You could be paying more when you swipe your credit card - Beckley, Bluefield & Lewisburg News, Weather, Sports

You could be paying more when you swipe your credit card

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BECKLEY -

 

     As of Sunday, you might want to think twice before whipping out your credit card.
     Stores in most states could start charging you a "checkout fee" when you pay for something with plastic.
     The new fees stem from a multi-billion dollar settlement announced in July between credit card issuers and millions of merchants.
Visa, MasterCard and nine major banks agreed to a $7.25 billion deal to settle charges that they were fixing credit card processing fees.
     The retailer can only charge enough to cover the processing costs, which is about one and a half to three percent of the total purchase.
     This fee doesn't apply to purchases made using debit cards.