In New York, a new law requiring more transparency on credit card fees has been enacted. Governor Kathy Hochul enacted this new consumer protection law just in time for Super Bowl Sunday, and fans of bars and restaurants, like the Kent Ale House in Williamsburg, Brooklyn, are sure to notice. Customers using credit cards no longer have to do the math themselves. Businesses must now include credit card surcharges in the prices they show customers, such as on menus.
In addition, the law limits credit card surcharges to the amount businesses actually pay to credit card companies. Businesses have options to comply 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 a higher one. credit card price.
Lawmakers said disclosing credit card fees would help consumers better understand what they’re paying. Proponents say it will provide transparency and protect New Yorkers from being scammed when using credit cards. However, the law does not apply to debit card purchases.
This new measure seeks to provide clarity to consumers and ensure that they are not deceived when using credit cards. Businesses now need to be more transparent in showing credit card surcharges on their prices. This will allow customers to make more informed decisions when shopping. The law also states that surcharges cannot exceed the amount that businesses actually pay to credit card companies, ensuring that consumers are not overcharged.
In short, this new law in New York aims to protect consumers and give them greater transparency in the display of credit card surcharges. With this step, it is hoped that New Yorkers will be able to make more informed decisions and avoid unpleasant surprises when paying.