Recently on of my my radio show interviews I was asked about the class action lawsuits going on between retailers and the credit card companies.
Everyone wants to use their cards today whether online or in the store. The credit card companies are racking up serious profits as a result.
The merchants are between a rock and a hard place because people want to use their credit cards for transactions so they HAVE to offer it as a service – but every time a card is used, that merchant’s getting charged typically 3% by the credit card company. Think about how many transactions a day that merchant is getting charged that fee. So the battle between the merchants and credit card companies is understandable – the retailers simply want something that’s reduced for example even to 2%. With the number of transactions that retailer experiences, a 1 or 2% reduction is massive to them.
Merchants can’t possibly absorb all these fees themselves, so guess who that cost gets shared with? That’s right, you and me! So if the retailers win some of the class action suits against the credit card companies, getting these fees even slightly reduced, we ALL win.
Every week Joe Stanley of Stanley Law makes several radio show interviews where he answers listeners questions about everything from serious personal injury accidents and insurance claims, to landlord issues, and current event concerns held by the listeners. Joe’s always believed in advocating for consumer’s rights and giving listeners as many resources and insights as possible so they can make better informed decisions that impact their lives. Stanley Law has offices in Syracuse, Binghamton, Watertown, Rochester, and Montrose, PA. You can reach Joe and Stanley Law at 1-866-553-7125 for your FREE consultation. They’ll be there for YOU.