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Pay Cash -- Avoid New Credit Card Fee!

Discussion in 'News & Current Events' started by Crabtownboy, Jan 25, 2013.

  1. Crabtownboy

    Crabtownboy Well-Known Member
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  2. carpro

    carpro Well-Known Member
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    It also runs afoul of another law that heas been in effect for a long time

    It is illegal to charge more for a credit transaction than it is a cash transaction. Or at least it used to be. It's been a while since I looked into it.

    My guess is that very few merchants will take a chance on this new fee. Customer bad will at the point of sale could be a real problem. Instead they will continue to keep their prices high enough to cover the fee.

    Now just to correct your demonization of credit card companies, it is up to the merchant, even if it is legal.
     
  3. Salty

    Salty 20,000 Posts Club
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    True but the IRS is exempt
     
  4. Mexdeaf

    Mexdeaf New Member

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    Since I live in God's country (Texas) we don't have to worry about it. I only use the charge card because we can get cash back. We always pay it off every month. Last year in only 6 months we got over $200 in cash back.
     
  5. poncho

    poncho Well-Known Member

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    Better be careful when advising others to use cash Crabby. The DHS considers people who pay in cash instead of using credit cards to be terror suspects.

    DHS: Using Cash Not Credit Cards Is Highly Suspicious & Weird

    http://www.youtube.com/watch?v=lolnRc1_3Hk&feature=player_embedded
     
    #5 poncho, Jan 25, 2013
    Last edited by a moderator: Jan 25, 2013
  6. jbh28

    jbh28 Active Member

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    No worries about that in NC as it's illegal to put a surcharge on a CC.
     
  7. Mexdeaf

    Mexdeaf New Member

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    I should add, and we bought only things with the CC that we needed- travel expenses for ministry, food, gas utilities, etc.
     
  8. preachinjesus

    preachinjesus Well-Known Member
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    Yep, we use our Amex for almost everything. We've been getting about $800 back a year. Pay it off every month too.
     
  9. Crabtownboy

    Crabtownboy Well-Known Member
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    I have not used a credit card in more years than I care to think have passed. I either use a debit card or cash.

    What I normally do is to eithe cash a check at my bank, or use an ATM and pay cash for purchases. I have an account with a financial institution that does not charge any fee for using an ATM. Using cash cuts down on purchases. It is very different psychologically in laying down cash and laying down a piece of plastic.

    For those saying extra charges are illegal in their state it should be noted this is not an extra charge, it is a fee. I bet legally there is a difference in the definition of charge and fee. Anyway, I'll be interested to hear from anyone who uses a card Sunday and later to hear if a "swipe fee" was levied. Let all of us know.

    Am I on the DHS list? I don't know and am not concerned. If I am, they msut find me very boring. :laugh:
     
    #9 Crabtownboy, Jan 26, 2013
    Last edited by a moderator: Jan 26, 2013
  10. Oldtimer

    Oldtimer New Member

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  11. Crabtownboy

    Crabtownboy Well-Known Member
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    A surcharge is defined as:

    an additional charge, tax, or cost.


    One definition of fee:

    a sum paid or charged for a privilege

    The fee is for the use of a credit card is called a "swipe fee." You are being charged a fee for the privilege of using your card. I expect that would be one defense by the industry. It is not an additional charge for the product. It is a fee for the right to use you card. That is my guess.

    It is rather like the congress saying they did not raise taxes when they increased a fee. Technically that is correct. But the money still comes out of our pockets.

     
  12. carpro

    carpro Well-Known Member
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    It would make sense to, and merchants in the lawsuit have said they would, cut prices because they no longer have to pay the credit card swipe fees.

    Anyone wanna place any bets on that one? :smilewinkgrin:
     
  13. carpro

    carpro Well-Known Member
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    I don't use a credit card very often, but it is likely that the first time I am charged and I know the merchandise I am purchasing has not been reduced in price, I will likely leave it on the counter and walk away.

    It's also not likely I will return to that store until I have nowhere else to go that doesn't charge a surcharge for credit card usage.
     
  14. InTheLight

    InTheLight Well-Known Member
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    I would be very surprised if any stores tried to tack on a surcharge to cover the credit card transaction cost. Sellers have been paying this fee for as long as there have been credit cards. It's a normal cost of doing business with credit cards.
     
  15. Salty

    Salty 20,000 Posts Club
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  16. Oldtimer

    Oldtimer New Member

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