How do you pay for taxi in Chicago?

How do you pay for taxi in Chicago?

The City of Chicago requires that all non-independent taxis accept credit cards. (almost all cabs in the city are affiliated) However, when trying to pay with a credit card it is not uncommon for the driver to say something like “Sorry the machine is down,” especially if they believe that you may be a tourist.

How much is a taxi medallion in Chicago?

Today, a Chicago taxi medallion is worth $30,000, or less, and many owners have given up. Forty percent of the city’s cabs are currently not in operation.

Can I use a credit card for a taxi in Chicago?

Chicago. It seems almost common knowledge now that taxis in Chicago have to accept credit cards.

Can you use a debit card for a taxi?

If you’re not sure how to pay for your cab fare, don’t worry. You can pay in cash or you can use your debit or credit card. However, most cab drivers accept only major credit cards such as Visa, MasterCard, or Discover.

Is it worth buying a taxi medallion?

A taxi medallion is the physical certificate required to operate a yellow cab. Once seen as a valuable asset that secured a comfortable retirement, the medallion’s worth has plummeted, leaving the thousands of drivers who purchased a medallion in hundreds of thousands of dollars in debt, and financially ruined.

Why are medallions so expensive?

Let’s call it $27,000 and you are required by law to buy a new one every 3 years. This is the real reason why medallions are so expensive: good old-fashioned interest-rate calculations. We’re basically talking about a real income stream, here, of about $75,000 per year.

Do Chicago cabs take debit cards?

City of Chicago licensed taxicabs have mounted, fully-functional credit card payment system equipment capable of accepting and processing credit/debit cards.

Can you use a debit card to pay for a cab?

Taxis generally offer payment terminals to customers, which allow you to swipe a credit or debit card when your ride is over.