Credit Card Punishment Fee This Christmas

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Christmas sales both online and stores start way before December.

Americans are in and out of Canada daily and vice versa. They are probably not aware that the next time they buy something in Canada to take home, there will be a credit card punishment fee.

Presently, credit card companies got it from stores or merchants where I bought a coffee table or books online. The law has changed and that privilege of buying with a credit card has been shifted to us, customers. It went into effect on 6 October but credit card companies are yet to tell us when it kicks in.  It won’t happen overnight. They must give us a month’s notice.

I initially thought we, the customers will have the upper hand and boycott credit cards that have the punishment fee. I was wrong. I just remembered that Christmas is around the corner and we’ll buy gifts with credit cards. Hands up all those that do Christmas shopping with ‘electronic cash’ (debit cards).

Our name is credit, totally credit. Our income is not enough because of lifestyle. We even buy two cups of coffee with credit cards. What is lifestyle? Living beyond your means and we use credit cards to finance it.

Bill Gates and Serena Williams use debit cards to stock pantry shelves and the refrigerator, because they have cash in their mini-accounts. We use credit cards because the salary is gone on day 7 of the new month.

Credit card companies know it. That is why they are not worried about anger over the 1%, 1.5% or whatever percentage they will slap on us, for paying with credit cards. We’ll get used to it. They have us by the proverbial, you-know-what.

By: Nonqaba waka Msimang.

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