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.
New On UnfairCreditCardFees.com
- Congress Introduces 'Credit Card Fair Fee Act'
House Judiciary Committee Chairman John Conyers (D-MI) and Rep. Chris Cannon (R-UT) introduced the "Credit Card Fair Fee Act", legislation that for the first time deals with the biggest credit card fee of all - the interchange fee, which grew to $36 billion in 2006. - EU Tells MasterCard to Cut Interchange Fees
The European Union (EU) Competition Commission that MasterCard's credit card interchange fees for consumers must be cut across the 26 member nations of the European community. - Department of Justice Opens Interchange Fee Inquiry
- Listen to what lawmakers said at the July 19th hearing and take action
- MPC Report: Credit Card Interchange Fees - Issues and Answers
- Report: Review of Australia's Payment Reforms
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.