If credit cards are your preferred payment type, new processing fees will sting. But use them as motivation to change spending habits and get out of debt.
Merchants are charged a fee when their customers pay by credit card. The credit card processing fee is called an interchange fee and is a percentage of the purchase amount. The amount of the fee also varies by the type of card you use; the more perks for the cardholder, the higher the fee for the merchant.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.
Depending on the reward, the costs are either fully or partially offset by transaction processing fees. And whether you pay the fee as a surcharge on your bill to your favourite retailer, or the retailer raises their prices slightly to avoid passing the fees onto their customers, there is no free lunch.As with any fee or surcharge, it pays to be aware of what you’re being charged and whatare.
Not every retailer will implement credit card processing surcharges. It will depend on what their competition is doing, how loyal they believe their clientele is, and what industry they are in. Stores that sell essentials, e.g. groceries, alcohol, or fuel, may be the first to implement them because they know that consumers depend on what they sell.
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