Credit Card Checkout Fees: Have You Noticed Them?
As of the end of January, merchants in Missouri could start charging an extra fee when you use your credit card. Has it curtailed your use of a credit card?
Missouri is one of 40 states in the nation that now allows merchants to charge an extra "checkout fee" when customers use their credit cards, according to the International Business Times. The merchants got that authority starting in the last Sunday of January after settlement in a case involving millions of merchants against Visa, MasterCard and nine major credit card issuing banks. The case involved claims of price fixing among issuers on credit card fees charged to merchants. In the settlement, credit card issuers agreed to reduce those "swipe fees" for eight months. CNN Money says the settlement also let retailers add a surcharge if a customer uses a credit card to cover the processing costs of about 1.5 percent to 3 percent of the …
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Thomas Nitzsche
12:56 pm on Monday, February 18, 2013
As credit counselors for a national non-profit agency, we have not fielded any complaints or consumer mentions of this fee in particular, but as Melissa mentions there are some retailers that offer a cash discount. Off the top of my head I am thinking of gas stations, but I am sure there are others. Thomas Nitzsche ClearPoint Credit Counseling Solutions www.clearpointccs.org more ›