Adding Surcharges to Credit Card Purchases

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So how is it unfair to charge you more when you cost them more?
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dadiOH
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On Wednesday, October 23, 2013 2:45:58 PM UTC-4, = wrote:

So, instead they raise the price of gas 5 cents, you happy now? Why should those paying cash help pay for the cost of your credit card usage? How is that fair? This is just another example of a dumb, feel good law.

Do you understand economics 101?
They had their "meeting". You pass a law saying they can't charge differently for credit card purchases, even though the use of a credit card adds to their cost for that purchase. So, they raised the price of gas for everyone 5 cents. If it were me, I'd raise it 10 cents, to more than make up for you screwing with our private businesses. Happy now? All you're doing is making everyone pay for the fact that YOU want to use a credit card. What's next? You want to cash customers to pay for the interest on your credit card too?
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On Wed, 23 Oct 2013 10:26:27 -0700 (PDT), bill snipped-for-privacy@yahoo.com wrote:

<snip>
Isn't that what the OP said?
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On 10/23/2013 11:10 AM, Guv Bob wrote:

In the land of the free, and the home of the brave, why does the government regulate every aspect of our lives and finances?
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Christopher A. Young
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On Wed, 23 Oct 2013 18:00:26 -0400, Stormin Mormon

Because they can.
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It is not government directly regulating in this case. Without lobbying by the credit card industry, those states would never have passed these so-called "consumer protection" laws. These laws benefit the card companies, in effect making cash customers subsidize the card companies and their card holders.
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There are no stupid questions, but there are lots of stupid answers.

Larry W. - Baltimore Maryland - lwasserm(a)sdf. lonestar. org
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Larry W wrote:

Hi, Up here there is no more surcharge on card use at retailers. Some did and some didn't in the past. I avoided ones who surcharged. In some cases cash is useless. Cash is not welcome. And also we abolished pennies in cash x-action. On credit card or debit, we count pennies yet.
After retiring from our professional career, we have been running health food stores to keep us busy. Now personal check almost extinct. Mostly they use debit cards and Visa, MC in that order. We don't accept Amex, the service charge is a killer. We pay all our suppliers with credit card. No one surcharges. We collect points.
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<stuff snipped>

companies,

http://en.wikipedia.org/wiki/Marquette_Nat._Bank_of_Minneapolis_v._First_of_Omaha_Service_Corp.
Bingo! Same thing with state usury laws. The banks lobbied for and got exemptions from laws that stood between them and profits. In many cases, the lobbyists even wrote the proposed legistlation they wanted passed, word for word. Credit card companies got a lot of exemptions passed early on to promote the use of credit cards. Guess what? Those "promotional exemptions" never disappeared, even when the credit card companies no longer had to worry about the idea of credit cards taking off.
http://en.wikipedia.org/wiki/Marquette_Nat._Bank_of_Minneapolis_v._First_of_Omaha_Service_Corp.
<<The case has been called one of the most important of the late 20th century, since it freed nationally chartered banks to offer credit cards to anyone in the U.S. they deemed qualified, and more specifically because it allowed them to export interest rates to states with stricter regulations, opening up a race to the bottom between U.S. states in an effort to attract lending institutions to set up shop in their states. Over the next decade, the states accelerated a process that had already begun of repealing or loosening their anti-usury laws, allowing state-chartered banks to compete more equally with national ones. As a result, the use of credit cards has vastly increased, and since the mortgage industry soon followed suit, the issuance of subprime mortgages also increased drastically, facilitating the housing bubble that led to the 2008 housing crisis.[1>>
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Bobby G.



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On 10/23/2013 10:10 AM, Guv Bob wrote:

(snipped)
We own a retail business in Iowa and we have a sign that states that we charge a 3% service charge for credit cards. It is amazing that once people see the sign money find another way to pay for it (usually a check). Of course there are some that would a 10% surcharge or more because they do everything on credit until it catches up with them.
Don
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