Until financial regulators and lawyers dragged this obscure term into general discourse, most people had no idea what an interchange fee is. It’s the fee, typically about 2%, that a store pays your bank when you use a credit card at checkout.) For low-margin businesses like supermarkets as well as mom-and-pop stores that don’t have the clout of their big-box brethren to negotiate lower rates, these fees cut into profits in a big way.
But in a contentious legal ruling that is still being disputed, a U. District Court determined last year that merchants are allowed to pass along the cost of those credit-card interchange fees to customers.
And there are laws prohibiting these surcharges in 10 states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
Ultimately, though, consumer awareness will be the strongest deterrent against widespread credit-card surcharges.
Credit industry analysts say those contrasts are likely to grow as the credit card industry looks to develop a new and profitable business model in the upcoming era of credit card regulation.Getting an increase in their credit limits tops the list (33 percent), followed closely by negative changes such as getting an interest rate (APR) increase (30 percent) and having a credit card limit lowered (14 percent).Other changes include being switched to a variable rate card (11 percent), being offered an incentive to close a card account (8 percent) and being asked to submit a pay stub or tax return in order to qualify for a credit card (4 percent).It used to be parents who worried about their children being picked up by unsavory types in bars and other seedy hang-outs.Now children are worried about their parents being hoodwinked by the scam artists who haunt online dating sites."I am a bit past age 50 --- well educated lady; (I thought that I was so smart that it couldn't happen to me --- my college education is no match for a professional criminal)," said one of a seemingly endless stream of scam victims who hav...Such companies offer a wide variety of unmoderated matchmaking services, most of which are profile-based.