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Old 05-25-2007, 10:49 AM   #21
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Originally Posted by dex View Post
Law info:
So, in my mind; if a company accepts credit cards they can not impose a fee. Also, in most circumstances, the company can not give a discount for paying cash.
There is no such law and you know it. You can go to any car dealer and make a deposit for a new car with your credit card. The car dealer JUST ACCEPTED CREDIT CARD. Now try to pay for the balance with the credit card. Either it can not be done or they will add a surcharge to it.

Two weeks ago I paid the $500 deposit for my son's dorm using the credit card. The balance will have to be cash or check, unless I want pay an additional 2% surcharge. Yet another example of a company accepting credit cards, but has two tier pricing. They have been around a couple decades and have thousand of customers. I'm sure they are not breaking the law.
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Old 05-25-2007, 11:00 AM   #22
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Originally Posted by Sam View Post
Outlawed? Can you point me to that law?

If it were outlawed, I'd be able to pay for my car using the CC, TAl would be able to pay his daughter's tuition using the CC, etc...

It matters what state you are in... in Texas a LONG time ago, it was illegal to give a cash discount... then, for some reason it was legal as the gas stations used to have a 'cash' and 'credit' rate.. now, that went away, but I dont' know if they changed the law back to no cash discount...

But, for schools and gvmt entities, they bill you the amount they expect to be paid without a surcharge... so they make you pay their surcharge if you want to pay by CC... I don't think it is illegal...
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Old 05-25-2007, 11:21 AM   #23
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Originally Posted by fireme View Post
The only reason credit costs more is because the credit card companies have a monopoly on providing that service.
There is no monopoly.

1. American Express
2. Mastercard
3. Visa
4. Discover

In most mature industries, there are usually only a few top companies that win the majority of the business. With the credit card industry being moderately mature, I think having four major players is actually less monopolistic than most.

2Cor521
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Old 05-25-2007, 12:00 PM   #24
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Originally Posted by R Wood View Post
So Uncle Honey you have been over to Kittles again (just a guess). It took me about 10 minutes to read the big chart they have on all of the ways they will sell stuff this holiday weekend. I just wonder what the real cost is. By the way the cash price IS NOT the least they will accept as I got an item even cheaper last year after offering to cancel an order and buy it from some other firm.
We looked around Kittles but ended up buying from Grolls in Waldo. I always like going up there, especially stopping at the G & R Tavern for one of their fried bologna sandwiches. Makes spending the big bucks go a little easier.

G & R Tavern, Waldo, Ohio
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Old 05-25-2007, 03:03 PM   #25
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Quote:
Originally Posted by Texas Proud View Post
It matters what state you are in... in Texas a LONG time ago, it was illegal to give a cash discount... then, for some reason it was legal as the gas stations used to have a 'cash' and 'credit' rate.. now, that went away, but I dont' know if they changed the law back to no cash discount...

But, for schools and gvmt entities, they bill you the amount they expect to be paid without a surcharge... so they make you pay their surcharge if you want to pay by CC... I don't think it is illegal...

Howdy!
After lurking on these forums for a long time, I joined so that I could add a bit more to Texas Proud's helpful comment.
According to a relatively recent (Nov 2006) Texas Attorney General weekly column:
In Texas, a business cannot penalize consumers who pay for a good or service by using a credit card. Businesses that add a surcharge to those who pay by credit card might be violating provisions of the Texas Finance Code. Usually those fees can only be charged by government entities, such as for the payment of property or other taxes or other fees required by a government agency.

However, businesses in Texas can discount the regular retail price of an item for consumers who pay cash instead of using a credit card. ...
Source:
http://www.oag.state.tx.us/newspubs/...106cc_faqs.pdf
or
http://www.oag.state.tx.us/newspubs/...106cc_faqs.txt

or see Texas Finance Code 339.001, which can be found in several places, including on the Office of Consumer Credit Commissioner website:
Chapter 339.Miscellaneous Provisions Relating to Interest
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Old 05-25-2007, 03:25 PM   #26
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Thanks for that info, Basenji. I'm going to print out a copy for my wallet so that I have it handy the next time someone tries to stick me with that kind of surcharge.
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Old 05-25-2007, 03:31 PM   #27
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You're very welcome, SamHouston!
Thanks for letting me know it was helpful!
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Old 05-25-2007, 05:02 PM   #28
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I think what we're seeing with all the cash back cards is a way of saying that the 2%+ fees are too high, and the credit card company is willing to share some of it with you if you care enough to get that card. It's sort of like coupons -- it's there for people who care enough to pick up the money, and everyone else just sort of pays a little extra. I'm getting 1.25% now on everything I charge on my Penfed Visa card-- no limits, no gimmicks, no annual fees. It really adds up! We now charge about half our monthly expenses that way.
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Old 05-25-2007, 05:12 PM   #29
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Yeah, that's a good way to put it. Coupons.

And, Texas Proud, I see your point in the original reply. ... that there is no option to "save $", other than get the credit card rebate and/or negotiate a cash price.

Thanks for all the replies!

-CC
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