TELL CONGRESS TO SUPPORT THE CREDIT CARD FAIR FEE ACT - HR. 5546
What are credit card interchange fees? How much are consumers paying in interchange fees? Why should anyone care about interchange fees?
The interchange fee is a percentage of each transaction that Visa and MasterCard collect from retailers every time a credit or debit card is used to pay for a purchase. Nearly $2 of every $100 American consumers spend using credit cards goes 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.
Interchange is the biggest credit card fee you've never heard of. In 2007 alone, American consumers paid more than $42 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 133%!
The MPC is educating policy makers, regulators, consumers and the media about the impact of unfair interchange fees on consumers and merchants alike. The more you know, the more you should be concerned.
Press Releases – Find out how MPC is working to pressure Visa and MasterCard to make their policies and practices more transparent and disclose hidden interchange fees to consumers.
Recent Articles – Read the latest coverage about interchange in the news. It just might surprise you.
Interviews (audio, video clips) – Watch MPC members shed light on the issue of interchange fees.
Research – Look here for more detailed information about the origin of interchange fees, the complexity of the interchange fee system and its impact on merchants.
FAQs – Have questions about interchange fees? Find answers here.