KNOXVILLE (WATE) - Next time you swipe your credit card your wallet could be in for a big hit. It's all part of a settlement between Visa, MasterCard and nine banks.
Merchants can now pass on the fees credit companies make them pay. That means you could be charged between 1.5 to three percent more on your purchase if you choose to charge it.
Big box stores like Target said they will not pass the fee onto customers.
Knoxville's Market Square is made up of primarily locally owned companies. River Sports is among them. While owner Ed McAllister says it's hard to take that hit every month, he doesn't plan to change anything in his store.
"I don't think we're going to try it out and we're certainly not going to implement anything at this point," said McAllister.
They're not the only ones. So far Just Ripe, Mast General Store, Earth to Old City, Bliss and Bliss Home say they are not planning to impose the new surcharge.
"I think our attitude is we all have enough surcharges on us, whether it be retailers or consumers," said McAllister.
If a business does decide to charge the fee, it must follow certain guidelines.
Visa and MasterCard require retailers to post a notice at the store's entrance and the exact percentage of the surcharge will be printed on the receipt.
The settlement that allows the new surcharge is only preliminary. The court is expected to make it's final ruling later this year.