New Credit Card Fees In Effect
By: Audra Streetman
Updated: January 27, 2013
Fort Wayne, Ind. - (WFFT) You may want to think twice before whipping out your credit card at the store. New credit card rules went into effect Sunday allow merchants to add up to a 4 percent surcharge to transactions.
Visa and Mastercard plus nine other banks have changed the rules and allowed retailers to add a fee to credit card transactions. The fee stems from a multi-million dollar settlment in July between credit card companies and retailers.
Credit card surcharges are banned in ten states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas. If a retailer has a store in one of the ten states they cannot add a surcharge in any of their stores.
The surcharges do not apply to debit cards.
