Colorado Consumers Avoid Brunt of New Credit Card Fees
DENVER - You could be hit with more credit card charges, now that two major companies are lifting their ban on surcharges. Due to a settlement with Visa and Mastercard, the companies are now allowing retailers to charge customers surcharges of up to four percent. According to our sister station KCNC, this charge is to cover the cost of processing a transaction. Fortunately for Colorado residents, these surcharges are illegal under state law. No business located in Colorado can impose a fee. However, you might have to pay it if they make a purchase online or on the phone with an out-of-state company where the fees are legal. Merchants will be required to clearly post at their cash register or online if they charge the fee.