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Thema Ponton

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Fewer credit card rewards and more fraud. That's what some groups say could happen if changes are made to credit card swipe fees. But news Ponton speaks with people on both sides of the issue and how it could impact your money. Right now I forgot my bag, but I have my phone so I could pay. The convenience of being able to tap or swipe and pay is taxing cash paying consumers and businesses, according to the National Retail Federation. It's a continuing growing expense and it's gone to the point where these fees are now most retailers' second highest operating costs after labor. Those swipe fees are fees businesses have to pay to banks and card companies for allowing people to pay with credit cards. The National Retail Federation says those fees are costing the average household about $1200 a year in higher prices. As prices continue to climb, the bigger the swipe fee for that transaction is. The National Retail Federation is advocating. For the Credit Card Competition Act, the proposed law would allow more companies to process credit card payments, hopefully leading to savings for businesses and consumers. But an organization that represents banks and credit card companies is pushing back. They did it in 2010 on your debit card, and what consumers saw were debit card rewards went away, access to free checking. Reduced and debit card fraud increased and as a result, you know, consumers didn't see lower prices. The Electronic Payments Coalition says the bill would hurt popular rewards programs like cashback. The Consumer Bank uses that to fund reward programs. People we spoke with say they don't want to lose those rewards. That's exactly why I use credit. I'm Tama Ponton, News 12. You can watch News 12 on Tuesdays and Thursdays, always starting at 5 a.m. to get more on taxing Long Island.

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As News 12's Thema Ponton reports, a new study says paying with cash may actually cost you. 

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