08.16.23 The Credit Card Surcharge War / The Man From ROTH

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 16 August 2023

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Credit cards are a massive expense for businesses. The U.S. has the highest merchant fees in the world, so many merchants pass on the expense to customers. Clark tells you how Visa is fighting back, and what this all means for both merchants and consumers. Also today, Clark - aka The Man From Roth - shares the considerable merits of the ROTH versions of 401(k)s and IRAs. Roths are the superior choice yet - underutilized. Credit Card Surcharge Decisions : Segment 1 Ask Clark: Segment 2 Roth Power: Segment 3 Ask Clark: Segment 4 Mentioned on the show Bodegas Put on Notice as Visa Fights Back on Card Surcharges Fidelity Rewards Visa vs. Citi® Double Cash Card – 18 month BT offer: Pick the Right 2% Credit Card How to Get a Mortgage in 8 Steps Congress Ended a Tax Break. How That May Help Higher Earners. WSJ Roth vs. Traditional 401(k): What's the Difference? What Is a Roth 401(k) and How Does It Work? 14 of the Best High-Yield Online Savings Accounts in August 2023 Gym membership cancellation: Here's how easy it can be to get out How To Get a Gym Membership for Practically Free Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's great to have you here on the Clark Howard Shore. Our mission is to serve you and empower
0:09.8	you so you make better financial decisions in your life.
0:14.8	Before I get started, I want to make sure you know that we have free, and this is on
0:20.7	free, daily newsletters from both Clark.com and ClarkDeals.com, that are filled with
0:28.5	money-saving advice that you can trust and deals that are awesome, at least I think so.
0:37.8	It's easy to sign up. If you decide that you don't like our newsletters, we make it just
0:43.6	as easy to dump us and unsubscribe from the newsletters. Just go to Clark.com slash newsletter
0:52.6	and you can sign up for whichever ones you want. We've been talking a lot recently, a lot
0:59.3	of complaints from consumers about credit card surcharges at places you shop. Well, now there's
1:07.9	an ongoing war with Visa and its merchants over the surcharges. And also in this episode,
1:17.2	I am the man from Roth. I'll talk about Roth IRAs, Roth 401Ks, Roth Roth Roth all the
1:26.5	time. Something that's now widely available to us, Roth 401Ks, people just aren't really
1:34.6	into them. And I'm going to talk about why that's probably not a good decision on your
1:42.2	part to not grab that Roth 401K. Hear me out on that later. Okay. So I am actually a supporter of
1:54.2	businesses charging a surcharge to you when you use a credit card if they wish. And more and more
2:03.6	you're seeing that. You know where that started forever ago? Gas stations in a lot of places
2:11.7	around the country. You'll see a flash with the price and you'll see a flash with another price,
2:17.7	cash credit, cash credit because credit cards are a massive expense for businesses. If you own a
2:27.7	business, you're nodding your head right now. So it has become because we have the highest by
2:35.0	far the highest merchant fees in the world in the United States. There's the Visa Mastercard card
2:41.8	tell. Visa is striking back against all these merchants that are charging extra fees. And Visa is
2:52.6	sending out undercover agents to spy on businesses. According to Bloomberg, they are playing rough,
	...

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