High Fees Drive Some Merchants to Stop Accepting Credit Card Payments

01 Jul 2011 | by Billy Miller | No Comments »

Some businesses have decided to stop accepting credit cards due to high processing fees, according to a new report from The Los Angeles Times. In order to avoid pushing the higher fees on to customers by charging more in their stores, merchants have instead chosen to do away with plastic all together.

Credit Card Processing Fees at About 2 Percent

The LA Times article revealed  many businesses are against paying processing fees, also known as interchange fees, for credit card transactions that round out to about 2 percent of each transaction amount.

If a person spends $100, the business will have to hand over $2 to the credit card issuer. While this may not seem like a large amount, over time, these fees can add up.

It’s for this reason that companies as large as John Hancock have decided to stop taking credit card payments. The financ

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Tags: Card Credit Card Stop Accepting

Don’t Forget These Deals Expire Today

30 Jun 2011 | by Porfirio Hillman | No Comments »

There are several great credit card offers that will expire today. As long as you apply for the offer today you will still be eligible for the offer. In particular, we have three offers highlighted below. We also have provided you with a few other offers that are still valid in case you are not ready to make a decision just yet.

The Citi ThankYou Premier 50,000 Bonus Points will be expiring tomorrow. To get this sign up bonus, you have to spend $2,000 within the first three months. The 50,000 points gets you $665 worth of airline tickets on Citi ThankYou. This card has other benefits that may benefit those who fly a lot and travel abroad.

Just this week Citi decided to give out a 26,000 bonus points for their Citi ThankYou Preferred Rewards Card – $250 in Gift Cards. They just announced this offer on Monday and it expires tomorrow. T

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Tags: Expire Today Today

What You Need to Know About Credit Card Inactivity Fees

30 Jun 2011 | by Mildred Matthews | No Comments »

With the advent of the CARD Act, many credit card companies had to put on the brakes when it came to over-the-top fees and charges. However, like any other legislation, credit card companies found their share of loopholes and are, once again, hitting customers with new and quite inventive charges. Enter the inactivity fee.

What is an inactivity fee?

An inactivity fee is a new fee that many credit card companies are employing to encourage customers to either start spending or risk losing their account. In short, the CARD Act put a serious dent in the wallets of the credit card companies; in response, they began cutting the dead weight, so to speak. In other words, they are now looking to cut ties with those customers who held a credit card, but did very little spending on it.

Why are credit card companies charging this fee?

Because of the CARD Act, and the poor economy of the last, few years, fewer people have been using charge cards.

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Tags: Credit Card Fees
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