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A -- depending on where you live it may cost you more he's your credit card as a result of the settlement between peace in NASCAR in the retail industry.
Merchants in forty states are now allowed to add a surcharge of up to 4% of your entire purchase.
The National Retail Federation says allowing these so called -- -- cause irreparable harm to retailers especially smaller ones.
-- and RF senior vice president General Counsel Mallory Duncan says the concept that merchants will start surcharges for credit card use.
Being spread by -- credit card industry welcome.
Hi there so -- propaganda are you saying retailers are less likely to charge swipe fees to their customers.
I say there's virtually no chance is gonna happen.
I mean this really is propaganda put out by the card industry as part of the settlement of a big lawsuit.
I was just gonna coming here and say so then what did the retailers want to come out of this settlement because you know really squeezed right because they had to -- -- Processing fees to that credit card companies.
And again so this -- allowed him to turn around it offset some of those fees that are creeping into their bottom line.
On to customers who by the way have a lot of other choices and how they're gonna.
Pay for their goods debit cards are not included in the sentiment of course you can pay for cat.
Yes that's right but what retailers wanted to come out of this lawsuit was competition.
Right now the two big card companies basically.
Set monopoly swipe fees and they.
Force those fees on to retailers and their customers and it's hit.
What we wanted was lower swipe fees so there were lower.
Cost us and lower prices for consider our customers.
What instead is the card companies have offered that.
-- that retailers should take the exorbitant fees that the card companies are charging and pass those onto our customers we're not interest in doing that.
I understand but here's the problem right you've got a tighter regulatory environment.
Where banks have fewer avenues to generate revenue this is big picture scarcity passed the credit card companies which spent half flunked the retailers -- the retailers.
Are passing it -- to the customer so the -- -- have to be.
A bigger picture solution addressing this issue of tighter regulation right now do you agree with that.
-- -- the issue has to be competition the problem is retailers compete every day you can go.
Online right now and find incredible deals and bargains but if you go shopping for credit cards they all charge the same high swipe -- So we don't need regulation.
We need Jin -- -- competition.
And next though is not a part of the settlement annex has its own deal that seems to be working out just fine because there are a lot of retailer smaller ones in particular.
They won't even excepting American Express card and most of those customers know that -- -- other payment options.
That it look there are.
A lot of problems with this credit card for polls.
Among them is that there are so many hurdles.
That as a practical matter it's unworkable.
That's number one number two.
All it does is institutionalize.
Is the high swipe fees -- to card companies are charging now.
And says retailers you should double down with your customers on this piece.
That's ridiculous we're trying to lower prices because that's how we compete we have no interest in this surcharge approach.
And look mr.
-- -- but that tougher economic challenges high unemployment -- -- nobody is gonna disagree that's you know inflation.
Is is a problem you know just at that at the food and energy levels you know we're seeing prices go up and it's it's.
It's disappointing nonetheless but these are these are the times a lot of layers that need to be addressed now -- -- -- -- -- an -- thank you so much.
Sure happy to be here.
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