Mastercard and Visa Lawsuit settlement and Retailer Surcharges

[Essence]

Doesn't hurt to voice your comments good or bad to management. If enough people do it, maybe that store will change back.

[trumpet-205]

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@Booner72 wrote:

I just noticed that my little local grocery store is going to charge 25 cents to use the debit or credit card there.  I'm going to find a new local grocery store for my morning coffee and odds and ends.  I wonder if I should tell them how I feel since I spend a good deal there as the month goes by?

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Tell them. In fact debit card swipe fee is capped at 12 cents, so question why a swipe fee of 25 cents.

[mxp114]

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@Anonymous wrote:

So basically if I walk to the front entrance of a store and read they charge extra for credit cards, I keep on walking.

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Terrible news and I will do the same. In fact I keep on walking when I see "cash only" signs.

[CaptKirk]

I suspect this could impact rewards cards in a negatie way. Rewards are going to get smaller if the swipe fees go down.

[trumpet-205]

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@CaptKirk wrote:

I suspect this could impact rewards cards in a negatie way. Rewards are going to get smaller if the swipe fees go down.

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In the case of debit card, most debit card no longer has reward program.

Here however, merchants supposedly want to pass swipe fee on to consumer.

[JusdoNit]

That would be super stinky if they were to do that, but I am noticing that a lot of small businesses are starting to charge customers the costs they pay for us using our cards at their establishment.  Like our local barbershop. Just really smelly business for a society that wants to get away from people carrying cash and writing checks.

[Booner72]

Heard on the radio this morning that it costs businesses 13 percent PER TRANSACTION to use Visa/MC - wish they'd give a 13 percent cash discount - then no one would be using cc's - Paypal is only charging 8% so a lot of small business just go with them.    I had no idea.

[CreditScholar]

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@Booner72 wrote:

Heard on the radio this morning that it costs businesses 13 percent PER TRANSACTION to use Visa/MC - wish they'd give a 13 percent cash discount - then no one would be using cc's - Paypal is only charging 8% so a lot of small business just go with them.    I had no idea.

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Don't believe everything you hear on the radio, since that's not true. You can google the interchange fees for each card type/level, and it's nowhere near 13%.

[trumpet-205]

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@Booner72 wrote:

Heard on the radio this morning that it costs businesses 13 percent PER TRANSACTION to use Visa/MC - wish they'd give a 13 percent cash discount - then no one would be using cc's - Paypal is only charging 8% so a lot of small business just go with them.    I had no idea.

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Radio host lied. No swipe fee would be as high as 13%. Even PayPal charges only 2.9% + $0.30 (5% if transaction volume is $5 or less).

Square at most charges 3.5% for online/phone transaction.