MasterCard, Visa Increase Pump Limit
OKLAHOMA – In what is being defined as a sign of the times, MasterCard and Visa have raised the fuel limit from $50 to $75, which will provide at least a time-savings for motorists who pay at the pump.
Oklahoma 7-Eleven President Jim Brown told NewsOK.com that his locations agreed to the $75 increase in hopes of removing liability for customers with insufficient funds, as well as to guard against crime. Under the new guidelines, the card issuer is liable up to the $75 limit. Brown said that while credit- card transactions cost the retailer money, he wants to keep costs as low as possible for his customers.
"We don't set the limits arbitrarily," Brown told NewsOK.com. "We set them by the guidelines imposed by the credit-card companies."
While customers can make a second transaction if the $75 limit is exceeded, Mike Thornbrugh, manager of public and government affairs for QuikTrip stores in Tulsa, said the company has taken a riskier approach: setting the shut-off limit at $100.
"We're going to take care of our customers because we are not going to inconvenience our customer," Thornbrugh told NewsOK.com. "By setting the lower rate, you irritate and cause inconvenience to the customer."
Customers also have the option of paying inside as no limit is imposed there because retailers can obtain an authorized signature.
Oklahoma 7-Eleven President Jim Brown told NewsOK.com that his locations agreed to the $75 increase in hopes of removing liability for customers with insufficient funds, as well as to guard against crime. Under the new guidelines, the card issuer is liable up to the $75 limit. Brown said that while credit- card transactions cost the retailer money, he wants to keep costs as low as possible for his customers.
"We don't set the limits arbitrarily," Brown told NewsOK.com. "We set them by the guidelines imposed by the credit-card companies."
While customers can make a second transaction if the $75 limit is exceeded, Mike Thornbrugh, manager of public and government affairs for QuikTrip stores in Tulsa, said the company has taken a riskier approach: setting the shut-off limit at $100.
"We're going to take care of our customers because we are not going to inconvenience our customer," Thornbrugh told NewsOK.com. "By setting the lower rate, you irritate and cause inconvenience to the customer."
Customers also have the option of paying inside as no limit is imposed there because retailers can obtain an authorized signature.