The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Wed Oct 25 2023

We just got used to tipping more. Now there's a new tax on our consumerism . Retailers are charging fees to defray the cost of processing credit card transactions.

How it works: If you pay by credit card, you are charged a percentage of the total purchase or a flat fee. The charges are referred to as a surcharge, service fee or convenience fee.

Should we swipe less? You might want to consider putting away the plastic and pulling out a wad of cash.

Some retailers are giving discounts if you pay cash. These discounts are a percentage of your bill or a flat amount. For example, T-Mobile changed its $5 per line autopay discounts earlier this year to only apply to customers who pay by debit card or linked bank account.

Why is this happening? Businesses shouldering rising costs are looking for ways to cut their expenses.

Credit cards are displayed on July 1, 2021, in Orlando, Fla.

John Raoux, AP

Facebook and Instagram harming young people's mental health, states allege

More than 40 states have filed suit in federal court against Meta, the parent company of Facebook and Instagram, claiming that the social media company has harmed young people's mental health – addicting them while misleading the public about the platforms' safety.

In the lawsuit filed Tuesday in the U.S. District Court for the Northern District of California, the states allege that the company has profited in how it has designed Instagram and Facebook to maximize time spent on the platforms by teens and children, which led to increased advertising revenue.

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Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.