Americans pay about 3 times as much
in credit card interchange fees
as Europeans.
What would you call that?
Nearly two dollars of every $100 American consumers spend using credit cards go
directly to the credit card industry through the interchange fee, the hidden fee that is
charged every time you use a credit card. Even consumers who don’t use plastic pay
more through higher prices.
In the U.S., interchange is the biggest credit card fee you’ve never heard of. In 2006
alone, American consumers paid over $36 billion in credit card interchange fees more than twice what we paid in late fees. In fact, credit card interchange fees cost us
more than credit card annual fees, cash advance fees, over-the-limit fees, and late fees
combined. And since 2001 alone, credit card interchange fees have risen 117%!
U.S. interchange rates are among the highest worldwide precisely because the fees are
set in secret and hidden from view. As long as rising credit card interchange rates are
kept secret, consumers have no way of knowing the extra costs they are paying.
Call that outrageous.
Angry about credit card fees?
Visit:
or call (202) 955-1400
The Merchant Payment Coalition/UnfairCreditCardFees.com is a group of retailers, supermarkets, drug stores, convenience stores, fuel stations, on-line
merchants and other businesses who are fighting against unfair credit card fees and fighting for a more competitive and transparent card system that works better
for consumers and merchants alike. The coalition’s member associations collectively represent about 2.7 million stores with approximately 50 million employees. For
further information, please visit www.unfaircreditcardfees.com.