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To the surprise of consumers, major credit card companies are making decisions about what they can and can't buy with their credit cards. What's off-limits? Legal purchases like gambling chips and donations to at least one controversial non-profit organization; in some cases, buying pornography is also restricted, and so, increasingly, is medical marijuana. Last month, shortly before Delaware became the 16th state to legalize medical marijuana, American Express told merchants that its cards could not be used to buy it.
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The New Best Credit Cards Companies say they're protecting themselves against legal risk, but critics say this kind of corporate policy is an inconvenience for merchants, infringes on consumers' rights and amounts to moral policy-setting
What Your Credit Card Won't Let You Buy - SmartMoney.com
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- Public Discussion (3)
I'm on the fence about this one. I kind of feel that credit cards companies should have the right...to a certain extent, to say what they will and will not allowed to be purchased on their card. But this can be very tricky.
Suppose someone wanted to put a medical procedure on their card...should the credit card company have the right to deny it?
- 1 vote
#1 - Tue May 31, 2011 10:04 AM EDTI can see the point of the gambling one...people put a lot of debt on the card, believing they will win the jackpot and pay it off. This doesn't happen and they cannot afford to pay the card's balance.
The other things seem like the card companies are trying to legislate moral, which is ironic considering they do not have much morality. This seems like really bad business sense to me. I would not use a card that has rules on where I can use it.
#2 - Tue May 31, 2011 10:42 AM EDTI understand what you're saying joe'smommy. I agree with the gambling point as well.
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