MCC 5542 encompasses transactions made at automated fuel dispensers, typically self-service payment kiosks at fuel stations.
Interchange Fee
Interchange fees for MCC 5542 generally range from 1.3% to 2.9%, depending on the card network, transaction risk, and processing agreements.
Cashback Rewards
Cardholders may receive cashback rewards of up to 5% on fuel purchases made at automated fuel dispensers, depending on their card's reward structure.
Rules and Restrictions
Fuel dispensers work by holding a large amount of money on the card, so it is necessary to have a minimum deposit in your account for transactions under MCC 5542. Most platforms recommend keeping at least 175 USD or equivalent.
Tax Reporting
The IRS does not impose any unique tax reporting requirements on purchases made under MCC 5542, though standard sales taxes may apply at the state or local level.