Tell Your Elected Representatives To Act On Hidden Credit and Debit Card Interchange Fees
Two dollars of every $100 spent in stores goes to the credit card industry in the form of hidden interchange fees also known as swipe fees. Even consumers who use cash and checks pay swipe fees through higher prices in stores. It’s not right and it’s not fair. Nobody treats consumers and merchants worse than the credit card industry.
In 2008 alone, American consumers paid over $48 billion in credit and debit card interchange fees. These fees have tripled since 2001.
Two dollars of every $100 spent in stores goes to the credit card industry in the form of hidden interchange fees also known as swipe fees. Even consumers who use cash and checks pay swipe fees through higher prices in stores. It’s not right and it’s not fair. Nobody treats consumers and merchants worse than the credit card industry.
In 2008 alone, American consumers paid over $48 billion in credit and debit card interchange fees. These fees have tripled since 2001.
Follow this link to watch this interactive video illustration on credit card interchange fees: http://fightswipefees.com/cardfeesgame/main.swf
Visa and MasterCard, who collectively control 80% plus of the card market, each set credit and debit card interchange fees in secret – and all of the banks in each network charge the same fees. No wonder that Americans pay the highest credit card swipe fees in the world. Australians pay one fourth of what we pay in swipe fees for the exact same set of card services.
Tell your Member of Congress it’s time to stand up for consumers, not the big banks, Visa, and MasterCard that keep raising credit and debit card swipe fees. Consumers deserve the right of disclosure and merchants should have the freedom to offer discounts at checkout.
