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
- the fight goes on Walmart Slaps Visa With $5B Lawsuit For Allegedly Fixing Card Swipe Fees
- Just Say No To Fees? Legal Battle Between American Express & DOJ Could Change Credit Card Purchases As We Know Them
- out with the old 3 Reasons You Might Want To Dump Your Credit Card
- rewards cards AmEx Introduces Prepaid Debit Card With Rewards For Spending
- no discounts for you Court: American Express Can Stop Stores From Steering Customers To Less-Expensive Cards