Surcharge for customers could start today - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Surcharge for customers could start Sunday

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CHARLOTTE, NC (WBTV) -
Effective today retailers can impose a surcharge on all credit card transactions. 

Visa and Mastercard settled with retailers last year on the "swipe fee" for $7.2 billion, they also agreed that retailers could pass that surcharge along to customers.

January 27th 2013 was the selected start day that retailers could begin charging these fees and today is that day.

However there are some parameters to the agreement, one is that retailers cannot charge more than the fee they pay to the banks or card companies, also the charge cannot be more than 4% of the value of the transaction. 

10 states have already banned retailers from passing these charges onto customers, they include California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.

Krogers grocers is looking at potentially implementing this charge to its customers. 

The proposed plan is a lower cash price and a higher credit card price, much like you see at gas stations. 

Although the fee can only be charged on credit card transactions and not on debit cards or pre-paid cards. 

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