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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.
Why not use a debit card though. All from the same account. Your own checking account. Just wondering.
Why not use a debit card though. All from the same account. Your own checking account. Just wondering.
Because credit cards offer incentives--frequent flyer miles, cash back, etc. and very few debit cards do. There are also additional security levels on credit cards that don't exist on debit cards.
I'm okay with it. The consumer is going to ultimately pay for the credit cards fees at the end of the day no matter what, either through a fee or through higher prices. At least this way I get to choose if I want to pay for the credit card fees or not. I try to use cash when I'm at a local business because I know how much those fees can add up for them. The only time I would take issue with this would be if the fee wasn't clearly stated somewhere in the store.
Some places have been charging the fee for years by raising their prices and offering a "discount" to use cash. I see this frequently at gas stations. I'm fairly certain I'm not really getting a discount, they are just charging the credit users more. It's all in how they market it.
Because credit cards offer incentives--frequent flyer miles, cash back, etc. and very few debit cards do. There are also additional security levels on credit cards that don't exist on debit cards.
Didn't think of that. I have 1 cc with no "perks". Makes sense.
I'm okay with it. The consumer is going to ultimately pay for the credit cards fees at the end of the day no matter what, either through a fee or through higher prices. At least this way I get to choose if I want to pay for the credit card fees or not. I try to use cash when I'm at a local business because I know how much those fees can add up for them. The only time I would take issue with this would be if the fee wasn't clearly stated somewhere in the store.
Some places have been charging the fee for years by raising their prices and offering a "discount" to use cash. I see this frequently at gas stations. I'm fairly certain I'm not really getting a discount, they are just charging the credit users more. It's all in how they market it.
This is essentially how I feel as well.
I would rather 3% of the cost of my purchase go to a local business rather than VISA or MasterCard.
Y'all remember the song - One way, or another, they gonna get you...
I said it before and will repeat myself. USA is the only country - developed - in the world, where money are printed by private consortium. As a result, it owns the country.
WHAT DID YOU EXPECT?
ANd you can't even drop your cc, as you "must" have one for say car rentals. And they base FICO score on cc use.
Like I said - One way, or another, they gonna get you... Read Protocols.It's been said and is implemented.
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.
..
Checkout fees are illegal and, therefore, not allowed in 10 states.
California
Colorado
Connecticut
Florida
Kansas
Maine
Massachusetts
New York
Oklahoma
Texas
I'm disgusted , but it's good to know that the NEXT state I move to is on the same illegal list.
I won't name which, because I don't want a "flood" of folks following me.
Nothing new on the fee. It is being passed on to the consumer instead of the business retailer etc paying to the CC company.
When in business over 30 yrs ago I was charged a small fee by the CC company for every card that I excepted. Those days I had to phone in for an Authorization # while my sales were always in the $600-$1000 mark so I paid a penalty in order to do business.
Now days a LARGER firm will pay a smaller fee based upon the volume in CC purchases.
Nothing new on the fee. It is being passed on to the consumer instead of the business retailer etc paying to the CC company.
Exactly. That is why I am not surprised by this. Someone has to pay for the convenience of shopping with credit cards.
I actually sort of agree with it, because for small businesses, this might mean that more people will pay cash, and the business will not have to pay as many fees to VISA/MC/etc.. I would rather see more money in the pockets of independent business owners than in the pockets of the huge corporations of VISA/MC/etc. YMMV
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, but it's good to know that the NEXT state I move to is on the same illegal list.
