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Originally Posted by Stryder88
(Post 22621532)
Anyone think that this is directly related to the executive AA card? I can speak for myself that my MS increased 400% in the past few months. A large spike in VR sales could have brought the issue up the chain of potential "management items of discussion."
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Originally Posted by traveler9020
(Post 22621551)
CVS may be making .20/card on a cash transaction, but they're certainly not making that for a credit card transaction. The interchange portion of the swipe fee alone is going to run them between 1 and 2% in addition to the other processing fees they have to pay. The banks get $13.00 for every $500 card purchased with a World Elite Mastercard, so there is no way CVS is making ANY profit from VR when rewards cards are used (they're just more expensive to accept). Now cash transactions are a different story.
My local pharmacy has various GCs up all over the place. Doubt they would do that if they were losing money on them. |
Originally Posted by traveler9020
(Post 22621551)
CVS may be making .20/card on a cash transaction, but they're certainly not making that for a credit card transaction. The interchange portion of the swipe fee alone is going to run them between 1 and 2% in addition to the other processing fees they have to pay. The banks get $13.00 for every $500 card purchased with a World Elite Mastercard, so there is no way CVS is making ANY profit from VR when rewards cards are used (they're just more expensive to accept). Now cash transactions are a different story.
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Originally Posted by traveler9020
(Post 22621551)
CVS may be making .20/card on a cash transaction, but they're certainly not making that for a credit card transaction. The interchange portion of the swipe fee alone is going to run them between 1 and 2% in addition to the other processing fees they have to pay. The banks get $13.00 for every $500 card purchased with a World Elite Mastercard, so there is no way CVS is making ANY profit from VR when rewards cards are used (they're just more expensive to accept). Now cash transactions are a different story.
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Originally Posted by Stryder88
(Post 22621532)
Anyone think that this is directly related to the executive AA card? I can speak for myself that my MS increased 400% in the past few months. A large spike in VR sales could have brought the issue up the chain of potential "management items of discussion."
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I'm guessing two tier rollout
1. Cash only where they have had problems
2. Prompt on register that asks "is customer standing in front of you?" Where only limited previous or no problems. |
Yes!
Originally Posted by EWRfflyer
(Post 22621471)
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Originally Posted by FlyingBoat
(Post 22621487)
This happens frequently. The night before last I purchased at 8PM and next day at 10:00AM it said I had already purchased $5K that day.
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purchased one VR $500 with no problems in NOVA...well one problem, this hysteria has caused all my regular store to sell out of VR's :mad::mad::mad::mad::mad: I could only find one :mad::mad::mad:
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Originally Posted by ingy
(Post 22621640)
1. Cash only where they have had problems
2. Prompt on register that asks "is customer standing in front of you?" Where only limited previous or no problems. |
Interesting timing... http://blog.northjersey.com/meadowla...-fraud-scheme/
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Deleted.
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Originally Posted by satz
(Post 22621564)
Large chain stores can negotiate a much lower interchange fee. Hence why Sam's club for example only accepts MC.
If by some miracle of negotiation, they were able to get their total transaction cost to 1% (which I can assure you, would never happen), their fee for that $500 VR would come to $5.00. Now cash is another story, .20 is possible. |
I've gone to a few stores around the DC area (all of which sold VR with CC before). Some of the stores are now stating "cash only" when I try to buy them, others are still going through fine. Something is going on, but hard to say if this will be company-wide. Even if not, it will further push competition for these at the CC stores.
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No issues whatsoever in central nj at 11:50edt.. had to go to three different stores to find one that still had the cards on the shelf though..
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