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According to what was reported by the media Telemundo ChicagoIt should be noted that for years, Additional charges for using credit and debit cards were a source of frustration for consumers in Illinois and across the country.
Known as “surcharging”, They added an additional cost to the total of purchases made with cardswhich especially affected those who depended on this payment method. With the new legislation, Consumers can expect a significant reduction in additional costs associated with everyday transactions.
Illinois law eliminating credit card surcharges has caused a stir
While the ban on additional charges is good news for consumers, Some traders expressed concerns on how this measure will affect their operations.
Transaction fees were once used by businesses to offset fees imposed by credit and debit card companies, but today, with the law in place, These costs will be absorbed directly by the merchants.which could lead to a review of their pricing strategies.
For their part, defenders of the law argue that Eliminating additional charges will encourage greater customer satisfaction and loyalty to businesses that choose not to pass these costs on to their customers.
The initial response from the community was mostly positive.. Residents, who were frequently affected by the additional charges, expressed in the published report that They felt relief at the elimination of this practice.
There are concerns among some merchants about how they will handle the new costs.
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In dialogue with Telemundo ChicagoState Rep. Edgar Gonzalez provided a detailed look at the implications of the new law, noting that will mainly affect interchange fees between banks and fees from card networks such as Visa and MasterCard.
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