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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]
Some countries have banned the no-surcharge rule, most notably in Australia [144] retailers may apply surcharges to any credit-card transaction, Visa or otherwise. In the UK the law was changed in January 2018 to prevent retailers from adding a surcharge to a transaction as per ' The Consumer Rights (Payment Surcharges) Regulations 2012 '.
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 ...
Australia also removed the "no surcharge" rule, a policy established by credit card networks like Visa and MasterCard to prevent merchants from charging a credit card usage fee to the cardholder. A surcharge would mitigate or even exceed the merchant discount paid by a merchant, but would also make the cardholder more reluctant to use the card ...
At issue is a rule that would block card issuers with more than 1 million open accounts from charging more than $8 for late fees, unless they could prove higher fees are necessary to cover their ...