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Retailers in 40 different states can now charge consumers an extra 1%-4% for paying with a...

Retailers in 40 different states can now charge consumers an extra 1%-4% for paying with a credit card as long as they disclose the fee. The extra fee is a byproduct of an anti-trust case settlement with MasterCard and Visa in which the credit card giants were alleged of conspiring to hold back the fees stores can charge. Retail analysts expect large companies such as Wal-Mart, Target, and Costco to refrain from tacking on the fees, but it could be open season for smaller chains and independent shops.
Comments (3)
  • SivBum
    , contributor
    Comments (2159) | Send Message
     
    No reason why retailers shouldn't recoup the fees collected by the Credit Card giants. As is, the cost is absorbed by the retailer, cash payers and credit card users, transactions from less than $1 to $thousands. The cost is hidden so the card companies continue to skim off the consumers and retailers.
    29 Jan 2013, 03:26 PM Reply Like
  • Drew Robertson
    , contributor
    Comments (360) | Send Message
     
    This is great news.....for CASH.
    29 Jan 2013, 03:38 PM Reply Like
  • Bear Bait
    , contributor
    Comments (690) | Send Message
     
    I don't feel to sorry for the retailers. I can't believe the fees aren't baked into the pricing already. Plus people tend to spend more when using credit cards so the decrease in revenue/profit may more than offset the fees collected.
    29 Jan 2013, 03:51 PM Reply Like
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