I went to SUBWAY for a quick meal a few weeks ago. Haven’t been in years. Used to be, you could get a foot long sandwhich for $5 or $6, and that’s what I expected to spend. EVERY sandwich was $12-$13. For a SUBWAY sandwich?! I Literally walked out and went next door to the sit down restaurant and got a much larger, better quality meal off the lunch menu for $9.99 plus tip.
Non-Cash Adjustment fee 3.5%
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I went to SUBWAY for a quick meal a few weeks ago. Haven’t been in years. Used to be, you could get a foot long sandwhich for $5 or $6, and that’s what I expected to spend. EVERY sandwich was $12-$13. For a SUBWAY sandwich?! I Literally walked out and went next door to the sit down restaurant and got a much larger, better quality meal off the lunch menu for $9.99 plus tip.
GON
$150 Site Donor 2025
At 29.99-34.99 interest rate, that is easily a compounding 25 percent spread for Citibank------- huge money for nothing, and if the deal goes south for Citi, the American taxpayer will pay the bill for Citi.......... money for nothing and the chicks for free.
Ugh, I have a fair amount of money but the allure of eating out and putting up with slow service, loud mouths that cause me to wind up listening to their conversations instead of my own, misbehaving kids and crappy food has grown old with me. I’m so much better off buying good food and preparing it myself at home with a close group of friends or family. No tip required.
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When AMEX lost costco, it represented about 24% of their interest bearing portfolio. Major defeat. But they seem to get back up when kicked. Landed Sam’s Club. 0% interchange is still not something many would do. Who wants to work for free.
My theory is similar to what you say. Even people who are 80 today can have zero intention of paying their debts. Tom Selleck tol’ me so…
Edit btw we’re headed to the best smorgasbord in all of Lancaster…I’m thinking this prolly could get pricey but oh well…
Many places charge service fees, a credit card fee and want a tip.
I can pay cash and avoid the credit fee but the service charges is unavoidable so you are tipping whether you want it or not at a minimum rate.
I just subtract the service fee from my tip
For a while I could bypass the immense cost by buying a loaded salad but now their salads are much more expensive.
Only way I buy from subway now is if I have a $6.99 any foot long coupon
What’s even better is the foot long today Versus a couple years ago is on a narrower, thinner, bun that tapers at each end, calories on the sub is lower so shrinkflation.
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Hope this doesn’t get the thread locked by certain moderators who might think this is going “off topic “ but I am guessing Shady Maple “
I was surprised when Woodmans started accepting debit cards
Let alone they now will accept Discover credit cards when they for many years had a hard stance against credit
Back when mass market cards like Visa and MasterCard first came into broad distribution, a lot of smaller local businesses objected to the fees charged. They quickly figured out that plastic users would part with more dollars per transaction, with their margin on the marginal amount of revenue more than offsetting the fees.
GON
$150 Site Donor 2025
Not sure this is wholistically accurate. What happened was visa and mastercard had terms and conditions in their agreements with retails. The agreements stated they could not offer a discount for cash, nor a credit card surcharge, if they were to offer visa/ Mastercard to their customers.
In many cases, a term and condition of that nature is anti-competitive, and ruled unlawful. The credit var lobby is a very rich, generous, and powerful lobby. That might help point to why vias/ mastercard are allowed to have certain business protections most other types of businesses are not.
And of course, all U.S. citizens are forced to back (guarantee) the visa/Mastercard businesses involuntarily.
All of what you've written is true, except for the part about our collectively backing the issuer's business. Can't see that.
Thing is, retailers didn't then and don't now have to accept credit cards of any sort.
That they've collectively done so with few exceptions I think indicates that plastic has been a net benefit to them.
GON
$150 Site Donor 2025
I understand your point that the major Financial Institutions that are FDIC insured are no longer the major holders of Vias Class A stock. But these FDIC insured institutions make millions daily from Visa (and mastercard) transactions, and the loss of that revenue is a perceived exposure to these mega FDIC insured institutions.
Two card issuers are (unfortunately) critical to the U.S. economy. When financial institutions/ processors are critical to the U.S economy, and there are not enough backup capacity- the hard truth is that the U.S. taxpayers assume the liability, either directly or indirectly.
Okay, but what's their actual exposure?
One can no longer discharge unsecured debt in whole through personal bankruptcy and chargebacks are a problem for the merchant, not the issuer.
I saw no bank failures due to credit card exposure in the last, very serious, recession and having plastic is a necessity if you want to do any sort of travel, beyond being a convenience in daily use.
The rates charged those who carry balances are obscene and always have been, and that along with the charge to merchants should pretty well guarantee a profitable business.
What am I missing?
One can no longer discharge unsecured debt in whole through personal bankruptcy and chargebacks are a problem for the merchant, not the issuer.
I saw no bank failures due to credit card exposure in the last, very serious, recession and having plastic is a necessity if you want to do any sort of travel, beyond being a convenience in daily use.
The rates charged those who carry balances are obscene and always have been, and that along with the charge to merchants should pretty well guarantee a profitable business.
What am I missing?
Some places won’t take cash, others cash only(likely hiding money from irs) and others trying to add fees of doing business.
We have choices where we frequent .
We have choices where we frequent .
Almost every pho shop around here used to be CASH ONLY. Wife and I knew what was what.
I think state DOR cracked down on them ( not IRS)
They did that because their main source of income over the lockdown changed. That system almost never works because there's no incentive for a server to do better if their pot gets shared.
So, you’re from that area, you’ve been to Triptych, and you’re familiar with their operation both pre- and post pandemic?
The main source of income for the majority of small businesses changed dramatically during the lockdown. Especially if you tried to operate a small business in the socialist republic of Illinois-Stan.
Most small breweries hopefully had a canning line. That enabled them to provide a product for curbside pickup which, in turn, provided revenue to help them struggle through the complete shi’ite show that was forced upon them. The breweries without canning lines mostly imploded.
I took the picture of the “86 Tipping” because it’s a complete contrast to what the OP was referring to: adding a credit card fee onto your purchase price, then presenting the iPad with a “suggested tip.”
I’ve had great service from the staff behind the bar at Triptych whether I’m simply picking up some four packs to share with my beer nerds in Cincy or I’m having a flight or a pint sitting at the bar.
The “86 Tipping“ actually incentivizes most of us to tip for what turns out to be better service than I’ve received from those businesses that surcharge you for doing business with them.
The main source of income for the majority of small businesses changed dramatically during the lockdown. Especially if you tried to operate a small business in the socialist republic of Illinois-Stan.
Most small breweries hopefully had a canning line. That enabled them to provide a product for curbside pickup which, in turn, provided revenue to help them struggle through the complete shi’ite show that was forced upon them. The breweries without canning lines mostly imploded.
I took the picture of the “86 Tipping” because it’s a complete contrast to what the OP was referring to: adding a credit card fee onto your purchase price, then presenting the iPad with a “suggested tip.”
I’ve had great service from the staff behind the bar at Triptych whether I’m simply picking up some four packs to share with my beer nerds in Cincy or I’m having a flight or a pint sitting at the bar.
The “86 Tipping“ actually incentivizes most of us to tip for what turns out to be better service than I’ve received from those businesses that surcharge you for doing business with them.
GON
$150 Site Donor 2025
DkR,
That is a great concept but near impossible to execute or be successful.
Here is one business that has been executing a like system in the restaurant industry since 2017. We have been to one of their restaurants and loved the service. But I suspect very few leadership teams can pull this off.
https://fireandvinehospitality.com/fire-vine-hospitality-service-charge-101/
JHZR2
Staff member
That has been my understanding too. It comes down to a business culture and employee quality perspective at that point. Good hard working employees will try, within reason, to do good because of whatever engrained work ethic. But if there starts to be an observable split, then the better employees will flee.
I like the concept, but I suspect that a shared pot held by the company increases the owners bottom line. That’s not the point. Training, trips, etc. should come from the owner’s profit (if a goodwill gift) and willingness to invest in their business. That may mean add a bit more to prices. That keeps tips for good service.
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Inflation - 1 Lb of Boars Head Turkey breast will cost you $14 a pound in Publix
Store brand cold cuts up roughly 75% too in the last 18 months or so
It's really amazing the escalation of prices and as companies try to maintain profits comes surcharges if they can place blame on other companies such as credit card companies and banks.
Some of the very best restaurants that dont need the business refuse credit cards altogether and direct people to the ATM machine in the lobby.
