Encompassing Designs
  • Home
  • Shop
    • Kits
    • Patterns >
      • Christine Little >
        • Signature Designs
        • New Designs
        • Seasonal Designs
      • Deborah Sweet
      • Susan Leslie
      • Patricia Perry
      • William Morris
    • Supplies >
      • Backings
      • Frames
      • Hooks
      • Books
      • Extra
    • Wool >
      • Abrashed
      • Custom Dyeing
      • Dyed Bundles
      • Dyed Curly Mohair
      • Dyed Spots
      • Dyed Values
      • Dyed Yarn
      • Jacquard Dice Dyes
      • Natural & Colours
      • Plaids & Textures
      • Dye Books & Swatches
  • Ordering
  • Blog
  • Workshops
  • Our Story
  • Contact Us

They have us by the short and curlies!

1/18/2016

12 Comments

 
Picture
A couple of weeks ago someone informed me that all the rewards from credit cards are funded by the retailer.  I said, no way, they said yes. I could barely comprehend this, surely these credit card companies charge enough interest and fees without robbing Peter to pay Paul for promotions? 

Today it was confirmed.  They were right.  I can’t help feeling violated as if someone snuck into my bedroom and went through my panty drawer.   Not that I trusted these huge conglomerates, but I didn’t know they were that devious.  Yes, if you have a card that offers a perk, every time you shop, the retailer pays the price.  How sleazy is that?   On my Merchant Visa account I have to pay 1.99% of the sale for your rewards plan, over and above the rate of 1.47% I was told they charge.   Plus there are several other fees that add to this until I’m paying just shy of 5% of the total sale, tax included, for every purchase that goes through my till for Visa or Mastercard. 

I hear friends tell me of all the benefits they receive from collecting points and I think wow, I should have a card like that!  Free groceries, air fare and holidays! It all sounds fantastic until you know that the small business person, the little mom and pop shop is paying for it.  Yes, large corporations do as well but they make a whole lot more money than a small craft business and might better bite the bullet on it. 

Today I thoroughly scrutinized my credit card merchant statement and sure they tell you upfront they charge 1.47 every VISA transaction, it’s there on the first line in black and white to see.   But when look further there are all kinds of percentage fees added on lower down the page and the total percent taken off?  Almost 5% per transaction!!!  I’m gob smacked!  And what can I do about it?  ABSOLUTELY FRIGGIN NOTHING!   They have us by the short and curlies! Ouch!

Of course I could refuse to accept credit cards but I’d be closed in a week.  It would hurt me more than the credit card company that would view me as a mere drop in their bucket. 

And coincidentally, I received an unsolicited call the other day, a new card offering all the perks to replace our existing MasterCard.  2 yearly First Class Lounge tickets for the airport in case your flight is delayed so you can wait in comfort with free coffee and comfy chairs, travel insurance, air miles with opportunities to get double the amount for certain things.  There was an annual fee of $149.00 and $1000.00 free Airmiles if you charge $3000.00 to the card within three months.

They really want you to be on the faster roller coast of debt.  On and on he went, accentuating the positives, the perks.  Finally, at the end of the pitch we were about to say, make it so, when I asked about the interest rate, something conveniently omitted.  It was 19.9%.   His voice lowered as he quoted the rate as if he didn’t want me to hear it.  I wonder if they are trained to do this? Apparently the credit card company wanted us off our existing card that was locked in at a lower rate of 12.99% and tried to woo us into higher interest with perks.  Really?   Is the money not trickling in fast enough? 
 
And what is up with an annual fee?  They should be paying us to use their #&(%!@*  credit cards.  They make billions off us!   I don’t use a credit card for my personal life.  I use debit or cash, whatever is in my pocket when I need to pay for something.  I like these options; only spending what I can afford.   A long time ago I got annoyed seeing the credit card bill come in; when I wrote the cheque, it felt like I was paying for the item twice so I opted not to have one.   I only use a credit card for business for ordering supplies, for the convenience factor and quicker service.   
   
So I’m disillusioned.  In a world  where 70 (seventy),( that’s seven zero),  people combined have more wealth than half the world’s population (3 1/5 billion plus) the little guy is screwed up the wazoo by fees, interest and surcharges as they struggle to get by, feed their families and keep their head above water. 
  
My rant for the day!

12 Comments
Marye
1/18/2016 03:38:44 pm

Wow, I didn't know that either.

Reply
Joanna Turchin
1/18/2016 06:23:38 pm

Hi Christine: I am now retired from a small business and you are so right. The public has absolutely no clue what their credit card with all the bonuses actually costs the vendors and the salesman selling you the POS package does not verbally disclose all the true costs but it is there in small print - I forewarned the new business owner but I think it went in one ear and then out the other until I told her to scrutinize her statements. Gosh, golly, gee - what a shocking surprise! The state of Arizona now allows businesses to add a fee to the customers bill if they are using a credit card.
This is illegal in the Canadian system.
We winter in AZ and so far, only 2 gas station chains now publish the cost of gas with 2 different prices - 10 cents a gallon more if using your credit card.
As a retailer it really burned me when the bank statement came in BUT I certainly do like not dealing with cheques (especially if they bounce) and having the monies deposited daily into my account

Reply
Robin Stewart
1/18/2016 08:08:29 pm

Unfortunately, you are correct about charge cards. When I had my gift shop, I would make sure the credit card people or the processors would give me free paper for the machines. The fees really do add up and hurt the small businesses.

Reply
Maggie Bathory link
1/18/2016 08:11:14 pm

Absolutely wrong! I am appalled! Time to change the way banks do business and rob everyone.

Reply
Margaret Mitchell
1/19/2016 02:42:37 am

It is important for us consumers to know this. I will use my debit card in future as much as possible. I hope merchants do not have to pay for those.

Reply
Kim Palmer
1/19/2016 05:33:44 am

In the Hampton New Hampshire area, local shops offer 10% discount for paying cash on transactions. I understand your frustration.

Reply
Adena
1/19/2016 05:34:17 am

I had heard that and now you have confirmed it. Greedy aren't they?

Reply
Della Ackles
1/19/2016 05:34:45 am

I didn't know this either and you are the second person I've heard use the term 'gob smacked' lol

Reply
Janet Delo
1/19/2016 05:35:18 am

Oh so well put.

Reply
Barbara Ness
1/19/2016 05:35:47 am

Well said.

Reply
Kay LeFevre
1/19/2016 11:34:16 am

I'd love to see a huge documentary made about all the evil things done by credit card companies done in the name of greed.

Reply
Rebecca Humphreys
2/19/2016 07:16:43 pm

You should look into square - you only pay for transactions @ 2.6% but nothing extra and there are no monthly fees or POS machine etc. All you would need as your cash register is an iPad! Worth investigating - Great for the small business owner!

Reply



Leave a Reply.

    Picture
    Picture
    Picture
    Christine Little has been ranked #5​ out of the 60 top rug hooking bloggers by Rug Hooking Magazine!

    Picture
    Picture
    Max Anderson, Australia, recipient of my Nova Scotia Treasures rug.  An award of excellence for promoting Canada through his writing.  
    Picture
    Picture

    RSS Feed

    Archives

    February 2023
    January 2023
    July 2022
    March 2022
    February 2022
    January 2022
    November 2021
    October 2021
    July 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    September 2020
    August 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012

    Picture
    Picture
    Gift Certificates are available for that special rug hooker in your life!  Any denomination, no expiry date! 

    Picture

    Categories
    (Click on the categories for past blogs)

    All
    Announcements
    Beginner Class
    Christmas
    Colour Planning
    Contests
    Copyright
    Coupon
    Customer Rugs
    Cutter Servicing
    Dyeing
    Equipment
    Featured Hooker
    Giveaway Draw
    Guest Blogger
    Guest Blogger
    Health & Fitness
    Home & Heart
    Hooked Rugs
    Hooking Groups
    Hook In Talk
    Initially Yours
    Jibber Jabber
    Just A Bit Of Fun!
    Life's Experiences
    Life's Experiences
    New Design
    New Ideas
    Pattern Of The Week
    Patterns Hooked
    Pets
    Rants
    Recipes
    Rememberingfbe7326ff7
    Rug Schools
    Show & Tell
    Show-tell
    The Rant
    Tips Technique
    Tips Techniquef0cd117ab4
    Visitors
    Workshops

    Picture
    Picture
    Picture





















    Picture
    We have a pot to "Fiz" in!

Shop Hours:
Monday - Friday 10:00 AM - 5:00 PM 
Saturdays 12:00 PM - 4:00 PM
We are closed during ice and snow storms
​so please call ahead.  If school is cancelled we probably are as well.  

Toll Free: 1-855-624-0370
Local: 1-902-624-0370​
encompassingdesigns@gmail.com

498 Main Street
P.O. Box 437
Mahone Bay, N.S.
Canada B0J 2E0

​Follow us and keep up to date
on our specials, new products
​and events!
Picture
Picture
Picture


Home
Shop
Ordering
Blog
Our Story
Workshops

Contact Us




​​​© Copyright 2023 Encompassing Designs. Website by SKYSAIL