Originally published as an interview on KSTP.com by Paul Folger Off Site Link. This version was edited and repurposed by Sunrise Banks. Original interview available here: Avoiding fees when holiday shopping. Off Site Link
Key Takeaways:
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Merchants can charge fees up to 4% for credit card transactions.
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Debit cards are almost always free from surcharges.
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If you think you’ve been charged incorrectly, reach out to your bank and file a dispute.
Many businesses now charge customers a credit card surcharge of up to 4% to help recoup the service charge they encounter when taking payment with credit. But according to credit card companies like Mastercard Off Site Link, those fees must be disclosed when you make the payment.
If you’re using a prepaid Mastercard or debit card, those surcharges can’t be applied, and Visa cards are similar. If you have a different branded debit or prepaid card, check with the carrier about its surcharge policies.
If you do think you’ve been charged extra fees when using a debit card, branded cards like Mastercard and Visa offer consumer protections against unwarranted charges, Sunrise Banks Chief Risk Officer Teri Hodgett told KSTP-TV.
If you are charged a fee, Hodgett offered some advice for consumers.
“File a dispute,” Teri Hodgett, Sunrise Banks Chief Risk Officer, said. “We might just refund it depending on the amount. We can file a chargeback with Visa or Mastercard.”
As you start your holiday shopping, ask the merchant if you’ll be charged a fee for using a card, and clarify what type of card that applies to, as it shouldn’t apply to your debit card.
If you do find yourself in a spot where you think you’ve been charged incorrectly, reach out to your bank to clarify the charge and see if there is any type of action you can take.