Burgold Posted January 31, 2013 Share Posted January 31, 2013 http://voicerussia.com/radio_broadcast/70924886/103038351.html This really annoys me. Credit cards have been charging retailers per swipe ever since credit cards were invented. That price is already baked into the price we consumers pay. Now, some of em have decided to charge us again. Isn't that double jeopardy? Some useful information and warnings in the actual interview. Link to comment Share on other sites More sharing options...
herrmag Posted January 31, 2013 Share Posted January 31, 2013 Sounds like few retailers will actually do it. It also appears that the whole lawsuit was an attempt to get credit card companies to lower their fees. http://www.kiplinger.com/article/credit/T016-C011-S001-a-new-credit-card-surcharge.html The stores that do it have to post signs, so if you see a store with the sign in the window, walk away. Eventually the benefit from increased sales to stores not issuing the fee will entice the ones that do to follow suit (my prediction anyways). I'd like to say this would be a good deterrent for financially inept/irresponsible people that rack up debt. But, who am I kidding. 1-4% fee isn't going to dissuade them from digging themselves into a bigger hole. Link to comment Share on other sites More sharing options...
Larry Posted January 31, 2013 Share Posted January 31, 2013 So your point is that because retailers have been getting paid 96% of an item's price, a month or more after the sale, that therefore they should keep doing it? Link to comment Share on other sites More sharing options...
skinfan2k Posted January 31, 2013 Share Posted January 31, 2013 no big stores are doing this. They aren't stupid to add this fee onto the bill Link to comment Share on other sites More sharing options...
IONTOP Posted January 31, 2013 Share Posted January 31, 2013 As someone who only uses plastic money to buy online... I support this... Link to comment Share on other sites More sharing options...
Burgold Posted January 31, 2013 Author Share Posted January 31, 2013 So your point is that because retailers have been getting paid 96% of an item's price, a month or more after the sale, that therefore they should keep doing it? No, it's bothersome because when they generate their price they already added in those costs. To do so again feels wrong. The woman I interviewed also thinks its unlikely that a lot of stores will do this. I'm less certain basically because I see this in other business models and once people get used to it they never look twice. Take for example the different gas prices for credit and cash in some states. Link to comment Share on other sites More sharing options...
alexey Posted January 31, 2013 Share Posted January 31, 2013 Everybody is squeezing everybody else. Link to comment Share on other sites More sharing options...
skinfan2k Posted January 31, 2013 Share Posted January 31, 2013 Take for example the different gas prices for credit and cash in some states. i hate it, my uncle says he charges the credit price as cash and increases the credit price to make a few more cents Link to comment Share on other sites More sharing options...
Redskins Diehard Posted January 31, 2013 Share Posted January 31, 2013 Didn't gas stations use to charge more for credit card purchases? I seem to remember when folks would offer "credit same as cash" as a selling point. Personally I have negotiated with more than one retailer...usually smaller independent type establishments...for a lower price if I use cash. They'll knock off the 4 percent or whatever and then add it back in as the sales tax. Link to comment Share on other sites More sharing options...
twa Posted January 31, 2013 Share Posted January 31, 2013 No, it's bothersome because when they generate their price they already added in those costs. . so those of us that actually pay are subsidizing the CC users....which is bothersome Link to comment Share on other sites More sharing options...
Larry Posted January 31, 2013 Share Posted January 31, 2013 No, it's bothersome because when they generate their price they already added in those costs. To do so again feels wrong. So, you'd rather see "4% discount for cash"? Take for example the different gas prices for credit and cash in some states. The reason I've heard for that, is that a lot of gas stations don't MAKE 4% on gas. Link to comment Share on other sites More sharing options...
GoCommiesGo Posted January 31, 2013 Share Posted January 31, 2013 Credit card processing can change greatly from retailer to retailer depending on the volume they run on Visa/MasterCard/Discover. Amex just screws everybody, a retailers interchange rates can vary several percentages from one store to another. I doubt many stores would tack on the extra points because the market is so competitive and you don't want to lose customers. As a retailer I'm very interested to see what would happen if a national sales tax was put into effect on all online sales. Link to comment Share on other sites More sharing options...
chipwhich Posted January 31, 2013 Share Posted January 31, 2013 Most merchants aren't paying 4%. It's probably more like 2%. Additionally most merchants don't want cash. Link to comment Share on other sites More sharing options...
88Comrade2000 Posted January 31, 2013 Share Posted January 31, 2013 The federal government should get into this. Charge people 1 or 2 percent for using credit cards. Link to comment Share on other sites More sharing options...
Burgold Posted January 31, 2013 Author Share Posted January 31, 2013 so those of us that actually pay are subsidizing the CC users....which is bothersome Yup, you've been doing that your whole life. And Chip, The retailers don't have to charge 4 percent. They're allowed to charge up to four percent, but you have to figure if they're going to do it they aren't going to charge a break even amount, but make a little profit. Link to comment Share on other sites More sharing options...
Koolblue13 Posted January 31, 2013 Share Posted January 31, 2013 I've worked in restaurants that don't accept Amex, because they're just too expensive. Bad decision on Amex. Link to comment Share on other sites More sharing options...
autoidiodyssey Posted January 31, 2013 Share Posted January 31, 2013 Didn't gas stations use to charge more for credit card purchases? I seem to remember when folks would offer "credit same as cash" as a selling point. Yes they did. I've actually noticed a few starting to go back to that recently. Link to comment Share on other sites More sharing options...
Kosher Ham Posted January 31, 2013 Share Posted January 31, 2013 I've worked in restaurants that don't accept Amex, because they're just too expensive. Bad decision on Amex. Not for the card holder. AMEX (Discover also I think) charges a 1-2% higher charge to the business for their card compared to Mastercard and Visa. Their regular cards are interest free for the consumer (Annual fee) . All the new crap they have out now charges interest and still charges the restaurant. Mastercard used to be Master Charge when I was a kid. Diners Club worked the same way. As J is saying, the price should be absorbed. Personally, I use my AMEX card more than any other. The benefits are worth the fee. Link to comment Share on other sites More sharing options...
twa Posted January 31, 2013 Share Posted January 31, 2013 Yup, you've been doing that your whole life. . not really ,the expansion of them has been during my life though....me and revolving accounts started about the same time.(the worlds been heading downhill ever since) Link to comment Share on other sites More sharing options...
Burgold Posted January 31, 2013 Author Share Posted January 31, 2013 not really ,the expansion of them has been during my life though....me and revolving accounts started about the same time.(the worlds been heading downhill ever since) We may be defining things differently. I know that retailers have been charged a fee for every credit card charge since they began accepting their use. In turn, stores have built into their prices those fees. In that sense, credit card fees have been paid by cash or card users since plastic has been rung up. Link to comment Share on other sites More sharing options...
twa Posted January 31, 2013 Share Posted January 31, 2013 We may be defining things differently. just different perspectives. I've never set prices based on CC,though I have charged for using them. as their use became more common the prices certainly began to account for their usage added for KB and I don't take American Express Link to comment Share on other sites More sharing options...
A Walton Posted January 31, 2013 Share Posted January 31, 2013 CC processor fees and M/C Visa interchange fees seem to go up every other month. Retailers need to do something before cash becomes an obsolete tender in our society. M/C Visa and Amex hold all the cards because they own the World's preferred tender and the pendulum swings more and more to them everyday. Link to comment Share on other sites More sharing options...
chipwhich Posted January 31, 2013 Share Posted January 31, 2013 CC processor fees and M/C Visa interchange fees seem to go up every other month. Retailers need to do something before cash becomes an obsolete tender in our society. M/C Visa and Amex hold all the cards because they own the World's preferred tender and the pendulum swings more and more to them everyday. Fees to accept credit cards are as low now as I have seen, I am not sure where you are coming from. Merchant fees aren't going up every month. It costs me relatively the same now to accept a credit card as it did when I ran an internet business selling products 15 years ago. Link to comment Share on other sites More sharing options...
A Walton Posted January 31, 2013 Share Posted January 31, 2013 Fees to accept credit cards are as low now as I have seen, I am not sure where you are coming from.Merchant fees aren't going up every month. It costs me relatively the same now to accept a credit card as it did when I ran an internet business selling products 15 years ago. I have run a high volume retail biz for 15 + years. My Merchant fees have never been as expensive as they are today. It is something my CPA is plainly aware of and we shop for and are solicited for better pricing constantly. I just checked and I have received 5 interchange increase last year. Link to comment Share on other sites More sharing options...
Busch1724 Posted January 31, 2013 Share Posted January 31, 2013 What is you use your ATM card? Will the four percent charge be billed or not? What if you use your ATM as credit like I do because my bank gives me 5 cents back on every purchase I make as credit rather than debit. Link to comment Share on other sites More sharing options...
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