Monday, October 27, 2008

Credit Card users and vendors BEWARE!

My local CFIB representative came by with very disturbing information that affects all of us and so I am compelled to pass this along.

Credit card companies, pretty much all of them, now have cards circulating and being used daily and everywhere, that charge an extra percentage to the vendor unknowingly when the card is swiped. So even though you worked hard to negotiate your percentage with your bank, the credit card company is allowed to charge extra for these "super cards" that have features such as no fees, no hassle etc. There is no way to distinguish the cards from any other normal credit cards, but each month check your statement with your point of sale machine merchant to see if you have been targeted. The best advice I was given was to reconcile the charges with a kind protest to your bank. These cards have been deemed illegal in Europe after their introduction there a while ago. We need the same support here as vendors in North America, so get in touch with your politicians both provincial and municipal to let them know. I have also contacted our local paper here, they are soon to run a story about these cards.

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