Credit Card Center Advertiser Disclosure†
01-07-2013 01:43 PM
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.
01-07-2013 09:55 PM
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."
01-10-2013 07:09 AM
I'm sorry, Dadaluma83...you've exceeded the "360 posts within 18 months" myFico posting limit.
There is a $15.00 overpost fee. We regret this is necessary due to bandwidth constraints. Please see the cashier.
Thank you for your patronage!
01-12-2013 01:41 AM
What are the ten states that ban the practice? The article only mentions three of them (CA, NY, and FL).
01-12-2013 02:36 PM
01-28-2013 03:39 PM
So yea , it's officialy here :-( http://money.cnn.com/2013/01/27/pf/checkout-fee/
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.