⚠ Retailers call out Visa and Mastercard for fee hikes that could make inflation worse

kmiklas

kmiklas

Brethren: BEWARE SWIPE FEES!!! Be sure to ASK for the CC use fee!!!

My dentist just added a 3% fee for Credit Card payments, saying that their merchant service provider raised it to 6%. Also, a friend went to a restaurant that charged ten percent (10%) on a credit card payment!

Looks like we're going back to checks, or ca$h. (Cash is king, you all know that, right?)

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https://www.cnn.com/2022/05/18/economy/credit-card-swipe-fees-inflation/index.html
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San FranciscoCNN Business —
Consumers could soon see even higher prices at some stores, after credit card giants Visa and Mastercard raised their “swipe fees” – generating an additional cost that some retailers could be forced to pass on to their customers.

Last month, the two credit card companies raised someof their interchange rates, or fees that merchants pay with each credit or debit card transaction. These so-called “swipe fees” are then paid to the bank that issues the card but are largely invisible to the consumer. However, some retailers claim that the added fees will force them to raise prices or stop accepting certain credit cards altogether.

Thechanges to interchange rates – whichalsoinclude some decreases, such as certain transactions under $5, the credit card companies said – were meant to go into effect in April 2020, but were postponed due to the pandemic.
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kmiklas said:
Brethren: BEWARE SWIPE FEES!!! Be sure to ASK for the CC use fee!!!

My dentist just added a 3% fee for Credit Card payments, saying that their merchant service provider raised it to 6%. Also, a friend went to a restaurant that charged ten percent (10%) on a credit card payment!

Looks like we're going back to checks, or ca$h. (Cash is king, you all know that, right?)

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https://www.cnn.com/2022/05/18/economy/credit-card-swipe-fees-inflation/index.html
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Dude, have you heard of ACH? Or P2P payments like GooglePay (or even Zelle, although that's somewhat riddled with problems)?
 
I believe these charges were made illegal here in europe in 2018.
You cant be charged any extra if you pay with a credit or debit card vs paying with cash.
 
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Geezus. And I remember outrage at 2-3%.

It's been rumored that credit-cards are a dead-end tech due to the rise of crypto and other payment systems swooming in to compete.

Now I am pretty sure I won't bother looking for CC stocks even on a fire-sale.
 
That is a lot...
It's around 1
kmiklas said:
Brethren: BEWARE SWIPE FEES!!! Be sure to ASK for the CC use fee!!!

My dentist just added a 3% fee for Credit Card payments, saying that their merchant service provider raised it to 6%. Also, a friend went to a restaurant that charged ten percent (10%) on a credit card payment!

Looks like we're going back to checks, or ca$h. (Cash is king, you all know that, right?)

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https://www.cnn.com/2022/05/18/economy/credit-card-swipe-fees-inflation/index.html
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I don't believe those percentages.

They are either being scammed by the providers or scamming their customers to discourage them from using cards.

Cash is king.... and leaves no trace.
 
Millionaire said:
I believe these charges were made illegal here in europe in 2018.
You cant be charged any extra if you pay with a credit or debit card vs paying with cash.
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In the US, they are against the contracts that the merchants sign with the credit card companies but not illegal in the eyes of the US government as it’s a transaction cost that is being passed along.
 
I guess since they can no longer get processing fees from the Rooskies, the West has to now brunt the extra cost in fees-- just like with everything else that was supposed to stop the war, but doesn't. :D
 
Scataphagos said:
"Crypto-dreamers" might hope. Nothing is "ready for prime time" to supplant CCs.
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Crypto payments are orders of magnitude faster than credit cards, so I'm not sure where you're coming from with that statement.
 
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