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New credit card surcharge to take effect tomorrow

Discussion in 'Off Topic Threads' started by Garry, Jan 26, 2013.

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  1. Garry

    Garry Active Member

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    See above URL or cut and paste the one below.

    http://www.foxnews.com/on-air/your-world-cavuto/index.html#/v/2119641363001/new-credit-card-surcharge-to-take-effect/?playlist_id=86929
     
  2. Garry

    Garry Active Member

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    Here's the official letter explaining the new surcharge. See URL above.

    Or cut and paste.

    http://visasearch.visa.com/UsaSearch/query.html?qt=surcharge+fees&x=22&y=12&col=usa&qs=&ws=0&st=1&style=usa
     
  3. wireguy

    wireguy TS Member

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    I'm sure they will reduce the prices on everything 4% to take out what they built in - yea, I'm just sure of it.
     
  4. Brian in Oregon

    Brian in Oregon Well-Known Member

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    For those who use debit cards, under the law you will not be surcharged even if the merchant is set up only for credit cards and runs your debit card as a credit card.

    BUT... Not every system is going to work right, so watch for improper surcharges on debit cards, especially in the beginning.
     
  5. skeet_man

    skeet_man Well-Known Member

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    Thankfully NY (as well as 9 other states) still prohibit CC surcharges. But for purchases out of state, I will either find a place that doesn't surcharge, pay cash, or dust off the checkbook and start using it again.
     
  6. Joe Potosky

    Joe Potosky Well-Known Member

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    Starting Sunday, consumers might have to pay more to use credit cards.


    Merchants who accept MasterCard and Visa will soon be able to tack a surcharge onto your bill. The surcharge is fallout from a class-action settlement reached last July that ended years of legal battles between merchants on the one hand, and banks and credit card companies on the other.


    Along with paying a group of retailers $6.05 billion, Visa, MasterCard, and several banks and credit card institutions agreed to allow merchants to charge an extra credit card fee starting Jan. 27.

    Ever seen a “cash only” sign at a mom and pop store? All retailers have to pay a percentage of their profits to credit card companies in order to process in-store credit card payments. Smaller merchants who don't want to take this transaction fee out of their profits might institute a “cash only” policy. Other stores establish an unofficial minimum for credit card purchases or factor the transaction fee into their prices.


    The surcharge proposed by last year’s settlement is supposed to be equal to the cost of processing a credit card transaction, which usually comes out to about 1.5 to 3 percent of the purchase. According to the settlement, merchants can’t charge consumers more than 4 percent. They also won’t be able to add extra fees to debit card transactions, NBC News reports.


    Despite the changes, few merchants seem willing to add to their customers’ costs.


    Read more: http://www.nydailynews.com/news/national/mastercard-visa-users-pay-cards-article-1.1248759#ixzz2J8zmWTBT


    Read more: http://www.nydailynews.com/news/national/mastercard-visa-users-pay-cards-article-1.1248759#ixzz2J8zeZNDO
     
  7. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Anyone have a list of States that cannot charge this fee? Bulge.
     
  8. Garry

    Garry Active Member

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    10 U.S. states have surcharging restrictions including California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
     
  9. Garry

    Garry Active Member

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    "if you use a debit card do you get the same purchase protection,as using the credit card?"

    Answer: NO
     
  10. CharlieAMA

    CharlieAMA TS Supporters TS Supporters

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    Postage stamps go up tomorrow to 46 cents.
     
  11. Whortle

    Whortle Member

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    "if you use a debit card do you get the same purchase protection,as using the credit card?

    Answer: NO"

    Depends on the debit card. My credit union provides the same protection on a debit card as well as their credit card. YMMV
     
  12. Johnny

    Johnny Well-Known Member

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    They cannot bill you separately for a "surcharge" so if there is a surcharge in the total don't sign off on it.
     
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