Good Question: Can Businesses Mandate a Minimum Purchase Price for Credit Cards?
With all the credit card law changes over the last few years, it’s hard to keep up with what is legal and what is not.
One local comsumer is questioning a growing trend at convenience stores.
Crystal Holland asks: “What is the legality of some businesses refusing to take a credit or debit card for a purchase under $5? Can they really do this? “
The short answer is yes, it is legal. A Visa representative explains that businesses are allowed to require a minimum for credit card purchases, as long as the minimum is no more than $10.
In the past, merchant agreements prevented vendors from doing this, but 2010′s Card Act allowed the practice to help merchants protect themselves from the fees they get charged by credit card companies.