Each time you swipe your credit card at a store, the retailer pays a small transaction fee to the companies that processes the payments. Thanks to some recent court cases, they can now pass those fees on to the consumer in 40 states across the country. The ten states not effected still have laws that prevent check out fees of any kind, including credit card fees.
These states include:
Source: Consumer Action
- California
- Colorado
- Connecticut
- Florida
- Kansas
- Maine
- Massachusetts
- New York
- Oklahoma
- Texas
While some stores, such as gas stations, have been offering cash "discounts" for years they can now charge a credit card surcharge equivalent to the fee they pay for the transaction, with a maximum fee of 4% allowed.
While I normally only share a single article at a time, I felt it necessary to do more research this time and share from multiple sources. Check them out to read more about the upcoming changes to credit card rules.
- Daily Finance - New Credit Card Checkout Free Starts Sunday
- Consumer Action - Check Out Fees: Your Rights
Cori is a 29 year old living in Philadelphia. Making Cents of It stems from Cori's experiences as a young professional living on an entry level salary. Her goal is to help other 20-somethings enjoy life without going broke.
1 comments:
Thanks to some recent court credit card processing cases, they can now pass those fees on to the consumer in 40 states across the country.
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