Posted on 05/25/2022 7:19:12 AM PDT by Kaslin
Before credit cards, we had charge cards (like the original AMEX card)...which meant you pay in full every month you use it.
“The credit card companies do specify in their agreements that you are NOT allowed to pass this fee back to the consumer. Of course that is always done anyway, it just can’t be directly charged to the consumer. So it is baked into the prices, or recouped through some other, seemingly unrelated “convenience fee”, etc.”
Under NY law, merchants can offer a cash discounts stated as a percentage, but not a credit card surcharge stated as a percentage. Merchants can, however, charge more for credit card purchases, provided they state both the cash price and credit card price in dollars. The rationale is that the consumer is too stupid to multiply the cash price by the surcharge percentage to determine the credit card price. In addition, NYS wants to discourage cash sales (more difficult to track for taxation purposes).
The Effect is always proclaimed as the cause in the Democrat world.
Boy am I screwed. I have a Russian credit card!!
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