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Charged More For Using Your Credit Card?

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Valued Contributor

Charged More For Using Your Credit Card?

I see this at some gas stations, they have one price that they put up to lure you in and then when you take out your card to pay at the pump, the price for credit is higher. I might be wrong but I think this goes against their agreement with the credit card companys? They aren't supposed to charge more if you use a credit card. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
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EQ - 740 / TU - 748 / EX - 748
7 REPLIES
Frequent Contributor

Re: Charged More For Using Your Credit Card?

Established Contributor

Re: Charged More For Using Your Credit Card?

Purchasing your vehicle license tags or placing over $ 1000. in car repairs or down payment on a new vehicle can result in a surcharge as well in my state. Utility companies call it a convenience fee.

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Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Valued Contributor

Re: Charged More For Using Your Credit Card?

Gasoline  is not a high profit for gas station owner they make a few cents a gallon. The fees on the credit card can cause the station owner to lose money on the transaction. Some station owners are passing that cost on to you.. The fees charged to the owner are percentage of the sale I think in the 3 to 5% or more.

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Frequent Contributor

Re: Charged More For Using Your Credit Card?

A common trend with gas stations nowadays is have their gas price out on the sign, but in very small print it'll say that the price is for cash only, and that the price for credit cards will be 10 cents more per gallon.

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Blogger

Re: Charged More For Using Your Credit Card?


sakhalin070 wrote:

A common trend with gas stations nowadays is have their gas price out on the sign, but in very small print it'll say that the price is for cash only, and that the price for credit cards will be 10 cents more per gallon.


At that surcharge rate, you need at least a 3% cashback from your card to justify paying with a credit card...

Established Contributor

Re: Charged More For Using Your Credit Card?

If CC surcharges become wide spread, then i wonder if debit cards and prepaid cards will start to make a run to customers?

 

Nowadays, debit cards and prepaid cards offer a lot of protections and some banks and CUs have cash back debit cards as well.

 

 

Instead of cash and CCs that have surcharges, i can see more ppl using debit cards and prepaid cards.  especially the unbanked/underbank.

 

 

 

Valued Contributor

Re: Charged More For Using Your Credit Card?

I had my own business and a merchant account for about 15 years. I automatically figured in about 3% for credit card charges. If someone payed cash, then that was great but there was no discount for it. If someone paid with a credit or debit card, then the fees that I incured were already figured in. It should be the same way with gas stations. Most people use credit/debit now.

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748