A new law in New York is requiring businesses to be transparent about credit card surcharges, giving customers the full cost of goods or services before they check out. Starting this weekend, businesses must display the total cost including credit card surcharges or list separate prices for paying with a credit card versus cash. The law also mandates that surcharges passed on to customers using credit cards must be the exact amount charged by credit card companies. Governor Kathy Hochul emphasized the importance of transparency in building trust between businesses and communities, with the aim of empowering patrons to budget accordingly.
The new law aims to eliminate hidden credit card costs for New Yorkers. Businesses are no longer allowed to display just the percentage that will be added for using credit cards and asking customers to do the math. Now, the sign must show the all-in price, ensuring that individuals can trust that their purchases will not result in surprise surcharges. However, it’s important to note that the new rule does not apply to debit cards, and businesses must be careful to comply with the signage regulations to avoid potential penalties.
The law is set to give individuals peace of mind when making purchases with credit cards, as they will have full transparency regarding any additional costs they may incur. Businesses are now required to be upfront about credit card surcharges to build trust with customers and ensure that they have all the information they need before making a purchase. With these new regulations in place, New Yorkers can budget accordingly and make informed decisions about their payment methods.