When you swipe that card, it costs more than you think – Waltham, MA – The Daily News Tribune


Debit card transactions typically carry a flat fee of 50 cents or less for retailers. But if customers choose to use the cards as credit, the fees can add an average of 1 percent to 2 percent to the total price.

That means on a $100 purchase, retailers lose up to $2 on every transaction. Credit card fees can be much more expensive, sometimes as high as 3 percent of the total purchase.

Officials are focusing their efforts on debit cards, the fastest-growing segment of the card market. The Durbin amendment would direct the Federal Reserve to look at the actual cost of processing the cards.

READ ARTICLE via When you swipe that card, it costs more than you think – Waltham, MA – The Daily News Tribune.

Advertisements

Comments are closed.

%d bloggers like this: