Citibank terminates CDNN for firearm sales!

[tsr]

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%.

That means that when you pay cash, they still make money off of you.

[robsterclaw]

That means that when you pay cash, they still make money off of you.

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???

[Gman]

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

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.

But we shouldn't be surprised by bad decisions from Citi. They were deeply involved in the Enron scandal.

[Gman]

So, credit card fees = Bad Debt?

[tsr]

No, they only get transaction fees for each authorized transaction (CC charge). I think the concept is, merchants raise normal prices to cover CC charges since they can't charge extra for CC transactions. Same concept as everyone pays for shoplifting

Such easy and simple concept, isn't it? Kind of like "tax the rich" ..

[Ah Pook]

I haven't looked lately, but I get dinged $0.28 per transaction plus close to 3%. Debit cards are more. If the CC companies catch you charging more for a CC transaction they can terminate your contract.

If Citibank is crying poormouth, it's only because of creative accounting.

Anyone seen the documentary Maxed Out?

[tsr]

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???

Do you believe corporations pay taxes and not you, also?

[robsterclaw]

Do you believe corporations pay taxes and not you, also?

Do you possibly have any idea that you don't understand this thread? I'll make it simple.

Delphi says... I use a citibank card. I pay it off each month. I get 3% back. They don't make money off of me. Meaning citibank doesn't.
__________________________________________________ __________________________

I say, yes they (citibank) make money off of you using that card. They get a fee and a % every time he uses that card. Therefore, they make money off of Delphi. If he used another card, they wouldn't make the transaction fees from his spending.

And then you go off not making any sense. I have no idea what the hell you are saying when you post "Do you believe corporations pay taxes and not you, also?"

Your posts and quoting in this thread make no sense because you obviously aren't understanding what has been simply stated. Take your snide comments and attitude somewhere else.

[Gman]

Corporations don't pay taxes. The taxes get passed on to consumers in the form of higher prices.

[PanamaDave]

Didn't realize the citigroup stance on firearms so cancelling mine (card member since '91) referencing links here and elsewhere...

I tried calling the specific Citi individuals and got "please send any CDNN queries to questions@firstdata.corp" on voice mail.

Needed to get a new credit card for airline miles anyways.. heh

What's in your wallet???

-Dave