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Will Retailers Charge Credit Card Users More?

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  • Description

    FBN’s Gerri Willis on credit card transaction fees.

  • Duration 3:55
  • Date

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Yesterday we told you about a new fee that could be imposed by retailers if you buy with a credit card anywhere.

Now the so called swipe fee which could be as much as 4% of the cost of your purchase.

The money would pay for the cost of processing your credit card transaction here's how a couple of our guests last night reacted.

Yes this is really bad news for consumer Saddam were already getting nickel and dime to GAAP and were about to get nickel and -- even more.

Some of free market -- isn't what is everybody else and I believe that in the -- stores have the right to -- -- -- -- 300 -- couple coffee even if they want to but the consumer is also part of the free market you have the right to say.

If you're going to charge me extra I can take my business elsewhere.

Thumbs up or thumbs down for this day average she -- to be honest here found its.

Nobody light up and thumbs down now I can't let the private damper private damper pager and I'd like he's gonna have a car talk shop.

You know what they are not fans in need Jeremiah.

The last thing any of us needs is another faith nobody wants to CS surcharge on the credit card bill and you guys weighed -- with some heated responses here's an email from Chris defense.

4% on top of whatever you pay by using your credit card.

Worried getting squeezed by higher food prices.

Now it will cost 4% more use your credit card what kind of economy is this wrinkling and squeezing every penny out of that already hurt consumer.

I'm thumbs down for the role I would like to use my other fingers to the retailers actually time -- It but in turn -- a class action lawsuit settlement it's spelled out clearly that retailers.

Who plan to charge must notify consumers of their plans to surcharge so today we decided to find out who might raise the taps.

Target told us now here's what they're spokesman -- -- quote.

Target has no plans to surcharge guess who use credit and debit cards in order to allow Visa and MasterCard continue charging unfair fees.

No love loss there.

Other big chains we contacted agreed with target.

-- a couple of them responded to us.

We even heard from one smaller -- who said this.

I would like to know if you have ever seen a merchant processing statement from a credit card processor which brings down puppies we paid a process credit cards you would understand the difficulty we face -- small business.

We are the ones paying for the reward cards.

It's -- Suzanne.

We talked to one of the big Kahuna is in retailing The National Retail Federation who had this -- -- The concept that merchants will start surcharge -- for credit card use is misinformation being spread by the card industry.

The lawsuit was brought by merchants in an attempt to bring down swipe fees.

And -- turn the prices paid by consumers not to increase the amount paid by consumers surcharge and therefore would -- a 180 degrees to the intent of the suit.

-- -- can always be exceptions.

Merchants in general have no intention of surcharge and you know it's that last part that bothers me just a little bit they say there may be exceptions.

According to the federation big change we'll have not difficult time letting it be because if any of their operations are at any one of the ten states that you see here highlighted in yellow.

-- have to pay that surcharge they can't charge it.

And they can't charge at any of their stores.

Even so -- -- big grocery store chain with stores and some of those states say it's still weighing what to do.

They say we continue to explore ways to incentivize customers to use lower cost forms of payment.

I have not made any final decisions.

But experts believe you'll be most likely to see the surcharge of smaller merchants -- a day is little stores.

So once again the little guy and a little business guy or gal gets the shaft.

My advice to you this weekend is that you scan all your receipts to find out whether you -- being charged with deeper credit card processing.

I would be hard pressed to return to a merchant where I did get such a surcharge.

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