As most of you know, this CreditJunkie is Pro- Credit Anti-Debt, because it is ridiculous to pay the outrageous interest rates imposed on most Credit Card Accounts. Unfortunately, credit scores drive what you pay in interest rates for your major purchases, so don’t cut up those cards just yet.
Use of credit cards is required to assure the Credit Grantor does not close the account because of inactivity. This could hurt your score.
However, stores in most states could start charging you a fee, up to 4%, on Sunday when you buy something with credit cards. This is as a result of a Visa and Mastercard settlement last summer.
The good news is that this fee is still not legal to impose in 10 states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
Some agree that the major retailers will not pass these fees along to the consumers, but the small Mom and Pop stores would love to offset the fees being charged by the banks.