Prepare for fees on most credit card transactions

If the effect of this is what I think it will be - that most items will have basically two prices: one for cash, another slightly higher for credit cards - then I think all the talk we hear of cashless societies will be for naught, because my credit cards will become options of last resort at that point.

http://finance.yahoo.com/news/easing-rules-charges-amex-013055665.html

 

I imagine the card companies can remain the consumers' choice by boosting their cash-back bonus program. Either way it costs them money, but this way at least they're still getting pulled out of the wallet. (As a side note, for anybody carrying a revolving and thus interest-charged balance, a 1 percent surcharge isn't going to mean a hill of beans even if it really should).

Sure is convenient to put everything on a credit card, but yeah, I won't be paying extra for that convenience.

 

I would predict in most industries that actually change their pricing in response to this, the credit card price would remain where it is now, it is that the cash price would be cheaper. You, in theory, were always paying for using the card, whether you actually used it or not.

 

I'll still probably keep using my card unless the fee is outrageous. And if my other option is getting cash from an ATM that isn't owned by my bank, which would mean a $2-5 service fee.

Bought something the other night and they charged me 5% for using my card. Turned $13 into $13.65. Wasn't worth leaving and trying to find a nearby ATM that may or may not charge me for using it.

 

That's the way some gas stations already do it.

 

Most gas stations in my town (and most everywhere in this area) charge less if you pay cash.

 

They could literally charge me 10 percent and I'd use my card. I don't carry cash. It's gross, it's dirty and it smells bad.

No thanks.

 

I agree with LTL. The credit cards would just institute 10-15 percent cash back programs.

The only time I use cash is at bars.

 

Is that even LEGAL? It sure as hell ain't up here.

 

As far as I know. This isn't the first -- or 500th -- time I've seen it.

 

The local dollar store (where I buy toiletries, 12-packs of soft drinks and other items I don't want to have to go to the grocery store or WalMart for) charges $1.25 to get cash back on debit card transactions.

 

Sometimes, I'll get cash back when I pay for something using my card. But I've never paid a fee to do so. That's a new one.