MCC 5971 represents transactions from art dealers and galleries, including the sale of fine art, paintings, sculptures, and decorative pieces.
Interchange Fee
Interchange fees for transactions at art dealers and galleries typically range from 1.75% to 3.5%, depending on the card network (e.g., Visa, Mastercard) and card type (credit, debit, or commercial).
Cashback Rewards
Certain credit cards may offer 1% to 5% cashback on purchases at art dealers and galleries, subject to the terms and conditions of specific issuer programs.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors for transactions associated with MCC 5971.
Tax Reporting
The IRS does not impose unique tax requirements on buyers for transactions under MCC 5971. Standard sales taxes may apply based on regional and local regulations.