Merchants are pushing for more credit card fee reform, for the fees they have to pay. Every time you swipe at checkout, whether it’s a credit or debit card, the merchant has to pay two fees. One is a flat per transaction fee, the other is a percentage of the total sale, called the interchange fee. Those rewards cards you’re so fond of? They have the higest interchange fees. Those rewards and cashbacks don’t come from a magical reward tree, they’re paid for by the interchange fees. In other words, the Quickie Mart is paying for your “free” airline miles.
Merchants Demand Credit Card Fee Relief
By Ben Popken December 10, 2009
- no discounts for you Court: American Express Can Stop Stores From Steering Customers To Less-Expensive Cards
- virtual wallets Tap Or Scan Here To Pay: Know Your Mobile Payment Apps
- tapping into the market Banks Trying To Attract Customers With Products To Reduce, Repay Student Loans
- rack'em up Starbucks Launching Prepaid Card That Lets Rewards Members Earn Loyalty Points
- drumming up business Report: Airbnb Gearing Up To Offer Prepaid “Experience” Credit Card For International Travelers