With the much anticipated day, Black Friday is only two days away and some businesses opt to be cash only establishments. The lines will be long, but you would hate to be in the front of that line only to find that the store honors cash only.
Many of us fail to look for those little placards posted on the door representing what credit cards are accepted, instead we get to the cash register and the cashier say, ” Sorry we don’t accept credit.”
On Black Friday the stores will be in a frenzy with people looking to get the magnificent deals, so use caution. Look for the sign. You would hate to get to the register and not be able to purchase that deal. While many people has turned to the use of cash only, some rather charge it.
Many small businesses, has long refused to take credit because of high interchange or “swipe” fees paid to card companies and banks. A number of cash-only businesses say financial reform doesn’t go far enough to encourage them to accept plastic, and business owners who do take credit and debit cards complain that transaction fees – which are usually around 1 percent to 3 percent of a purchase, but vary widely – will likely remain too high for the reform to make a significant impact on their bottom line.
How many times have you used your credit card for small purchases and was told that you had to make a minimal purchase of $5 or $10?
Under the new law, merchants can now legally set $10 minimums on credit-card purchases, and offer discounts and promotions for cash purchases – a shift from strict rules preventing those practices in the past. In the next eight months, the Federal Reserve also says it will issue new standards for swipe fees for debit cards to make sure they are “reasonable and proportional” to the costs of the transaction. Credit-card fees, however, would remain unregulated.
So don’t get caught without the cash that you might need. While plastic is convenient, cash is always better.