Ever notice how CP quote their prices, stating that it applies only to cash or NETS only payment only. What is wrong with paying with VISA?
Anyway was at AP around Dec last year. Purchased 2K+ plus of stuff. They wanted to add 3 or 4 % for paying by plastic. Only knew about the additional charge when paying. I let them as I have already agreed on the price and made them absorb GST.
Supposedly, this charge goes to the bank of credit card company. Perhaps even to cover for the fact that the retailer receives the money up to 2 months later. What is the real reason for this additional charge? Is it fixed? Maybe some of our banker friends can enlighten us.
Another observation.... when overseas, use of plastic had no restictions. No like here in Singapore, where most places only accept them when charging for more than $20. Many big retailers do no even accept credit cards (NTUC for example, Cold Storage not so sure, last time I checked was a couple of years ago). When I said overseas, across the causeway is included. Was at a supermarket in KL and was pleasantly surprised by that they accept credit cards, and didn't see any signs say that you have to purchase more than a certain amount to use credit card.
So is this additional charge and restrictions peculiar to Singapore only? Who is making that additional amount? Is it the banks colluding here and charge a high transaction charge? I am sure that there is transaction charge but 3 to 5% is too much! Or retailer parkat and add that charge?
Anyway was at AP around Dec last year. Purchased 2K+ plus of stuff. They wanted to add 3 or 4 % for paying by plastic. Only knew about the additional charge when paying. I let them as I have already agreed on the price and made them absorb GST.
Supposedly, this charge goes to the bank of credit card company. Perhaps even to cover for the fact that the retailer receives the money up to 2 months later. What is the real reason for this additional charge? Is it fixed? Maybe some of our banker friends can enlighten us.
Another observation.... when overseas, use of plastic had no restictions. No like here in Singapore, where most places only accept them when charging for more than $20. Many big retailers do no even accept credit cards (NTUC for example, Cold Storage not so sure, last time I checked was a couple of years ago). When I said overseas, across the causeway is included. Was at a supermarket in KL and was pleasantly surprised by that they accept credit cards, and didn't see any signs say that you have to purchase more than a certain amount to use credit card.
So is this additional charge and restrictions peculiar to Singapore only? Who is making that additional amount? Is it the banks colluding here and charge a high transaction charge? I am sure that there is transaction charge but 3 to 5% is too much! Or retailer parkat and add that charge?