Options
Heritage credit card limit reduced to $2,500 from $10,000
Bayard1908
Posts: 4,091 ✭✭✭✭
Unless it was over $10K, I have always paid my Heritage invoice with a credit card. I've been sick recently and just got around to paying my FUN invoice today. HA.com would not take my credit card online because my invoice was over $2,500. Customer Service confirmed that as of January 1st, the credit card limit has been reduced to $2,500.
The Stacks Bowers credit card limit has long been $5K, which I always found irritatingly low. Hopefully they don't drop down to $2,500 as well.
Although I don't like the new policy, this post is intended as a heads up for fellow collectors to have adequate money in their checking accounts as opposed to a criticism of Heritage.
The Stacks Bowers credit card limit has long been $5K, which I always found irritatingly low. Hopefully they don't drop down to $2,500 as well.
Although I don't like the new policy, this post is intended as a heads up for fellow collectors to have adequate money in their checking accounts as opposed to a criticism of Heritage.
0
Comments
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
The can't legally or openly do that. It's ok to offer a discount for cash, but you can't tack on an extra fee if one uses a CC. It's all in the wording.
<< <i>
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
The can't legally or openly do that. It's ok to offer a discount for cash, but you can't tack on an extra fee if one uses a CC. It's all in the wording. >>
It's not illegal in most states, but it is always against visa's merchant policy.
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
I have seen gas stations charging more per gallon in the Northeast for at least two years. If I look can still find stations charging the same whether cash or credit.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
- Ian
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
<< <i>Credit card fees has to be a material expense for Heritage. Even for my sales at the moment they cost me the equivalent of two people.
- Ian >>
I always thought that was built into the cost of doing business as part of the buyer/seller fees.....
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>Credit card fees has to be a material expense for Heritage. Even for my sales at the moment they cost me the equivalent of two people.
- Ian >>
The question is how much of that business would you lose or not get if you didn't take credit cards?
<< <i>
<< <i>
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
The can't legally or openly do that. It's ok to offer a discount for cash, but you can't tack on an extra fee if one uses a CC. It's all in the wording. >>
It's not illegal in most states, but it is always against visa's merchant policy. >>
Is that actually a law or just a policy of the credit card companies?
Ian at Great Collections I believe is still $10,000 on the credit cards as well. Good show!
All things being equal, I will buy the coin where I can use the credit card. It especially makes the wife happy when I can fly her Business Class and tell her it was compliments of a bunch of modern coins I bought throughout the year! It takes the heat me as well
Wondercoin
<< <i>
<< <i>
<< <i>
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
The can't legally or openly do that. It's ok to offer a discount for cash, but you can't tack on an extra fee if one uses a CC. It's all in the wording. >>
It's not illegal in most states, but it is always against visa's merchant policy. >>
Is that actually a law or just a policy of the credit card companies? >>
from whackypedia and i am not a lawyer, but:
illegal in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
against visa policy everywhere.
on the other hand in the UK the no surcharge policy is what is against the law. so merchants can charge one and visa can't enforce their policy.
<< <i>If Heritage is smart, they'll contract with a bank to offer private Heritage Auctions credit lines/cards. Not only would they get kickbacks from the issuing bank for the card, but they would be able to force more customers to use it with the CC limit they have on all other cards. >>
Heritage already offers credit terms.
<< <i>
<< <i>Credit card fees has to be a material expense for Heritage. Even for my sales at the moment they cost me the equivalent of two people.
- Ian >>
I always thought that was built into the cost of doing business as part of the buyer/seller fees.....
All expenses make up my cost of doing business, whether it be advertising, credit card fees, website design and so forth.
- Ian
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
I have built houses, bought new cars, coins and guns on credit in the past.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>I thought all credit cards came with checks that could be used anywhere anytime. >>
Those generally come with cash advance fees. Buyers aren't usually opposed to fees when the seller pays them, but when they come directly from the buyer's wallet, well- that's different.
<< <i>
<< <i>I thought all credit cards came with checks that could be used anywhere anytime. >>
Those generally come with cash advance fees. Buyers aren't usually opposed to fees when the seller pays them, but when they come directly from the buyer's wallet, well- that's different.
I just tore some of those up today!!!
Drunner
(Doily Slut)
<< <i>I thought all credit cards came with checks that could be used anywhere anytime. >>
Need to be careful on those checks. Most CC companies charge 4% of the total of the check as a fee.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Surely they wouldn't make it less convenient for their customers to pay, take away the 1% cashback or airline miles that encouraged customers to spend just a little more, yet keep all the savings in their coffers...
<< <i>If Heritage is going to save all this money on credit card fees, certainly they'll pass some of the savings on to their customers in the form of a reduced buyer's fee, or some sort of rewards program like Teletrade, or free shipping like they did for eChecks...
Surely they wouldn't make it less convenient for their customers to pay, take away the 1% cashback or airline miles that encouraged customers to spend just a little more, yet keep all the savings in their coffers... >>
my sarcasm detection meter app on my Mac is going nuts
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>If Heritage is going to save all this money on credit card fees, certainly they'll pass some of the savings on to their customers in the form of a reduced buyer's fee, or some sort of rewards program like Teletrade, or free shipping like they did for eChecks...
Surely they wouldn't make it less convenient for their customers to pay, take away the 1% cashback or airline miles that encouraged customers to spend just a little more, yet keep all the savings in their coffers... >>
Buyers want free crap for using their credit cards, but Heritage is the bad guy for making decisions that might be to their (Heritage's) benefit?
Okay then.
<< <i>I have always wondered about the economics and margins in... >>
As a general guideline, I'd think any particular endeavor that generated easy money would quickly be overrun with competitors to the point it was no longer easy.
But then, that's just me...
<< <i>
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
The can't legally or openly do that. It's ok to offer a discount for cash, but you can't tack on an extra fee if one uses a CC. It's all in the wording. >>
I think they can do that cause they put 2 prices for cash and credit the credit price INCLUDES the CC fee per gallon. They do it all the time in Jersey Just like years ago the price might have been 2.39 2.49 and 2.59 is now 2.39 2.89 and 2.99 they jump more than 10 cents per gallon to like 60 cent to the next level and then go up 10. Its slowly that everyone is doing. Before long itll be a dollar per level and we cant do anything about it.
<< <i>I have always wondered about the economics and margins in the auction biz. Let's say that a typical consignment deal is between 100 and 102% of hammer, and you pay by credit card, which adds another 3%. The auction company will end up with only 10% (or $100 on a coin that hammers for $1000), and that's all they get for producing a fancy schmancy catalog, schlepping the coin all over the country, hosting lot viewing and the auction, shipping the coin, processing payment to the consignor, commission to the gatherer, and massages for Longacre at the Legacy pavilion. Not much left for "profit", eh? >>
That'd be true is there was only one coin in the auction, but there are hundreds, some five or six figures. I sold a coin recently that hammered around $3,750. When all is said and done I'll get a check for just over $3k. Not bad for a couple of pictures and a short description.
Who pays for all the frequent flier miles, cash backs, and 'rewards programs' ? The merchant who accepts the card that's who. Not the credit card company.
Worse yet, the merchant not only doesn't have a choice but to pay these fees, they are not even told when a highly promoted card is used (offering more points) they are simple charged more fees.
I often wondered how this could be legal until I reminded myself that the credit card companies are very big and can spend a lot of money on lobbyists whereas, unless you are WalMart, you are basically screwed as a merchant.
<< <i>Credit card companies have successfully marketed the concept that they will reward you with points and bonuses when you use their card. It is a lie because they don't give you anything.
Who pays for all the frequent flier miles, cash backs, and 'rewards programs' ? The merchant who accepts the card that's who. Not the credit card company.
Worse yet, the merchant not only doesn't have a choice but to pay these fees, they are not even told when a highly promoted card is used (offering more points) they are simple charged more fees.
I often wondered how this could be legal until I reminded myself that the credit card companies are very big and can spend a lot of money on lobbyists whereas, unless you are WalMart, you are basically screwed as a merchant. >>
I fail to see the argument here. The merchant doesn't have to accept credit cards, so the merchant does have a choice not to pay the fees. Yes, business opportunities will be lost if they don't...but this should've been priced into the business model to begin with. So in actuality the burden is on the consumer, or it's a bad business model.
California gas stations started charging higher prices for charge card users in the 1980's then later the state prohibited that. In response several brands went no credit card - debit card and cash only. ARCO is one that stands out as having that policy, which as a now out of state visitor to California I find quite annoying when you pull into their stations on fumes and find out it is cash or debit card only. I have never had a debit card.
<< <i>I have always wondered about the economics and margins in the auction biz. Let's say that a typical consignment deal is between 100 and 102% of hammer, and you pay by credit card, which adds another 3%. The auction company will end up with only 10% (or $100 on a coin that hammers for $1000), and that's all they get for producing a fancy schmancy catalog, schlepping the coin all over the country, hosting lot viewing and the auction, shipping the coin, processing payment to the consignor, commission to the gatherer, and massages for Longacre at the Legacy pavilion. Not much left for "profit", eh? >>
I'd guess the CC fee is factored into the 15% juice. since the auction house eats the fee and not the consignor. Either they reduce the fee or raise the juice is likely the dilemma they are faced with.
<< <i>
<< <i>
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
The can't legally or openly do that. It's ok to offer a discount for cash, but you can't tack on an extra fee if one uses a CC. It's all in the wording. >>
I think they can do that cause they put 2 prices for cash and credit the credit price INCLUDES the CC fee per gallon. They do it all the time in Jersey Just like years ago the price might have been 2.39 2.49 and 2.59 is now 2.39 2.89 and 2.99 they jump more than 10 cents per gallon to like 60 cent to the next level and then go up 10. Its slowly that everyone is doing. Before long itll be a dollar per level and we cant do anything about it. >>
If you negotiate a price for a coin with a dealer at a show and THEN whip out a CC, is it OK for him to add 3% to the "done deal"?
Here we go again - yup, auction companies does sit back and "slurp up the gravy".
Last time I checked, office space for the company doesn't come cheap, IT systems aren't free, auction company employees don't work for minimum wage, they don't buy their safes to store your consignments at Walmart, their security systems are a bit more sophisticated than your home system and cost a bit more, those catalogs aren't printed on Grade-Z construction paper, etc. Should I go on?
Member ANA, SPMC, SCNA, FUN, CONECA
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
#1...most important is they should never catch their customers(bidders) off gaurd. A change in policy like that should have been well advertised!
#2...As much volumne as Heritage does I suspect their CC rate is very close to if not 2%. Heck....you can get a 2.2% rate through paypal if you do over 10K a month in volumne.
#3...The high ticket items which garner all the work and advertising are not elgible as a general rule. Those examples given earlier about a thousand dollar coin receive very little attention! I would wager I spend more time on a $50 ebay listing than they do a thousand dollar coin!
#4 The plus for heritage is they did back off for me and allowed me to use my CC 1 last time. I spent a ton of bucks at the FUN show and would not have bid on the coins I won if I knew I didn't have the month float on my CC.Yes I did plan this before I bid and was shocked when I saw the 1st thread about this. It did take 2 calls and I did mention the slamming going on here!
<< <i>"Perish credit, perish commerce" - a quote from a Hard Times token of the 1830's.
California gas stations started charging higher prices for charge card users in the 1980's then later the state prohibited that. In response several brands went no credit card - debit card and cash only. ARCO is one that stands out as having that policy, which as a now out of state visitor to California I find quite annoying when you pull into their stations on fumes and find out it is cash or debit card only. I have never had a debit card. >>
It looks like times are changing and you will need to get one in the future.
I carry one just because of that situation.
People today don't even know what it was like in the 50's and 60's when you did not even have these credit cards and had to pay cash for
everything.
Maybe we should go back to those standards.
We would not throw away as much money if we did!
<< <i>People today don't even know what it was like in the 50's and 60's when you did not even have these credit cards and had to pay cash for everything >>
Don't forget...you didn't have to pump the gas yourself and the attendant cleaned your windshield & checked your oil, which btw, always seemed to be low a quart.
<< <i>
<< <i>"Perish credit, perish commerce" - a quote from a Hard Times token of the 1830's.
California gas stations started charging higher prices for charge card users in the 1980's then later the state prohibited that. In response several brands went no credit card - debit card and cash only. ARCO is one that stands out as having that policy, which as a now out of state visitor to California I find quite annoying when you pull into their stations on fumes and find out it is cash or debit card only. I have never had a debit card. >>
It looks like times are changing and you will need to get one in the future.
I carry one just because of that situation.
People today don't even know what it was like in the 50's and 60's when you did not even have these credit cards and had to pay cash for
everything.
Maybe we should go back to those standards.
We would not throw away as much money if we did! >>
40 years ago when CCs were somewhat new, it was a common belief that larger retailers added the 3% to their price in order to offset the fee. It was also common belief that you were entitled to a 3% discount if you paid by check or cash. I don't know of anyone who ever automatically got one. If you did you had to ask. Usually it didn't pay unless the merchandise was several hundred $$ or more.
I agree that the change in policy was poorly communicated. Burying the change in a lengthy terms and conditions statement that nobody reads until there is a problem or some other fine print is really not how this should have been handled.
Every online bidder should have received a separate email indicating the change in policy, phone bidders a phone call, FAX bidders a FAX, and mail bidders a letter. That's my take on it.
<< <i>Credit card companies have successfully marketed the concept that they will reward you with points and bonuses when you use their card. It is a lie because they don't give you anything.
Who pays for all the frequent flier miles, cash backs, and 'rewards programs' ? The merchant who accepts the card that's who. Not the credit card company.
Worse yet, the merchant not only doesn't have a choice but to pay these fees, they are not even told when a highly promoted card is used (offering more points) they are simple charged more fees.
I often wondered how this could be legal until I reminded myself that the credit card companies are very big and can spend a lot of money on lobbyists whereas, unless you are WalMart, you are basically screwed as a merchant. >>
So Don, are you saying that when my CC company offers quarterly specials of 5% cash back from selected merchants that those merchants have already agreed to accept a larger fee than they would if I used some other CC? What about general categories like fuel or hotels/motels?
Last year I took advantage of a Chase offer to get $300 cash back if I agreed to charge $500 to the card in the next 3 months. Needless to say I did that in just a couple of days and they did indeed send me the check as promised. They'll be a long time making THAT back. Same for Bank of America with their cash back and bonus points. Took me about 3-4 months to rack up the 300 points needed to get the extra $75. Since I have not paid them even one cent in interest, they'll be a long time in makin that back. Frankly, I don't see how they can afford to have me as a customer. I have noticed no bonus points from B of A so far this year.
illegal in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
against visa policy everywhere.
on the other hand in the UK the no surcharge policy is what is against the law. so merchants can charge one and visa can't enforce their policy.>>
Many gas stations in Massachusetts charge extra for credit cards.
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Spinks has a $ 20,000 credit card limit . guess I will start looking at Spinks
<< <i>from whackypedia and i am not a lawyer, but:
illegal in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
against visa policy everywhere.
on the other hand in the UK the no surcharge policy is what is against the law. so merchants can charge one and visa can't enforce their policy.>>
Many gas stations in Massachusetts charge extra for credit cards. >>
Your point is?
If you were a merchant and accepting CCs would you agree to give the CC company 5% instead of 3% just so they could give me a higher cash back if I used their card to buy from you?