What you should know
- A new law went into effect in New York over the weekend requiring businesses to tell customers about credit card surcharges that will cost them more money at the register.
- Starting Sunday, businesses must post the full cost of goods or services with a credit card, including surcharges, before customers make payment. Owners can display the total price, including the credit card surcharge, or list separate prices for paying by credit card or cash.
- The new law also requires that the surcharge applied to customers who use credit cards be the same as that charged by credit card companies.
NEW YORK — A new law went into effect in New York over the weekend requiring businesses to tell customers about credit card surcharges that will cost them more money at the register.
Starting Sunday, businesses must post the full cost of goods or services with a credit card, including surcharges, before customers make payment. Owners can display the total price, including the credit card surcharge, or list separate prices for paying by credit card or cash.
The new law also requires that the surcharge applied to customers who use credit cards be the same as that charged by credit card companies.
“New Yorkers should never have to deal with hidden credit card costs, and this law will ensure that people can be confident that their purchases won’t result in surprise chargebacks,” he said. last week in a statement Gov. Kathy Hochul, who signed the bill into law in December.
“Transparency is crucial to building trust between businesses and communities and now sponsors will have the ability to budget accordingly.”
On the state department website, a video describes which signs businesses can display and which will soon be available. For example, owners can no longer display just the percentage that will be added for using credit cards and ask customers to do the math. Instead, the sign must show the total price.
The new rule does not apply to debit cards.
2024-02-12 16:30:44
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