By Illinois News Connection
Washington D.C. – Retailers across the country are taking a stand against what they say are hidden credit card fees.
The Merchants Payments Coalition wants Congress to put a review of the fees on the agenda, as the House Financial Services Committee takes up consumer credit card issues during hearings this week.
Lyle Beckwith, Sr. Vice President of the National Association of Convenience Stores, says interchange fees cost Americans 48 billion dollars last year alone as merchants pass along the expense through higher prices. And he says with rising unemployment, these fees are an ever-increasing burden on Illinois families struggling to make ends meet.
"So, the people who use cash, Food Stamps, are still paying an inflated rate to cover the frequent flier miles and the Amex bonus points for those few who get them."
The U.S. has some of the highest interchange fees in the world and interchange regulation is in place in many other countries to protect retailers, merchants and consumers.
