Wow that's BS, so guess I'm going back to cash then!

I hope this increases cash usage.

i buy most everything on cc. crap!

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This is dumb. If businesses don’t like fees then they should do cash only.

Edit: changed it to FEES

Wouldn't businesses like this? They get to pass on some of the costs of using credit cards to their customers. Also if a business doesn't want to pass it on they are not required to they just have the option to if they want.

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Maple syrup and beaver hides, however, are still accepted everywhere.

Businesses do and don’t like this. They do because you’re right in that they pass on those costs to consumers. They do not because sometimes that discourages customers to do business. If they go to cash only, that’s definitely going to be a discouragement.

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Easy solution don't use Credit cards for everything you buy. They aren't meant to be your main purchasing method. That's how you debt trap yourself.

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I agree most ppl get themselves into trouble. I just like the points and rewards.

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I use it because I get a little back when using it and carrying a lot of cash is a bad idea and change is a pain in the ass to deal with. I always immediately transfer money to pay off using my card every time.

Lol, I already see people complaining. As a business owner, our costs have risen incredibly high on all fronts. So please don't yell at us because our prices go up. This includes credit card fees. Now I don't say we're charging you % if you use your CC. But those fees do get grouped in with all other costs, when we factor our prices. We do need to pay our bills as well folks. And I get why people like to use cards that give points or cash back-I use it for that. But at the big places. Just think about the next time you go to a small business, that you like. Will it bother you that much to pay cash maybe once in a while, if it means that business will stick around?

And do I wish the basics were taught to kids in school. Because it amazes me how many people have no clue that business pay CC fees. Not only to CC companies, but to the processor. And folks debit cards are the biggest problem. The CC cannot get you the consumer, because you cannot use it unless you have it in your account. So guess where the CC goes to, to make up for not getting any $$ from you? The business.

So what you're saying is that you already factor it into the price? If so, what are you complaining about? Do you plan to drop your prices by x% for people paying cash? I highly doubt it.

...I still don't understand how what these companies offer justifies 1% of every retail dollar that changes hands. As the work becomes automated and the electronics become cheaper, I'd think that someone would be willing to do this for less.

To be fair, you’ll be charged fees too for debit. It’s still a transaction that must be processed.

Nonsense, it used to be a life hack as long as you're not a financial incompetent.

1%? that's pretty low, 2.5 - 5% is common, plus monthly / per-swipe fees depending on the card type as well.

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100% agree. Don't spend beyond your means. My main credit card pays all my bills, groceries and gas during a month. It's how I got an excellent credit score.

I have a second credit card that I make big purchases like electronics and furniture and I can usually pay that off quick.

The people that run into problems are the ones that spend beyond their means and would have issues even if you gave them a million bucks.

A lot of people are just not financially responsible.

I would advise people that are trying to build credit to get a credit card and use it only for gas and food. That's it. No big purchases or anything crazy. And make sure you pay it off ASAP. In a few years time, your credit will rise significantly.

Businesses get paid in cash, what's the likelihood of them underreporting their income and keeping another 30 billion which they otherwise should've paid for in taxes?

Most of the commission is probably due to credit card rewards and insurance for fraudulent charges for card holders.

Increase price AND add fee. Going the Ticketmaster route I bet.

The fees are much lower, though.

Accordingly, you also don't get benefits like extended warranty, insurance, and price protection.

The banks say you're protected against fraud, but in reality they just tell you to pound sand if you make a claim. Their policy is literally "Your PIN was used and they got it right the first try. Therefore it was you." No, dipshit, it's called skimming/cameras/etc. Or maybe they drugged you up and beat the PIN out of you, who knows.

Whereas the CC networks usually have no problem doing chargebacks, because it's no skin off their back -- they even get to charge the merchant a fee each time, plus they'll jack up the transaction fee after too many strikes.

...your comment sent me down a rabbit hole.

Apparently, they are able to maintain a monopoly through a combination of bribes and regulatory capture. They pay out about 10% of their revenue in the form of rewards; this amount is a pittance compared to what they are collecting, but it's enough to selectively bribe the most influential sector of society. They also shape consumer law to make themselves indispensable.

Think about it: your credit score goes down if you get rid of your credit card. If you had a VISA for ten years just because VISA was the best deal around, you will literally be punished if you decide to get rid of it.

..quite frankly, I could have never imagined that the truth was as messed up as it is.

Cool. So now all my cash back rewards go to businesses who are trying to steal my money?

No thanks. I'll go back to paying with cash then.

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The secret is keep the account open but switch to a different card.

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No rewards for you!

Also no chargebacks.

Damn straight

I am almost positive any American company can do this now. They cannot charge more than the fee, but they can do it. It’s why you see cash/credit prices at gas stations. Especially truck stops.

The point being, 99% of the businesses know this would just piss off their customers and they’d have to start taking risks on checks and the like. So they don’t do it. I doubt businesses in Canada that want to remain successful will even entertain the idea.

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The rewards are taken from businesses

Who is getting kick back for this ruling?

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you said you factor in the cc fees into your prices already. what's your business? I'll make sure to use my most expensive Visa Infinite Privilege or AMEX for you.

Businesses must offer at least 2 different way of payments.

The survey already shows only businesses who makes most of their revenue with other businesses entertain the idea. While Business to consumers answered depends of the competitors do it or not. Overall (according to the survey) you're right, they likely won't.

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I'm still not using cash, it's disgusting and dangerous.

This sucks. I just got done lecturing my dentist that their surcharge for using a credit card was illegal, and now they're making it legal. Gotta change dentists. :/

I won’t be supporting small businesses if they’re supporting this moneygrab while already baking it into their prices.

It’s a cost of doing business, stop complaining or fold then. I’m so tired of small business tyrants whining about this shit.

In what way is cash dangerous?

Actually have some and you'll see.