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Overview
Credit cards were designed to give customers a more convenient method of paying for their purchases. Instead of handling cash, which cannot be traced if stolen, credit cards also give consumers the security of knowing that their money is safe if there is a fraud or theft. Merchants are required to follow certain rules and regulations that vary by credit card company in order to continue to accept credit cards for payment.
No Minimums
Have you ever been to a store with a sign behind the counter that says "$5 minimum for credit card transactions" or something similar? If so, that store owner was probably in violation of the credit card rules outlined in his or her credit card merchant agreement. According to the rules of most credit card companies like Visa and MasterCard, merchants are not allowed to have minimum requirements. By requiring a minimum purchase amount, the merchant is in a way deceiving the customer into buying more product than she really needs, just for the convenience of using a card.
No Additional Surcharges
Additionally, Visa and MasterCard merchants cannot charge a surcharge on top of the sales price when a customer uses a credit card. Some merchants will try to cover their credit card fees (which are usually about 2 to 5 percent of the purchase amount) by charging an additional fee to each credit card customer. This is against the rules. Merchants that accept Visa and MasterCard cannot charge additional fees on top of the price of the product. Other companies, like American Express, strongly discourage this behavior but do not consider it an official violation of its credit card rules. However, keep in mind that if merchants accepts Visa, MasterCard and American Express, they are not allowed to add special surcharges to the bill for American Express card customers.
Privacy of Personal Information
Years ago, stores would allow the full credit card number to be printed on customer receipts. If the receipt was discarded the customer's credit card information was vulnerable to theft. So now, credit card companies require that merchants conceal at least the first 12 digits of the customer's credit card number on printed receipts. You are also not required to put personal information other than your signature on a receipt (such as phone number or address) because it is a violation of privacy rules set by credit card companies.
Credit Card Information Management
Credit card merchants are required to handle customer credit card information with care. Since they can sometimes have hundreds of slips that list the credit card number and name of various customers, they are responsible for keeping this information locked away and out of the hands of potential thieves. In most cases, if a merchant is suspected of being the source of fraudulent credit card activity, the business owner can have his merchant account suspended or revoked.
Serious Credit Card Rule Violations Should Be Reported
Many customers don't understand their rights as credit card users. Merchants have been known to participate in some devious tactics, such as bulking up their prices to cover the cost of taking credit cards and selling credit card information about their customers on the black market. Any violation should be promptly reported to the credit card companies that service these merchants, especially the big three: Visa, MasterCard and American Express. Violators will usually either be charged a fine by the credit card company or be dropped from the credit card acceptance program.
