NRF Supports Fight Against Hidden Credit Card Fees
The National Retail Federation recently said it supported the introduction of antitrust legislation that would address hidden MasterCard and Visa fees that reportedly cost merchants and consumers more than $40 billion a year.
“This legislation would use the nation’s antitrust laws to rein in the greed of the credit card companies,” said Mallory Duncan, NRF senior vice. “With the rapidly increasing use of plastic, credit card companies and their banks are seeing a windfall that is costing U.S. consumers tens of billions of dollars each year. These are fees that most consumers don’t even know they’re paying because Visa, MasterCard have tried to keep them secret. The introduction of this legislation marks the beginning of the end of credit card company rip-offs.”
The Credit Card Fair Fee Act was recently introduced by House Judiciary Committee Chairman John Conyers, D-Mich. The bill is the first attempt by Congress to address credit card interchange fees, and is the outcome of a hearing held in July 2007 where Duncan, testifying on behalf of NRF and the Merchants Payments Coalition, argued that interchange practices violate federal antitrust law, according to the NRF.