If you feel like you’re getting slapped with extra card fees more and more – you’re not imagining it.
As businesses face rising costs, a growing number are charging their customers an extra fee when they pay by card to cover the cost of processing that transaction.
And while it may seem like an insignificant amount at the moment, studies show that Americans lost $1.57 billion in credit card fees in 2023.
But did you know there’s actually a way to avoid these pesky transaction fees altogether?
And that doesn’t just include paying for everything in cash (although that works too!)
How to avoid additional card fees
A recent TikTok video by Millie Muroi explains the surprisingly simple way you can avoid these fees.
“They’re usually just a few cents,” she begins, “but they can add up to hundreds of dollars over the course of the year. So we looked to see if there was a way to reduce these additional fees.”
She then explains that she will buy a $4.20 coffee, but will eliminate the surcharge by inserting or swiping her card.
“I usually knock it off, but that’s how you lower the surcharge. So enter or swipe, choose a check or save option, enter your pin and you’re good to go!”
Of course, she manages to avoid the surcharge this way and only pay the cost of the coffee!
“I’m sick of paying just to use my card”
In the comments, people praised Millie for the tip, with one saying: “So tired of the fees! Thank you.”
“This is very useful, we will definitely give it a go next time. I hate paying just to use my card,” said another.
“Oh all this time I could have done this. K,” sneered a third.
However, others raised some valid concerns.
“How do we do that if we pay with our phone?” someone asked.
“Some banking apps including Melbourne bank and CBA now give you the option to pay using the app and when you tap to use the credit or savings option as if you had the physical card,” one viewer replied.
Another pointed out: “In my experience, most surcharges will be added when the total is visible before tapping/entering, so even if you choose to pay with savings, you’ll still pay a surcharge.”
But someone replied: “This is legal as long as they offer a free option (like paying cash).”
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Image Source : nypost.com