exactly
i stopped taking them when the fees were more than my overhead for the shop. i literally could have opened another location for what i (no spent) lost due to processing fees...
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Gun stores have long charged for CC use but now restaurants?
- Thread starter palmettomoon
- Start date
i stopped taking them when the fees were more than my overhead for the shop. i literally could have opened another location for what i (no spent) lost due to processing fees...
Yeah. Except lately I’ve ran in to a few places won’t take cash !
Most people using a card do it to stretch the cost / payment out so / because they can’t pay for it right of way. Their own little financing. Personally , I have no credit cards anymore. If I want something , I better have the cash.
If you get riled by creeping bits of inflation like cc charges just wait until inflation really sets in and can't be hidden behind the nickle and dime mask.
yes
but in many cases its just easier for them to swipe. if you cant afford to have it/do it and you need to fiance it,dont get upset when you pay a little more for the option. most card are 17 to 28+% so an extra 5% on the original purchase should be no big deal...
i have some cards and understand using them means i pay more for a product. but i dont think its fair to charge the people i am buying from as well...
CC fees have always been around, most places just built the cost into their products to absorb the cost. Credit Card companies charged them 2% processing fees. I believe in 2018 laws for credit card charges changed forcing companies to be transparent. Ten states prohibit credit card surcharges and convenience fees: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas. Everywhere else the max they can charge is 4%.
Credit card convenience fees can be charged when a merchant offers an alternative payment method that's different from how they usually accept payment (example: Paypal or Bitcoin). BUT then there's restriction by card type on who can charge those fees. For example, only select government agencies and educational institutions can charge credit card convenience fees to Mastercards. And for American Express, only government agencies, educational institutions, utility companies and rental establishments can charge credit card convenience fees.
Credit card convenience fees can be charged when a merchant offers an alternative payment method that's different from how they usually accept payment (example: Paypal or Bitcoin). BUT then there's restriction by card type on who can charge those fees. For example, only select government agencies and educational institutions can charge credit card convenience fees to Mastercards. And for American Express, only government agencies, educational institutions, utility companies and rental establishments can charge credit card convenience fees.
CC fees have always been around, most places just built the cost into their products to absorb the cost. Credit Card companies charged them 2% processing fees. I believe in 2018 laws for credit card charges changed forcing companies to be transparent. Ten states prohibit credit card surcharges and convenience fees: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas. Everywhere else the max they can charge is 4%.
Credit card convenience fees can be charged when a merchant offers an alternative payment method that's different from how they usually accept payment (example: Paypal or Bitcoin). BUT then there's restriction by card type on who can charge those fees. For example, only select government agencies and educational institutions can charge credit card convenience fees to Mastercards. And for American Express, only government agencies, educational institutions, utility companies and rental establishments can charge credit card convenience fees.
That's where the inflation is hiding. That cost has already been built into the goods we buy these days in most cases. Now we are getting charged the percentage again. Is what it is. Not going away. Actually gonna get a whole lot worse before it we have even a chance at making it better.
It's not just a %, there's a per-transaction fee + the %
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