There is a new fee out there
By CraftyCorner
@CraftyCorner (5600)
United States
February 7, 2013 11:40pm CST
There is a new fee out there waiting to ravage your pocket book while you are not looking as you innocently use your credit card to make a purchase. It is called a 4% transaction fee for every cent you spend on that piece of plastic.
The assumption we are asked to believe is that merchants absorb a cost for processing our credit cards. If it is so ruinous, why have they done it for those many decades past? Why this surprise jump at our pockets now?
I do suspect it isn't necessarily the merchants after our pocket contents but the banks. Yes, those charming institutions that made an art of book cooking that nearly destroyed not only America's but the globe's economy, then got off with but a pat on the wrist.
I have not had my own credit card nor will I obtain one. I am mistrustful of that plastic. The only plastic I do carry is a debit card. Why do I even though I am rather mistrustful of the bank I use? It is for safety as I am slow moving and lack decent defense due to illness. You can get money back from a stolen debit card by law. Cash? You are left broke or worse. People kill for $50. Besides, a debit reported missing can be followed if it is used.
3 people like this
9 responses
@ryanong (9665)
• Vietnam
8 Feb 13
i don't use any credit card now, all i used currency, so that i can know how much i spent and i can do save whenever shopping thinking is in my mind.
After 1 year, right now i am surprised with the amount saved. It is nice to use credit card since you don't need to bring currency but you may spend too much money a month.
I still have no idea to use credit card, i want to save more money...
2 people like this
@pholli347 (10)
•
10 Apr 16
I also want to wean my self from credit card use age. I now mainly use cash more and more.
1 person likes this
@MarshaMusselman (38865)
• Midland, Michigan
13 Apr 16
@pholli347 I looked to see if you'd written any posts and found you haven't, so I followed you here instead. I just realized this post was written several years ago, did you notice that yourself? It shows the date on each post, under the sharing buttons. If you saw the suggestion on the right when looking at another person's post, it will show the date when it wasn't written this year.
You should write something, a discussion and introduce yourself or write about something else, anything will do within the guidelines of course, so that when you comment on the posts of others, we can pay you a visit too.
@koopharper (7601)
• Canada
8 Feb 13
Retailers have won the right in the US to charge a fee for credit card transactions. For now they have said they will not be charging it. It is not happening now. The door is open for it to happen in the future, but no one is being charged it at this point in time.
2 people like this
@CraftyCorner (5600)
• United States
13 Feb 13
They'll try a sneaky. We need the web hounds to sniff it out.
@lelin1123 (15595)
• Puerto Rico
8 Feb 13
That is unbelievable they get you each and every way they can. I have two active credit cards but I only use one of them. I only use the one online to make purchases and then I pay it off as soon as I receive the stuff I ordered. Are you saying if I go to the store and buy something using my Chase Amazon credit card I will be charged an extra 4%??
1 person likes this
@CraftyCorner (5600)
• United States
13 Feb 13
I don't know, you could do a search for that...
I just use my debit on Amazon.
@randylovesdar (4932)
• United States
8 Feb 13
I had wanted to get a credit card, but now with these ridiculous fees I am afraid to. I think it is terrible that credit card companies can charge people more money. I know that Walmart will not be charging people and I am hoping that other stores that will not charge as well.
1 person likes this
@CraftyCorner (5600)
• United States
13 Feb 13
For now it won't, but the minute it proves unprofitable to absorb the fee you'll get socked.
@triplejazzm51 (1373)
• Philippines
8 Feb 13
Wow! these banks are really taking advantage of their credit card members. This is their sure win business because they charge huge interest and if you cannot pay on time they will charge you for late payment and would verbally harass you. I have credit cards too and i regret so much having them. It anger me whenever i think about it. I have cancelled two already but i still have two active ones but i don't use it anymore. I also plan to close them soon as i have fully paid my debts from them.
I don't also encourage my relatives to get credit cards because it will just make your life miserable. I advice them too borrow money from relatives instead.
2 people like this
@CraftyCorner (5600)
• United States
13 Feb 13
I avoided credit cards like a spray of skunk essence. The skunk being fees to high heaven.
I do use a debit card because it is safer than to have cash on my person because of disability. The fees on any account bite, but credit cards are out and out rackets!
@WildHorses (718)
• United States
8 Feb 13
I'm going to have to keep an eye out for new regulations inserts in the bills when they come in the mail and see if it's included in mine. I use Discover and Capital One.
2 people like this
@CraftyCorner (5600)
• United States
13 Feb 13
An easier way to do it is to go on their websites and do a search for "4% per use" or similar line. It will be on the small print but Cntl+F will hunt it up quickly, so you don't get eye bleed.
@mariaperalta (19073)
• Mexico
8 Feb 13
We dont have that on our cards here in Mexico. Where is that at?
I charge here all the time in my cafe. I then go online and see the charges. We dont get a transaction fee here.
1 person likes this
@MarshaMusselman (38865)
• Midland, Michigan
13 Apr 16
I think you may be misinformed unless your bank provides services for debit cards that most other banks do not, but normally credit cards are insured, but not debit cards. When people's cards, or numbers get used by someone that lifted the the info, or lifted the card itself, usually the individual doesn't get any of that money back, but they can refuse a charge on their credit card if the same thing is done to them.
Where did you hear that people pay 4% for each use? No one is charged for using credit cards at the point of sale or purchase, but if they don't pay their balances in full, that's where they are taken for a ride. Course, the percentage is mush higher then.
Btw, this comment brought to you by Patricia's activity and visit to your post.
@pholli347 (10)
•
10 Apr 16
Thank you for this information about the fees charged on credit card purchases. It seems there is always some hidden coming up on credit cards today, and there are also lawsuits to Chantelle them.
