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Almost no retailers offer a discount for using cash or a debit card. You're paying the retailer either way. Whether they pay a transaction fee or pocket it is
by frumper 2y ago
Almost no retailers offer a discount for using cash or a debit card. You're paying the retailer either way. Whether they pay a transaction fee or pocket it isn't much of a difference to you.
- BeetleB 2y agoIsn't that the point of the lawsuit - that because they have a monopoly there's a floor on the price that consumers see?
- cubefox 2y agoRetailers compete with each other. In the long run, credit card fees will lead to higher prices, and (basically non-existent) FedNow fees to lower prices.
- frumper 2y agoI don’t disagree, but I also don’t trust that retailers will pass on the savings. Many higher priced items sell based on MSRP anyway.
- BeetleB 2y agoRetailers don't "pass on the savings". One retailer will lower the price if they don't have to pay as high a Visa fee - to attract more customers. Other retailers will then follow suit. Free shipping wasn't much of a thing until one retailer decided to make it one :-)
- Ekaros 2y agoOr they will increase prices later than they would have. Which I think is most realistic scenario that will happen if cap is set. Prices don't go down, but they will go up slightly less over next few years.
- vaindil 2y agoThat's changing in my corner of the US (suburbs of a large city). Most of the local businesses I've gone to in the past couple of months are adding a 3% surcharge if you pay with a credit card. Haven't seen a larger company do this, but restaurants, coffee shops, and some other local stores are doing this now.