Better look to your wallet, guys, because they're all in on it.Credit card companies all across the world are partnering with local merchants in a new scheme to deprive you of your hard-earned dollars. The scheme translates the consumers' desires for convenience into impulse buying. And that makes more money for the credit card company, more money for the local shopkeeper, and less money for you.
The trick? A minimum purchase level.
Here's how it works. Say you're buying a coffee on your way to work. You hand over your VISA card to the clerk only to be informed that there is now a $10 minimum purchase required to use the card. Uh oh. You don't carry cash anymore. Or perhaps you do but you're feeling a bit embarrassed and there's a line waiting behind you. And so you say, "Well, okay. Put a couple of those muffins on the bill."
The people in line are happy. The coffee shop owner is happy. VISA is happy.
You're the only one feeling like you've been had. And while you're chomping away at that second muffin (you didn't even want the first one), you're feeling even more like a chump.
And, of course, you are.
So far the $10 limit is the standard. That's what VISA laid down. But the other companies are going along with it. Of course. And who knows where things will go in the future.
So, I advise a couple of things. 1) Read this quick review of the credit card changes here at The Consumerist. 2) Don't get caught in situations where you're pressured to buy to the limit. Keep a debit card or a ten spot handy. And 3) Quickly inform local merchants who sign up for this plan that you do not appreciate it and that you're going to buy your morning coffee elsewhere. These places need to be encouraged to do the right thing.
