they scam businesses.
As to the original poster F**K citi bank and the box they came in. I had a citi bank card and they did the same thing to a licensed FFL dealer in NV years ago, I canceld the card. Those of you that have a Home Depot card are useing Nazi bank also. I used $8500 of ther money interest free for six months and then canceled the card.
When I called up to cancel my Home Depot card they of course asked why and let me just say after I got done the person on the other end was speachless.[LOL]
Citibank isn't making money off of anyone using cash. Delphi said Citi isn't making money off him because he pays it off every month and gets 3% back. I said ya they still make money. I don't understand your statement saying they are still making money off of a person paying cash???Quote:
Originally Posted by tsr
Probably because the statement was "with each transaction" and not "with each credit card transaction".
Poor Citi. They're really hurting, but they're putting a finger in the eye of legal gun sales.
http://www.marketwatch.com/news/stor...3AA31750719%7D
But we shouldn't be surprised by bad decisions from Citi. They were deeply involved in the Enron scandal.Quote:
Citigroup Inc. swung to a fourth-quarter loss of $9.83 billion, or $1.99 a share, from year-earlier net income of $5.13 billion, or $1.03 a share, as continued woes in the sub-prime market caused the company to book pretax write-downs and credit costs of about $18.1 billion. Results for the latest quarter also included a $4.1 billion increase in credit costs in Citigroup's U.S. consumer loan portfolio. In addition, the struggling financial-services company said it is shoring up its finances by cutting its dividend to 32 cents from 54 cents, and divesting itself of non-core assets and businesses. The company called the fourth-quarter results "clearly unacceptable." The New York company said revenue dropped 70% to $7.22 billion from $23.83 billion a year earlier.