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Credit card surcharges are applied when you use your credit card to make a payment. In states where surcharges are legal, they must be clearly displayed at the point of sale and on your receipt.
A payment surcharge, also known as checkout fee, is an extra fee charged by a merchant when receiving a payment by cheque, credit card, charge card, debit card or an e-money account, [1] but not cash, which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. [2]
Debit cards and transactions in the ten states that prohibit credit-card surcharges will not be affected. Many large retailers, such as Wal-Mart and Target have opted not to impose surcharges. [12] In the event of a return, surcharges are refunded along with the purchase price of the merchandise. [13]
Credit card surcharges can’t exceed the cost of accepting the card or 4 percent, whichever is the lower amount, even if it costs the business more than that amount to process your credit card ...
Credit card surcharges are becoming more common, but they’re not legal in every state.
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It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a senator from Illinois, after whom the amendment is named. [ 2 ] After the rule to limit fees, 12 C.F.R. §235, went into effect, a coalition of merchants sued the Federal Reserve.
Long-suffering businesses have won a big concession from credit card networks Visa (V) and MasterCard (MA): the right to add surcharges on customers who use their cards. But despite warnings that ...