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NY's new credit card surcharge law takes effect today

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SouthJamaica
Mega Contributor

NY's new credit card surcharge law takes effect today

NY's new credit card surcharge law takes effect today

https://www.fox5ny.com/news/new-york-credit-card-surcharge-law


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 1 of 6
5 REPLIES 5
pizzadude
Credit Mentor

Re: NY's new credit card surcharge law takes effect today


@SouthJamaica wrote:

NY's new credit card surcharge law takes effect today

https://www.fox5ny.com/news/new-york-credit-card-surcharge-law


Thanks for sharing -- pricing transparency is always good for the consumer, but I wonder what ( if anything ) they'll do to make businesses accept cash payments.   Seems like a lot of places stopped accepting cash during the pandemic and some still haven't started doing it again. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 6
ThomasJNewton
Frequent Contributor

Re: NY's new credit card surcharge law takes effect today

 


@pizzadude wrote:

 

Thanks for sharing -- pricing transparency is always good for the consumer, but I wonder what ( if anything ) they'll do to make businesses accept cash payments.   Seems like a lot of places stopped accepting cash during the pandemic and some still haven't started doing it again. 

Many businesses do not accept cash as it is too dangerous for them to do so. Others do it to prevent employee theft.

Message 3 of 6
Shooting-For-800
Senior Contributor

Re: NY's new credit card surcharge law takes effect today

I thought it was against merchant agreements to charge cc fees to customer.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 4 of 6
markbeiser
Established Contributor

Re: NY's new credit card surcharge law takes effect today


@Shooting-For-800 wrote:

I thought it was against merchant agreements to charge cc fees to customer.


It is, but unless the state has laws against charging CC fees to customers, the threat to cut the merchant off is fairly empty anymore, as there are many CC proccessors available to merchants.

In my state, Texas, it is illegal for my company to charge a fee for taking a credit card, but we are free to offer cash/check discounts.
As an HVAC contractor, we only actually offer it on large ticket repairs, and on equipment replacements, because it is actually kind of a PITA for field technicians to deal with cash and checks.

Back to gardening until Late February 2025.

Current FICO8:
Message 5 of 6
CorpCrMgr1
Frequent Contributor

Re: NY's new credit card surcharge law takes effect today

In Michigan merchants especially gas stations have charged a fee for years. My employer charges a fee. My municipality charges a fee.

Message 6 of 6
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