New Credit Card Fees Now In Effect - KMSP-TV

New Credit Card Fees Now In Effect

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New rules for Visa and MasterCard went into effect Sunday that allow merchants to apply a 4 percent surcharge to transactions. New rules for Visa and MasterCard went into effect Sunday that allow merchants to apply a 4 percent surcharge to transactions.
PHILADELPHIA -

Using your credit card to pay for something is easy, convenient and fast, but now, it may cost you a little extra.

New credit card rules that went into effect Sunday now allow merchants to add up to a 4 percent surcharge to transactions.

Financial experts say the surcharge equals the cost that credit card companies charge merchants to process your payment.

According to the website creditcards.com, the surcharge can be added on Visa and MasterCard transactions. The new rule is part of a federal court case settlement.

Financial experts Gene Marks of The Marks Group, and Elliott Miller of Fulcrum Securities joined FOX 29 News Sunday to break down how the new rules impact merchants and their customers.

You can watch their interview in the video above.

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