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Discover to track Gun Puuchases & purchases at gun stores

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Lou-natic
Established Contributor

Re: Discover to track Gun Puuchases & purchases at gun stores


@crystal626 wrote:

@FireMedic1 wrote:

Signed into law in Florida yesterday starting July 1st. SB 214 prohibits credit card companies from using firearm-specific Merchant Category Codes and institutes a fine for violations of Florida’s consumer protections against gun owner registries. Even buying ammo. No go.

 


I wonder if that will result in some banks just choosing not to issue cards to Florida customers.


The wealthy population in Florida is enough to probably make any bank think twice about a decision like that. It would be akin to financial suicide. If they are publicly traded they also have a fiduciary duty to grow shareholder value and could potentially be sued by their shareholders for going through with such a plan. It would be a mess no bank CEO would contemplate if they had more than 2 brain cells to rub together.




3/3/24
Message 21 of 31
FireMedic1
Community Leader
Mega Contributor

Re: Discover to track Gun Puuchases & purchases at gun stores


@crystal626 wrote:

@FireMedic1 wrote:

Signed into law in Florida yesterday starting July 1st. SB 214 prohibits credit card companies from using firearm-specific Merchant Category Codes and institutes a fine for violations of Florida’s consumer protections against gun owner registries. Even buying ammo. No go.

 


I wonder if that will result in some banks just choosing not to issue cards to Florida customers.


@crystal626We have 1000+ people a day moving to Florida from other states. Florida's population increased by over 700,000 people since the last census of 2020. In Central Fl they cant build Homes and Apts fast enough because of our policies. Were busting at the seams in some cities. To add to the non-tracking of gun/ammo sales by CCC's. July 1st also will then be concealed carry without a license. I'll leave it at that. No politics allowed on here.


Message 22 of 31
Legally_Speaking2512
Frequent Contributor

Re: Discover to track Gun Puuchases & purchases at gun stores


@Roisin wrote:

@coldfusion wrote:

 

All 4 major payment networks in the US announced this morning that they have put their plans on hold.

 

https://www.bloomberg.com/news/articles/2023-03-09/visa-mastercard-pause-work-on-code-aimed-at-gun-p...


I hope they keep their plans on "hold" indefinately. Something like this has all kinds of nasty implications. Why stop at guns and ammo? What's next?


That's my exact thought as well. It's almost like they are testing the waters. 

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Message 23 of 31
coldfusion
Community Leader
Mega Contributor

Re: Discover to track Gun Puuchases & purchases at gun stores


@CYBERSAM wrote:

 

Imagine a 5% reward card for buying guns! 😂


US Bank Cash+ (still) does if you have Sporting Goods as one of your 5% categories and you don't prepay online.

 

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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 24 of 31
CreditCuriosity
Moderator Emeritus

Re: Discover to track Gun Puuchases & purchases at gun stores

My ducks unlimited will get used again tomorrow for sporting goods for a P365 at 5% off

Message 25 of 31
crystal626
Regular Contributor

Re: Discover to track Gun Puuchases & purchases at gun stores


@Lou-natic wrote:

@crystal626 wrote:

@FireMedic1 wrote:

Signed into law in Florida yesterday starting July 1st. SB 214 prohibits credit card companies from using firearm-specific Merchant Category Codes and institutes a fine for violations of Florida’s consumer protections against gun owner registries. Even buying ammo. No go.

 


I wonder if that will result in some banks just choosing not to issue cards to Florida customers.


The wealthy population in Florida is enough to probably make any bank think twice about a decision like that. It would be akin to financial suicide. If they are publicly traded they also have a fiduciary duty to grow shareholder value and could potentially be sued by their shareholders for going through with such a plan. It would be a mess no bank CEO would contemplate if they had more than 2 brain cells to rub together.


This doesn't matter if the corporation believes that so-called "woke" principles will get them more business. All one has to do is look at the Disney fight with Florida right now to see that there are corporations who lean that way (without getting into a political discussion). They just canceled plans that would have brought an estimated 2K jobs to Florida because of changing conditions. Maybe Discover is worried that they'll be penalized for not tracking these purchases in the future? It's a crazy world we live in right now but it's also extremely rare for a state to decide to threaten to penalize major banks for doing things that aren't federally illegal so it's all the wild west at the moment and anything can happen. 

Message 26 of 31
crystal626
Regular Contributor

Re: Discover to track Gun Puuchases & purchases at gun stores

 


@FireMedic1 wrote:

@crystal626 wrote:

@FireMedic1 wrote:

Signed into law in Florida yesterday starting July 1st. SB 214 prohibits credit card companies from using firearm-specific Merchant Category Codes and institutes a fine for violations of Florida’s consumer protections against gun owner registries. Even buying ammo. No go.

 


I wonder if that will result in some banks just choosing not to issue cards to Florida customers.


@crystal626We have 1000+ people a day moving to Florida from other states. Florida's population increased by over 700,000 people since the last census of 2020. In Central Fl they cant build Homes and Apts fast enough because of our policies. Were busting at the seams in some cities. To add to the non-tracking of gun/ammo sales by CCC's. July 1st also will then be concealed carry without a license. I'll leave it at that. No politics allowed on here.


See my last post.

Message 27 of 31
CreditCuriosity
Moderator Emeritus

Re: Discover to track Gun Puuchases & purchases at gun stores


@crystal626 wrote:

 


@FireMedic1 wrote:

@crystal626 wrote:

@FireMedic1 wrote:

Signed into law in Florida yesterday starting July 1st. SB 214 prohibits credit card companies from using firearm-specific Merchant Category Codes and institutes a fine for violations of Florida’s consumer protections against gun owner registries. Even buying ammo. No go.

 


I wonder if that will result in some banks just choosing not to issue cards to Florida customers.


@crystal626We have 1000+ people a day moving to Florida from other states. Florida's population increased by over 700,000 people since the last census of 2020. In Central Fl they cant build Homes and Apts fast enough because of our policies. Were busting at the seams in some cities. To add to the non-tracking of gun/ammo sales by CCC's. July 1st also will then be concealed carry without a license. I'll leave it at that. No politics allowed on here.


See my last post.


What Disney did is unlikely due to the fight with FL governor right now.  Granted they have/had special tax privs. and then they crossed into areas they likely shouldn''t of as they are a corporation and answer to the shareholders, not their personal beliefs.  Disney stock has gone from $190 to approx $95 a share is this their beliefs or the economy or both I would likely say both.  They recently decided to close down the star wars very expensive hotel as well and likely that is due to not being profitable just like their streaming service and those are business decisions and likely have nothing to do with their views as a corporation once again they should stay out of as it is the shareholder money they are playing with.  Some of this can be attributed to the economy and some likely like what happened with example bud light sales taking a certain position on issues costing them in exccess of 5-6 billion in stock loss.  Regardless as mentioned FL is one of fastest growing states and places like CA, upper northeast are moving to places like FL, TX, TN etc to avoid the high taxes and what some people call overreach.  This subject is certainly pushing the politics boundary very much and some posts likely mine included probably do go a bit over, but talking about this issue is near impossible without skirting around politics.

 

Bottom line it is against the law in FL just signed into law for CC to track these type of purchases and likely will be changed that way in other states as well and you guessed it CC companies/banks must answer to their shareholders as well and business is business and would lose customers .

Message 28 of 31
ZZWW2017
New Visitor

Re: Discover to track Gun Puuchases & purchases at gun stores

 


@coldfusion wrote:

@CYBERSAM wrote:

 

Imagine a 5% reward card for buying guns! 😂


US Bank Cash+ (still) does if you have Sporting Goods as one of your 5% categories and you don't prepay online.

 


 

Are you saying that if I purchase the gun online at Cabela's website and have it shipped to the store, I will not get the 5% US Bank cashback?

I have to purchase the gun instore to get the 5% cashback?

 

Thank you. 

 

Message 29 of 31
coldfusion
Community Leader
Mega Contributor

Re: Discover to track Gun Puuchases & purchases at gun stores


@ZZWW2017 wrote:

 


@coldfusion wrote:

@CYBERSAM wrote:

 

Imagine a 5% reward card for buying guns! 😂


US Bank Cash+ (still) does if you have Sporting Goods as one of your 5% categories and you don't prepay online.

 


 

Are you saying that if I purchase the gun online at Cabela's website and have it shipped to the store, I will not get the 5% US Bank cashback?

I have to purchase the gun instore to get the 5% cashback?

 

Thank you. 

 


Yes, that's what I am saying.  Annoying if it's something that can be legally sold in your state of residence but your local Cabelas/Bass Pro doesn't stock.

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Message 30 of 31
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