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Sat Jan 26, 2013, 01:01 PM

 

Attention shoppers: Another credit card fee is here **Starting Sunday**

It could soon cost you more to shop with a credit card at some stores. As of this Sunday, Jan. 27, merchants who accept credit cards issued by Visa and MasterCard will be allowed to add a service charge to the purchase price.

Visa and MasterCard had always prohibited merchants from doing this. They agreed to change the rules and allow the surcharge as part of the settlement of an antitrust suit brought by retailers.

The surcharge is supposed to equal the actual cost of processing the credit card transaction, which is typically 1.5 to 3 percent. Under the agreement, the fee is capped at 4 percent. The surcharge can vary based on the type of card. For example, it could be higher for a rewards card or premier card.

Merchants still cannot add a surcharge to debit card transactions.

http://m.nbcnews.com/business/attention-shoppers-another-credit-card-fee-here-1C8086499

28 replies, 2530 views

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Arrow 28 replies Author Time Post
Reply Attention shoppers: Another credit card fee is here **Starting Sunday** (Original post)
dkf Jan 2013 OP
tblue Jan 2013 #1
dkf Jan 2013 #2
Gormy Cuss Jan 2013 #7
dixiegrrrrl Jan 2013 #19
SugarShack Jan 2013 #20
kestrel91316 Jan 2013 #28
Sekhmets Daughter Jan 2013 #3
JaneyVee Jan 2013 #5
Sekhmets Daughter Jan 2013 #6
JaneyVee Jan 2013 #8
Sekhmets Daughter Jan 2013 #13
JaneyVee Jan 2013 #14
Sekhmets Daughter Jan 2013 #15
ananda Jan 2013 #26
Ratty Jan 2013 #21
Sekhmets Daughter Jan 2013 #23
NutmegYankee Jan 2013 #4
Gormy Cuss Jan 2013 #9
Dreamer Tatum Jan 2013 #10
moondust Jan 2013 #11
BadgerKid Jan 2013 #12
marybourg Jan 2013 #16
RebelOne Jan 2013 #17
Yo_Mama_Been_Loggin Jan 2013 #18
WinkyDink Jan 2013 #22
Ikonoklast Jan 2013 #25
sadbear Jan 2013 #24
appleannie1 Jan 2013 #27

Response to dkf (Original post)

Sat Jan 26, 2013, 01:04 PM

1. I'll just shop elsewhere.

Unless they all do it, it's a disadvantage for retailers, who btw deserve to make a living. Banks need to stop gouging them and consumers too.

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Response to tblue (Reply #1)

Sat Jan 26, 2013, 01:06 PM

2. I wonder if they will have to post it somewhere.

 

Otherwise you may not know til the transaction is done.

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Response to dkf (Reply #2)

Sat Jan 26, 2013, 01:16 PM

7. The article spells it out. n/t

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Response to dkf (Reply #2)

Sat Jan 26, 2013, 05:07 PM

19. The article says

“We have discussed the settlement with many, many merchants, and not a single merchant we have spoken to plans to surcharge,” Craig Sherman, spokesman for the National Retail Federation (NRF), said in a statement. The NRF was not involved in the class action lawsuit.

NBC News contacted some of the country’s largest retailers. Wal-Mart, Target, Sears and Home Depot said they have no plans to add a credit card surcharge.

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Response to dkf (Reply #2)

Sat Jan 26, 2013, 05:20 PM

20. Just so you know, it was Dick Durbin's former chief of staff, that lobbied for this trash!

 

Just so you know, it was Dick Durbin's chief of staff, when he left Durbins office, he became a lobbyist for the retail federation. He, a democrat went to work lobbying for these fees, after serving a democratic senator! Just so you know who's been pushing this for a while now.....

That batshit crazy Michelle Bachman told the whole world that on a TV debate!!! Ha!

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Response to tblue (Reply #1)

Sun Jan 27, 2013, 02:32 PM

28. I won't add a fee for credit card users. I WILL offer a discount for cash.

I can do that, and no bankster OR offended spendthrift can stop me.

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:07 PM

3. I have a friend who went to cold hard cash years ago...

Makes more and more sense.

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Response to Sekhmets Daughter (Reply #3)

Sat Jan 26, 2013, 01:11 PM

5. I only use cash or debit card myself. I learned my lesson with credit cards.

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Response to JaneyVee (Reply #5)

Sat Jan 26, 2013, 01:16 PM

6. I only use credit cards (with small limits) for online shopping...

I'm a debit card and cash shopper otherwise. But as I can walk to my bank, I think I'll start using cash even more...it will certainly limit those "impulse" purchases.

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Response to Sekhmets Daughter (Reply #6)

Sat Jan 26, 2013, 01:19 PM

8. I do own a credit card for emergency only. For online shopping I use pre-paid credit cards

It costs $4 more to purchase the card but I get paranoid with putting my actual card # online.

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Response to JaneyVee (Reply #8)

Sat Jan 26, 2013, 01:27 PM

13. That's why I use cards with small limits...

What's really funny is that the 2 times I've had a problem with a credit card were both when I used the card in a store...no kidding. It's why I began carrying cash again. Also, both times were caught by my credit card company and caused me no problem whatsoever.
Debit cards are more common targets online...I don't know why that is. I had my debit card number stolen from a site that lost thousands of them, my bank was notified immediately and then notified me. Annoying, but again no problems resulted.

I am thinking about getting a prepaid Am Ex card...

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Response to Sekhmets Daughter (Reply #13)

Sat Jan 26, 2013, 01:30 PM

14. Yeah I never use my debit card online. For online shopping I'll add to shopping cart then

walk a couple doors down get a pre-paid card go back home & purchase. Everyone tells me I'm paranoid and that most reputable websites are secure but I just can't bring myself to doing it.

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Response to JaneyVee (Reply #14)

Sat Jan 26, 2013, 01:33 PM

15. Am Ex sent me an email

bout a re-loadable prepaid card...I'm thinking about getting it...Makes sense in this day and age.

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Response to JaneyVee (Reply #5)

Sun Jan 27, 2013, 02:08 PM

26. I only use a credit card for online purchases.

..

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Response to Sekhmets Daughter (Reply #3)

Sun Jan 27, 2013, 01:10 PM

21. That's what I do (actual cash cash)

It's too easy for me to lose track of my spending when I use a card, credit or debit. So I get a wad of cash at the beginning and middle of the month and use that exclusively. You really have to know what you're spending when you're handing over actual dollars and watch the pile in your wallet shrink rather than whipping out the magic card. Also, I like that somebody isn't keeping track of the sorts of things I purchase, but that's just an added benefit.

I'll still use a credit card for when it makes sense.

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Response to Ratty (Reply #21)

Sun Jan 27, 2013, 01:19 PM

23. Yep...

I spend way too much money on "impulse" purchases...cash certainly stops that!

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:09 PM

4. Meh. Illegal in my state. nt

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Response to NutmegYankee (Reply #4)

Sat Jan 26, 2013, 01:21 PM

9. Illegal in ten states

California
Colorado
Connecticut
Florida
Kansas
Maine
Massachusetts
New York
Oklahoma
Texas

and VISA and Mastercard's master agreements with larger merchants will prevent the big retailers from imposing the fees in the other states if they also do business in these ten states.

This could be a hollow victory for merchants.

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:24 PM

10. It's not a credit card fee.

It is added by the merchant, as is made clear in the article.

Complain to the merchant, not to banks or Visa/MC, as they actually prohibited the practice until they were
sued by the DOJ.

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:25 PM

11. "NBC News contacted some of the country’s largest retailers."

"Wal-Mart, Target, Sears and Home Depot said they have no plans to add a credit card surcharge."

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:26 PM

12. Some gas stations have long been giving discounts

for paying in cash. Effectively a surcharge.

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:36 PM

16. The article makes it clear that it is highly unlikely

that anyone will encounter a surcharge. Credit cards are safer than debit cards, although one's personal relations with money may make a debit card a reasonable trade-off.

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:37 PM

17. I do not have any credit cards.

I filed a Chapter 13 bankruptcy 7 years ago, and I vowed to never have another credit card because that's what got me into financial trouble.

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Response to dkf (Original post)

Sat Jan 26, 2013, 01:38 PM

18. I usually use my debit card.

But I'll pay attention in case any retailer adds is charge.

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Response to dkf (Original post)

Sun Jan 27, 2013, 01:13 PM

22. What about the word "COULD" is difficult to grasp?

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Response to WinkyDink (Reply #22)

Sun Jan 27, 2013, 01:51 PM

25. Doesn't play into thE FUD Agenda of the OP.

Whose attempts here are laughable.

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Response to dkf (Original post)

Sun Jan 27, 2013, 01:23 PM

24. As long as they're up front and transparent about it...

and don't just sneak it in, I have no problem with it. That's one of the few cool things about our free enterprise system. We can shop from the merchant who meets our needs the best. And you know there will be someone who doesn't do this (as long as it's not just WalMart. )

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Response to dkf (Original post)

Sun Jan 27, 2013, 02:11 PM

27. I had a small business. I could not afford to honor credit cards without raising the cost for all

my customers. Most people do not realize how much a store has to pay to give their customers the option of using a credit card. I made no money at all on small purchases. In fact it cost me money on purchases under $4.

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