Tuesday, February 13, 2024
Year : 2, Issue : 7
New law requires New York businesses to show credit card surcharge in price before checkout.
A new law mandating more transparency in credit card surcharges takes effect Sunday in New York.
Gov. Kathy Hochul’s new consumer protection law arrives just in time for Super Bowl Sunday, as fans are sure to notice at bars and restaurants, like Kent Ale House in Williamsburg, Brooklyn.
Customers using credit cards will no longer have to do the math themselves. Businesses must now include credit card surcharges in the prices they show to customers, like on menus.
The law also limits credit card surcharges to the amount businesses are actually charged by credit card companies.
Businesses have options for complying with the law, such as listing the credit card price next to the cash price, listing the credit card price and offering a cash discount, or changing all prices to the higher credit card price.
Lawmakers said disclosing credit card surcharges helps consumers better understand what they’re paying for.
Supporters said it will provide transparency and protect New Yorkers from being misled when using credit cards.
The law does not apply to debit card purchases.
Source: CBS News
