Colorado looks to reverse law outlawing credit card surcharges

[Brian_Earl_Spilner]

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@gdale6 wrote:

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

Sounds like they're aligning with just about every other state in the country. 

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Yep, caring more about businesses than people. It was bound to happen as CO becomes new CA. 

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That's one way to look at it. Another is, by being able to pass those fees along, small business have a better chance at surviving, which means they can stay open and keep all of their employees working.

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Raise your prices then. If 2% is the difference between failure and success the business has bigger problems.

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Well, during the pandemic businesses were having a problem staying open as is, forget an additional 2% handicap.

Also a bit ironic seeing how many people on this forum nickel and dime their rewards percentages over literally pocket change.

[iced]

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@Anonymous wrote:

Okay, but we are now in a generation where everything is being done digitally. And there is a large movement for cashless society especially given recent situations, so how do these merchants conduct business in this new world of electronic Money?  It's no longer a choice of cash or the "other" options if they too have to accept digital Money. Are they still going to charge the fee since cash is no longer allowed as an option, and all people have is a debit or Credit Card?   I for one am not allowing every corner market access to my checking account for payment.

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Most vendors already are charging these fees, they're just rolled into the cost of goods. In effect, people paying cash have been paying a card surchage for years even though they are using cash. You could look at this sort of line-item effort as a way to not charge cash buyers that card surcharge. For everyone else, it's business as usual.

If you're asking if banks are still going to charge merchant fees, well...yes. It's how many banks make their money on CC usage as interest is unreliable (and many of the most frequent card users never pay a cent in interest, so merchant fees makes up for that revenue).

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[MakingProgress]

While my state allows surcharges on credit card purchases, but  it is rare to actually see one on normal everyday purchases. 

I have seen them at the DMV for fees, on paying college tuitition, rent, on large dollar purchases such as paying for a new roof, and my utility companies.  So they are easy to avoid if you don't want to pay the surcharge, but sometimes it is worth it for the convience.