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[02/14/2008]
Credit Cards Got Round to Taxis
Credit cards keep conquering new territories and spread on new spheres of our life. Now they got to taxis. Now you can easily pay for your taxi ride with a credit card, just like at any store. Actually, taxi and plastic money seem to be a bit outside the norm, for people have been paying for taxi in cash for many years. But people take to changes easily.
Credit card terminals are appearing in yellow taxi cabs all over the country. Taxi drivers accept credit and debit cards to charge their clients for I ride. This new service caught the fancy of taxi rides. They really enjoy this new convenience. Drivers, however, object to this innovation. What are the reasons for their complaints?
In fact, the reasons for taxi drivers' discontent are not so difficult to figure out. When riders paid cash for taxi services, drivers could cheat and charge more cold money than a rider actually owed. Last year taxi drivers were spotted in two strikes over a two-month period. They opposed the equipping of their cabs with credit card machines. And their actions really speak louder than words.
But is this the only matter of concern for drivers? No. They find a few more shortcomings in accepting credit card payments.
The first disadvantage of credit card use in taxi is that drivers lose a good deal of money on credit card processing fees. They also get fewer tips from riders that pay with their plastics. And at this point, a cash back credit card or a generous client can be a salvation for yellow cab drivers.
However, taxi drivers turned out to be very quick to react to the changes and invented new tricks. Do not be surprised if the credit card machine in your taxi gets suddenly out of order, or the drivers tells you that your ride was too short to pay for it with a credit card. And what is the most important, do not take it for gospel, this can easily turn out to be a lie.
But you always have a way out. If you are not in the mood to get into a sharp debate with a driver about your right to pay with a credit card, no matter what category it belongs to - a no fee card, a secured credit card, or any other - you can just say that your plastic is all you have. Tell the driver you do not even have a nickel with you. This way you leave no chances for him to refuse accept your credit card.
But not just drivers suffer from new payment system. Some absent-minded riders also sustain money losses. Though many cabs now have credit card terminals, interactive maps, and passenger information screens, some riders get confused and pay twice - with their credit card and in cash. And taxi drivers would not refuse to take both payments.
Moreover, the government is going to impose fines to punish drivers who refuse to take plastic money. These fines can considerably shake drivers' budget. The sums range from $ 150 to $ 350. Hopefully, yellow cab drivers will not want to lose a sufficient part of their earnings and paying with any credit cards - rewards, business, student credit cards - soon will be quite habitual for American citizens.
If you are determined to eliminate your credit card debts and you have good credit, getting a balance transfer card is a good idea. You can shift your credit card balances with high interest rate to a card with much lower rate or 0% APR at all. But there is one thing that can reduce your profit from this kind of a deal. It is balance transfer fee.
Most balance transfer cards come with a fee for a transfer. Not long ago you could easily find a plastic for balance transfers with no fee. However, due to the credit card market crisis and economy slowdown, lenders have pulled these deals from the market. And now it is rather hard for a customer to find a balance transfer card that comes with no fee. But there are some ways to negotiate a better balance transfer deal.
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These days you can buy nearly everything using a credit card or a loan. When it comes to some everyday needs or comparatively large purchases, like a TV set, a microwave own, or a dishwasher, a credit card suits perfectly. But when you make up your mind to buy a car or a house, you will need to take a specific loan.
Most people believe that a car loan is easy to get. However, it is available not for everybody. Especially for bad credit owners. But if you are determined to buy a car and you got denied at one of the loan companies, do not rush to give the idea. Check other lenders' requirements, you might qualify.
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Having a credit card in your wallet is considered to be a great convenience and even a privilege. Numerous credit card ads are screaming with numerous advantages of being a credit card holder. But, actually, managing credit cards is easy and convenient mostly in theory. When it comes to practice, credit consumers face a lot of problems and difficult situations.
Let's take penalties, for instance. Late payment fees, default rates, over-the-limit fee and other penalty charges lie in wait for borrowers on every corner. And in some unpredictable situations it is really hard to do everything right and on time with your plastics. Your every misstep in managing your credit cards can cost you money.
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HSBC Bank is one of the largest credit card issuers in America. This financial services organization provides mortgage and commercial banking services, personal financial services and so on. The bank caters for both, individuals and businesses. Besides, HSBC Bank is known to be one of the leading sub-prime lending providers. Issuing credit cards for fair, bad and no credit is their specialty.
But good and excellent credit owners can also find profitable deals for them. This way HSBC Bank used to be all things to all men. However, there is always somebody who is not satisfied. This time the role of the discontented was played by the military.
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