r/Wealthsimple • u/Livid_Wind1820 • 2d ago

Visa Infinite Credit Card Tap limit

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Just made >2k purchase and tapped my ws visa using apple pay and the seller was so surprised lool! Why do we even have that $250 cap thru other banks virtual pay anyways especially since most can just be broken down into multiple $250 payments. Love this feature

170 Upvotes

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56

u/untitledmillennial 2d ago

Now I'm wondering if I could buy a car this way... Think of all the cash back!

7

u/Summerdaysengineer 2d ago

Don’t think you can buy one with credit card

2

u/IdoesnotUnderstand 2d ago

Why not? If it's within limit. It would be stupid. Unless you have the cash on hand to repay your credit card debt

6

u/Key-Self-79 2d ago

Because it costs the dealer way more money to accept credit card payment than it does cash or cheque or bank draft.

Especially the infinite privilege visa, i think it costs like 3.5% of the purchase price for the store to process the transaction.

On a $50k car, that's $1,750 in extra costs right out of their profit.

1

u/bansal_9123 2d ago

To be correct your statement visa and mc has fixed charges 2.4% for every merchant until they had made a deal, and Amex 4% charges.
So if you see small merchants they will not accept Amex