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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]
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.
Credit card surcharges are becoming more common, but they’re not legal in every state.
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]
You'll want to keep adding to your savings every paycheck, but you might cut your contribution back some, or maybe during step two you managed to pay a credit card off with the minimum payments ...
Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3]
If so, there is a surcharge for that service. Here’s the good news: In addition to a checking account, we offer several surcharge-free credit card payment methods; so, if you don’t want to pay this monthly surcharge, follow the link to learn how you can change your payment method .
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