Changes to Myrtle Beach Credit Card Payment Policies Could Impact Residents’ Wallets

Changes on the Horizon for Myrtle Beach Credit Card Payments

MYRTLE BEACH – Are you a fan of paying your bills with a credit card? If so, you might want to sit down for this one. The city of Myrtle Beach is considering changes to how credit card payments are handled, and it could end up hitting your wallet.

What’s the Big Deal?

Since 2003, the city has been covering credit card fees for customers, but this practice is under review. According to Jeremy Roof, the city’s director of financial services, “We’re not talking about charging anyone extra. This is a fee from their credit card, just like when you buy something from Amazon or wherever online.”

Sounds simple enough, right? But here’s where it gets interesting: the cost to the city for covering these fees has ballooned from approximately $63,000 annually back in 2003 to a staggering $600,000 this year. Why the steep jump? Well, an increasing number of customers and rising credit card fees are to blame. And if things continue on this path, the city’s expense could skyrocket to $1.2 million annually once a new software conversion is completed by early 2026. This would open up payment portals for local businesses, allowing them to pay their hospitality and accommodation taxes online.

How Will This Impact You?

So what does this mean for everyday folks? Right now, when customers use credit cards to pay, the city absorbs the cost, keeping it convenient for everyone. But in the future, customers might face a choice: pay their own credit card fees or stick to good ol’ checks. Roof explained, “We’ve never had the ability to do that. Now that we are going to be able to bring those payments online for the customers, like they’ve been asking for years, we’re looking at the credit card fees.”

Gearing up to implement changes, the city has an agreement with various credit card companies that currently sets the fee at 2 percent but is anticipated to jump to 2.75 percent by next year. With credit card companies hiking fees nine times since the early 2000s, this financial game is tightening.

What About Other Cities?

Interestingly enough, Myrtle Beach isn’t alone in this situation. Other cities like Charleston, Greenville, and Columbia don’t cover credit card fees for their customers. Mayor Brenda Bethune highlighted the fact that the annual savings from discontinuing this practice could be substantial. “I don’t know about everybody else, but a half a million dollars a year is a lot of money,” she remarked. Those cash-back credit card users might still opt to pay the fees if it means getting some benefits in return.

A Little Perspective

It’s essential to note that folks have a choice in how they pay. A recent survey revealed that a whopping 77 percent of the city’s utility bills are settled with personal checks, indicating that many people still prefer traditional payment methods. This new shift could encourage even more residents to go back to the checkbook, avoiding credit card fees altogether.

What’s Next?

The city council will soon discuss this issue further as Roof prepares a report outlining the available options. Options may include requiring customers to pay their own fees or continuing the city’s coverage but at a potentially reduced rate. Whatever happens, Myrtle Beach residents should brace themselves for some changes in how they can manage their payment methods.

As this city weighs its options, it’s paramount to keep an eye on how these adjustments could affect your everyday transactions. After all, saving a few bucks here and there can make a big difference in our budgets!