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Frequent Contributor
Dadaluma83
Posts: 364
Registered: ‎08-23-2011
0

Credit Card checkout fees on the horizon

So it begins. Mark your calender on this coming Janurary 27 be on the lookout for signs at stores you shop at. This actually doesn't concern me too much as a credit card reward junkie because I have a gut feeling that the free market will make a lot of merchants not want to charge extra. The only place where I would be hurt is if my landlord did this. They only accept payment of rent in person in the office by either credit or debit card. I paid my rent last week and didn't see any signs or announcements that they will be charging so I hope I am in the clear there. If not I would have to get a debit card which I do not want to do, but I would use it to pay rent only.

 

All my other business in grocery stores, restaurants, department stores, etc if one does impose this surcharge which thankfully they are legally required to post a notice on the store entrance, I can just not even enter and go somewhere else since competition in those areas are heavy enough there is bound to be at least one who won't charge the extra credit card fee.

 

If it comes down to it where most places do start surcharging I will be paying in cash. I refuse to use a debit card because I don't want a number linking directly to my checking account to be used everywhere where it can be skimmed, only at the landlord and that would be because I would have no choice because they don't take cash. Elsewhere if I hold up the checkout line counting my bills and coins well too bad.

 

LOL a funny thought what if the merchants by and large really start to like checkout fees, they claim to only want credit card surcharges to recoup processing fee costs but what is to stop them from finding new revenue sources after a while? Will we start having to pay for parking in the close spots at the store? Will we have to pay a shopping cart fee if we need a shopping cart? Remember the airlines claimed they had to implement bag fees because of the rising cost of fuel to recoup costs, then suddenly we find ourselves having to pay a fee to pick a seat now. Banks and airlines, then cell phone companies have been part of the a la carte pricing for a while now, with this checkout fee we could find a la carte pricing in our everyday lives.

 

http://www.ydr.com/business/ci_22301311/some-retailers-may-impose-fee-credit-card-transactions

FICO Scores: TU: 768 (Jan 2012), EQ: 755 (Jan 2012 Lender pull)
Valued Contributor
my-own-fico
Posts: 1,173
Registered: ‎01-05-2010
0

Re: Credit Card checkout fees on the horizon

Ah yes, competition vs regulation. Why is it that people mind being regulated? It was just earlier today I read on obesity that "while most people support nutrition guidelines to help Americans make better choices along with the posting of calorie counts on restaurant menus, nearly six in ten of those surveyed opposed unhealthy food taxes and three-quarters of respondents were against government restrictions on what people can purchase."

TU 04 820 mortgage preapproval middle score
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008
0

Re: Credit Card checkout fees on the horizon

I'm sorry, Dadaluma83...you've exceeded the "360 posts within 18 months" myFico posting limit.

 

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Frequent Contributor
sakhalin070
Posts: 292
Registered: ‎08-28-2012
0

Re: Credit Card checkout fees on the horizon

What are the ten states that ban the practice?  The article only mentions three of them (CA, NY, and FL).

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FICO: TU 781 EX 776 Last App: November 2012
Regular Contributor
awal
Posts: 223
Registered: ‎10-25-2010
0

Re: Credit Card checkout fees on the horizon

I think the 10 states are California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

Starting Scores: 667 EQ 09/2013 | 682 TU08 01/2014 | 685 EX 03/2013(via AMEX App)
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New Member
newbie149
Posts: 3
Registered: ‎11-30-2012
0

Re: Credit Card checkout fees on the horizon

I am glad I live in California  :smileyhappy:

Contributor
Tristate
Posts: 82
Registered: ‎06-02-2012
0

Re: Credit Card checkout fees on the horizon

So yea , it's officialy here :-( http://money.cnn.com/2013/01/27/pf/checkout-fee/


Starting Score: FICO EQ-660 TU-658 07/2012
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