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Retailers in Michigan and 39 other states can start charging consumers a 4% surcharge on all credit and debit purchases beginning today. Make sure you check with each retailer to see what their policy is before swiping.
12177 Post before moving here. 10/29/11 will live forever in our hearts (plus 50 votes in the last 3 hours)
It does not apply to purchases made with your debit card.
And it actually started yesterday.
This post was edited by Floyd Robertson 15 months ago
Join Date: 06-12-2001 RCMB vBull #32 # Total Posts: 35,866
Don't worry. Just use your capital one tSearch function card and you'll be good
Hmmm. Heard differently, but never mind. I know some places who don't allow consumers to use debit card for purchases unless its over a certain amount.
Regardless, if using a card, check and see what their policy is before swiping.
Power of the RCMB. Thanks to this thread my friends and family now are aware of this.
In case your friends and family didn't know, postage went up to 46 cents.
So, it seems like it should be very obvious about any surcharge:
"If retailers intend to impose a surcharge on credit card purchases, they are required to notify customers before customers make an actual purchase at the store entrance and at the point of sale "
Is there a surcharge on the use of the search function ?
Welcome to Wells, tJYD: http://michiganstate.247sports.com/Board/97/OT-4-fee-for-merchants-who-accept-visa-and-mastercard-16204130/1
Don't let that get in the way of people trying to panic credit card buyers.
The bottom line is...most (or nearly all) merchants will not be charging a fee (even though credit card processing fees are outrageous and most consumers don't realize how much merchants pay). Merchants won't want to face any loss of customers. They might raise their prices a little bit as credit card processing fees continue to rise.
Yeah but those that actually do this will be the mom & pop stores that already don't GAF about the merchant rules.
Doesn't apply to American Express.
Fuck your search function...
Is this part of the derban ammendment stuff, the consumer protection crap? I'm clueless about this as I haven't been following it, but I assume merchants can charge 4% because the CC companies charge them with each swipe. I have heard that the banks were looking at charging users a small fee (like $1/month) if they used their Debit Card over like 12 times per month... because they don't draw any revenue off the merchants.
Good to know. Although it really doesn't matter for me since surcharges are prohibited by Texas law.
Also, at least according to this article, if a merchant accepts Visa and Mastercard along with American Express, the merchant can't do the surcharges at all.
NBC NEWS - Starting today, merchants who accept credit cards
issued by Visa and MasterCard will be allowed to add a service charge to
the purchase price.
One of the reasons I can't wait to get back home, lol.
This is a mountain out of a molehill. This article does a nice job of cutting through the BS:
Ours is an age of anxiety. Will global climate change create oceanfront property in Nebraska? Do Subway 'foot long' sandwiches span a full 12 inches? Did Beyonc� fake the national anthem and will she do it again at the Super Bowl?
Let me get this down, $100 million. Oh wait, I have a better idea. Instead of $100 million, how about I send you a hobo's dick cheese?
The change is as a result of an antitrust lawsuit ruling. Basically all the CC merchants were cutting deals with big retailers to lower their transaction fees while charging the full fee to Mom and Pop stores that didn't have the power to negotiate. However, it's doubtful that most retailers are going to start charging these fees. My guess is most of the places that will charge the fee are small town gas stations and family-owned stores, some of which accept cash only anyway.
If anything I think this change is good because it means small Mom and Pop stores will be more willing to accept credit cards. People just need to understand that they are going to pass along the fee. Which all retailers do anyway now, they just bake it into the pricing of their stuff just like any other cost of doing business like taxes, insurance, maintenance, etc.
People get so worked up over stupid bullshit like this when they don't realize they have already been paying these fees for years through higher prices on stuff they buy. It's the same reason people don't realize that we need to lower our corporate tax rate - it's the highest in the industrialized world and everyone pays it through lower wages, higher prices, and lower return on their investments, but because people don't actually write a check they don't care. They think lowering the rate is just corporate welfare.
This post has been edited 2 times, most recently by Les Grossman 15 months ago
This is what happens when people shop at Amazon and avoids stores like the plague.
My thoughts too. Most retailers increased prices years ago to compensate for the fees.
No surcharge allowed here in California. Baller.
So you're proud of the fact that your state is hurting its small businesses by doing so. Don't ever complain when you're at a place in a small town and they have a sign that says "cash only."
So they are going to lower the prices so that I'm not paying those baked in fees when I pay with cash now? That seems unlikely.
Hurting small businesses? Texas is in the same boat and small businesses are putting some ofthe giant chains stores out of business especially in Austin.
This post was edited by tJYD 15 months ago
It's like people who argue that gas stations are justified charging you more for credit card purchases when 1) no one else was doing it and 2) why don't they give me money back if I do things that save them money, like not print out a receipt? Why does the extra costs only go in the direction of giving them more money?
Austin is its own special climate and harder to compare.
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