It costs money when you use a credit card to make purchases. You don't see those costs, but merchants have been watching them closely because merchants pay a fee every time you swipe your card.
Actually, you're really paying the fee -- just not directly. As with other costs of doing business (such as electric bills and employee salaries), swipe fees are built into the prices of everything you buy. Even if you don't use plastic, you're probably paying for everybody else who does.
That all may change as a result of a settlement between card companies and retailers. Going forward, stores will be allowed to pass those swipe fees on to you if you pay with plastic. In the past, merchants were not allowed to do so.
However, it's not likely that these fees will start coming out of the woodwork; it looks like merchants will be cautious about adopting changes, and price adjustments are against the law in some states. Consumers are not likely to react well to new fees, especially if prices in general stay the same. As an alternative, some stores may start offering a discount for cash payments (but again, don't expect to see this overnight).
What does this mean for you? At some point you may be able to pay with cash or check to save a few bucks. However, you'll also want to keep an eye on merchants and make sure they don't double-dip -- if they add fees for credit cards without lowering prices, take your business elsewhere.
Further reading:
- Visa, MasterCard Agree To Let Merchants Add Surcharges To Credit Card Purchases
- Refinancing? Learn About Breakeven and More
No comments:
Post a Comment