A new measure called the Credit Card Fair Fee Act has recently been proposed as legislation in the U.S. House of Representatives. The measure would address the interchange fee that businesses pay banks for credit card-related purchases. This comes on the heels of the major credit card reform bill passed by Congress last month, and needless to say the banks have some objections.
Store owners and retailers have commented for some time that banks collude to set fee structures thus stopping them from negotiating lower rates. The banks say not so and that store owners and retailers can negotiate lower rates. For further background and to read both sides of the issues you can read the article here.
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