From Cynthia Scott of OMC Financial Services:
Why use of plastic for purchases can now cost consumers more.
**A long standing lawsuit between retailers and credit card companies, including major banks, has just been settled for over $7 billion that will be paid to retailers.
**Under the settlement merchants can now pass on so called “checkout fees” to consumers who use credit cards; debit cards are exempt.
**Several rules apply:
>The fee must be disclosed at the store entry
>The fee must be disclosed at the point of sale, including Internet sales
>The dollar amount of the check out fee must be printed on the transaction receipt
**In ten states, including New York, Florida and California, it is illegal to pass on checkout fees to consumers, but consumers who travel to other states where it is legal such as Pennsylvania or Vermont will be subject to the fee.
**This legal settlement will impact consumers using credit cards who pay over time since they will now pay interest on their purchases and also the “checkout fee.”
