On Sunday, a new rule went into effect that allows an agreement between merchants and Visa and MasterCard, to add a service charge to us when we shop with our credit cards. The service charge is called a “processing fee” which is usually 1.5 to 3 percent; and could go as high as 4 percent; which is the cap. However, the rule does NOT apply to debit card transactions.
The rule change was made as part of an anti-trust settlement brought by retailers.The good news in this all is that there are few stores that seem interested in raising their customer’s costs.
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Source: www.dailymail.co.uk
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