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5 Things You Need to Know About New Credit Card Fees

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5 Things You Need to Know About New Credit Card Fees

 

Make sure you know what you’re getting into before you whip out that plastic — new rules went into effect last week that allow stores to charge customers for using their credit cards. These fees, ranging from 1.5 to 4%, could certainly add up. A 4% fee on a family of four’s average grocery bill, for instance, adds up to a whopping $500 extra per year.

So what’s this fee all about? Well, each time you swipe your credit card, the merchant must pay a percentage to the credit card issuers like Visa and Mastercard. Last year, an antitrust settlement between merchants and credit card issuers gave merchants the option to forward that fee onto the consumer.

As terrible as this all sounds, though, there are ways to avoid paying these fees. Check out the next page for tips.

Earlier: How Does Your Salary Affect Your Health?

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Katie Waldeck

Katie is a freelance writer focused on pets, food and women’s issues. A Chicago native and longtime resident of the Pacific Northwest, Katie now lives in Oakland, California.

69 comments

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10:49PM PDT on Jun 16, 2014

The stuff written in the blogs have allured me!!! credit repair

4:58AM PDT on Mar 29, 2014

Quite imperative things on credit card fees thank u so much!!
Prescott Financial

3:04PM PDT on Apr 14, 2013

Good to know! I wonder if this applies to Canada too, but since we copy you, I guess it's on its way...too bad for small businesses who had to pay these fees to greedy banks.

11:25AM PST on Feb 21, 2013

Signed .Thank you for sharing.

7:27PM PST on Feb 20, 2013

For once it's nice to reside in tax-achusetts!

5:49PM PST on Feb 18, 2013

Damn credit companies and banks piss me off.

4:35AM PST on Feb 13, 2013

I quit using credit cards ( or should I say them using me) 10 years ago.I use debit cards and live within my budget. No matter how much you make if you spend within your budget your good to go.Im a Happier person today putting my credit cards down.

5:28AM PST on Feb 11, 2013

big banks & big businesses will profit greatly from our cc use. Shame how they get away with this. It's like stealing. We common folk are finding it hard enough to live today because of high prices. We surely do not need another fee.

11:40AM PST on Feb 10, 2013

Avoid usury at all cost... because they know the have you by the cajones!

3:16AM PST on Feb 10, 2013

I live in a state that is not allowed but I also refuse to use credit cards so I wouldn't be affected either way

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Disclaimer: The views expressed above are solely those of the author and may not reflect those of
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