Decision to impose monthly surcharges on debit cards gouges unwary consumers | McClatchy #SwipeFees


Next on the agenda will be reform of credit card fees, which are even more excessive than debit fees and just as obscure.

In 2010, the banking industry raked in about $30 billion in swipe fees on credit card transactions – over and above profits on late fees, annual fees, over-the-limit fees and interest. Not only do banks require merchants to collect fees averaging 2-3 percent of each credit card transaction, until swipe fee reform passed they effectively prevented retailers from offering a discount to customers who paid with cash.

via Decision to impose monthly surcharges on debit cards gouges unwary consumers | McClatchy.

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