@thom02099 wrote:
@Cleanmachine wrote:It should be noted that this FEE is a charge from the Merchant, not the credit card companies.
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,
Credit card surcharges are illegal in some states, ABC News reports. The surcharges won’t affect consumers making credit card purchases in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
Merchants who want to start charging extra have to take a couple of steps to warn consumers about the change. They will have to post a sign at their storefront announcing the extra fee. They’ll also have to disclose the fee at the checkout counter and on the receipt, according to the EPC.
Some of the country’s largest retailers are holding off on adding a fee to credit card purchases made in their stores. Wal-Mart, Target, Sears, and Home Depot told NBC News that they do not plan on taking advantage of the new rule. Rite Aid doesn’t plan on adding surcharges as well, the Wall Street Journal reports.
Some retailers might still be waiting to see how the case plays out in court. U.S. District Court Judge John Gleeson gave the settlement a tentative okay in November. The National Retail Federation is not a party to the lawsuit, but claims that their members would be negatively affected by the settlement. They plan to challenge the judge’s verdict in court, according to a press release.
A final ruling on this case will be made later this year, meaning modifications to the settlement might surface later on.
In addition to this and other statements, MSN Finance article reported that, if a merchant has businesses in the states that DO NOT allow fees as well as states that do not PROHIBIT fees, the merchant nonetheless will NOT BE ALLOWED TO CHARGE A FEE!! They have to be consistent across their stores, they cannot charge a fee where prohibited but charge where not prohibited.
AMEX is out of the picture, since they have a clause in their merchant agreements that specifically PROHIBIT any sort of fee such as a surcharge.
That makes this lawsuit for the most part without teeth
NFCU FAN CLUB FAN#1
@ryanbush wrote:
@thom02099 wrote:
@ryanbush wrote:
@dodgeball wrote:Charging this fee just might be the death of many stores. Dont see it happening on a large scale
doubtful, 95% of people (guesstimate) use debit or cash now days anyway.... only people who are hard core CC users will notice
Cite your source please. I realise you are stating guestimate, but I strongly disagree. If you are saying the MAJORITY of people use cash or debit cards, then can you cite your source on that? Most of the people I know do not carry cash at all.
Here's an article about the movement to a cashless society, where it is stated that only 7% of all transactions in the USA are cash only:
I was just guessing 100%, I'm a typical younger middle class person. I go out to eat for lunch every day with tons of different people in my age group as well as doing activities on the weekend... out of the 20-30 people I would consider my group of friends maybe only one or two other people use credit cards religiously, most use debit.
now I know a lot of big spenders and business owners use credit cards, as well as members of this board (most of us are obsessed with our rewards)
Also in my experience with most middle class americans the majority use debit (these fees are only for CC not Debit)
So again this was just from my experience, I challenge you in your normal day to day activites such as going to starbucks or walmart or your local eatery. just check out what card everyone is paying with, I'm betting 75% will be debit and not credit.... I'm going to start taking a count myself over the next couple weeks
Must be a generational thing ! 
I'm a 60something guy, I used my debit card early on when I was in the rebuilding stage of my credit, but then realised that the only way to get my scores to increase was to use credit wisely. Now, I use my credit cards for everything that I used to use my debit card for...and I mean everything! My debit card rarely gets used. And since I've been using credit cards more frequently, I do become aware of the usage of others. In grocery stores, at pay-at-the-pump gas stations,restaurants, it's almost always plastic that I see flying around! Grocery store seems to be on the of last remaining places where some people still write checks.
Either way, this fee thing seems to be a non-issue as most retailers are not likely to tack it on. And as was pointed out earlier, many retailers have already built in the swipe fee in the cost of the products they are selling.
@thom02099 wrote:
@ryanbush wrote:
@thom02099 wrote:
@ryanbush wrote:
@dodgeball wrote:Charging this fee just might be the death of many stores. Dont see it happening on a large scale
doubtful, 95% of people (guesstimate) use debit or cash now days anyway.... only people who are hard core CC users will notice
Cite your source please. I realise you are stating guestimate, but I strongly disagree. If you are saying the MAJORITY of people use cash or debit cards, then can you cite your source on that? Most of the people I know do not carry cash at all.
Here's an article about the movement to a cashless society, where it is stated that only 7% of all transactions in the USA are cash only:
I was just guessing 100%, I'm a typical younger middle class person. I go out to eat for lunch every day with tons of different people in my age group as well as doing activities on the weekend... out of the 20-30 people I would consider my group of friends maybe only one or two other people use credit cards religiously, most use debit.
now I know a lot of big spenders and business owners use credit cards, as well as members of this board (most of us are obsessed with our rewards)
Also in my experience with most middle class americans the majority use debit (these fees are only for CC not Debit)
So again this was just from my experience, I challenge you in your normal day to day activites such as going to starbucks or walmart or your local eatery. just check out what card everyone is paying with, I'm betting 75% will be debit and not credit.... I'm going to start taking a count myself over the next couple weeks
Must be a generational thing !
Either way, this fee thing seems to be a non-issue as most retailers are not likely to tack it on. And as was pointed out earlier, many retailers have already built in the swipe fee in the cost of the products they are selling.
I agree with you, my debit card hasn't been out of my wallet in almost 6 months now... and I do think it is a generational thing, as most people my age have been taught growing up that credit cards are bad and get you in trouble, most people don't see the benefits as we do.
I also see all the plastic flying around, I just notice a majority of the time it's debit and not credit
I can also see it as dangerous as this world is based on instant gratification and people always want things now as opposed to waiting until they can afford them