New York Credit Card Surcharge Law – New York State has taken a significant step towards ensuring transparency and consumer protection in credit card transactions with the implementation of a new law targeting surcharges. Signed by Governor Kathy Hochul in December, the law came into effect recently, aiming to provide clearer pricing labels and greater transparency to consumers regarding credit card surcharges.
According to the provisions of the new law, businesses are now required to limit credit card surcharges to the actual amount charged to them by the credit card company. Additionally, businesses must display specific information before checkout, offering greater transparency and protection to customers.
Governor Hochul emphasized the importance of transparency in transactions, stating that New Yorkers should not have to deal with hidden credit card costs. The new law ensures that individuals can trust their purchases will not result in surprise surcharges, empowering patrons to budget accordingly.
Businesses now have several options for displaying pricing information, including clearly indicating both the credit card price and the cash price, listing the higher credit card price with a cash discount, or charging the same amount for cash and credit purchases. Notably, businesses are prohibited from imposing additional fees on credit card users or advertising misleading pricing information.
However, it’s essential to note that the new law does not apply to debit card users, focusing solely on credit card transactions. Overall, the implementation of this law marks a significant step forward in enhancing transparency and consumer protection in credit card transactions within the state of New York.