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Clark Howard's Overview Of The Financial Reform Bill For Consumers

Wednesday, June 30, 2010 - 7:31 AM
Clark Howard has a good basic overview of the financial reform bill that's on the verge of becoming law. One thing he left out is the permanent increase of the $250K deposit insurance limit. Here's an excerpt of his description of the changes we'll see in credit and debit cards. None of these will be good for our cash-back credit cards and reward checking accounts.
* Merchants will contractually be allowed to set up to a $10 minimum on credit card purchases.

* Merchants will have the discretion to offer you a cheaper price for paying cash instead of credit.

* The fees that merchants get hit with to run a debit card transaction will decline to a fraction of what they are now. This will pave the way for restaurants and retailers to pass savings on to consumers.

Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634