Buying gasoline with a credit card could be hurting your local independent gas station owner – and you may have to pay for it.
That’s because credit cards charge merchant fees in the form of a percentage of sales – and those fees eat into the fixed per-gallon sum that gas retailers tack onto pump prices.
Filed under: Consumerism, Personal Finance | Tagged: credit, Credit Cards, current events, gas, gas crisis, gas prices, news
“legislation would issue controls on rates charged to merchants”…sure wish congress and rest of governement would focus more on themselves and their OVERCHARGING issues, rather than trying to crimp everyone else. You know, if a credit card wants to charge $20 each time the card is used, let them!!
This happens to be true at more than just the gas pump, no doubt. McDonalds faces the same issue. Grocery stores do to. It’s just media trying to capitalize a topic again. Gas is what is hot so let’s exploit it. Ridiculous.
Thanks for your comment Dan. I agree that it’s exploiting a hot topic, though I also think credit card companies get away with interest rates and policies that make loan sharks envious.