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. 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.