AMEX not accepted or surcharge

[prozac]

With the changes to HECS indexation and fees looming, I read somewhere some people have been getting multiple credit cards, paying off their HECS/HELP debt then defaulting and declaring bankruptcy.

Think of all those points. Probably enough for a Brasil football tour. Hmmmmmmmm.

 

[vet]

With the changes to HECS indexation and fees looming, I read somewhere some people have been getting multiple credit cards, paying off their HECS/HELP debt then defaulting and declaring bankruptcy.

Get a card in the name of Charles Ponzi and Rico Dodd-Frank

 

[cove]

I am hopeful that HECS bills survive bankruptcy like US student loans some time soon.

 

[vet]

I am hopeful that HECS bills survive bankruptcy like US student loans some time soon.

I was involved in aspects of education where the money goes towards shiny new buildings, overseas study tours and big pay for chancellors. Irrc, one chancellor was on $700k a year. a beter solution is to sell Canberra to China as goldmine - it must be a goldmine they way they keep finding money.

 

[whatmeworry]

I am hopeful that HECS bills survive bankruptcy like US student loans some time soon.

Yes but if the bill is paid off, then it is CC issue not a HECS issue.

For some of us that have accrued HECS debts, most of us expected the system to remain stable. However if the changes are passed I find them to be retrospective even though their is nothing set in stone for any government to change the system.

In a worse case scenario I might have to leave Australia and work overseas. In a worst case scenario I might have to give up Australian Citizenship because the government was too lenient with Multinationals, mining corporations and baby boomers abusing the superannuation system whilst the current government attacked those who least can afford it.

Just remember we are one of the least taxed nations and we are slowly turning into one most unequal societies like the USA.

 

[sampson]

Amex' surcharges are under fire in 2 huge State economies and New York. Merchants could be allowed to '+ 3% for Amex' if old laws stop make merchants bearing Amex's commission.

 

[vet]

I was/am under the California Fair Political Practices Act and I wouldn't muck around with the US Feds.

Currently Feds are looking into how come Amex paid me lottery tickets

when Amex didn't have a gaming licence or a big space ship

I wanted to go on this




not this




I think I was ripped off.

At least they're getting a bit of curry now.

And what's this Astroturf?

Sounds like its what amex park their fake space ship on

The filings note that the state laws were adopted in the 1980s as a result of lobbying by the credit-card lobby and “astroturf” organizations – fake consumer grass roots groups set up by the credit card companies.

Today’s constitutional attacks also follow recent hard-won agreements by Visa, MasterCard and American Express – following many years of court battles – to drop their rules against credit card surcharges.

“The wave of momentum in favor of more payment transparency is unstoppable at this point,” said Friedman, who led the efforts against the card company rules. “For decades, merchants have wanted the ability to separately break out the cost of credit cards. And now, the last significant obstacles are hanging by a thread.”
Six other smaller states currently have anti-surcharging laws in place. According to Friedman, the merchants intend to “go after the remaining state laws once the California, Florida and Texas cases are resolved.”

Contacts

For Friedman Law Group
Erik Milster, 212-319-3451 x644
[email protected]

 

[hossein_au]

I was involved in aspects of education where the money goes towards shiny new buildings, overseas study tours and big pay for chancellors. Irrc, one chancellor was on $700k a year. a beter solution is to sell Canberra to China as goldmine - it must be a goldmine they way they keep finding money.

The same university had 10 of its top executives on salaries higher than the prime minister of Australia! I would get that for a private company, but Australian universities are (mostly) tax payer funded institutions...

 

[vet]

The same university had 10 of its top executives on salaries higher than the prime minister of Australia! I would get that for a private company, but Australian universities are (mostly) tax payer funded institutions...

My inbox was filled with more propose arrangements for meetings than actual meetings.

I took over group who were using out of date texts and forms etc by 10-15 years. I wasn't allowed to keep teaching night class to mature agers unless I spent 17 Fridays and 3 Saturdays learning b/c teacher techno-babble

eg I had to learn what a 'co mingling rubbish bin' was. Who cares!!!

Finally they placed 2 lecturers in class who learnt how to teach my class in the following year. Unfortunately they didn't understand the topic.

And I think Tony and Julia get more than Obama, but keep that quiet or they'll raise the minumum wage for underpaid politicians.

 

[desiredusername]

It's a mess. Cards dobb merchants into governent lawyers and the merchants are revolting.

[h=1]That Credit Card 'Convenience Fee' May Be Illegal[/h] Posted: 03/13/2014 11:24 am EDT Updated: 05/13/2014 5:59 am EDT

• Email 6

• 

Many consumers can relate to the frustration of having to pay an additional fee when using a credit card. The precious cash back or rewards that you'll earn are negated by that extra cost. Some merchants charge such a convenience fee, while others do not, which leads consumers to wonder what justifies such a practice.
Q: There is a local nail salon that I frequently visit, and I usually have cash on hand. But, this one time, I had to use a credit card and I discovered that the salon added a $1 convenience fee to the $15 charge. Can they do that? I don't see my local drugstore do something like this for a small amount.
- Bonnie S.
A: Technically, convenience fees are applied when a consumer uses an alternative payment channel. For instance, a college student or parent may face a convenience fee when using a debit or credit card to pay a tuition bill online or by telephone (as opposed to mailing in a check).
A convenience fee is different from a surcharge, which is an added charge for the privilege of using a credit card, instead of a debit card or cash.
When a small mom-and-pop shop slaps on a small "convenience fee" for an in-store purchase with a credit card, it is likely confusing the term for a surcharge. Under a 2012 ruling, merchants cannot impose a credit card surcharge of more than 4 percent of the transaction.

A flat $1 surcharge would be illegal on a $15 purchase since it exceeds the maximum surcharge limit of 4 percent. Also, credit card surcharges are prohibited in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

However, merchants are allowed to provide discounts for payments in cash, which is commonly seen at gas stations. The rule is that they must display prices for both credit card and cash payments together.
If the salon has presented a price list for the two different payment methods, it followed the rules. If it didn't, that "convenience fee" should not be allowed.
Credit card networks tell consumers to report businesses that impose illegal surcharges to their state's attorney general.

Simon Zhen (@SimonZhen) is a writer for MyBankTracker.com.
Video Powered by Bank of America:

 

[sampson]

I was stunned to see Bank-cobranded cards need a spend of $18k to earn $100 shopping voucher while Amex cost $13,000.

The Personal Credit Card Market in Australia: Pricing over the Past Decade

Iris Chan, Sophia Chong and Stephen Mitchell[SUP]*[/SUP]

There have been significant changes in the personal credit card market over the past decade, partly reflecting the Reserve Bank's reforms from the early 2000s, which were aimed at improving efficiency and competition in the payments system. One of the effects of the reforms has been an improvement in price signals about the costs of different payment methods. For example, over the past decade the effective price to cardholders for using a credit card has increased, encouraging the use of lower-cost payment methods. At the same time, the cost to merchants of accepting credit cards has declined, with the benefit likely to have been passed on to all consumers, not just those who pay by credit card. Recently, though, there have been changes to the structure of rewards programs, which have the potential to increase pressure on merchant costs. New strategies adopted by issuers include: the introduction of ‘companion’ American Express cards; a substantial increase in the number of platinum card products offered to consumers; and the introduction of ‘super-premium’ cards.

google it, it's big.

 

[sampson]

What happens if you breach an undertaking to the Reserve Bank?

[TABLE="class: tableStyle_1 width100 marginB20"]
[TR]
[TH="class: rowHead, colspan: 2"]Voluntary Undertakings[/TH]
[/TR]
[TR]
[TH]American Express and Diners Club[/TH]
[TD="class: textAlignLeft"]American Express and Diners Club have provided the Bank with written undertakings to remove restrictions in their credit and charge card schemes preventing merchants from charging any fee or surcharge for the use of a card.[/TD]
[/TR]
[TR]
[TH]American Express[/TH]
[TD="class: textAlignLeft"]American Express has provided the Bank with a commitment to modify provisions in its merchant contracts that would otherwise prevent a merchant from ‘steering’ a customer’s choice of payment instrument. Also, in the event that American Express introduces a debit card in Australia, the merchant agreements and pricing for that product will be separate to those for credit and charge cards.[/TD]
[/TR]
[TR]
[TH]MasterCard[/TH]
[TD="class: textAlignLeft"]MasterCard has provided the Bank with a written undertaking to voluntarily comply with the Visa Debit interchange Standard and the honour-all-cards Standard as they apply to credit and debit card transactions, as well as the Standard on surcharging as it applies to debit card transactions.[/TD]
[/TR]
[/TABLE]

Does anyone know what happens if a bank breaks an undertaking to the RBA, apart from a stern telling off?

 

[Moopere]

With the changes to HECS indexation and fees looming, I read somewhere some people have been getting multiple credit cards, paying off their HECS/HELP debt then defaulting and declaring bankruptcy.

I think for the most part this is urban legend and doesn't happen very often if at all. I don't have evidence for or against of course, but logically, something smells fishy about this type of story ... and I've heard it for decades (and not just for HECS). Firstly, I don't know that many fresh graduates would be accepted for many or large credit card limits. Perhaps 10 or even 20K or so might be possible with some effort, but to amass a credit line of something in the area of 50-100K would take some _real_ effort. Second, and probably more importantly, a (presumably) young professional would be doing themselves some real damage by declaring bankruptcy. Future loans, business opportunities, even some employment opportunities and the like can be put in jeopardy, or at least made insanely difficult by making a decision like this.

 

[desiredusername]

I think for the most part this is urban legend and doesn't happen very often if at all. I don't have evidence for or against of course, but logically, something smells fishy about this type of story ... and I've heard it for decades (and not just for HECS). Firstly, I don't know that many fresh graduates would be accepted for many or large credit card limits. Perhaps 10 or even 20K or so might be possible with some effort, but to amass a credit line of something in the area of 50-100K would take some _real_ effort. Second, and probably more importantly, a (presumably) young professional would be doing themselves some real damage by declaring bankruptcy. Future loans, business opportunities, even some employment opportunities and the like can be put in jeopardy, or at least made insanely difficult by making a decision like this.

They don't do it by choice.

Jobs are 'casual' or part time followed by unenemployment.

Single parent families are struggling.

Power gas and water are skyrocketing, as are car rego, 'speeding fines' 'user pays' 'bank fees', 'deficit levies' 'medicare levies' ....The Govt is looking at making dead people pay up too. Come n get me Tony, the flames are stoked and the pitchfork is pointy.

Societies create crims: look at the US where the prisons are the alternative to squalor and homelessness, and many stock food, ammo and guns. Others Occupy Wall Street, and some Judges and Kara stein, Eric Holder and Kara Brockmeyer want to send the bankers to the slammer.

People make choices when they're pushed. That's the way things are going.

 

[Beta4Me]

They don't do it by choice.

I'm sorry but that's just ridiculous. If they are earning enough that they're paying enough HECS (through the tax system) that it's noticeable, they're earning enough that they're not forced to bankrupt themselves to absolve them of their HECS through a sophisticated and planned debt-funded payment scheme.

 

[desiredusername]

So amex surcharges bankrupt students??? Or is this the wrong thread?

 

[prozac]

So amex surcharges bankrupt students??? Or is this the wrong thread?

They are an equal opportunity surcharger...

 

[vet]

I wish they'd charge politicians with something, like cheating on their tests. I'm sure Tony and Jules were looking over my shoulder in the Advanced clsss for Lying on Official Government Business

 

[vet]

Just in: Several retailers objected to a preliminarily approved settlement in New York federal court challenging American Express Co.'s credit card rules, saying the dea doesn’t stop AmEx’s alleged anti-competitive practices. Home furnishings retailer Restoration Hardware Inc. said in its objection that the proposed settlement completely fails to address the anti-competitive actions used by AmEx that are at the core of the consolidated action, and in fact validates those practices

 

[vet]

They don't do it by choice.

Jobs are 'casual' or part time followed by unenemployment.

Single parent families are struggling.

Power gas and water are skyrocketing, as are car rego, 'speeding fines' 'user pays' 'bank fees', 'deficit levies' 'medicare levies' ....The Govt is looking at making dead people pay up too. Come n get me Tony, the flames are stoked and the pitchfork is pointy.

Societies create crims: look at the US where the prisons are the alternative to squalor and homelessness, and many stock food, ammo and guns. Others Occupy Wall Street, and some Judges and Kara stein, Eric Holder and Kara Brockmeyer want to send the bankers to the slammer.

People make choices when they're pushed. That's the way things are going.

[FONT=&quot]
President Obama just announced:[/FONT]

[FONT=&quot]1. President Obama is taking executive action to expand his “Pay As You Earn” student loan program to up to five million more Americans. That means millions of college graduates won’t be forced to pay more than 10% of their monthly income on student loan bills.

2. President Obama went one step further -- he called on Congress to pass the Elizabeth Warren-John Tierney bill allowing graduates to refinance their student loans, and get cheaper rates. "The measure is paid for by making millionaires and billionaires pay their fair share of taxes"

3. He unfortunately decided against AFF's suggestion to surcharge Amex cardholders. "We don't need that much", he didn't say.

.[/FONT]