Posted By: pchandler
credit card fees - 04/05/12 04:37 PM
What is the maximum a bank can charge for a cash advance fee on a credit card? What fees can banks charge or cannot charge on credit cards? Are we okay as long as we disclose the fees? Thanks.
Posted By: Double U
Re: credit card fees - 04/05/12 07:16 PM
Paulac,
If you are a VISA or Mastercard acquirer, you are not allowed to charge any fee for these services. In their contract, they state that you cannot compensate for these services due to VISA or Mastercard compensating you everytime you run one of these transactions. I realize the compensation may not be much, but if you are doing business as their acquirer, you are not allowed to charge. Hope that helps.
Posted By: pchandler
Re: credit card fees - 04/05/12 08:44 PM
I apologize for the confusion, but I was referring to our own credit cards to be issued. Can we do that?
Posted By: rlcarey
Re: credit card fees - 04/06/12 01:05 AM
You actually issue your own credit cards? I'm sure they must be through Visa or Mastercard even if they have your name on them.
Posted By: pchandler
Re: credit card fees - 04/06/12 01:07 PM
Sorry, again. We just want to know what fees, and how much, we can charge. What is the limit allowed for banks in KY?