More than half of consumers think credit card processing fees should be illegal, survey finds - WSAZ

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(InvestigateTV) — Around 57% of credit card holders think processing fee should be illegal, according to a new survey by LendingTree.

LendingTree Chief Credit Analyst Matt Schulz said consumers are fed up with the extra two to three percent charges.

The survey showed nearly seven in 10 cardholders said they’ve had a merchant charge them extra because they paid with a credit card, and 32% of them said the merchant didn’t warn them about the fee before the transaction.

“If a retailer is putting one of these surcharges on, they should have to disclose that they’re doing it,” Schulz said.

The National Retail Federation (NRF) said all credit card companies charge a fee for every swipe, meaning customers paying with a credit card are more expensive for shop owners.

According to the NRF, some stores factor that extra cost into the price of their products, but others add a processing fee on top of the purchase.

“The fact that about 60% of folks said that these surcharges should be illegal was kind of eye opening,” Schulz commented. “Because it’s one thing to say, ‘Oh, I wish I didn’t have to face these sorts of things.’ But making them illegal is something else. So that was certainly eye opening to me.”

The study also found 73% of cardholders said they wouldn’t use their credit cards as much if they had to pay a surcharge each time.

Schulz said it’s important for consumers to speak up and know they have power when it comes to either credit card issuers or merchants.

“If you run up against a retailer who is charging one of these credit card surcharges, ask them if they’ll waive it,” Schulz suggested. “There’s no guarantee that it’ll happen. But it certainly can’t hurt to ask.”

He said this is especially true for long-time or loyal customers at a store they consistently visit.

“Oftentimes, if you ask to waive a $20, $30 fee, it may seem like a big ask to you, but it’s really not that big of a deal to that merchant,” Schulz said. “And it might be money they’re willing to eat if it means generating good will and good feelings for you that are going to keep you coming back to the store.”

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