Did you know you're about to get hit with credit card surcharge fees?
Beginning January 27, merchants can begin passing their payment processing fees on to their customers who pay with a credit card. You may see this listed as a "checkout fee," a "credit card surcharge," or some other description, and it could be as much as 4% of your total purchase. (Four percent is the max allowed under the new law.)
Points to remember:
* merchants must disclose the surcharge clearly at their store entrance AND at the point of sale (typically the cash register) and on their homepage if they sell online.
* the disclosure must include the amount of the surcharge and that the fee is being charged by the merchant.
* the surcharge cannot exceed the amount the merchant actually pays to accept credit cards (normally between 1.5% and 4% of the purchase) and can be charged only on credit card purchases, not on debit or prepaid card purchases.
* the dollar amount of the surcharge must appear on the receipt you receive.