This should make you mad.

[uh_clem]

Click here.

[SHANEA]

Just like the airlines charging for every little thing...

[sleepy]

When I owned a restaurant, I tried to up-charge for credit card usage.  I only did it on large events costing between $3K and $20K, because I was paying at minimum 3.5% processing fee to the credit card company.  Visa/Mastercard threatened legal action and revocation of services if I continued.  Have they changed their ways? 

[RichardM]

I was always taught that it was illegal to charge extra for use of a credit card (government entities excluded), but that you could offer a discount for using cash (or maybe that's just in Texas). I even corrected a car fleet sales manager years ago after he tried to tell me there'd be an additional fee if I used my credit card for the down payment. After talking to his manager and verifying that I indeed was allowed to use my credit card without any additional cost, I maxed out both of my two credit cards for the cash back. Ended up charging $15K on a $17K transaction. Had I planned ahead, I could've bumped up my credit card limits and paid all of it on the cards. Note: I had the cash already available in my bank account from an insurance settlement, so I never paid any interest on the cards.

Lots of local stations (Citgo, primarily) advertize a lower cash price. Usually the signs state such once you get close enough to read the relatively fine print. Conoco/Phillips66 offers a discounted price if you use their gas card (which has no annual fee). That's what I use most of the time. It typically saves 8-10 cents per gallon (on what is usually the cheapest gas in my neighborhood anyway), which is more than the 1% myMasterCard and Discover cards  would give me as cash back. So far I've managed to always pay my full balance on all credit cards.

[Boot Canyon 1 Cougar]

When I owned a restaurant, I tried to up-charge for credit card usage.  I only did it on large events costing between $3K and $20K, because I was paying at minimum 3.5% processing fee to the credit card company.  Visa/Mastercard threatened legal action and revocation of services if I continued.  Have they changed their ways? 

The exceptions now are that the "guv'a'mint" can pass along these charges--but all others are excluded.

The credit card companies are the loan sharks of contemporary society.  Let's see--3.5% from the merchant, + an additional $20-$30 monthly fee from the merchant, + 18% to 30% interest on balances, + $35.00 monthly late charge on a due date that changes each month, + a $25+ overlimit fee, + $25.00 cash advance fee, + Card Issuer can change the terms of your agreement at any time.

Unconscionable!

[presidio]

Click here.

Well, like a lot of other charges these days, the tactics change to prevent the appearance of higher cost to the unwary.

Two things come to mind.

a) the 'victims' are not paying attention to what they are doing.
b) the 'victims' obviously don't know how to vote with their wallet by hitting 'cancel' and driving off.

If people did that you'd see those kinds of attempts diminish as people went to stations that didn't try sneaking in the nickel and dime routine.

[presidio]

When I owned a restaurant, I tried to up-charge for credit card usage.  I only did it on large events costing between $3K and $20K, because I was paying at minimum 3.5% processing fee to the credit card company.  Visa/Mastercard threatened legal action and revocation of services if I continued.  Have they changed their ways? 

The exceptions now are that the "guv'a'mint" can pass along these charges--but all others are excluded.

The credit card companies are the loan sharks of contemporary society.  Let's see--3.5% from the merchant, + an additional $20-$30 monthly fee from the merchant, + 18% to 30% interest on balances, + $35.00 monthly late charge on a due date that changes each month, + a $25+ overlimit fee, + $25.00 cash advance fee, + Card Issuer can change the terms of your agreement at any time.

Unconscionable!

Yes it is, but the solution is to not use credit cards when the money isn't there to pay in full every month and totally avoid finance charges. That people do not do so is why there is such immense credit problems....buy now, maybe pay someday.

Also, never have a credit card that has an annual fee. It's stupid.

[TheWildWestGuy]

If your like me you probably get lots of offers every month for new credit cards - I even get them from companies who's cards I already have (they apparently don't know it).   They send out these offers to every college kid, young adult, and retired person they can find.   They even send what look like checks for you to cash for instant credit.   Read the fine print on these offers sometime (you may need a magnifying glass) and you will see annual % rates at what are clearly rip-off interest rates.  No wonder there is such a credit and debt mess in this country - if I can charge people 20-23% or more + "fees"  I can afford to take a lot of risk on people who don't have the funds or responsibility to handle money well.  History has shown that you cannot rely on the population to self-regulate and the government is not going to do anything about it either.  People complain about high gas prices but then they use their credit cards to pay for the gas and the credit card companies stick it to them as well.   I remember the "old days" when you only had 3 choices for gas payments 1-Cash 2-Travelers Checks 3- Oil Company credit card for that particular station.  Now it seems you can charge almost anything almost everywhere... TWWG

[SHANEA]

I pay my credit card bill via. electronic banking.  Sams Club tried to hit me with a huge late fee last month - even though the electronic banking went on the day before it was due.  They "said" it didn't arrive in time for their "posting".  I got the charge removed.   I like how they play the game of making the due dates on everything a Saturday, Sunday or holiday.  Thus, getting their money earlier.  Doh - like their computer system can't compute that a due date is a non working day...    Have you noticed that you are getting notices that "you haven't paid your bill yet - yet, the bill isn't due for 10-14 days?"  ATT, Mastercard, etc. are all clogging my email box with notices that "it's 10 days until your due date and we still haven't received your payment". 

[bdhawk133]

This is why I follow the Dave Ramsey philosophy.......an d have been credit card and credit card debt free for 3 years now! I will never own another piece of plastic. If I can't pay cash for it, then I don't need it . Nuff sayd!!

[presidio]

You guys that are getting frequent offers and dunning notices need to visit the junk mail web site where you can begin to choke off this stuff. I have done so and the only thing I can't seem to get cut off completely is the aggravating AARP crap, but even it only shows up once in a great while.

No reputable bank or merchant is going to dun you with 'reminders' if you pay electronically. If they do, call them and tell them to cut it out. Most will.

I agree with most of what Ramsey counsels. But, not having a credit card at all? Nice if you can make it work. What's more important is to be able to handle that piece (one is all you really need) of plastic. The alternative to a card is constantly carrying a checkbook or large amounts of cash...especially now, how do you fill your vehicle? I'd rather not have several hundred dollars on me when traveling, or anytime else. If you lose it or it's stolen, it's gone. That's a very high price.

Of course, I never carry a credit balance and my bill is paid in full electronically each month. It's kind of like knowing when to stop drinking margaritas. A man has to know his limitations.

[uh_clem]

  I have one major credit card and I pay the entire balance off every month. My main reason for having it is that some things like reserving a motel room or renting a car require a credit card. It is also a more convenient way of buying gas for my car. Many places require cash customers to pay in advance and if you are filling up, two trips inside are required.

  I fill up at the same place pretty much every time. I don't know if I they charge extra to credit card users. If they do, they make no effort to advertise the fact.

[SHANEA]

I agree with most of what Ramsey counsels.

Dave Ramsey has gotten extremely wealthy with his counseling.  Nothing wrong with that.  But I do take issue with him on some topics.

[presidio]

  I have one major credit card and I pay the entire balance off every month. My main reason for having it is that some things like reserving a motel room or renting a car require a credit card. It is also a more convenient way of buying gas for my car. Many places require cash customers to pay in advance and if you are filling up, two trips inside are required.

Exactly!

[presidio]

I agree with most of what Ramsey counsels.

Dave Ramsey has gotten extremely wealthy with his counseling.  Nothing wrong with that.  But I do take issue with him on some topics.

Well, I did say 'most' not all. Like anything, one needs to be able to assess the quality and applicability of the advice. He does better than a lot of 'advisors'. Actually, there's little he counsels that I don't already do, simply because it's smart. I mostly listen to him when traveling at night for entertainment value. Sometimes I cannot believe the lack of knowledge of some of his callers, but he's always polite and helpful.

It's a lot more informative than some talk show with a politico-religious axe to grind whose host rants about every hot-button topic or perceived slight he can dredge up and revs up the semi-intellectual to call in and actually demonstrate, live and in color, their abject ignorance as confirmation of the host's as well. It's scary that these people can vote and usually do so according to the wishes of their radio leader.