What is new about this. Its the credit card fee built into every agreement they have with merchants. merchants are specifically prohibited from passing this fee on directly, because they don't want consumers to know it costs money to use a credit card / debit card. And it is not just banks, its all credit card companies and really all electronic payment processing. If the public actually paid any attention they would know about this.
I pay with cash whenever possible because of these fees. You probably don't know about the "swipe" fee. Many companies charge a flat fee in addition to the 2%. I've heard as much as 75 cents + 2% of the total.
Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
Michael of MT @ Oct 07, 2009 12:23:55 PM
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