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No Visa/MC at NM?

rdawson808

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I was at Neiman-Marcus today--not making a huge purchase, just two pocket squares--and the guy tells me they don't accept Visa or MC. What the hell? Has NM always been like that? He said he could take a personal check--who carries personal checks anymore?

They take Amex and the NM card, so sure they have a clientele that is rather more well-to-do than me, but to not take V or MC is just unfathomable to me. Stores usually don't accept a certain cc because of the fees involved--but NM is making sales of probably many 1000s dollars a shot. I find this to be very strange.

b
 

LabelKing

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Yes, apparently that is their policy. Recall the infamous Kalra thread.

This is perhaps a prestige thin since American Express tends to be more exclusive than Visa, etc.
 

drizzt3117

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Neiman Marcus had revenues of 3.8 billion in 2005. Even assuming a very low processing rate for Visa/MC that's 40-80 million that they're saving by not accepting those credit cards. Clearly they're making the assumption that their potential clients would shop there whether or not they accept those cards. Are they leaving money on the table by doing so ? Certainly, but are they giving up enough potential sales to make up $80M? Who knows.
 

drizzt3117

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From Wikipedia:

Since 1987, Neiman Marcus has accepted merhandise transactions using only its proprietary store credit cards, American Express cards, cash or check for purchases in the retail stores. However, Neiman Marcus is quietly testing the acceptance of Visa and MasterCard at a store in Missouri, as well as in several in-store restaurants in California. (Neiman Marcus has accepted all major credit cards for online purchases since the website opened in 1999.) After Neiman Marcus sold its store credit card business to HSBC in mid-2005, some insiders say that the company will make the changes chainwide later in 2006, along with adding a co-branded Visa, MasterCard or American Express credit card issued by HSBC, which the five-year agreement with HSBC allows.
 

Fabro

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I was there with a girl who bought a Balenciaga handbag on Visa. She had to follow some kind of convoluted process where she disappeared upstairs somewhere while I stayed with the bag, and was able to buy some kind of credit note or traveller's cheques in another part of Neimens which could be used for the bag. This was at the Union Sqr. SF store.
 

RJman

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They used to take Diner's Club.
 

itsstillmatt

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Diner's recently became a Visa, so NM does not take it. More other places do however,
 

mr monty

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The NM outlet accepts Visa and MC.
 

pejsek

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As I recall, though, you can use Visa or even the lowly debit card at Last Call. Brand separation, I suppose.
 

kronik

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I made my first Neiman purchase today (at the Hermes boutique, beautiful tie).

I avoided them and shopped mostly Saks because I found the CS was better at Saks, plus I could use my damned check card. Needless to say, if they open it up, I will definitely be doing more shopping there. They had quite a few nice T&A/Charvet shirts on sale for the Last Call that I could not take advantage of because I didn't have 1000 bucks in disposable cash atm.
 

Spencer Young

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I was also caught off guard when buying a power tie for job interviews. I asked the salesperson why they had that policy, and she said something about privacy concerns. I don't know if I believe it - if she had said it was to save x million dollars, it's not like I would think they're cutting costs to pass along savings. They probably just know that their target customer earns $x a year and has a y% chance of having an Amex... and if you assume that 20% of their customers drive 80% of revenue, I'd say it's very likely that 20% has a NM card anyway.
 

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