New financial regulations take hold in 2011
Lower debit card interchange fees may have another visible side effect for consumers from new financial regulations, Garuccio says. Because the cost of processing debit card transactions for retailers will be a fraction of the cost to process credit card transactions, they may try to steer consumers toward paying with a debit card.
Merchants will pay much less for interchange fees -- a maximum of 12 cents rather than the current average of 44 cents -- for each purchase you make.
"There might be one retail price and when you're going to the register, they may have a sign there saying, 'If you use your debit card, (the item) is cheaper,'" Garuccio says.