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Fight Unfair Credit Card Fees

The credit card interchange fee is the biggest credit card fee you've never heard of.  Nearly $2 of every $100 American consumers spend using credit cards go directly to the credit card industry through the interchange fee.

In 2006 alone, America consumers paid over $36 billion in credit card interchange fees.  Even consumers who don't use plastic pay more through higher prices.

And the credit card interchange fee is set in secret - consumers don't know they're paying it through higher retail prices.  Interchange fees have risen a staggering 117% since 2001.

A rare bi-partisan consensus has emerged:  HR 5546, The Credit Card Fair Fee Act which stops the price-fixing by the credit card industry and uses a transparent market-based process.

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Latest Developments

Unfair Fees In The News

Brussels tells mastercard to cut cross-border fees or face fines
20-Dec-2007 – Financial Times, UK

The credit card company was told by the European Commission it was in breach of competition rules by charging excessively high interchange fees which ...


MasterCard Fears a Trend in Europe’s Fee Decision (subscription only)
20-Dec-2007 – American Banker

A European regulatory agency's ruling that would restrict MasterCard Inc.'s ability to impose interchange fees there could serve as a model for other authorities if not challenged, according to the credit card company and industry observers.


MasterCard Must Scrap Fee on Card Payments, EU Says
19-Dec-2007 – Bloomberg
Payment cards' interchange fees -- paid between banks on each card transaction -- cost consumers as much as 13.5 billion euros ($19.4 billion) a year.


No Fees, Please, We’re European
19-Dec-2007 – Forbes, NY

The fees, known as multilateral interchange fees are charged by the bank of a cardholder to the bank of a retailer, but are ultimately born by the shops.


EU to give mastercard months to change fee-source
19-Dec-2007 – Reuters

Mastercard will be told they have to cease and desist from applying the current interchange fees and if they don't do it within six months they will start.