I visited with a brother that works with the RBC and he explained that he was given a credit card by RBC to purchase materials for kingdom hall construction and it has an individual monthly limit of $30,000. He mentioned that 1% of all purchases was credited to watchtower. He was not sure of the details of how they arranged this. However, most of the time when a business sets up a merchant account to use a credit card they have to pay visa, mastercard, etc any where from 1.5% to 3% but Watchtower has it arranged that they get 1%. Interesting. Just a slight hidden tax to the interest free loans that wt claims they give the congregations.
Regional Building Committee Credit Card Usage
by JakeM2012 1 Replies latest jw experiences
-
-
Anony Mous
I have uploaded the documents supporting this on http://jw-stuff.goodluckwith.us/ (it may take some time for it to be there, look under Letters -> Letters RBC, JPMorgan is the credit card owner). Yes, it's basically a cash-back feature on the CC's and the WTBTS gets the money instead of the KH's. That's why there is such an emphasis on paying the monthly fee's on time.
As far as CC's is concerned, at least in the US and most of the EU the vendor has to pay a usage fee for Visa and other transactions on their terminals. The users of the card (the WTBTS in this case) usually get advantages like cash-back, miles, gas reductions, no payment for 18 months... if you pay your balances on time.