wallets

[Hauldren Collider]

uhm, I don't know about you, but I have never been charged a higher amount of money for paying by CC

that might be illegal, in fact

though, i suspect that varies by state

It's not a law. Credit cards negotiate with merchants. If the merchants charge more for credit cards than cash, Visa, MasterCard, AmEx, etc won't let them use their cards, which effectively makes it impossible for any large business to make money. So they charge the same regardless of payment type.

[Sava]

Sometimes cash is a little more convenient, like if you're splitting a bill, or using a vending machine, or it's a small purchase under the minimum required to use a credit card, or you're paying a friend back...all sorts of reasons...?

Bill splits can be done with CC. I can't remember the last time I've even seen a vending machine that didn't sell cigarettes, tampons or condoms. I rarely make small purchases when I go shopping. I don't (and would never) lend friends money for any reason whatsoever.

[-Jrabbit]

In general, we all pay a bit more to cover the cost of credit cards. Any fee to load your debit card is a pointless expense. And it's perfectly legal for businesses to offer a discount for cash (not to mention minimum purchase amounts).

Also, cash users are never inconvenienced by hackers, evil underpaid cashiers snagging their card info, or "the network is down."

[rah]

Unless a merchant is giving you a discount for cash, he's the one paying the juice, which you get a slice back in rewards.

And it's harder for someone to hack your credit cards if you mostly use cash.
I even heard that as a tip to protect yourself from a cyber expert in a news report. For some reason i had to chuckle.

Slight x-post

[Sava]

It's not a law.

Not that I'm disputing the rest of what you said, but you speak with a certainty about subjects where you have zero (or near zero) life experience, training, skill set, experience, education, knowledge, or industry contacts. Most of what you say is wrong. I find this out with simple google searches all the time.

Many consumers can relate to the frustration of having to pay an additional fee when using a credit card. The precious cash back or rewards that you'll earn are negated by that extra cost. Some merchants charge such a convenience fee, while others do not, which leads consumers to wonder what justifies such a practice.

Q: There is a local nail salon that I frequently visit, and I usually have cash on hand. But, this one time, I had to use a credit card and I discovered that the salon added a $1 convenience fee to the $15 charge. Can they do that? I don't see my local drugstore do something like this for a small amount.

- Bonnie S.

A: Technically, convenience fees are applied when a consumer uses an alternative payment channel. For instance, a college student or parent may face a convenience fee when using a debit or credit card to pay a tuition bill online or by telephone (as opposed to mailing in a check).

A convenience fee is different from a surcharge, which is an added charge for the privilege of using a credit card, instead of a debit card or cash.

When a small mom-and-pop shop slaps on a small "convenience fee" for an in-store purchase with a credit card, it is likely confusing the term for a surcharge. Under a 2012 ruling, merchants cannot impose a credit card surcharge of more than 4 percent of the transaction.

A flat $1 surcharge would be illegal on a $15 purchase since it exceeds the maximum surcharge limit of 4 percent. Also, credit card surcharges are prohibited in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

However, merchants are allowed to provide discounts for payments in cash, which is commonly seen at gas stations. The rule is that they must display prices for both credit card and cash payments together.

If the salon has presented a price list for the two different payment methods, it followed the rules. If it didn't, that "convenience fee" should not be allowed.

Credit card networks tell consumers to report businesses that impose illegal surcharges to their state's attorney general.

Simon Zhen (@SimonZhen) is a writer for MyBankTracker.com.

Under a 2012 ruling, merchants cannot impose a credit card surcharge of more than 4 percent of the transaction.

http://www.huffingtonpost.com/mybanktracker/that-credit-card-convenie_b_4956839.html

Reuters) - Retailers in 40 U.S. states can now charge up to 4 percent extra when consumers pay for goods and services with a credit card.

These so-called "checkout fees" went into effect January 27, and do not apply to debit card payments. The fees are illegal in California, New York, Texas and seven other states.

It is up to individual businesses to decide whether or not to add the fee. They also need to disclose it to consumers.

The surcharge is the result of the biggest anti-trust settlement in U.S. history. In 2005, a group of merchants claimed that MasterCard, Visa, and nine other companies including JP Morgan Chase & Co conspired to fix the fees that stores pay to accept credit card purchases.

After years of negotiations the case, which was in the U.S. District Court for the Eastern District of New York, settled. The credit card companies and banks agreed to pay $6 billion to the merchants who sued.

As part of the settlement, the merchants are allowed to charge customers a fee equal to the cost of accepting cards, typically 1.5 percent to 3 percent of the purchase price.

"While it is legal to charge extra, there are still limitations," said Kathy Li, the San Francisco director of Consumer Action, a consumer advocacy agency. "For example, what kind of cards can be charged? What cards can't be charged?"

To avoid the surcharge, consumers can pay with cash or debit cards. And when shopping online, "there's always PayPal or other electronic payment options that can't charge extra," said Li.

http://www.reuters.com/article/2013/01/28/us-creditcard-settlement-fees-idUSBRE90R14U20130128

I can't believe you aren't a fast food employee. Honestly.

[Sava]

but as usual, don't get butthurt because you are cool and I like you

[rah]

Most major retailers do not impose the surcharge.
I can't remember the last time I had to pay it. (but again I use cash a lot)

And I really don't recommend using a debit card. If that get's hacked you're screwed.

[Sava]

And I really don't recommend using a debit card. If that get's hacked you're screwed.

yes

things may have changed since i haven't used debit in a very long time, but my experience has been that if you have some sort of dispute, that money is gone... there's no recourse

for instance, say you order something off of ebay like me... this was maybe 10ish years ago... but anyways, you order something and the seller never sends the item. i bought a hard drive to install in my ps2. seller never sent item. abandoned his account.

i paid through paypal using a debit. paypal said they couldn't do anything. ebay said they couldn't do anything. i talked directly to the manager of my local bank. he said they couldn't do anything. i called local law enforcement in the guy's town (i was able to identify him*). they said they couldn't do anything.

so yeah, FUCK debit cards

hard

*I briefly considered driving to Florida, where he lived, and... well... having a conversation with this gentleman. Sadly, I didn't feel like taking the time, expending the energy, and spending even more money. besides, i still wouldn't have a hard drive.

[rah]

I only wish my my ATM card didn't double as a debit card or I wouldn't ever even own/carry one.

And for my paypal account I move money into it and it's not linked to a debit card so they handle it differently.

[Sava]

I only wish my my ATM card didn't double as a debit card or I wouldn't ever even own/carry one.

And for my paypal account I move money into it and it's not linked to a debit card so they handle it differently.

Ahh. Well. The experience left me with such resentment. I refuse to use payal... occasionally, some indie game will require it. but i think they've separated it from the website a bit. i recall you could pay by CC but had to have an account still. mine is active, so i'm still able to use it.

Yeah. My atm card is also a debit. However, since my last card expired, i haven't activated the new one since i've not been to an atm since.

[Sava]

since

haha stoned

[rah]

I only keep about 50 bucks in my account there. I use it quite infrequently but I consider it pretty safe, since even if they hack it all they get is the 50 bucks.

[Hauldren Collider]

Credit cards are honestly pretty secure. If you see a charge you don't recognize, you can dispute it fairly easily. Even if the number gets stolen, banks are pretty good at figuring out what's legit and what isn't.

[Hauldren Collider]

Debit cards are good for people who have terrible credit due to things like personal bankruptcy. But in general credit cards are better from a consumer standpoint, as long as you actually don't go into any ****ing debt over it. Seriously if you don't pay off your entire credit bill every month you're a goddamn moron.

If you have no self control whatsoever (many people don't) a debit card might be better since it's harder to fool yourself into saying "oh yeah i'll get a windfall and pay it all back later nbd"

Of course people who make the minimum payment every month are where the banks make all their money...but it's not like they didn't know what they were getting into.

[Main_Brain]

I mainly use my Wallet to draw attention to my Behind