iCrowd Newswire
24 Nov 2022, 03:02 GMT+10
Credit card surcharges are a common occurrence and can be frustrating if you don't realize what you're being charged. Here's what you need to know about credit card surcharges, plus a few tips for consolidating credit card debt to help maximize your spending.
Credit card surcharges are fees merchants pay to accept credit cards from the various card issuers. These fees are generally passed on to the customer by the merchant and can range from a few cents to a few dollars. Credit card surcharges are usually not imposed by debit card issuers, although some debit cards may have foreign transaction fees.
The fee credit card companies charge vendors varies, but typically American Express has the highest charge. However, this is rarely itemized on your bill, so the card you pay with probably won't matter in terms of your final price.
It costs money to process your transactions, so credit card companies cover them with surcharges. In addition, many issuers have lucrative rewards programs that include extra customer protection, such as extended warranties, longer return windows, and travel and reward programs that add value for their members. To pay for these benefits, the issuers charge merchants to accept their cards, which is typically a small enough fee that merchants just grudgingly accept as the cost of doing business in a digital world where cash is used less frequently.
Unfortunately, many of these fees are automatically calculated into the price of goods, so avoiding the surcharges has become more difficult. You can ask for a discount if you're paying cash, but this may only work for smaller businesses with a direct relationship with the customer. You can also try using a discount card instead of a credit card, but this may only be available to some merchants.
Small fees, like credit card surcharges, can add up quickly, causing you to spend more than expected and end up in debt. If this happens to you, consider consolidating your debt into one loan you can repay over time. This will reduce your overall monthly payments and help you avoid interest charges. Additionally, consider seeking professional financial assistance to help get on track and stay out of debt.
The critical part is to prevent things from getting worse. Start budgeting more regularly by researching current prices, sales tax rates, and any additional fees you should expect so that you'll understand your costs completely.
Next, try to pay in cash at smaller merchants if you can and ask for a cash discount. Again, this might not always be an option, so keep this in mind when shopping. Finally, don't be afraid to ask for help if you're struggling to manage your finances. There are many resources available to help people improve their financial literacy.
Understanding credit card surcharges is essential if you want to make the most of your credit cards and avoid paying unnecessary fees. With the right information, you can decide whether or not to pay them and what benefit they offer you as a credit card user.
See Campaign: https://www.credello.com/
Name: Michael Bertini
Email: [email protected]
Job Title: Consultant
Tags:ReleaseLive, Go Media, CE, PR-Wirein, Financial Content, Google News, Reportedtimes, IPS, iCN Internal Distribution, Extended Distribution, EnglishGet a daily dose of Denver Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Denver Sun.
More InformationROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
(Photo credit: Dan Hamilton-Imagn Images) The surging Toronto Blue Jays have won eight straight and 11 of 13 as they begin a three-game...
(Photo credit: Sergio Estrada-Imagn Images) The torrid Houston Astros completed a three-game road sweep of the reigning World Series...
(Photo credit: Rafael Suanes-Imagn Images) The Boston Red Sox look to carry their winning ways back home when they begin the final...
(Photo credit: Matt Marton-Imagn Images) Matthew Boyd celebrated his All-Star Game selection by striking out nine batters in five...
(Photo credit: Mark J. Rebilas-Imagn Images) The Washington Nationals dismissed manager Dave Martinez and general manager Mike Rizzo...