Tuesday, March 27, 2007

Unfair Credit Card Fees | Facts About Fees

Unfair Credit Card Fees | Facts About Fees: "Americans pay some of the highest credit card fees in the world

Visa and MasterCard charge Americans among the highest credit card interchange fees in the world - averaging close to 2 percent for credit card and signature debit transactions, compared with only 0.7 percent in the United Kingdom and 0.55 percent in Australia. The difference translates into hundreds of dollars in added costs to the average American family.

The fact that other consumers in countries around the world are charged substantially lower credit card interchange fees than in the U.S. indicates that there is room to reduce these rates and still cover the cost of the actual transactions.

Americans should have lower credit card interchange fees like consumers are getting in virtually every other industrialized country. Why should Americans pay higher fees than consumers pay in other countries?"

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