Watch Out: New Credit Card fee has Cardholders Fuming - Cleveland 19 News Cleveland, OH

Watch Out: New Credit Card fee has Cardholders Fuming

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CLEVELAND, OH (WOIO) - When it comes to credit cards, aggressive lender tactics are continuing, and the unrestrained greed of the credit card companies are becoming too much of a burden for businesses to bear.

"It can hurt a business."

 And many customers have also just about had it.

"And it just get passed on down to us."

Card companies are now increasing the interchange fees. Interchange fees are the fees credit card companies charge a business when customers buy items with credit cards.

Credit card companies, like Visa, recently made a fortune off their interchange fees, raking American's over to coals to the tune of 48-billion dollars.

"It's crazy how much they can get away with ."

Congressional hearings, headed by Michigan lawmaker John Conyers, on the matter were held Thursday.

Representative Conyer's aim is to finally give businesses a say in what fees they pay when it accepts credit cards as a means of payment.

 

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