Paying With Credit Could Cost More

Your everyday purchase could soon cost you more at the cash register when paying with credit cards.Visa and MasterCard, two of America’s largest credit card companies, have settled a lawsuit with retailers. The suit claimed retailers were being charged too much in processing fees every time a customer would swipe their card.The settlement will allow the stores to recover the fees by passing the cost directly to the shopper.Stores could charge an additional 1.5% to 3% for using a credit card at checkout.”Arguably, customers are already paying for this,” Trish Wexler with the Electronic Payments Coalition said. “The fact that retailers will now be able to turn around and charge their customers additional on top of that, I think is a bit outrageous.”Any new fees would not apply to debit cards and retailers would have to tell customers about the extra fee when making a purchase with a credit card.Click on the photo to get more details and Joe Buttitta’s story.