Besides the convenience, one of the great things about using a credit card to make a purchase has been that it doesn’t cost the consumer anything extra to use it.
Same as cash, in essence.
Now, it seems, that’s about to change.
Visa and MasterCard, which have prevented retailers from imposing surcharges on consumers who use their cards, may soon drop the ban in order to end ongoing litigation that the retailers brought against them and banks.
Merchants have to pay the card networks when customers use plastic, and they want to be able to offset those costs by charging consumers.
According to The Wall Street Journal, settlement talks have been going on and it’s expected that there could be an agreement before a trial that’s scheduled to start this fall. One part of a deal could be elimination of the surcharge ban.
Kroger, Payless, Safeway and several trade groups are among those who’ve brought the suits.
The attorneys involved aren’t talking.