More Blowback From the Dodd-Frank Bill: New Minimums on What You Can Charge on a Credit Card
“File Under: The Dodd-Frank Consumer Rape Bill
This was obviuosly snuck into the Dodd-Frank by some retail association lobbyist. It encourages you to buy more at a store than you planned, to reach the minimum.
Visa , American Express and MasterCard are now allowing merchants to set a minimum dollar amount that consumers will be able to charge to credit cards in a single transaction, reports American Banking News
Visa was the first company which allowed its merchants to set a minimum charge amount. The company’s website now states, “U.S. retailers may require a minimum purchase amount on credit card transactions. The minimum purchase amount must not exceed $10 and does not apply to transactions made with a debit card.””
Via Economic Policy Journal