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HOUSTON – ConocoPhillips yesterday said it will extend through Sept. 30 the temporary credit-card processing fee reduction that it instituted on May 7. The reduction applies to all Visa, MasterCard, Discover and American Express charges.
In a prepared announcement, the company said it "understands that as part of a strong brand-value offering, our credit- and debit-card fees must remain competitive. Studies have shown that ConocoPhillips' bundle of credit- and debit-card fees has remained historically competitive within the industry. The recent environment of high retail prices for motor fuels has put additional focus on the cost of payment transactions. While credit-card companies have not provided relief, ConocoPhillips has chosen to reduce processing fees temporarily to help our customers save money."
Below is a comparison of the regular fee structure vs. the temporary reduction:
Visa -- From 2.00% + $.10 per transaction to 1.90% + $.10 per transaction
MasterCard -- From 2.00% + $.10 per transaction to 1.90% + $.10 per transaction
American Express -- From 2.50% + $.10 per transaction to 2.40% + $.10 per transaction
Discover -- From 2.50% + $.10 per transaction to 2.40% + $.10 per transaction
ConocoPhillips is not the first oil company to make news this week by extending its reduced credit-card fee program. CSNews Online reported earlier this week that Chevron will extend until the end of September its temporary credit-card fee reduction program, which was due to expire at the end of this month.