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@bs6054 wrote:
@FutureBillionaire wrote:Rewards may improve so that consumers will keep using the cards so Visa and the others can keep their revenue stream where it is now.
That would be interesting. I guess for cash back rewards, the calculation is easy (2.5% surcharge, but I get 4% back), but for some rewards programs, much harder to evaluate
That would be good as I always use credit. I don't carry any debit card at all or much cash. People I work with can't understand like with out debit cards and I could not understand life with out credit cards! I can't be charged a surcharge as I live in FL as of now.
I have a small business. We get what I am told is a pretty good rate for accepting credit cards. We process through our local bank who we have a good relationship with. Our fees average 1 1/2 to 2 % of the sale. We are charged the higher percentages when rewards cards are used. These fees amount to between $400 and $800 a month. Not a small sum but not enough to make me stop accepting them or risk alienating customers by charging them a fee, either. It's a cost of doing business. There is a list of the charges on the monthly statement that categorizes the transactions into about thirty different tiers. I would have no way of knowing (by looking) what type card fee I will be charged for a particular card and the machine doesn't tell me, either.
I'll start shopping elsewhere then
+1
The following states prohibit surcharges for credit card use:
Gosh, everytime i visit visa's website my computer slows to crawl. MC doesn't do this me. Only Visa. Another plus for MC.
Yeah, i think that every business, small, med, large, will want to take advantage of the new surcharge rules. So my guess is that surcharges will be part of the normal business practices.
Kinda funny that this rule would encourage ppl to pay cash (or use cash forms like debit). You normally see the businesses encouraging consumers to use credit. Funny shift in attitude.
@ccnewcc wrote:Gosh, everytime i visit visa's website my computer slows to crawl. MC doesn't do this me. Only Visa. Another plus for MC.
Yeah, i think that every business, small, med, large, will want to take advantage of the new surcharge rules. So my guess is that surcharges will be part of the normal business practices.
Kinda funny that this rule would encourage ppl to pay cash (or use cash forms like debit). You normally see the businesses encouraging consumers to use credit. Funny shift in attitude.
It's a little less clear cut. Some big retailer organizations are against the settlement, seeing it as a way for the credit card companies to keep their large swipe fees, and to be able to put the blame on retailers if they start surcharging. And then competitive pressures will at least slow surcharging. Businesses are already eating the charge/have already added it to the price (depending who you listen to) so surcharging isn't "needed". So if your competitors chose not to, it would be hard for you to surcharge.
Businesses don't like credit cards over much because of the swipe fee, and slow settlements. Cash obviously has costs associated with it, but for some businesses, less than paying high fees to Visa/Amex/MC.