For the first time ever, stores now have the right to add a surcharge on all credit card purchases made in stores and online.
This is the result of the largest antitrust settlement between retailers and credit card companies.
Hopefully by now you’ve heard a little about this.
There is good news! -Not all states are doing this, and it may not happen immediately, if at all. But still keep your eye out because it is possible to come across a business that does incorporate these charges.
California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas are some of the states that will not go forward with the idea.
So, now you have to be very careful. Even if you live in one of the states mentioned above you still have to watch where the headquarters are located when ordering online.
These companies can add 1-4% of your total purchase as a fee.
Think about it. If you’re like me and never carry cash on you, you could be charged just for using your card instead of paying with cash!
So here are some things to keep in mind and watch out for!
1. Smaller businesses may be the first to add these charges.
2. Stores have to post a sign in the door or at the register if they plan to charge a fee. (Pay close attention to gas pumps if you pay outside!)
3. Use a debit card (or use your credit card as debit and enter your PIN) to avoid paying these fees.
4. Start swiping your American Express if you are unsure. No, this is not an AMEX endorsement, the (this) credit card company simply will not allow these fees on any purchases.
5. Walmart retailers say they will not add the fee in any of their stores.
Don’t waste your hard earned money! Stay on the lookout to avoid these pesky charges! They can add up fast!
*www.abc2news.com – Shoppers angry about new credit card fee.
*www.mediapost.com – Retailers show little interest in tacking on fees.