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No More Pennies Tomorrow, Feb. 4, Rounding Up Or Down?


DonLever

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^^^ As an FYI....

The change the government is looking at has been put forward by retailers trying to get back the fees the banks charge them for using credit cards.

The retailers want to push the charges (and while they are at it why not an extra processing fee) onto consumers.

Mind you, if the banks didn't charge fees to retailers for using credit cards (I guess 20% interest charges aren't enough) there wouldn't be a need for retailers to be pushing for this at all.....

But in the meantime I will just make a point of having enough money invested in the banks to make sure I am on the winning side of the equation.

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Sure, but if you can get a premium from those not using cash, why wouldn't you?

Alternatively one could look at it a different way. If people are paying with cash why should they pay a share for the premium for the credit card payers? It stands to reason they should get a discount.

And whether you call it a discount or a premium is really just marketing since a discount for one group is a premium for the other. It's the same thing....

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Sure, but if you can get a premium from those not using cash, why wouldn't you?

Alternatively one could look at it a different way. If people are paying with cash why should they pay a share for the premium for the credit card payers? It stands to reason they should get a discount.

And whether you call it a discount or a premium is really just marketing since a discount for one group is a premium for the other. It's the same thing....

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I guess businesses are trying to get rid of their pennies first. Paid 3 cash transactions today, still got pennies for change, would've paid 3 cents combined less on two and 2 cents extra on one. So in the end, if all three were not giving pennies for change, I would've saved 1 cent today on 3 seperate transactions.

Seems like it'll even out in the long run just as I figured it would.

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I guess businesses are trying to get rid of their pennies first. Paid 3 cash transactions today, still got pennies for change, would've paid 3 cents combined less on two and 2 cents extra on one. So in the end, if all three were not giving pennies for change, I would've saved 1 cent today on 3 seperate transactions.

Seems like it'll even out in the long run just as I figured it would.

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I guess businesses are trying to get rid of their pennies first. Paid 3 cash transactions today, still got pennies for change, would've paid 3 cents combined less on two and 2 cents extra on one. So in the end, if all three were not giving pennies for change, I would've saved 1 cent today on 3 seperate transactions.

Seems like it'll even out in the long run just as I figured it would.

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