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Thread: Credit Card Surcharges... Again?

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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by ttwtt78640 View Post
    The difference between a credit/debit card surcharge and a cash discount is not worth discussing. These cards have both advantages and disadvantages, over cash/checks but it should certainly be left up to the business how they establish their prices, discounts and service charges.
    Depending on what you're buying, and how frequently, it can be quite a difference. At gas stations that offer the cash discount, I'm willing to pay the little bit extra to pay at the pump, so I don't have to go inside the convenience store and deal with the rag tag bunch of squalling children, intoxicated people and the smoke stench hanging over some people.

    Will retailers who chose to go with the surcharge post it before you go into the store? Likely not, so you can find out later once you find what you want, and decide if it's worth the extra money to you.
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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by PirateMk1 View Post
    I agree whole heartedly, however I make it a point in my business and dealings with other businesses to NOT charge or pay directly fee's on top of what I already negotiated. I demand and get generally flat rates with all costs added into the price, anything less as far as I am concerned is bull**** for me or my customers. I make it a point to deal with merchants and vendors whom practice transparent pricing, flat pricing for goods or services as practicable and with the exception of government mandated taxing which is made known upfront.
    What? If the vendor says that 20 8' PT 2x4s cost $65 cash/check or $70 credit/debit then you still know the price of that purchase. Transparency has nothing to do with this matter.
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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by MMC View Post
    Heya GG. Looks like it will be with all of them soon enough. I am glad I don't use them anymore.

    On Thursday, a group of small and midsize businesses reached a settlement agreement with American Express in a class-action lawsuit. Under the agreement, which a judge must approve, Amex will allow surcharges to its cardholders as long as the same amount is levied on other credit and charge card users. It agreed to drop a measure that required debit card surcharges at the same level, according to a lawyer representing the company.....snip~
    Some of us don't like to carry cash, and certain transactions, like renting a car, require a credit card to initiate. I suppose you could pay the final bill in cash if it's permitted.

    Debit cards allow too much easy access to identity thieves or mistaken transactions, unless you stay on top of what you have money wise in your bank account, it's quite easy to overdraw and that will cost you even more.
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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by GottaGo View Post
    Depending on what you're buying, and how frequently, it can be quite a difference. At gas stations that offer the cash discount, I'm willing to pay the little bit extra to pay at the pump, so I don't have to go inside the convenience store and deal with the rag tag bunch of squalling children, intoxicated people and the smoke stench hanging over some people.

    Will retailers who chose to go with the surcharge post it before you go into the store? Likely not, so you can find out later once you find what you want, and decide if it's worth the extra money to you.
    I would hope so, since I hate pricing surprises. Whether it is posted outside or at the checkout counter matters little to me - so long as it is posted (made known prior to the sale).
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by GottaGo View Post
    An Easing of Rules on Charges by Amex - Yahoo Finance

    Here we go again.... and not for the good of the consumer. For those of us who use credit cards as a means of keeping track of expenses, our expenses possibly just went up. Me, I'll be favoring those merchants who don't implement the surcharge, at least not as a visible difference in pricing.

    Interestingly enough, most business accounts at banks also charge for the handling and depositing of cash into the account, so why would they single out credit cards?
    I'm curious - do Canadian banks that have entered the US market in the past decade follow a similar surcharge regimen?

    Here in Canada, our banks are probably better regulated and far better run. At the two major banks I use, I don't pay any fees for my accounts, I don't pay any transaction charges for debit or credit, I don't pay any fees for electronic bill payment - I can't remember the last time I saw a "fee" charge on any account I have, although getting cheques printed now costs about the same as a new car.

    Clearly, banks charge retailers fees for the use of their banking products - credit cards and debit cards - these fees are, however, not transparent in any customer transaction and are likely mostly absorbed by the retailer as a cost of doing business. Since few people here pay with cash for anything over about $20 to $50, most retailers would have no customers if they didn't accept the normal plastic methods of payment. Debit is very big here.
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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by CanadaJohn View Post
    I'm curious - do Canadian banks that have entered the US market in the past decade follow a similar surcharge regimen?

    Here in Canada, our banks are probably better regulated and far better run. At the two major banks I use, I don't pay any fees for my accounts, I don't pay any transaction charges for debit or credit, I don't pay any fees for electronic bill payment - I can't remember the last time I saw a "fee" charge on any account I have, although getting cheques printed now costs about the same as a new car.

    Clearly, banks charge retailers fees for the use of their banking products - credit cards and debit cards - these fees are, however, not transparent in any customer transaction and are likely mostly absorbed by the retailer as a cost of doing business. Since few people here pay with cash for anything over about $20 to $50, most retailers would have no customers if they didn't accept the normal plastic methods of payment. Debit is very big here.
    Consumer banks who issue credit cards usually go through one of the Big Boys like Citibank, and just take a small percentage of the fees as the issuing bank.

    Fees on bank accounts are quite often based on your total combined balances (checking, savings, certificates of deposit, investments) if above a certain level, no fees, drop below that level, fees out the ears.

    *said with a straight face* the high cost of paper checks comes from the special ink used on them so when the check is processed through the clearinghouse, the machines can read them. Also, the extra handling of paper checks to process through both the crediting and debiting accounts.
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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by GottaGo View Post
    Some of us don't like to carry cash, and certain transactions, like renting a car, require a credit card to initiate. I suppose you could pay the final bill in cash if it's permitted.

    Debit cards allow too much easy access to identity thieves or mistaken transactions, unless you stay on top of what you have money wise in your bank account, it's quite easy to overdraw and that will cost you even more.
    Yeah I have a debit/credit card.....but I rarely use it ever. Other than like something on a rental car. Which that isn't too often anymore. Stores.....I always pay cash.

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    Re: Credit Card Surcharges... Again?

    i already don't carry a balance from month to month. an increase in the prevalence of surcharges means i'll only use it for online purchases and netflix.

  9. #19
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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by ttwtt78640 View Post
    What? If the vendor says that 20 8' PT 2x4s cost $65 cash/check or $70 credit/debit then you still know the price of that purchase. Transparency has nothing to do with this matter.
    If I am doing volume business with said vendor its $65 regardless how I pay, the price is the same, unless I am EXTENDED credit. A credit/debit card is there for the MERCHANT to get MORE business. There's a price for that. Just the same as advertising. If my customers are paying me right now I am not going to quibble whether or not they are using plastic or not. That's what the fee's are, quibbling. They have the right to charge what they like, I as a business owner think its stupid to quibble. If it's that significant they should adjust their prices accordingly. Unless they want to haggle all the time with guys like me, who will. I have tiered pricing myself but its based on how much time I am extending credit not whether or not they are using plastic. The best price is the price were I get paid now, to do a job later, customers get very good deals. The highest price is for credit I extend for 90 days. I charge confiscatory rates for such credit extensions. Longer I just charge usury interest rates plus the confiscatory rates. Time is money and I charge for my time.
    Last edited by PirateMk1; 12-20-13 at 04:48 PM.
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    Re: Credit Card Surcharges... Again?

    Quote Originally Posted by ttwtt78640 View Post
    I would hope so, since I hate pricing surprises. Whether it is posted outside or at the checkout counter matters little to me - so long as it is posted (made known prior to the sale).
    I remember when banks said they wouldn't charge a surcharge on debit cards. I guess they lied.
    Semper Fidelis, Semper Liber.
    I spit at lots of people through my computer screen. Not only does it "teach them a lesson" but it keeps the screen clean and shiny.
    Stolen fair and square from the Capt. Courtesey himself.

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