Bill Would Ban Credit Card Surcharge
By Phil Gregory, WBGO News
Trenton. February 4, 2013
New Jersey lawmakers may ban retailers from charging more for customers who pay with a credit card.
The proposed settlement of a class action lawsuit allows merchants to pass along to customers the so-called swipe charge stores pay for processing credit card transactions.
Senator Jim Whelan says the fee could be as much as four percent.
“Credit card companies and the banks both seem to be doing okay. We want to protect the consumers. They’ve been fine without it. We don’t see any reason why they would need it going forward.”
New Jersey Retail Merchants Association President John Holub says stores won’t make customers pay that fee.
“Consumers over the last few years especially since 2008 when the recession hit have become extremely price conscious. So the last thing you’re going to do is add an additional price onto a product. Retailers are just not going to alienate the consumers that way.”
Under terms of the proposed law, stores that do impose the surcharge could face a fine of a much as 20-thousand-dollars.
© 2013 WBGO News
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