Paying for fuel

[luvrbus]

They are going to include the fee in the price at the pump anyway so you will pay one way or the other lol even in the states the fee is not allowed 

I am old enough to remember in the 70s when stations were not allowed to charge over 3 cents a gallon over the wholesale prices by law my times have changed lol (I have a old pump that has that sticker)

[eagle19952]

where do you get Gietner in all this,the courts have made the decision and the card companies circumvented a law....Obama and his crew are not to blame for your shoes wearing out...or your tires going flat...sheeeesh...

Qoute-"There is a federal law preventing charging extra for credit card use."

I read that the card companies got fined for shady  deals they were doing last year in the billions and after paying fine, they were allowed, 6 months later, to access the 3% surcharge. Thank Little Timmy "turbo tax" Geithner for that one. Helping his Wall Street Buddies out! Texas not one of the states that would allow fee!

[belfert]

Qoute-"There is a federal law preventing charging extra for credit card use."

I read that the card companies got fined for shady  deals they were doing last year in the billions and after paying fine, they were allowed, 6 months later, to access the 3% surcharge. Thank Little Timmy "turbo tax" Geithner for that one. Helping his Wall Street Buddies out! Texas not one of the states that would allow fee!

The payments are not a fine.  A bunch of merchants sued Visa and Mastercard back in 2005.  Visa and Mastercard decided to settle the lawsuit in 2012.  Part of the settlement is to pay out $7 billion in damages to the merchants and the other part of the settlement is that merchants would be allowed to add a surcharge for using Visa or Mastercard beginning January 27, 2012.

It was never illegal (except in ten states) for a merchant to add a fee for using a credit card.  It was a breach of the contract the merchants had with Visa and Mastercard that allowed them to accept Visa and Mastercard.  The new contract that merchants have with Visa and Mastercard now allows a surcharge for credit card usage.

[eagle19952]

i get that,were it not a breach of contract there would not have been a recourse of legal action...thus the court decision...i just wonder where M-Man gets the geitner gave it to wall street deal.

The payments are not a fine.  A bunch of merchants sued Visa and Mastercard back in 2005.  Visa and Mastercard decided to settle the lawsuit in 2012.  Part of the settlement is to pay out $7 billion in damages to the merchants and the other part of the settlement is that merchants would be allowed to add a surcharge for using Visa or Mastercard beginning January 27, 2012.

It was never illegal (except in ten states) for a merchant to add a fee for using a credit card.  It was a breach of the contract the merchants had with Visa and Mastercard that allowed them to accept Visa and Mastercard.  The new contract that merchants have with Visa and Mastercard now allows a surcharge for credit card usage.

[luvrbus]

Fwiw Walmart was the 1st to go after Visa and Mastercard back in 2000 they got a sweet deal has nothing to the law then the merchants decided to go after Visa and Master card

The small vendors it may cause a problem as Visa and MasterCard would lend up to 150,000 dollars and deduct a % of the gross and that was a every day transaction not monthly American Express had the same deal so I have doubts that will happen now  

May be a lot of small business go under with out the financing provided by the 3 card co's as banks will not lend now they set on the money 

My MasterCard stock is going up big time today so the ruling didn't hurt it lol