credit card vote

[soapy]

Senate is voting right now to delay a law that would limit credit card fees. Current average is .44 cents per swipe to the retailer and proposed new regulation would limit that fee to .12 cents per swipe. The law is set to go into effect in JUly. I for one one would love to have the extra .32 cents per swipe in my account and not in some big banks account. If banks don't get this repealed or delayed they say they will have to charge more to individual account holders to replace the fees that retailers are now paying. That would be a novel idea to actually have the person with the card pay their share instead of a retailer. It would probably limit a lot of these airline miles cards etc. This could save all of us who take credit cards hundreds of dollars per month in fees.

 

[pitzerwm]

soapy, I think that it was only Debit card swipe fees and the amendment to kill that law failed.

 

[Greg Pack]

Thanks for the update. Banks are trying to squeeze every penny they can. My bank has dropped my interest rates on everything to below 1% and is charging me for everything now that used to be free.

BTW Soapy, enjoyed your blog posts too.

 

[soapy]

Thanks for the clarification Bill. Another thing I have recently seen is that the credit card companies are sending out flyers urging every business that accepts CC to make sure the information on their W9s are correct. Totals of deposits for each merchant will now be sent to the IRS. If there is any discrepancy in your W9 with the IRS and credit card company the Credit Card company will hold 28% of your money until the discrepancy is corrected.