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For those folks who use their CC for all their purchases, be aware...
Credit card checkout fees go into effect 1/1/2013 in all but 10 states.
Retailers can charge up to 3% of the purchase price as a checkout fee and it will be tacked onto your bill.
Now, you're supposed to be made aware of this before you make your purchase.
This was finalized over the summer as part of a settlement against the big banks. Seems it was more a "win" for them than it was for us. Seems to me a $10 CC purchase is processed the same way a $1000 CC purchase would be yet the "checkout fee" is a percentage of the purchase... $.30 for the $10 purchase and $30 for the $1000 purchase.
Just a heads up for those frugal shoppers not in one of the 10 states where it's still prohibited.
Consumer Action :: Credit card checkout fees
A recent court settlement between retailers and the payments industry allows retailers to pass their credit card acceptance costs onto consumers in the form of a new fee. Not all merchants will charge this fee—it’s up to individual business owners. The settlement is expected to be final in the spring of 2013.
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Checkout fees are illegal and, therefore, not allowed in 10 states.
So does that mean if I LIVE in Maine and make a CC purchase in say NH, I would be subject to the fee? What about CC purchases made on line in states other than where I live? This is the first I have heard of this.
If you are buying something in a state that allows it they can charge you the fee. Its a Option for them to charge you, Not a requirement.
Mostly you are going to see it at mom & pop (small places, gas stations). The Mega Store won't do it.
Also you have the power to shop else where, or when you see it on the Bill ask for the owner/manager and ask them to remove the fee. Tell them if they don't you will never do biz with them again, and tell everyone you know that they charge you extra.
Also How long do you think it going to take for the other 40 states to pass a law banning it. ...
In the case of Texas, we've had that law on our books since 1999.
Now, there is an exception to our law and that is for local Texas governments.
And boy have they gone to town with it.
Online payment of your property tax via CC and they will impose a 2-3% "collection fee" which can amount to hundreds of dollars when it comes to your property tax payment.
That said, how many retailers will risk customers running to competitors who choose to not impose this fee? My guess is that very few will actually impose it.
Whether or not they do, the point of me posting this was for awareness.
Using your CC for all your purchases and bill paying is a great way to manage your budget because you only have one itemized bill each month. I have been doing that for years while only keeping a small amount of cash in my wallet for those trival purchases and/or lunch out.
Being in Texas I don't need to worry about it except when it comes to my local government which does charge 2-3% "convenience fee" for CC payments.
My local government charges a convenience fee as well, which is why I write a check for my property taxes and auto registration.
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