Retail’s BIG Blog | New York Times op-ed says swipe fee costs outweigh credit card benefits


Retailers’ battle with the credit card industry over constantly rising “interchange” fees charged to merchants every time a card is swiped to pay for a transaction is getting attention on multiple fronts this week.

Interchange was the subject of a major op-ed article by American Antitrust Institute President Albert A. Foer published in the New York Times on Wednesday.

“These days, it’s hard to find anyone who doesn’t use credit and debit cards regularly – they’re convenient and compact and often come with small cash-back incentives,” Foer wrote. “But what almost no one realizes is that those benefits are far outweighed by an implicit transaction fee set by credit card companies and their issuing banks that costs consumers more than $48 billion a year.”

via Retail’s BIG Blog | New York Times op-ed says swipe fee costs outweigh credit card benefits.

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