Word: credit-card
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...report is the merchants' latest push to pressure the Federal Government into passing legislation aimed at either lowering interchange fees or at least allowing merchants to negotiate the rate directly with banks and credit-card networks. (Read "The Real Problem with Credit Cards: The Cardholders...
...contends that consumers could actually be hurt by lower fees if banks decide to scrap rewards programs, raise interest rates on credit cards or reinstate annual credit-card fees to offset the lost interchange-fee revenues. (Read "Exposing the Credit-Card Fine Print...
Merchant groups have been lobbying the Obama Administration on the issue for many months. Bills have been introduced in the House and Senate that, if passed, would allow merchants to negotiate their interchange fees directly with banks and credit-card networks. The Senate's version, introduced by Senator Richard Durbin, even calls for a panel of three electronic-payment-system judges to step in if merchants fail to reach a negotiated agreement...
...meantime, the Government Accountability Office is conducting a six-month study on credit-card interchange fees, which is expected to be completed in November. Analysts believe it's unlikely any bills will be passed on the issue until this report is released. A GAO executive was not immediately available for comment...
...Read "With Defaults Rising, Is a Credit-Card Crisis Looming...