Down on your luck with the ladies? 😣 Try this line: “hey, are you a pre-approved credit card offer? I don’t understand your terms and you keep telling me you have no interest.” Follow us for more dating tips. 🙃💋
If you pay with credit, a recent settlement could shake things up. Depending on the card you use, stuff could cost you more at the cash register. 🤑
Here’s Five Fast Facts on possible credit card updates:
- 🦈 Card Sharks - New settlement just dropped: After a decades-long antitrust brawl over fees, Visa, Mastercard, and U.S. merchants could soon roll out tiered pricing. Retailers and businesses could charge fees depending on which card consumers use at the register. Nothing’s set in stone just yet - the settlement still needs court approval.
- 💳 Pay to Play - Right now, businesses have the right to accept or refuse any payment network they choose. For example, you can only use a Visa at Costco. The current rules say that if you accept one card from a particular network (like Visa), you have to accept them all.
- 🍭 Sweet Rewards - If all goes through with the settlement, a business could pick and choose which categories of cards they accept within a network. It would also mean that merchants could tack on surcharges on some cards but not others. For example, if you pay with a store’s branded Visa rewards card, you might pay less than if you used a regular Visa.
- ✅ Clear As Mud - According to the settlement, banks will be required to add clear markers on cards to help merchants and consumers figure out which cards come with which surcharges. That of course would take years to complete.
- 🛒 Shopping Around - Analysts say that a new surcharge between 3% and 4% would be enough for people to use a different card…or find a different place to shop. This could make banks and merchants compete harder to keep their big-spenders loyal.
🔥Bottom line: Paying more for the same item just because you use a certain card sounds lame. But the flip side? You could get rewarded for using that store card. We’ll have to see how it all pans out. Looking to pay less for car insurance? Is the sky blue? LOL check out this article and lower that premium.
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