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Current Events & Hot Topics Current Events & Hot Topics

credit/debit cards. who should pay?

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Should the consumer, the bank or the retailer pay the transaction costs? Just curious as to opinions on this. I just entered my cost into my books for last month. $968.88.
by on May. 6, 2013 at 3:20 PM
Replies (91-96):
Billiejeens
by Gold Member on May. 7, 2013 at 4:55 PM

Everything should be free.

or .05 cents.

jaxTheMomm
by Platinum Member on May. 7, 2013 at 5:02 PM
1 mom liked this

Ok, that kind of makes sense - I got the DUH for the day.  In that light, unfortunately I do think the retailer should pay.  However I've read your other replies and realized I use my debit card like a credit card all the time and my bank doesn't charge to use it as debit.

I'll be more careful of that.

Quoting Carpy:

The transaction go through processing companies. So ya, they don't want to do them for free.

Quoting jaxTheMomm:

Wow.  Stupid question here but I'm gonna ask it - are the transaction costs really necessary?  Or are they just another fee the banks found a way to slap onto a transaction?



tooptimistic
by Kelly on May. 7, 2013 at 5:05 PM

The retailer.. but if its a small business, I will pay the extra .30 fee.  There are a few local stores that will charge a small fee to use a debit or credit card.  I have no problem with that. 

LindaClement
by Thatwoman on May. 7, 2013 at 5:47 PM

The consumer will ALWAYS pay, no matter who it looks like. If banks pay, they'll charge their customers for it. If stores do, they'll add it to the prices.

The question is: do you want to pay a markup on the transaction fees or not?

Sunshine2plus2
by Member on May. 7, 2013 at 9:47 PM

Well I dont pay to use my debit card and I would not!

Sandy.A
by New Member on May. 7, 2013 at 10:12 PM

Definitely not the consumer!

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