Those of you who use credit cards should read this.

[markw]

"Next time you go to the store, you may see a sign that tells you that you will be charged a fee if you use a credit card. That fee can be anywhere from 1.5 percent to 4 percent of your purchase.

These checkout fees became a reality Sunday."





Read more: Credit card swipe fees: What you need to know - KMSP-TV Credit card swipe fees: What you need to know - KMSP-TV​

 

[lsiberian]

Credit Cards also cause you to spend more money and put you in debt. The best course of action is to pay cash.

 

[its phillip]

Credit Cards also cause you to spend more money and put you in debt. The best course of action is to pay cash.

Well, if those swipe fees don't actually happen and the prices are equal, it's better to use credit cards. Extended warranties, consumer protection, cash back and/or rewards. Obviously if you spend more than you can pay off and start accruing interest, then it's not wise to use them. But if you are a responsible user, they're great.

 

[ParadigmDawg]

Credit Cards also cause you to spend more money and put you in debt. The best course of action is to pay cash.

What if you's aint gots no more money?

I quit using credit cards about 10 years ago; I even use my debit card for business expenses, which sometimes seems silly but several years ago, I got myself in trouble with CC's and still don't trust myself.

 

[STRONGBADF1]

Consumers in ten states (California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, Texas) won't be affected, since laws in those states forbid the practice.

 

[MinusTheBear]

Credit cards are the best way to pay for things IMO because they offer the best consumer transaction protection and fraud protection, rewards, travel insurance and more (depending on the card).

Is this practice about fees just in the United States?

 

[Midwesthonky]

What if you's aint gots no more money?

I quit using credit cards about 10 years ago; I even use my debit card for business expenses, which sometimes seems silly but several years ago, I got myself in trouble with CC's and still don't trust myself.

I strictly limit the use of my debit card to only 1 or 2 select businesses that I trust. You do not have the same protections when paying with a debit card as you do with a credit card. The debit card is a direct link to your cash in the bank, the credit card is not. Different protections. Color me paranoid, but I trust the banks about as far as I could throw my sister-in-law.

We, consumers, were already paying the fees. They were just hidden in the pricing of the retailers. They loved it when you paid cash because they made more money since they didn't have to give a cut to the CC mafia. Now, the prices stay the same and the retailers are allowed to be up front and honest about tacking on an extra fee to cover the expense. I expect many will hesitate to do so since most people would shop somewhere else that keeps the markup hidden in the price. Ignorance is bliss!

 

[lsiberian]

I just don't understand why people are willing to risk a 20 percent interest rate on a purchase for "protection".

I mean do you seriously get ripped off 20 percent of the time? The math is not adding up for me.

 

[Grador]

I strictly limit the use of my debit card to only 1 or 2 select businesses that I trust. You do not have the same protections when paying with a debit card as you do with a credit card. The debit card is a direct link to your cash in the bank, the credit card is not. Different protections. Color me paranoid, but I trust the banks about as far as I could throw my sister-in-law.

Debit cards have always made me very nervous. I've had my CC number stolen twice which has been a minor hassle but has cost me nothing in the end. My debit card's policy is that I get back 15% of money stolen from me.

I just don't understand why people are willing to risk a 20 percent interest rate on a purchase for "protection". I mean do you seriously get ripped off 20 percent of the time? The math is not adding up for me.

I treat my CC like a debit card, there is zero risk of interest. On the other hand I would already have lost over a grand in fraudulent purchases on my card.

 

[lsiberian]

What if you's aint gots no more money?

I quit using credit cards about 10 years ago; I even use my debit card for business expenses, which sometimes seems silly but several years ago, I got myself in trouble with CC's and still don't trust myself.

I've been there and done that.

If I never take out another loan. I'll be happy. I'm not sure if I can swing a house, but I will certainly try.

I'm a bad man with debt in hand.

 

[MinusTheBear]

I just don't understand why people are willing to risk a 20 percent interest rate on a purchase for "protection".

I mean do you seriously get ripped off 20 percent of the time? The math is not adding up for me.

I have never paid 1 cent of interest to my credit card company.

If your responsible by far credit card is the best way to pay for things. Even if I have cash on hand I will use my credit card instead.

 

[its phillip]

You don't have to risk a 20 percent interest rate. If you want to buy something that costs $1000 and have the cash to pay for it, just pay for it with your credit card and immediately pay off the credit card. Simple. You get your extended warranty or whatever plus your cash back or rewards.

 

[MinusTheBear]

I strictly limit the use of my debit card to only 1 or 2 select businesses that I trust. You do not have the same protections when paying with a debit card as you do with a credit card. The debit card is a direct link to your cash in the bank, the credit card is not. Different protections. Color me paranoid, but I trust the banks about as far as I could throw my sister-in-law. We, consumers, were already paying the fees. They were just hidden in the pricing of the retailers. They loved it when you paid cash because they made more money since they didn't have to give a cut to the CC mafia. Now, the prices stay the same and the retailers are allowed to be up front and honest about tacking on an extra fee to cover the expense. I expect many will hesitate to do so since most people would shop somewhere else that keeps the markup hidden in the price. Ignorance is bliss!

I never use interac or debit card. I think protection policies might have changed in Canada on interac/debit since they issued security chips on bank cards but I know at one point debit card fraud was more difficult to get reimbursed. The thing with debit card fraud is they are getting money directly from your bank account.

 

[j_garcia]

If you pay your card off at the end of the month, it is the same as using cash except you get that 30 day window in which to pay it.

 

[lsiberian]

I have never paid 1 cent of interest to my credit card company.

If your responsible by far credit card is the best way to pay for things. Even if I have cash on hand I will use my credit card instead.

For me it is by far one of the worst ways to pay for things. I spend more with credit than I do with cash so I don't use credit. If you have even a temptation to that I'd recommend sticking with debit.

I wish I had never paid a cent of interest either. I've heard Visa gives you the same protection through credit on a debit card too.

 

[ParadigmDawg]

I strictly limit the use of my debit card to only 1 or 2 select businesses that I trust. You do not have the same protections when paying with a debit card as you do with a credit card. The debit card is a direct link to your cash in the bank, the credit card is not. Different protections. Color me paranoid, but I trust the banks about as far as I could throw my sister-in-law.

We, consumers, were already paying the fees. They were just hidden in the pricing of the retailers. They loved it when you paid cash because they made more money since they didn't have to give a cut to the CC mafia. Now, the prices stay the same and the retailers are allowed to be up front and honest about tacking on an extra fee to cover the expense. I expect many will hesitate to do so since most people would shop somewhere else that keeps the markup hidden in the price. Ignorance is bliss!

Maybe I have just been lucky? I likely use my debit card 10x per day and have never had an issue.

 

[slipperybidness]

I just don't understand why people are willing to risk a 20 percent interest rate on a purchase for "protection".

I mean do you seriously get ripped off 20 percent of the time? The math is not adding up for me.

I use a CC for 95% of all my purchases. It has a rewards program. I have the cash on-hand to pay it off every couple of weeks.

Cash is King. If you don't have the cash to purchase something, then you can't afford it. Period. You might be able to get it, but not AFFORD it.

I do not risk a 20% interest rate. I pay off in full and take advantage of the rewards program, buyer protection, and protection of not carrying a pocket full of cash.

 

[slipperybidness]

For me it is by far one of the worst ways to pay for things. I spend more with credit than I do with cash so I don't use credit. If you have even a temptation to that I'd recommend sticking with debit.

I wish I had never paid a cent of interest either. I've heard Visa gives you the same protection through credit on a debit card too.

This is certainly true. It has been shown that credit card purchasers tend to spend more than the cash purchasers. It is just too easy to scan the plastic and not think about it. When you have cash, it is harder to let it go, and it makes it easier to see how much you have left after a purchase.

Read some money management books, that is one of the first items they preach about. Use cash only. If you don't have the cash, then you can't afford it.

I broke those rules for mortgage, and I am at the point that the credit card argument is a moot point for me.

 

[MinusTheBear]

For me it is by far one of the worst ways to pay for things. I spend more with credit than I do with cash so I don't use credit. If you have even a temptation to that I'd recommend sticking with debit.

I wish I had never paid a cent of interest either. I've heard Visa gives you the same protection through credit on a debit card too.

Visa and debit card are separate. Visa is the provider of the credit card. Your bank would be the provider of your debit card.

 

[STRONGBADF1]

Visa and debit card are separate. Visa is the provider of the credit card. Your bank would be the provider of your debit card.

My debit card can be used either as a debit or a Visa card but the Visa gets automatically withdrew from our checking account. I have to look into the protections...

I used a different CC for 90% of my purchases.