Use a Credit Card? Prepare to pay a little extra for the privledge!

[Melensdad]

Visa and Mastercard got hammered in a lawsuit with retailers, (to the tune of $6 billion) and now retailers will be allowed to charge customers a fee to use their credit cards.

(I am NOT positive, but I don't believe this affects the MC and Visa debit cards).​

Merchant agreements in the past forbade surcharges, so this will be a game changer. While it may well foster a bit of competition between the companies, there are going to be a lot of pissed off people out there who are going to object to the added fee. Remember when gas stations offered 2 prices, one for cash and the other for credit? We may see the return of that practice in gas stations and other low margin businesses.

The Consumerist » Visa, MasterCard Agree To Let Merchants Add Surcharges To Credit Card Purchases

 

[FrancSevin]

The link appears to be broken.

I am not at all surprised. Creditcard companies discount payments back to the retailer so an added 2% or 3% for "credit" card use is not new. Most retailers figured out how to let cash buyers help subsidize thecredit card buyers.


This should clear up that unfairness. And it will go along way to funding those cash back offers we see on TV five time per half hour of programig.

"Who wouldn't want cash back?" Seems one baby in the whole world has figured out where that money comes from.

 

[Ironman]

The link appears to be broken.

This is what I got from that link -

 

[Rusty Shackleford]

. Remember when gas stations offered 2 prices, one for cash and the other for credit? We may see the return of that practice in gas stations and other low margin businesses.

That never stopped around here.

 

[XeVfTEUtaAqJHTqq]

That never stopped around here.

Happens around here too. Arco and Chevron both do it.

 

[tiredretired]

Those of us here with a least of working knowledge of business and the free enterprise system know it is the consumer who will eventually pay in the long term, be it a tax, fee or lawsuit settlement.

The basic rule of plumbing. Crap flows downhill. Always has, always will.

The "Tax the Rich" proponents do not understand this basic of all free enterprise concepts. Most rich people are employers. The added poop will most assuredly flow downhill.

 

[Rusty Shackleford]

Those of us here with a least of working knowledge of business and the free enterprise system know it is the consumer who will eventually pay in the long term, be it a tax, fee or lawsuit settlement.

The basic rule of plumbing. Crap flows downhill. Always has, always will.

The "Tax the Rich" proponents do not understand this basic of all free enterprise concepts. Most rich people are employers. The added poop will most assuredly flow downhill.

Bingo.