Paying With a Credit Card? That’s Going to Cost You.

[ATCclears]

This is not new on many firearm-related shopping sites or stores. Expect to see more of it beyond firearms.

Paying With a Credit Card? That’s Going to Cost You.

More small businesses—and even some larger ones—are charging shoppers a fee for credit-card purchases or offering them discounts when they pay with debit cards, cash or checks.

www.wsj.com

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[CamoDeafie]

Yeah. I'm not surprised at all. The credit companies charges high fees to businesses because the credit companies have to eat the costs of returning money stolen through fraud and id thefts... whereas banks can choose not to return the money unless the account owner proves that they were the victims.

 

[Labradorian]

Wades had a 'pay by check for 3% less' sign 20 years ago. So there's nothing new about this.

As a business owner, small or otherwise, all cost of business (COB) are passed along. You don't expect something for free do you?

ETA: I bought a trailer last week and got 3% off with a check.

 

[bigbearbear]

This is nothing new, when I ordered a Benelli shotgun online, they told me I'll get a small discount if I pay by check so I did. Some gas stations (76 primarily) also advertise lower priced gas if you pay with cash.

Cash/credit cards, they're all financial instruments and just like guns, you use whatever is available and most convenient.

 

[Longwalkhome]

Figure it out. My credit card company charges $120 fee to be a member and 18% on any balance not paid. They get 4% of every purchase you make from the store and if it's a small business they charge to keep track of cc purchases.

I use a cc but pay the balance off as it comes in. The cash back is enough to cover the fee every year but the store still gets stuck paying 4%+ to the cc.

Cash will save us from what's comming if folks would just use it.

 

[Alexx1401]

I have always been all for this. Since the merchant has to pay why should those who want to pay cash have to pay? It is amazing to me how many people literally scream and get over the top angry about this. As if they have a "right" to pay with plastic and others pay for it. Want to pay with plastic? Great, you should cover the fee, not the people who are willing to pay cash. There will be a LOT of stuff I will still use plastic on for the protection. For other stuff I will be glad to pay cash if I get a discount making it worth it.

 

[Dungannon]

This should have always been the case. You don't have to be a conspiracy nut to realize digital finances is the best thing that happened to government spying on its citizens. And to echo some others here, why should those who pay in cash or with a check subsidize the credit card users?

When I was first married, the wife and I didn't have any credit cards. We reluctantly got one because so many stores were asking for identification besides our drivers license. When asked what sort of identification would be accepted, the most frequent response was 'a credit card.' We were dumbfounded that anyone would consider a credit card 'identification.'

What is semi-hilarious is when a power outage brings some businesses to a standstill. They don't even have a alternative to digital transactions.

 

[ma96782]

Personally......I love my double cash back credit card.

Aloha, Mark

 

[albin25]

Maybe if the credit card companies would stop with all their expensive give-away marketing crap and charge interest that was reflective of their costs, and annual fees based on credit ratings, they could make their merchant fees less punishing or zero.
Remember when having a credit card was something to be proud of, a sign that you "made it", you were someone with "substance".


Now, it just means you're breathing.

 

[Mikej]

Credit card have a yearly fee? The yearly fee gets paid back with their "Money Back On every Purchase!"? :Head Shake:

 

[Alexx1401]

Credit card have a yearly fee? The yearly fee gets paid back with their "Money Back On every Purchase!"? :Head Shake:

I have heard of this but last one I had that did this was Amex and it was LONG ago. I have heard that Black Card of theirs has a VERY large yearly fee but, it seems to be aimed at people who would not care. Have to "guess" most who are paying a fee yearly to have the card do not have real good credit. Unless there is some "perk" they offer to make it worth the fee? Seems like if the holder of the card has good credit and the card with a fee does not offer some perk the person feels will be more than the fee, they would just get one of the free ones.

 

[Flopsweat]

Yeah. I'm not surprised at all. The credit companies charges high fees to businesses because the credit companies have to eat the costs of returning money stolen through fraud and id thefts... whereas banks can choose not to return the money unless the account owner proves that they were the victims.

My debit card has protection, but I'm with a credit union, so maybe that's different.

 

[Alexx1401]

My debit card has protection, but I'm with a credit union, so maybe that's different.

I have not kept up with this but, quite a while back I know many banks on their own decided to give protection to Debit Card holders. At first when the Debit Cards hit they had nothing. A lot of people got "taken" only to find out the bank said "sucks to be you" kind of thing. So many complained that Congress was making noise about more regulation. So banks started to on their own offer some of the protections built into Credit Cards. Since I never use a debit card for anything unless I use an ATM have not paid any attention since. Anyone using a Debit Card would be wise to check with their bank and see in writing exactly what protections they have. Lot of people found out the hard way when they did not. Someone could wipe out the checking account the card was tied to. The account holder "may" get that money back but, when? To some a sudden draining of their account was a huge deal even if it was short term.

 

[ATCclears]

I concur with @Alexx1401

In Canada there have been strong protections/limits for debit-card usage. I don't think similar was ever mandated in the US. I rarely use a debit card and instead favor a credit card for the additional protections/limits.