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HomeFinance NewsNew York Mandates Posting Credit Card Surcharge of 13 Words.

New York Mandates Posting Credit Card Surcharge of 13 Words.

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A new consumer protection law in New York requires businesses to clearly display the cost of their products if customers pay with credit cards, in an effort to eliminate hidden surcharges. The law, which went into effect on Sunday, prohibits stores from simply posting a sign stating that credit card purchases will come with additional fees. Instead, businesses must display the higher credit card price next to a lower cash price, or adjust the cost of items to reflect the credit card price for all customers.

New York Governor Kathy Hochul, a Democrat who signed the law late last year, emphasized that consumers should not have to deal with hidden credit card costs. The new regulation also limits credit card surcharges to the amount businesses are charged by processing companies, and does not apply to debit cards. The Partnership for New York City, a business group, expressed their support for the legislation, stating that the transparency it provides will build greater trust between businesses and consumers, leading to long-term benefits for all parties involved.

In summary, the new law in New York requires businesses to clearly display credit card prices, aiming to eliminate hidden surcharges and increase consumer trust. Gov. Kathy Hochul noted that the measure will ensure individuals can make purchases without fear of unexpected fees, while the Partnership for New York City expressed support for the regulation, predicting long-term benefits for businesses and consumers as a result of the increased transparency.

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