Credit Card Fees
#11
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http://www.forbes.com/sites/mickeyme...y-a-surcharge/
They've specifically included language that allows and gives criteria for passing charges on to the consumer.
There are some consumer safeguards to curb abuses, the Electronic Payments Coalition noted:
* “Merchants are only allowed to assess a fee that is equivalent to what they pay to accept credit cards – which in the U.S. is typically between 1.5 percent and 3 percent.
* Consumers can only be charged checkout fees for credit card usage. Merchants cannot charge customers for the use of their debit card.”
Retailers must disclose the fee on the receipt, at the point of sale and at the point of entry, according to The Consumerist.
While the settlement pertains to MasterCard and Visa, the Consumerist explained, there other card brands are open to surcharge treatment. “Now that Visa and MasterCard have opened the floodgates to credit card surcharges, merchants are free to tack on the surcharge for Amex and Discover purchases,” The Consumerist said.
Keep in mind, surcharging is illegal in 10 states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
They've specifically included language that allows and gives criteria for passing charges on to the consumer.
There are some consumer safeguards to curb abuses, the Electronic Payments Coalition noted:
* “Merchants are only allowed to assess a fee that is equivalent to what they pay to accept credit cards – which in the U.S. is typically between 1.5 percent and 3 percent.
* Consumers can only be charged checkout fees for credit card usage. Merchants cannot charge customers for the use of their debit card.”
Retailers must disclose the fee on the receipt, at the point of sale and at the point of entry, according to The Consumerist.
While the settlement pertains to MasterCard and Visa, the Consumerist explained, there other card brands are open to surcharge treatment. “Now that Visa and MasterCard have opened the floodgates to credit card surcharges, merchants are free to tack on the surcharge for Amex and Discover purchases,” The Consumerist said.
Keep in mind, surcharging is illegal in 10 states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
#13
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I put 99% of my purchases on a credit card. Everything I CAN put on a CC goes on a CC. My checking account is ONLY used to pay Mortgage, Car Loan, Student Loan, Water bill, and CC payments. Everything else (Sprint, Comcast, Electric, anything that CAN be automated or swiped) hits my rewards card. I get airline miles for every dollar I spend. It's paid for 8 flights to the Caribbean and saved me thousands upon thousands of dollars.
I carry $125 at all times for emergency use only. I don't use cash. I NEVER use a debit card - why should I if I can get rewarded for using a credit card instead?
I carry $125 at all times for emergency use only. I don't use cash. I NEVER use a debit card - why should I if I can get rewarded for using a credit card instead?
#14
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I put 99% of my purchases on a credit card. Everything I CAN put on a CC goes on a CC. My checking account is ONLY used to pay Mortgage, Car Loan, Student Loan, Water bill, and CC payments. Everything else (Sprint, Comcast, Electric, anything that CAN be automated or swiped) hits my rewards card. I get airline miles for every dollar I spend. It's paid for 8 flights to the Caribbean and saved me thousands upon thousands of dollars.
I carry $125 at all times for emergency use only. I don't use cash. I NEVER use a debit card - why should I if I can get rewarded for using a credit card instead?
I carry $125 at all times for emergency use only. I don't use cash. I NEVER use a debit card - why should I if I can get rewarded for using a credit card instead?
Yea to the death of cash money, long live the debit. Arise say the Illuminati and enter our world........
#15
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Cash money is no longer current, so what's the BFD?
Aside from an emotional attachment, it is doing nothing for a lot of people. If your company deals in small volumes of cash, it could actually be MORE expensive to process, considering mileage & time spent to get cash to a bank. There is pretty much no downside to a consumer (in a non-surcharging State) to using a rewards card. My card pays cash ("dollars" via check) from 1% to 3% on everything I buy. I have no liability if it is lost (vs. cash, which is a 100% loss with no chance of recovery). Everywhere I go takes it, and these days it is FASTer to use than cash because high school kids can't count change any more.
Aside from overblown conspiracy theories or emotional or religious reaons that have no bearing on me, why SHOULD I use cash?
Aside from an emotional attachment, it is doing nothing for a lot of people. If your company deals in small volumes of cash, it could actually be MORE expensive to process, considering mileage & time spent to get cash to a bank. There is pretty much no downside to a consumer (in a non-surcharging State) to using a rewards card. My card pays cash ("dollars" via check) from 1% to 3% on everything I buy. I have no liability if it is lost (vs. cash, which is a 100% loss with no chance of recovery). Everywhere I go takes it, and these days it is FASTer to use than cash because high school kids can't count change any more.
Aside from overblown conspiracy theories or emotional or religious reaons that have no bearing on me, why SHOULD I use cash?
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Using your CC for purchases is great if you pay off the balance right away and avoid the interest charges. Most people that have/use a CC can't. I try to stay away from using my CC and use my debit card only. I dislike owing anyone money. If I don't have $$$ in the bank for something I want to buy, it means I can't afford it.
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This is already a thing in australia. Most places charge for amex because they charge gut-wrenching fees, but mastercard and visa rarely affect the price of what you're buying.
I use a debit card for 90% of purchases, but cash is still faster for me. Less eye contact with peasants while you wait for the eftpos machine to do its thing.
Of all the people I know that have credit cards, only about one in 10 use it responsibly and get the benefits. The other 9 tend to flounder from month to month with a generally negative net worth.
I use a debit card for 90% of purchases, but cash is still faster for me. Less eye contact with peasants while you wait for the eftpos machine to do its thing.
Of all the people I know that have credit cards, only about one in 10 use it responsibly and get the benefits. The other 9 tend to flounder from month to month with a generally negative net worth.