6 highlights of regulated fees on purchases
Lower fees may mean better prices while going for shopping sprees.
10:57 12 May 2013
You may be familiar with recent changes in fees for shoppers using credit cards as a method of payment. The travel industry has been scrutinized most for their excessive fees regarding purchases with credit cards. The latest news also is a positive for shoppers since regulations have been broadened to include debit card purchases.
What does this mean for shoppers now?
- Fees—more attention will be brought to the assessment of fees for shoppers using a credit card or debit card. Some fees are necessary to keep security up to date, but excessive fees won’t be considered acceptable.
- Increased prices—depending on how necessary the fees are to the processing of credit cards and debit cards, retailers may decide to increase their product and service prices a little bit to offset the amount.
- Disclosure—another aspect of these regulations is that fees should be clearly disclosed to shoppers, particularly as it applies to online shopping carts, so that shoppers won’t be surprised during checkout by additional costs.
- Simplicity—for the sake of keeping things simple, both for the business and for consumers, we may see all-in-one prices displayed, rather than a breakdown of everything contributing to the pricing, possibly with specifics related to cash, credit card, or debit card purchases.
- Travel rates—while some retailers may shift their prices to compensate for the difference, the travel industry may actually reflect lower rates which could have a positive overall impact on the travel industry.
- Security—shopping with a credit card or debit card offers people a bit of security because their purchases are insured and can be disputed if something goes awry. It also provides customers a way to protect their money, should it fall into the wrong hands while carrying bills affords no security at all if lost or stolen.
With all of these benefits, it looks like a good time to do a bit of online shopping without worrying about excessive fees just for using a credit card or debit card.