3 ms·
There are still laws at the state level in the US that make it illegal for a merchant to charge more for credit cards. I lived in Colorado when the law passed t
by asynchronous13 8y ago
There are still laws at the state level in the US that make it illegal for a merchant to charge more for credit cards. I lived in Colorado when the law passed there. It was impressive marketing by the credit card companies under the guise of consumer protection. Sucks because most people fell for the propoganda and now it's law.
Colo. Rev. Stat. §5-2-212
“(1) Except as otherwise provided in §§24-19.5-103
(3) and 29-11.5-103 (3), C.R.S., no seller or lessor
in any sales or lease transaction or any company
issuing credit or charge cards may impose a surcharge
on a holder who elects to use a credit or charge card
in lieu of payment by cash, check, or similar means. A
surcharge is any additional amount imposed at the time
of the sales or lease transaction by the merchant,
seller, or lessor that increases the charge to the buyer
or lessee for the privilege of using a credit or charge
card. For purposes of this section, charge card includes
those cards pursuant to which unpaid balances are
payable on demand.”
- lotsofpulp 8y agoFTC clearly states merchants can offer discounts for cash other payment methods: https://www.ftc.gov/tips-advice/business-center/guidance/new-rules-electronic-payments-lower-costs-retailers https://www.ftc.gov/tips-advice/business-center/guidance/new... >A PCN cannot stop you from offering your customers a discount or another incentive for using a certain method of payment, as long as you offer it to all your customers and disclose the offer clearly and conspicuously.
- planteen 8y agoI also live in Colorado. It is still legal for vendors to offer discounts if you do not use a credit card. Some gas stations have lower prices for gas with cash versus card. If you are buying something you bargain for (e.g., furniture), you may be able to negotiate a lower price with cash versus card as well.