Warning! Swiping Your Credit Card Could Cost You More Starting Jan. 27

by Nate Wooley | January 25, 2013 11:41 am

Warning! Swiping Your Credit Card Could Cost You More Starting Jan. 27

visa mastercard 630 logos 300x199 Warning! Swiping Your Credit Card Could Cost You More Starting Jan. 27[1]Starting Sunday, retailers will have the right to charge a fee if you buy something with a credit card.

In a lawsuit settlement between retailers and several large banks, a judge has ruled that retailers can pass along the bank fees associated with credit cards, ABC 15 is reporting[2]. The ruling becomes effective this Sunday, Jan. 27.

Typical charges for credit card usage are between 1.5% and 3%. Some range as high as 4%, warns Consumer World. All of that could be passed along to consumers.

For worried shoppers, retailers will be required to post the fees prominently in the stores and on their websites. Consumers should look for the posting near the entrance and close to the registers. For online retailers, the fees must be disclosed on the first page where credit cards are mentioned.

More stories about retail:

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/08/visa-mastercard-630-logos.jpg
  2. ABC 15 is reporting: http://www.abc15.com/dpp/money/consumer/alerts/Credit-card-users-could-be-paying-so-called-checkout-fees-soon
  3. JCPenney Accused of Concocting ‘Fake’ Prices: http://investorplace.com/2013/01/jcpenney-accused-of-concocting-fake-prices/
  4. PayPal Adds 7 New Bricks-and-Mortar Retailers: http://investorplace.com/2013/01/paypal-adds-7-new-bricks-and-mortar-retailers/
  5. Rivals Protest Wal-Mart’s ‘Phoney’ Price Comparisons: http://investorplace.com/2013/01/rivals-protest-wal-marts-phony-price-comparisons/

Source URL: http://investorplace.com/2013/01/warning-swiping-your-credit-card-could-cost-your-more-starting-jan-27/
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