Report: Interchange Fees Impede Economic Growth, Job Creation

February 22, 2010 – INDIANAPOLIS — Less than 20 percent of the interchange fees charged by credit card companies actually covers the cost of processing transactions, according to a new report by former U.S. Under Secretary of Commerce Robert J. Shapiro, entitled: “The Costs of ‘Charging It’ in America: Assessing the Economic Impact of Interchange Fees for Credit Card and Debit Card Transactions.”

The findings of the report — commissioned by the Consumers for Competitive Choice (C4CC) coalition and co-authored by economist Jiwon Vellucci — were released during a teleconference yesterday — the same day the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 went into effect.

via Report: Interchange Fees Impede Economic Growth, Job Creation.


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