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You know something's not right when Wal-Mart is part of a coalition against a checkout fee, saying that "raising consumer prices by adding an 'interchange tax' is no remedy for Visa's and MasterCard's continuing monopoly abuse."
Sounds like it won't apply to debits, and it's up to retailers to enforce the fee on credit purchases. Anywhere from 1.5% - 3%. Not sure how widespread this will be, but still a bit silly. Companies like Wal-Mart know that imposing a small surcharge on credit transactions would drive away tons of customers and result in losses.
As a result of a settlement between credit card issuers and merchants, stores in most states can start charging you a
thats bulkshit. what if you buy something that costs a lot. then you will have to pay a lot more. i dont know exactly how much but its not gonna be cheap.
People put tuition on a credit card?
1. Will ask if extra fee for credit card.
2, If so will see if I have enough cash to pay.
3. If not enough cash will see if I can write a check.
4. If not, then I will see if I still want to charge the item.
It will make a difference when I buy gas though.
why not? Get the FF miles!
And if a lot of small businesses already don't accept CC because of their fees, I imagine quite a few will probably drop them again now...
No kidding a lot of places already charge 5 cents more. This will make it even worse.
Most places won't implement them because many of the big box retailers, like Walmart and Target, won't. Choosing to add the fee would be a competitive disadvantage.
The transaction fees along with the processing fees that retailers pay would surprise many of you. No retailer will charge a fee to consumers and Visa, Mastercard both know this to be the case. They have everyone over the barrel.
As a retailer you have to offer this service to the consumer with the knowledge that you are giving money away with each purchase swiped with a card. The credit card companies charge us fees and then go on to administer loan shark interest rates to the consumer.
The banking industry has all of us by the balls.
Contrary to my username, I actually currently have a job in the banking industry, and it pays a hell of a lot more than being a doctor. I pay for everything in cash, and have never paid a finance charge in my life.
you sound almost as rich as donny rotten
This fee doesn't apply to purchases made using debit cards. And it will still be illegal to charge the new fee in 10 states, including New York, California and Texas.
I call on the other 40 States to make this fee illegal as well.
Not necessarily. Pay with cash or debit. Maybe these increased fees will force some people into financial responsibility.
I haven't paid interest on a credit card in my life and reaped the rewards when I was younger and frequently used a credit card.
Whoever said the pen is mightier than the sword obviously never encountered automatic weapons.
I generally pay cash for smaller items, but anything for my business or anything significant goes through the Visa, for the purchasing protection. I doubt big retailers will do this, but I bet a few smaller independent shops will because they already give you the stink eye when you pay by card.
Nucksters gonna nuck
I have a debit card, but always use it as credit. If I am a victim of fraud, it is better to have it be on a credit card than a debit card, as it doesn't access my cash directly.
This new fee will hit everyone, can't use a debit card at a restaurant, or buying gas at many places.
1.5 to 3 percent? Of everything that's bought on credit cards? What the actual fuck. That's an absurd amount of money.
WTF do I care if some people are financially irresponsible? I rack up huge monthly bills on my CC and have never incurred an interest charge. They are fucking up my good thing.
exactly what I've said all along: we all go back to paying with our debit: just like cash anyway....no problemo
You do realize the retailers build this cost into their pricing right?
the big banksters get bailed out for free by the fed. get all puritanical stupid about 'financial responsibility' all you want, it's still a tilted,twisted playing field. oh well.
we've already talked about this. most smart business people already have the fees factored in to the price. that said, we as consumers are ultimately the ones paying visa and mastercard fees, and it is pretty high, but that's because, in part, of the "rewards" they tack on, you gotta pay for that stuff at some point. then it's overhead and profit.
the other option is to have the government do it by getting rid of physical money and using plastic embedded with sophisticated electronics, but the small-govt people would freak out. i think a system could be worked out that works for everyone, but we aren't there yet. for one thing, security needs to advance quite a bit farther.
I guess I'm a 10%er on this one. As it stands right now, the merchants hide the swipe fees by cooking them into the prices. This is good for the credit card companies, but doesn't help the customer. It might result in cash customers subsidizing credit card customers because they get stuck paying hidden swipe fees - but it's a wash.
By hiding the true costs of credit card purchases they discourage other forms of payment in favor of card companies. I use credit cards as a convenience but I could easily pay cash for most things.
The credit card business is a monopoly and a sham, they shouldn't be able to force merchants to hide the fees.
Guess they want to force us back to using cash....
Dear Frank. Right.
The major retailers probably do build this into their pricing, as a cost of doing business. Their not raising their prices accordingly, but they are realizing that it is a necessity to offer credit for the consumers to make a purchase.
I have been in retail and have owned a retail shop for 35 and 24 years respectively, and I can tell you that offering credit is a cost of doing business. The fees I pay monthly is not covered with increased prices, it is simply a discounted priced that I am forced to swallow by the banking industry.
I will say this again, "they have us all by the balls." Legalized loansharking!
If you have a rewards type credit card, merchants are actually charged a higher percentage to process it...so, in effect merchants are paying for your rewards.
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