LIVE VIDEO: Fox 43 10:00 News    Watch
 

East TN shoppers could see more credit card fees

12:26 AM, Jan 31, 2013   |    comments
  • Share
  • Print
  • - A A A +

The next time you use your credit card, you could see an added fee on your receipt.

Last week, a new law went into effect that allows retailers to pass on the cost of credit card surcharges to their customers. The fee, which businesses pay credit card companies for every transaction, can be passed down to customers if the company chooses to do so.

Ron Emery, owner of Emery's 5 & 10 in South Knoxville, said he does not plan to pass along the surcharge even if the new law gives his company some financial relief.

"If you're the only one charging that fee, it will probably hurt you," he said.

It is too soon to see just how many companies will start passing along the fees, however many major chains have so far said they will not.

Mast General Store in downtown Knoxville said it will not pass along the fees because it does not want to inconvenience its customers. Employee Nick Waller said Mast is already used to paying surcharges.

"The law allows us to pass on up to 4 percent of the charge to the customer and we pay more than that in most cases," he said.

Any businesses that decide to pass their surcharge fees to customers will have to post signs in their stores notifying customers of the change.

Most Watched Videos