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.