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WASHINGTON -- A recent poll released by the Merchants Payments Coalition (MPC) found about three out of four voters (77 percent) favor the Credit Card Fair Fee Act, a bi-partisan legislation that would empower retailers to negotiate credit card fees directly with the credit card industry as a means to cut interchange fees.
The issue is impacting people across party lines with 51 percent of Republics and Democrats saying both that they are concerned about rising fees and that they would support passage of the Credit Card Fair Fee Act.
Also referred to as interchange fees, credit card fees took an estimated $42 billion from American consumers last year, equating to approximately $2 of every $100 spent using credit cards, according to the MPC. These fees inflate the cost of nearly everything consumers buy at retail whether or not they use plastic, cash, check or food stamps. According to the MPC, this year the average American family will pay upwards of $427 in hidden credit card interchange fees.
Credit card companies like Visa and MasterCard are not required by law to include merchants in the setting of fees or provide details on how figures are determined. The Credit Card Fair Fee Act is aimed at introducing market transparency and open negotiations into the process.