Congress is targeting high and inflexible Interchange fees, but merchants probably shouldn’t hold their collective breath. On June 5, 2008, Sen. Dick Durbin, D-Ill., introduced to the U.S. Senate a companion bill to the Credit Card Fair Fee Act of 2008.
Unfortunately, some experts agree that the Bill is already dead in the water and most would concur that it will be in Committee for years.
There’s a similar Bill in the House that was introduced earlier this year. It’s going nowhere either.
The problem, I suspect, is the unbelievable amount of influen$e that Visa and MasterCard have. Interchange rates aren’t going to change any time soon. And the fact that more and more gas stations are refusing credit cards isn’t going to matter.
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