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New York’s new credit card surcharge law is in effect

Metro


A new law requiring New York businesses to clearly display the full cost of purchasing items with a credit card — including any surcharges — is in full swing.

As of Sunday, businesses in the Empire State are required to disclose any additional credit card surcharges before a customer begins paying.

Businesses can either display the total price, including credit card surcharges, or show different prices for card and cash payments for items.

“As more New Yorkers use credit cards and EBT (electronic benefits transfer) products to purchase goods and services, price transparency is essential for consumers to make informed decisions at registry,” Sen. Jeremy Cooney (D-Rochester), who helped spearhead the legislation, told the Post.

“My legislation was designed to help people better understand the total cost – not just a percentage of the processing fee – and to be protected against surprise fees at checkout. »

Starting Sunday, New York businesses are required to disclose any additional credit card surcharges before a customer begins paying. Getty Images

The law, which was signed by Gov. Kathy Hochul in December, also prevents store owners from charging customers higher credit card surcharges than what processors charge the business.

Under the new requirements, businesses can’t just post a sign on the door or at the register saying there’s an additional 3.9% charge for credit cards.

They must clearly state how much the extra percentage will cost the customer, which means businesses cannot have a price tag that says: “$10.00, +4% if paying with a credit card.” »

People shop at a self-service checkout
Under the law, businesses can either show the total price, including credit card surcharges, or show different prices for card and cash payments. UCG Group/Universal Images via Getty Images

“New Yorkers should never have to deal with hidden credit card fees, and this law will ensure that individuals can be confident that their purchases will not result in surprise surcharges,” Hochul said in a statement last week, as she warned of the coming changes.

“Transparency is crucial to building trust between businesses and communities and now customers will be empowered to budget accordingly. »

The law does not apply to debit cards.




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