OKLAHOMA CITY – A new law went into effect this weekend that could mean you will pay more for the convenience of using a credit card when you shop.
The next time you swipe that card, retailers may be swiping a little more of your money.
A new law now allows merchants to pass along to consumers the fees they pay banks to process credit card sales.
But according to the Oklahoma Attorney General’s office, this is illegal in Oklahoma.
Most major chains have said they won’t take advantage of the new option.
However, any retailer that may look to recoup the surcharges will be required to post signs in their shops.
“That means if you’re using a credit card to spend $10, say, they might impose an extra quarter, 50 cents, or even more as long as it’s proportional to what that merchant pays in interchange fees or check out fees,” Consumer Action Live’s Joe Ridout said.
The credit card companies point out this is not a new fee.
It’s just a new opportunity for retailers to pass the cost on to consumers.