Will Consumers Now Pay Fees on Credit Cards?

by Christopher O'Brien
Jenn Strathman, Consumer Advocate

Jenn Strathman, Consumer Advocate

By Jenn Strathman

Will the cost of swiping plastic get more expensive starting this weekend? It depends on who you ask.

On Sunday, January 27, businesses who take Visa and MasterCard can begin imposing a surcharge on consumers who use credit. This new fee for consumers is being called a “checkout fee.” It can only be applied to credit cards, and not debit cards.

The surcharge can’t be more than the amount the business typically pays to accept credit cards. That fee ranges from 1.5% to 3% of the transaction amount.

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