Credit cards

[jacep]

I heard that in the 60s and 70s, execs. use to charge their hobbying on their credit cards and they were billed for flowers. I guess that it would all depend on how you registered you business.
I was also told by a girl at Jean Couteau that they no longer accept canadian tire - mastercards because the credit card company charges the regular 4 % fee and then Canadian Tires charges another 2.5 % fee to pay the bonus the client recieves for using the Canadian Tire brand - Mastercard. So you could be loosing anywhere from 4 % to 8 % depending on which card you accept. There might even be a monthly user and set up fee.

I'm not an expert on the topic but I don't think this is true about CT Mastercard. I have one and have never been refused at Jean Coutu but maybe it depends on the Jean Coutu store. I think that Mastercard charges a fixed rate regardless of the issuer of the card and so does Visa. The rate is dependant on the merchant contract and the amount of sales. The only credit card that I've been asked not to use (even though the place advertised that they accepted it) was my American Express and this was at a restaurant. I pulled my American Express from my wallet and the waitor or owner saw that I had other credit cards in my wallet. He then asked me to use another card (or cash) since American Express charges the most in terms of fees when compared to Mastercard and Visa. I then pulled out my CT Mastercard and the waitor/owner took it.

 

[Minnesotah]

The issue with American Express is their marchant fees are higher than the other CC and they take much more long time to refund you the money for the customers purchases. If I am correct, Amex's financial health is also not that good in the last years.