NY City Council Bill Would Cap Minimum Credit-Card Purchase Amounts At $10

3
Pull out the plastic — a new bill in the City Council would ban businesses from imposing credit card minimums higher than $10, the NY Daily News is reporting.
Councilman Ritchie Torres is pushing the bill, aiming to eliminate a hassle faced by patrons at some businesses that impose minimums of $15 to $20 or more before they’ll let customers charge a purchase. “There’s a growing reliance on credit cards, and we should have minimums that reflect that,” said Torres (D-Bronx), who will introduce the bill Thursday with Councilman Andrew Cohen (D-Bronx).
Businesses often impose a minimum because it costs them money to accept credit or debit cards — often about 2% of the sale, plus a flat fee of a dime or so for each transaction. Federal law gives businesses the right to impose a $10 minimum, so the city could not set the number any lower than that.
{Matzav.com}

3 COMMENTS

  1. Once again government getting involved in private business. Why should businesses be told what and what not to charge . If you don’t like it shop elsewhere but why get involved .

  2. A business is not obligated to have a credit card machine so if they have a machine why be obligated to aaccept CC at $10?

  3. Instead of the gvt penalizing businesses why dont they penalize the credit card giants by making them reduce their fee for purchases under $20..
    CC companies can afford the hit much more than these businesses trying to build themselves and succeed!

LEAVE A REPLY

Please enter your comment!
Please enter your name here