MCC 7278 covers services related to buying clubs, shopping services, and related organizations that provide bulk purchasing or exclusive deals to members.
Interchange Fee
The interchange fees for transactions under MCC 7278 generally range from 1.4% to 2.5%, depending on the card network and the specific terms associated with the card type.
Cashback Rewards
Cashback incentives for buying and shopping services may vary by card issuer. Typically, these services may qualify for general spending cashback rates but rarely feature category-specific bonuses.
Rules and Restrictions
There are no special rules imposed by payment processors specifically for MCC 7278. Standard transaction rules and compliance measures apply.
Tax Reporting
Transactions under this MCC may have tax reporting obligations depending on their nature and usage. The IRS may require reporting for large purchases or those eligible for deductions. Professional tax advice is recommended.