Philippine Credit Card Surcharge Law
Have you ever brought something from the supermarket or the department store and noticed that there are two separate charges for cash payments and credit card payments? These extra charges are called surcharges and has been going on since credit cards have first been introduced in the Philippines... Until now.
The Department of Trade and Industry (DTI) has recently issued an order prohibiting the imposition of surcharge by retailers honoring credit, automated teller machine (ATM) or debit cards for payment.
Department Administrative Order No. 10, Series of 2006 intends to further protect consumers from dubious price tag practices by giving more teeth to the existing price tag provisions of Republic Act 7394 or the Consumer Act of the Philippines.
The Order was published on October 20 and 21, 2006, each in a newspaper of general circulation, and shall take effect starting November 5, 2006.
Picture: www.universalpaymentprocessing.com
3 comments:
The law is very progressive. Credit cards have become as common as cash for make payments. So it seems old-fashionable to set surcharges for plastic holders.
THe law is not only progressive it is correct, and the consumer does not have to shoulder whatever expense the seller has in acquiring the infrastructure to maintain the credit system in his shop - so the 60 day or so wait he has till he gets paid by the credit card company is none of our business since in the very first place this system widens the oppurtunities he has in selling his products and thus he should accept its other advantages/ dsiadvantages.
Also:
http://www.dtincr.ph/files/LawsAndPolicies-DAO_10.pdf
is there a hotline for reporting stores or restaurants that still practice credit card surcharges?
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