It’s invisible to you but each time you swipe your credit card, a fee fairy gets its wings. An interchange fee fairy, to be exact. How does it work? This chart from the Government Accountability Office attempts to shed some light on the murky world of merchant processing fees. Did you know that over the past 10 years, while the technological costs of processing transactions has gone down, interchange fees have more than doubled? A cost that then gets passed on to you in the form of higher prices.
The Hidden Fee That Happens Every Time You Swipe Your Credit Card
By Ben Popken February 26, 2010
- keeping the rules Retailers Ask Congress To Please Not Roll Back Dodd-Frank Debit Card Reforms
- swipe out Appeals Court Resurrects Fed’s Debit Card Swipe Fee Limits
- credit cards Why Paying Your College Tuition With A Credit Card Is A Bad Idea
- swipe out Retailers Tell Fed: Debit Card Swipe Fees Are Still Too Dang High
- out with the old 3 Reasons You Might Want To Dump Your Credit Card