MCC 5541 applies to transactions at service stations, including those with ancillary services such as car washes or convenience stores.
Interchange Fee
Interchange fees for MCC 5541 typically range between 1.4% and 3.5%, depending on the card network, transaction type, and any applicable processing agreements.
Cashback Rewards
Cashback rewards for transactions under MCC 5541 can vary, with many cards offering up to 3-5% cashback on fuel purchases made at service stations.
Rules and Restrictions
It is generally a requirement to have a minimum deposit in your account for transactions under MCC 5541. Most platforms recommend keeping at least 175 USD or equivalent to authorize the transaction successfully.
Tax Reporting
The IRS does not impose specific tax reporting requirements on purchases under MCC 5541, though sales tax may apply based on state and local regulations.