We all know merchants who have signs taped to their registers with minimum amounts for using a credit and/or debit card. You may have seen more of these pop up at small ticket merchants since regulated debit interchange took effect in the Fall of 2011.
Apparently cardholders have taken notice as well. We have experienced an increase in notices from Visa about merchants who violate the rules regarding minimum transaction amounts. As a reminder, Visa and MasterCard established the following rules for setting minimums:
When it comes to transaction maximums, only the following merchant types can set a maximum transaction amount on credit card purchases:
By following these rules, merchants can help ensure that they’re in compliance with card association rules.
If you have additional questions about transaction minimums and maximums, please contact us.