Thursday, 06 October 2022 12:51

New Credit Card Fee Rules

Good Morning All,

As most of you know today (Thursday, Oct. 6/22) is the first day that businesses can charge credit card fees back to the consumer.  Some of you may decide to do this, some may not and some of you may not have decided yet.  I've done a little hunting and here are the guidelines that I've been able to find - please take a moment to read:
 
Starting Thursday, merchants must give card providers 30 days' notice of their intent to start charging a fee. They must also make it clear to customers at the time of payment that there's a surcharge, and it can't be more than they pay themselves. Finally, the surcharge will be capped at 2.4 per cent. 
 
Thanks,
Susan

 

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