MCC 5970 encompasses transactions from artist’s supply and craft shops, offering materials and supplies for arts and crafts enthusiasts, professionals, and hobbyists.
Interchange Fee
Interchange fees for transactions at artist’s supply and craft shops typically range from 1.5% to 3%, depending on the card network (e.g., Visa, Mastercard) and card type (debit, credit, or commercial).
Cashback Rewards
Cardholders may be eligible for 1% to 5% cashback on purchases from craft and art supply stores, subject to the terms of specific credit card issuer programs.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors for transactions associated with MCC 5970.
Tax Reporting
The IRS does not impose unique tax requirements on buyers for transactions under MCC 5970. Standard sales taxes may apply based on regional and local regulations.