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A surcharge is an extra fee charged by a merchant when receiving a payment by card, which at least covers the cost to the merchant of accepting that means of payment. Learn about the economics, regulation and history of surcharging in different countries and regions.
Ohio v. American Express Co., 585 U.S. ___ (2018), was a United States Supreme Court case regarding the nature of antitrust law in relationship to two-sided markets.The case specifically involves policies set by some credit card banks that prevented merchants from steering customers to use cards from other issuers with lower transaction fees, forcing merchants to pay higher transaction fees to ...
Learn about the class-action lawsuit against Visa, Mastercard, and issuing banks for price fixing and anti-competitive practices in the credit card industry. Find out the status of the settlement, the claims process, and the recent agreement to lower swipe fees.
Online marketplace eBay announced it will stop accepting American Express as a payment option globally from Aug. 17, citing unacceptably high fees. The move affects millions of AmEx cardmembers ...
The Durbin amendment, part of the Dodd–Frank financial reform legislation, limits fees charged to retailers for debit card processing by banks. It was challenged by banks and merchants in court, and upheld by the Supreme Court in 2015.
The Consumer Financial Protection Bureau in its October 2013 report on the CARD Act found that between the first quarter of 2009 and December 2012, credit card interest rates increased on average from 16.2% to 18.5%, while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the ...
Learn about the origin and evolution of credit cards, from the first charge coins and cards in the late 19th century to the modern smart cards with chip and contactless features. Find out how credit cards differ from debit cards, charge cards, and prepaid cards.
The annual fee can be charged by some providers to pay for the costs of maintaining the merchant's account. Sometimes these fees can be quarterly. The fee can be from $79–$399. These fees in cases include a Payment Card Industry (PCI) compliance fee, which may include a cyber/breach insurance policy.