business

Visa 'declares war' on cash

11 Comments
By KEN SWEET

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11 Comments
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Where I have the car worked on in Japan they charge at least 5% more for card payments. Cash works out cheaper for me, and that's fine. Personally I would like to 'declare war' on Visa.

2 ( +3 / -1 )

I prefer to use cash for smaller payments. Many US restaurants still use signatures to authorise credit card payments, which allows them to alter the amount paid after you have left (this happened to my friend). Until they switch to the portable terminals which clearly display the amount to be charged I won't be using my credit card in any US restaurants.

-1 ( +0 / -1 )

Many US restaurants still use signatures to authorise credit card payments, which allows them to alter the amount paid after you have left

Don't they give you a receipt that shows the amount? I always keep my receipts and check them against the monthly statement.

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@nandakandamandaToday 

They do that because all those CC companies charges a certain percentage for each transaction. The most expensive one was American Express (at least that's what I know when I was working on installing all those payment card machines and the equipment in the center processing the transactions).

I prefer to use cash over CC as I am kind of suspicious about the card terminals and/or the people you hand the card over to. Even there was 1 time in NY when I was checking out from a hotel, my card was skimmed as that was the only place I used that credit card (cash the rest). So, even large hotel may not be save. Only use CC in a few stores that I have long time dealing with. Besides, using cash I have more negotiation room.

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Visa wants to keep sucking 2.5%-4.5% from the large economies of the world.

Govts like credit cards too - makes money transactions easier to trace, with more details. Cash can also be traced, just not with as detailed transactions.

People like the convenience and semi-protections of using the cards, but if the true overhead required by these leaches was understood, how many people would keep using them? I've only had a few transactions show up that were not mine in 30+ yrs. Got a call from Apple asking about them within 24 hours (I don't/won't own any Apple products). The fraud was handled most efficiently by both Apple and my bank.

Credit card fraud is a multi-billion $$ business across the world. If it wasn't for the perceived convenience by typical consumers, this massive illegal underground wouldn't exist.

Amex isn't always the most expensive. The rates are highly flexible, based on the business. However, it usually is the most expensive.

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I rarely use cash here in the US. The only time I make it a point to hit the ATM is if I need to buy something from a smaller local guy who I know and I want to make sure he doesn't get stuck with a lower margin from the CC fees.

-1 ( +0 / -1 )

Cash is king. VISA can go suck an egg.

I've had my card numbers stolen twice. Unexpected charges from unexpected places tends to be a bit stressful. Yes, I did report them, and they were handled accordingly, but the extra hassle and stress from it wasn't worth it. The first time it was a bank card, and I had to take time off from work and come home to resolve it personally. I was living in a hotel and working 7 day wks at the time. So I lost nearly 600USD to take the day off and drive home. The second time was much easier, when I saw the charge on my statement, I managed to call and have it handled.

A few years ago they had a big push with advertising, which showed a line of customers queuing up to pay their orders, until one clown needed to pay cash. The line ticked along in a quick and timely fashion until the cash payer stepped up.

Unfortunately, in reality it almost never works that way. Usually the cash payers pay, get their change, and walk off, while the card reader is still processing a credit/debit payment. I don't know how many times I've seen a line slow down because of card users. Card reader is slow... Have to punch in a debit password number... This card is no good, let's try another... Oh! You exceeded the pre-approved amount and now it wants a signature for your purchase...

If only there were even a sliver of truth in advertising....

I expect VISA's war on cash to go as well as the U.S.'s war on drugs/terror.

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cleo: They do give you a receipt, but they change the value on their own copy and that is what you get charged. This is why you are right to check your receipts with your statements.

My friend was able to get his money back, but it takes time and effort. The time saved by paying with a card (if any) can be more than offset by the time spent checking your statements and following up any errors. None of this needs to be done if you pay by cash.

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they change the value on their own copy and that is what you get charged

Never ever had that happen. If it did, it shows up on the statement and it's obvious that it's wrong. If it were a hand-written receipt I can sort of understand - but the computer print-outs they use these days? Can't see how that would happen.

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Why should I pay a company a commission to buy products when cash works out cheaper?

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Big mistake for small businesses to drop cash as a payment means not everyone has a card - these card companies make money every time that card gets swiped which means less money to business or charge a fee to the customer making it costlier to do business

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