Last week's anti-trust settlement between the credit card companies and major retailers over so-called swipe fees could mean higher prices for consumers who choose to pay with plastic.
We could conceivably see a two-tiered pricing system in stores: one price for customers paying with cash and a higher price for those paying with credit.
How much is using your credit card worth to you?
If you had to pay more for your purchases would you still use it?
Or would you switch to cash?
Please leave your thoughts in the comments section below.
Comments
Nice expose! You've shared a
Wed, 11/28/2012 - 02:47 — jeshonliiNice expose! You've shared a terrific info about the use debit cards. It is really a matter of thought that how much we pay for our credit cards at all. Thanks sharing such an important topic over here. keep it up!!!!
http://www.nationalprocessing.com/
As a business owner...
Thu, 07/19/2012 - 14:40 — fbogusAs a business owner, I would finally consider accepting credit cards. I don't currently as the credit card companies do not allow me to charge different rates for CC users and I can't afford to pay the merchants' fees. Very simply, I would pass along the merchant fees to the customer. If it's worth it to them, fine, I don't make any more money, I just make what I normally make. If it's not worth it to them, fine with me also. I'll just invoice as usual. I see no need to subsidize my customers' use of CC's.
As a consumer, I'm not quite as thrilled.
I will pull out my check book if I have to!
Thu, 07/19/2012 - 12:57 — AlisabefThe credit card companies are getting too greedy in the fees they charge stores and so the stores have no choice but to pass the fees on to us and if we in turn stop using them then the credit card companies will have to back down. I will pull out my check book if I have to!
..
Thu, 07/19/2012 - 12:55 — claire7676..
It would depend...
Thu, 07/19/2012 - 12:49 — claire7676It would depend on the type and amount of purchase. The issue for me would be that you are much more protected against fraud & identity theft with a credit card than with a debit card. And many credit cards have lots of benefits for the purchases made (i.e. consumer protection, return coverage, etc). So for online purchases and any major purchases (appliances, computers, etc), I would probably still use credit cards for those benefits. But I would probably drastically raise the minimum amount I charge to my credit cards (I am guilty of charging $5 purchases) and either use my debit card more or carry more cash.
if my card bonus remains the same....
Wed, 07/18/2012 - 20:30 — noodlewIf I continue to receive FREE Hampton Inn stays with my current credit card then I'd certainly stick with my current method of payment for most items.
a shock to me...!!
Wed, 07/18/2012 - 14:27 — sharonmunoz20003Amy, this post was a shock to me!! I read the article in the link and still have some qustions...When is becoming effective in NC? which stores?
Thinkig possitively, we are going to use the money we have and prevent to be in debt.
The bad side is that alot of anybody bills are automatically paid wih my credit cards....
Hey Sharon.....From what I
Wed, 07/18/2012 - 14:39 — AmyDunn (author)Hey Sharon.....From what I understand, the settlement still has to be approved by the judge. And then it will be up to retailers to decide if they want to pass fees onto customers. They will risk alienation so it's a tight rope for them. I'm certain there will be plenty more written about this so stay tuned.
I generally use my debit
Wed, 07/18/2012 - 13:21 — joshjenalexI generally use my debit card, but it looks like merchants would be able to charge fees on the use of those cards too. The card companies are overcharging on those swipe fees and we all eventually pay for that in the prices. But on the other hand, I'm not going to walk around with hundreds of dollars in cash for shopping, and I don't think the retailers want to either lose business over this, or switch to a model that leaves them a target for robbers and makes them go to the bank all the time to deposit their cash. Plastic is a convenience for everyone. I think a reasonable solution might be to set a floor, like some small businesses do, on the charge amount for plastic, such as $10, and anything charged below that would be assessed an additional fee.