However, the amount of the surcharge you may be charged at checkout depends on the credit card you are using. In fact, credit card interchange fees are sometimes higher than 2.4%, but the surcharge for customers has been capped at this figure due to the settlement. Why are credit card fees so high at 2.4%? Couldn’t they be capped at 1%? It used to be that companies absorbed the cost of these so-called interchange fees, but today many are looking to make up for lost revenue by charging their customers.īut what does this mean for you? We’ve received many questions from our audience and have answered some of them below. The settlement also gave them permission to pass these charges directly on to customers, which they were previously not allowed to do. The Canadian companies launched a class action lawsuit against the two companies in 2011, and the settlement earlier this year reimbursed them hundreds of millions of dollars in fees – called interchange fees – that they pay each time a customer pay with credit. Indeed, Canadian retailers can now charge customers using credit cards to pay, following a longstanding lawsuit with Visa and MasterCard that was settled earlier this year. We’re listening: of last week, you may have to pay additional fees if you choose to pay with your credit card. Send us all your questions about COVID-19.
This story idea came from members of the public, like you, who reached out to us.
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