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Credit cards and merchants should be able to have any arrangement that they want. A credit card that has no customer fees seems like a nice one to have. From t
by dantheman 14y ago
Credit cards and merchants should be able to have any arrangement that they want. A credit card that has no customer fees seems like a nice one to have. From this article, I assume this will not be possible.
- gst 14y agoAs far as I understand the situation, in the past credit card surcharges were prohibited by law. So credit card companies and merchants will have more freedom in regards to their arrangements now. Credit card companies can still have a contract with a merchant that says that surcharges are forbidden (Amex does that according to the article), but otherwise there's no law anymore that prevents merchants from adding the surcharge.
- dangrossman 14y agoThe situation is the exact opposite. Previously, Visa and MasterCard prohibited merchants from charging more for credit than cash. It was a term required in all merchant account agreements with member banks of those networks. In the federal court settlement, Visa and MasterCard agreed to drop that clause from their contracts. There was no federal law prohibiting surcharges, and you can't eliminate laws through court settlements.