Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · More Stores Tack On Fees for Credit-Card Purchases · 20 Aug 2021 podcast

this sort of thing can happen where there's a difference in the price that's being charged if someone's paying with a credit card. voice-verified

That includes California, Florida, New York, and Texas. voice-verified

Also recently in July, Colorado passed a law that will allow surcharging starting next year in the state. voice-verified

So all of this taken together, what we're seeing is that it is becoming more common for consumers to walk into small businesses voice-verified

and find that the price that they're paying at the register can be different based on how they're paying, if they're paying with a credit card or not. voice-verified

There is definitely a psychological component to this for consumers. voice-verified

Look, over the last decade, so many people, especially in the US, got so used to using their credit cards to get so-called free rewards, cash back, free flights, especially for consumers who pay their credit card bills in full and they would just rack up the points or get the cash back. voice-verified

So the idea that you go up to a register, you pull out your credit card, voice-verified

and you're being told that, well, we're gonna have to charge you an extra 2% for that, that doesn't sit well with many people. voice-verified

Look, it varies. voice-verified

I've heard from businesses that their customers have been very understanding of it, and especially when these businesses are small businesses, and they'll pull out a debit card instead, or they'll pull out a check or cash, but there's other people, die-hard rewards fans, voice-verified

who will say, you're going to charge me extra for a credit card? voice-verified

I'm not going to shop here. voice-verified

I'm going to leave and I'm going to go somewhere else where they don't charge me extra for it. voice-verified

So really what this all largely comes down to is the fact that in the US over the last decade in particular, there was such a boom, such an expansion in rewards programs on credit cards that it conditioned more consumers to use credit cards for all their purchases, because why not? voice-verified

get those points, get the cash back, et cetera. voice-verified

Well, those rewards, someone is paying for those rewards. voice-verified

And the fees that are charged to merchants when people pay with their credit cards, that is a funding mechanism for rewards programs. voice-verified

Most consumers don't think about this. voice-verified

It makes sense that they wouldn't think about it when you go and you shop. voice-verified

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