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SmartCredit.com Consumer Education President John Ulzheimer and Pinnacle Capital Management’s Ryan Mack on how credit card users can avoid swipe fee...
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And -- I know you agree when you a look at this issue and people just trying to make ends meet -- -- until -- It.
How can you beat the rap here looking you do if you wanna get around this what -- telling your clients.
I mean look on the free market -- -- and -- everybody else and I believe that -- of -- stores have the right to take -- charge me 300 -- couple -- even if they want to but the consumer is also part of the free market you have the right to say.
If you're going to charge me extra I can take my business elsewhere.
And that's why I think a lot of retail are gonna send up saying you know in might not be prudent and on the -- additional fees.
If not if I keep continue to move to move -- so what's this we have a voice my our pocketbook and would anticipate my -- -- -- just reminds me of the fuel surcharge remember that.
Airline started adding that it.
-- always part of the cost equation for airlines that they had to -- for fuel.
And also here's a little -- line item on your bill fuel surcharge this is exactly like this to that he made the point at the top of the segment.
Look at the end of the day this is already being paid for this is just still way to squeeze another few nickel and dimes out of people who frankly.
Don't want to -- it.
Gets like that baggage fee or that hello fear of the blanket fear of -- -- C.
I'm on an airline it's just another way to figure out how to further monetize the consumer -- You have a choice like -- said if you go to where you normally shop any charging that one or 2% and it really ticks you off.
And it's -- -- -- -- further down the street its arrival of a further down the street and make your voice heard.
If -- if if I unfortunately -- in must -- that -- consumers -- lightly.
And they're gonna look at the theater class okay let's another eight cents a flocking to kill -- -- like shopping here and that's a very very dangerous mindset to have because -- aggregate.
That equals hundreds of millions of dollars that are going well.
Exactly what it's gonna equal it's -- equal 25 billion dollars ultimately because that's -- revenues coming out of the system.
And because of what -- because of this at court decision that came out on this very topic.
But -- may have located a way out of this problem for some of our viewers.
American Express has its own agreements and is not part of this lawsuit it has its own agreements with retailers here's what -- told me today.
It is not customer friendly it's not a customer friendly practice for a merchant to attract customer to -- store website to shop and -- the penalize the customer.
For using the card that the merchant except.
Now -- -- the special agreement with retailers.
They can't consumers cannot see their costs and Amex -- go up.
If debit cards don't go up to and in this case the court was very clear in saying that debit cards cannot be a part of this out.
I think that -- the people using Amex cards may not see this -- so that may be one way out of it.
We think Jack.
Yeah I like get the challenge with amex's that there are very exclusive credit card issuer.
They do not have a sub prime product you've got to have really get credit credit to get an Amex card -- get me wrong I plenty -- Amex cards are not just about dissing them.
The cream always rises to the top by eight what -- charge cards they'll charging you fees because they don't -- each -- -- And therefore there is no interest in I love and I revolving credit product but there it is -- -- politically ironic that -- not emulating the and it's an average on the back.
-- yield though I'm wondering about the impact time on credit cards -- you talk about how you like credit cards to build credit.
For a lot of people out there.
Does this mean you had some of the benefits to people get from credit cards like earning miles and points at that they then used for other things.
Our our our people not gonna participate in the.
What seems -- -- when the 22009 -- legislation passed a lot of individuals thought that the rewards those little go away but actually they started to use more wars in order to try to entice in the -- -- to use his car more frequently.
So I don't think that this is not as on both sides whether the credit card comes out -- -- still trying to make money.
But the consumers now have an opportunity to say that I have to further educate myself exactly how this current going to be used.
What this card is gonna cost me and what I would have to do navigate the that the process of all these additional fees on an -- in the -- is trying to build my credit.
I don't cost my pocket but that was more so it's -- the -- we have to educate ourselves about every single dollar coming out of pocket book is there any way to fight -- -- -- I I say walk away again if you see and be -- means we didn't using sites like group had a different -- that allow us to use coupons we don't use coupons much of used to people saving two dollars a month.
Just by using to -- trying to deceive and then discount and does knowing the different prices in your area.
This is is when we're not victims of this we can't control this by just understanding if -- -- -- -- -- a 4% more I can go to -- be disabled analysts.
John last word here had eaten -- how -- protect yourself.
I want I want to make a point.
Aren't we didn't ask for that's we got asked for that's consider consumers.
There was -- Occupy Wall Street -- -- -- Marching on the retailer saying darn it that's that no more swipe fees whenever asked for a -- this was this was put upon us.
Because of that the greeting guests -- not only the networks but also the retailers and as usual all the consumer the -- consumer to drive this big -- Is caught in between and now we're trying to figure out a way to not have to pay between the one -- 4% more for the things we have to buy every single night.
Are asking the question thumbs up or thumbs down for this -- when she about any evidence to your thumbs.
Nobody like -- and thumbs down -- I didn't with the audit damper hybrid damper pager and I'd like he did it I don't -- -- Shyamalan.
And but stop that are right Brian thanks for coming on tonight and getting it straight talk -- -- exactly what we made it.
