Harriet Torry

speaker

611 appearances 11 recordings 1 series first heard Sep 2017 last heard Dec 2024

Harriet Torry’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Credit Card Use Deepens Divide Between Consumer Groups · 22 Jun 2020 podcast

So that's a different side of the story.

But when you use a credit card, that swipe, it will result in a 3% charge to the merchant.

So it very much depends.

For merchants, it depends enormously on which type of card you use.

That will really alter sort of the spectrum.

This is something that's been going on for a long time.

But the thing is, the Supreme Court has decided that if you accept Visa cards, for instance, or MasterCards, you have to accept every type of card.

You can't, you know, quote unquote, discriminate against like a high rewards card versus, you know, a cheaper version of that particular Visa or MasterCard issue card.

It's very rare for businesses to offer different prices for different payment instruments.

I mean, the one exception to this is sometimes at gas stations, you'll see there's a slight discount if you pay in cash.

But it's relatively rare.

Or for instance, there might be like a $5 minimum on using a card or a $10 minimum on using a card in some stores.

But it's very rare.

If you had a store that said, okay, this item, this sort of grocery item would cost you 3% more if you paid with a credit card.

Consumers don't like that.

It's very confusing.

So merchants tend to just charge one price across the board.

But there's this whole sort of system that consumers don't really see that's going underneath in terms of swipe fees, which really does alter the price that people pay.

Of course, you know, credit card companies disagree with a lot of this.

They say that, you know, people do receive value from their cards and also some of the swipe fees and so on.

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