4 ms·

Is it normal in the US for a business like Costco to accept only one type of credit card? Here where I live there are branded cards but businesses still accept

• saryant 11y ago
  No. Costco was unique in that.
  • secabeen 11y ago
    Costco did accept MC/Visa-branded debit cards.
    • donarb 11y ago
      They still do, at least here in Seattle.
    • adrr 11y ago
      Interchange on most debit cards is 0.05%. Only small banks have higher interchange.
      • arielpts 11y ago
        Actually the interchange does not vary per issuer. It can vary per card type (pre-paid, debit or credit), card level (basic or signature/elite, etc.), type of transaction (CNP or present), Merchant type (supermarket, airlines, etc.) and some other rules, depending on the scheme and the region (US, Europe, etc.). For instance the Interchange (to be paid to the Issuer) when a US issued MasterCard Debit Card is used in Gas Station is 0.70% US$ + 0.17 with a cap of US$ 0.95, but when used in a Restaurant is 1.19% + US$ 0.10 without caps. Visa: https://usa.visa.com/dam/VCOM/download/about-visa/visa-rules-public.pdf https://usa.visa.com/dam/VCOM/download/about-visa/visa-rules... MasterCard: https://www.mastercard.us/content/dam/mccom/en-us/documents/MasterCard_Interchange_Rates_and_Criteria%202015-16.pdf https://www.mastercard.us/content/dam/mccom/en-us/documents/... What can vary from issuer to issuer is the processor/network costs.
        • adrr 11y ago
          Debit cards from big banks are covered by the Durbin Amendment which fixes the interchange to 0.05%. Smaller banks are regulated by Visa/Mastercard rules on interchange.
          • arielpts 11y ago
            Great to know, thank you for the information and source.
• morgante 11y ago
  No, it's pretty unique to the Costco business model that they can do that. (Costco is not a "typical" retailer.)