Credit Card Purchases

[[e-mail]]

Cash has always been the main method that a person uses to buy necessities. thru the advent of time, there have been different modes on how to pay for these necessities (CreditCard, Cheques, Paypal, Money Order etc).

The most famous method is thru credit card payment. This is the most efficient way to pay is one is currently cash strapped and according to an officemate, it would help in bugetting if you know hoe to use it correctly. but alas a lot of stores, specially appliance and PC specialty stores have different pricing methods for Cash and Credit Card Payments.

Here is an Article found on inq7.net and upon reading it i dawned to me that the current pricing scheme we have on Cash and CC purchases should not be. No Surcharges should be made.

The opening paragraph of the articles is this:

"THE Department of Trade and Industry has ordered a ban on surcharges on retail transactions using credit cards, debit cards and automated teller machine cards, starting Nov. 5."

Article: business.inq7.net/money/personalfinance/view_article.php?article_id=28773

what are your thoughts on this?

[Heer0san]

I have to agree on this one, being the budget conscious type. Bank companies/Credit card companies should really not add anymore surcharges on their transactions, its really a pain in the neck to add these charges to us, consumers.

[r2d2t2]

thats good news. BUT im wondering how they will drive that policy. are they going to do a regular surveillance of some sort? or will they rely solely on consumer reports? things like that...

its really interesting to know that we have policies like that. unfortunately, they show very little (if not zero) effort on implemetation.

[mojacko]

problem w/ Philippines is their lack of Political Will to implement their LAWS!!!!

[SEELE01]

Here's another article in tagalog:
www.abs-cbnnews.com/storypage.aspx?StoryID=55097

[Shin Getter P]

I think this really depends on the company that is accepting the credit card from a consumer. CC companies do charge a lot to the seller, I think 5%, that cuts a lot in the seller's margin. What if the seller only puts a little over his cost? I know we do want to save but the seller needs to have a business, right? Hence, the reason of going into business. ;D

The only shop I've been to that adds up a surcharge of 6% if I use a credit card is a golf shop here in Cebu. The funny thing though, they still give me a 10% discount. ;D

SGP

[Greattoysonline.com Admin]

here at Greattoys.net, we dont add extra surcharge..

but if you ask me, in the end, the loser is the consumers..

example, buy a TV, cash price 5500 pesos, credit card 5800 pesos.

if no surcharge, the sellers are force to post just one price, TV is 5800 pesos cash or card.

At least customers has 2 options to pay, pay cash, get discount, discount is good ^_^