Despite trying to cut costs for consumers and businesses, research has consistently shown the Durbin amendment denied consumers access to no-fee and low-fee financial services. Moreover, this denial disproportionately harmed minority and low-income communities, preventing them from accessing formal lines of credit. The proposal to lower and cap interchange fees for credit card transactions would exacerbate […]
interchange fees
Capping Interchange Fees Won’t Enhance Consumer Welfare
Each year, financial merchants such as Visa, Mastercard, American Express, and banks process 39.6 billion card transactions in the United States, amounting to 108.6 million transactions each day. To ensure these transactions are processed quickly and securely, financial merchants and banks impose interchange fees on transactions, more commonly known as swipe fees. Last year, merchants businesses paid financial […]
Listen to ACI Experts Talk about Credit Card Fees and Their Impact as Consumers Deal With Holiday Spending
On December 3, 2009, ACI Experts Dr. Larry F. Darby and Dr. Joseph Fuhr, Jr. discuss the effects of hidden credit card fees on consumers and retail merchants. Click here to here the entire audio. call-audio1
Professor Fuhr Discusses Impact of Credit Card Fees on Consumers
To the see the article in the Delaware County Daily Times click here.
As Black Friday Approaches, Americans Would Have More Money to Spend If Not for Hidden Credit Card Fees — The American Consumer Institute Finds the Annual Interchange Fees to be Roughly One Half of Holiday Spending
WASHINGTON—The American Consumer Institute (ACI) today released a ConsumerGram detailing the negative effects that high credit card fees (referred to as interchange fees) have on families across the country. On average, each household will pay an estimated $337 this year in interchange fees – a hidden tax on credit card purchases. In turn, the credit […]