Quote:
Originally Posted by SackAttack
If I had to guess, it probably has to do with minimums to avoid losing money on the transaction. It's not that they give a flip whether you get a $20, two $10s or twenty Susan B. Anthony coins.
It's that if you get less than $20 cash back, it costs them more.
Similar, perhaps, to how some places won't even accept debit or credit if the transaction total is below a certain amount.
I don't know the ins and outs of how and where the banks charge fees to the retailers, but that's my off-the-cuff guess.
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Typically it is against the credit card policy to not take cards if the value is under a certain amount. Although, nothing you can do at the store other than come home and report them to the credit card company if you want to be a pain in the ass.
If you take CC, then if it is $1 or $1000 you run it. Typically the charges are by a percent anyways so, 2.5% of $1, $10, $1000.. doesn't matter. Although, if your processor has a per transaction fee (typically around .15 to .25), if you spend $1.00, then the fees could be a higher percent. (although I've seen some processors do micro-transaction rates which is a higher percent, but no transaction fee if you are doing alot of small $ purchases.
The $20 thing for ATM's is typically just for ease. You are only dealing with 1 bill type being dispensed. I've seen some stores with 'other' amounts, but probably more of just a programming thing where you have base amounts. You don't want some donkey coming in asking for $15.17 back.