 |
Limit card fees
Proposed legislation related to credit and debits cards – potentially impacting six in 10 North Carolinians – was on the agenda after the Cherokee Scout’s press time Tuesday morning for a legislative committee, according to a report in The Center Square.
The state House of Representatives’ Committee on Commerce & Economic Development is scheduled to discuss a bipartisan bill restricting businesses from profiting on electronic transaction fees they are assessed. “Charges for Payments by Credit or Debit Card,” known also as House Bill 13, stipulates that a merchant “shall not impose a charge for payments by credit card or debit card that is more than the charge that the merchant pays to a payment card entity to facilitate or process these payments.”
Most analyses, with a caveat there are no sure numbers, say more than 60% of the state’s estimated 11 million residents do business with debit or credit cards. The proposal says merchants, if they impose charges for the payments, “shall conspicuously disclose the amount of the charge in the advertisement.”
The civil penalty would be $2,500 for first violation, $5,000 for each after that. The enactment date if the bill becomes law is Oct. 1. The proposal would next go to the Finance Committee, then the Rules Committee to await a floor vote.
This bill feels like a fair solution to an ongoing problem, which has the Scout has written about before. With more and more Americans not using cash nowadays, it’s imperative that the government look out for consumers from businesses that would take advantage of us.
Financial vices
More than four in five U.S. adults – 84% to be precise – spend money on at least one of these six financial vices: alcohol, lottery tickets, casino games, tobacco/cigarettes/e-cigarettes, sports betting and marijuana/recreational cannabis, according to a new survey by bankrate.com.
In addition, 50% typically spend money on these financial vices at least once a month, while 32% tend to do so at least once a week. To follow those numbers down a rabbit hole, visit bankrate.com/credit-cards/news/financial-vices-survey.
Out of the six financial vices included in Bankrate’s survey, the most popular are buying alcohol (66%) and lottery tickets (64%). These are followed by casino games (40%; e.g. blackjack, roulette, craps, etc.), tobacco/cigarettes/e-cigarettes (30%), sports betting (29%) and marijuana/recreational cannabis (28%). Overall, 70% of U.S. adults say they participate in a type of gambling – lottery tickets, casino games or sports betting – including 25% who do so monthly. States like North Carolina that have expanded gambling are watching millions of dollars pour into the government’s coffers; yet, we can’t help but wonder, what isn’t being bought with all that money?
Gen Xers (ages 45-60) are most likely to buy lottery tickets (72%) and alcohol (69%). Gen Zers (ages 18-28) are most likely to spend money on sports betting (49%) and casino games (44%), while millennials (ages 29-44) are most likely to buy tobacco/cigarettes/e-cigarettes (43%) and marijuana/recreational cannabis (35%).
The survey says most Americans who spend money on financial vices plan to spend the same or less in 2025, compared with 2024. No wonder it’s becoming more challenging for charities, churches and clubs to raise money for positive projects to help the community.
– Publisher David Brown