On Sun, 2003-09-28 at 17:52, Wade Preston Shearer wrote: > my VISA through my credit union (not a bank), has no annual fee and i > get 1% back on every purchase... AND, i pay off each purchase every > night online (keep the receipt) via my credit unions free website by > transferring funds from my savings account to the VISA. it's beautiful. > no debt and i am getting 1% back. AND, i don't have to carry any cash, > leaving my wallet almost paper thin. and, VISA is accepted everywhere.,
VISA still takes something like a 1% cut of the transaction. Most of the time this is eaten by the seller. So no, you will never see it. But it's still there. By the way, this fee is why EBC charges more for parts if you buy them with VISA than if you bought them with cash. Because they have to pay VISA to accept VISA cards, and VISA takes a small commission. Wal-mart recently formed their own bank to get away from having to pay the VISA fee, but VISA will still get a small cut of the transactions. At least that is my current understanding. Personally I have no problems with VISA. They don't seem to be throwing their weight around and there is competition (amex, etc). Michael Michael > > > On Saturday, Sep 27, 2003, at 22:21 US/Mountain, Johann wrote: > > > On Thu, 25 Sep 2003, Michael Torrie wrote: > > > >> Ever wonder why we all hate Microsoft so much for skimming money off > >> the > >> top of every computer system on the market when we don't have such a > >> problem with VISA skimming off part of a percent of almost all > >> transactions world-wide. > > > > Actually, I strongly disapprove of a very few credit card franchises > > becoming middlemen for a large percentage of financial transactions. > > (Though you vastly overstate it by saying "almost all" -- by some > > estimates between 50-75% of all trackable transactions are by check.) I > > use cash whenever possible, including in small amounts for mailorder. > > No > > fee to the middleman, no trail, no bounced checks or overdraft with a > > check card, no bill to pay at the end of the month, no interest > > charges, > > no shopping habits recorded, easy to hand over to individuals without a > > credit card terminal. Not as good as something backed by real > > valuables, > > but still, a lot better than credit cards for many situations. > > > > Having said all that, the fee the credit card companies charge is > > pretty > > reasonable if they're acutally adding value: facilitating faster > > ecommerce, constraining corporate spending to certain dollar limits or > > categories, or giving me a relatively low-interest loan on demand, > > without > > having to talk to a bank employee every time. Those are all worth > > something, but they're relatively rare occurrences and have nothing to > > do > > with my regular buying groceries, gas, etc. > > > > Johann > > > > ____________________ > > BYU Unix Users Group > > http://uug.byu.edu/ > > ___________________________________________________________________ > > List Info: http://uug.byu.edu/cgi-bin/mailman/listinfo/uug-list > > > > > > ____________________ > BYU Unix Users Group > http://uug.byu.edu/ > ___________________________________________________________________ > List Info: http://uug.byu.edu/cgi-bin/mailman/listinfo/uug-list -- Michael Torrie <[EMAIL PROTECTED]> ____________________ BYU Unix Users Group http://uug.byu.edu/ ___________________________________________________________________ List Info: http://uug.byu.edu/cgi-bin/mailman/listinfo/uug-list
