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Forum: Internet Links Topic: Credit card fees are coming. started by: GORDON Posted by GORDON on Jan. 26 2013,17:43
But not for TPR.< http://abcnews.go.com/Busines....8316310 > QUOTE Starting Sunday, paying by credit card could get more expensive. Under the terms of a $7.2 billion settlement reached last summer between credit card companies and merchants, merchants will be free to impose a surcharge on customers paying by credit card.
Posted by Malcolm on Jan. 26 2013,18:04
QUOTE Detweiler offers this advice to affected consumers: "Always have a back up method of payment," she suggests, so you can avoid paying the new charge. "Have a debit card, or slip and extra $20 in your wallet." Pr00fr3ad1ng 1s h4rd. Posted by GORDON on Jan. 26 2013,18:06
Took me a few reads to figure out what you were talking about.
Posted by TheCatt on Jan. 27 2013,08:38
I'm for this. I use my credit cards all the time (above $5), but only cuz they give me 2%-5% back. If it's a 3% cash discount, then I'll pay cash.Although, I do like the convenience of importing my txns directly into Mint for categorization, etc. Posted by Cakedaddy on Jan. 27 2013,11:05
I'm betting it's not a discount for paying cash. Prices aren't going to go down, they will only go up for credit cards. They are taking your cash back bonus away from you.
Posted by GORDON on Jan. 27 2013,12:55
Yeah, I'm guessing prices do NOT drop due to the built-in cost of credit card fees that were built in to all prices, and they will just start tacking on a credit card fee instead of a cash-only discount.Like when pizza places started charging for delivery, and the money didn't go to the drivers. Pizza costs didn't necessarily drop by the $1.50 fee. Hopefully some places will advertise, "No credit card fees!" as a way to not piss off customers. Shit, they can charge a percentage... 4% of a $200 bimonthly grocery shopping trip would be $8. That's enough for me to drive a few extra miles to avoid, even on principle. Posted by TheCatt on Jan. 27 2013,16:00
Competitive markets would push prices down, but really, we're only talking about 2-3%, so it's not significant most of the time.I dont even see gas stations that do cash discounts any more, saw that all the time as a kid. Posted by GORDON on Jan. 27 2013,16:09
Around here I have only noticed gas stations doing that in the last few years. Never saw it before.
Posted by TheCatt on Jan. 27 2013,16:25
Weird. When I was a kid, gas stations routinely did it, like 2-4 cents per gallon (back in the world of $1 gas), but no one else did. Now I never see it.
Posted by GORDON on Jan. 27 2013,16:40
Yeah. I was also shocked when I first drove through New Jersey in 1994ish, and found out I wasn't allowed to pump gas into my car. Places where I didn't grow up are all weird.
Posted by Cakedaddy on Jan. 27 2013,21:57
And that's the error, in my opinion. Those gas stations weren't offering a discount on cash, they were charging extra for the CC. The price of the gas was the cash price, you paid extra using the CC.
Posted by Leisher on Jan. 28 2013,06:08
QUOTE Around here I have only noticed gas stations doing that in the last few years. Never saw it before. About 2 years ago, that was a thing on my end of town. Those stations that did it must have suffered a loss in business because now nobody does it. Posted by TPRJones on Jan. 28 2013,08:18
Yet another reason Texas is better than everywhere else.Alternately, it's time to switch to AmEx. |