Credit CardSurcharges (credit card surcharges) have always had problems like ambiguity and arbitrary fees. A new law coming into effect on the 11th could change this chaos. The new law requires merchants to clearly display the amount of credit card surcharges in prices shown to customers. The new law does not apply to debit card purchases.
Governor passed the billHuo Chu(Kathy Hochul) signed in December. While enhancing transparency of consumption, the new law also prevents merchants from charging credit card surcharges indiscriminately. In the past, some merchants would charge credit cards more than the actual cost to make extra profits.
“This legislation will ensure that our consumers do not experience unexpected additional costs,” Hochu said in a statement. He stressed that transparency is important to building trust between businesses and communities, and said the new law Give customers more control over themselvesBudget,
The law officially went into effect statewide on the 11th. From now on, merchants must include surcharges in the price list of their products or services. Under the guidance of the new law, merchants can display prices in a variety of ways. For example, a merchant might include the amount of a credit card surcharge next to the current price, or show a higher price by adding a credit card surcharge. Additionally, merchants can display both closing price and cash settlement price excluding surcharges.
State Senator Jeremy Cooney said in a public statement that legislation requiring disclosure of surcharges would “help consumers more clearly understand the true cost of the products they purchase.”
Federal law once barred merchants from charging consumers credit card surcharges, but that law expired 40 years ago. Since then, many merchants have begun charging surcharges to pass the cost on to consumers. In August last year, New South Wales passed a similar bill, which prohibits restaurants and other retailers from adding credit card surcharges without notifying customers, and stipulates that stores cannot charge credit cards. Consumers must be informed before making payment.
New York(tagstotranslate)credit card