posted on Jan, 28 2013 @ 10:59 AM
It looks like, as a result of some court decision, New Jersey businesses will soon begin charging customers who use a credit card an additional 4% on
their purchases. Like they weren't already getting screwed on the back end by the usurious rates the banks charge them on those cards.
CBS New York
Credit Card Checkout Fees Begin In New Jersey
Using a credit card could be costly in New Jersey starting Sunday, as retailers gain the right to add a checkout fee of 4 percent for credit
As CBS 2’s Alice Gainer reported, the purpose from the merchants’ perspective is to offset the 3 percent swipe fee that the credit card companies
Financial expert Kelli Grant said those businesses hit hard by the 3 percent fee will most likely pass it on to the consumer, “to actually
discourage people from paying credit when they think ideally you should be paying cash.”
The fee applies only to credit cards, not debit or prepaid cards. Retailers must disclose surcharge fees on every receipt – both in-store and online
– and they can offer a discount for cash and check purchases.
The change in surcharges is the result of a settlement following a 2005 lawsuit between a group of retailers and MasterCard, Visa and other financial
The checkout fee is no longer banned in 40 states, but it is still illegal in New York and Connecticut.
I wonder what makes New York and Connecticut so special that they aren't included on this new ruling?
Me, I think this could end up being a good thing. Maybe its the straw that breaks the camel's back and finally gets people to give up their high
interest credit cards and start living within their means.
It also points out how the credit card companies screw everybody with their nickel and dime tactics to squeeze every last dime out of consumers. They
create money from nothing (other than the card holder's promise to repay the debt) and then charge exorbitant interest for this money it cost them
nothing to make and then hit the retailers with a surcharge on top of it.
I'm glad the state is allowing the retailers to be out in the open about what the surcharge is for. If it weren't for this, they would probably have
to jack up their prices on EVERYBODY and make even the non-credit card holders suffer.
Credit card holders are screaming about this new added surcharge and they should be; it only serves to illustrate how much the banks are screwing
everybody over with their greedy policies. Hopefully it will be enough to wake them up enough to retaliate against the banksters and not the poor
retailers who are only trying to stay afloat.