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You Can Now Tell Me What Credit Card To Use?

On Monday, the Justice Department sued Visa, MasterCard, and American Express for anticompetitive practices. At the same time, it reached a proposed settlement with Visa and MasterCard. The ruling aims to end anticompetitive practices and allow customers to save money, but it is likely to also have unintended consequences for consumers, says LowCards.com. (source: www.ctwatchdog.com) Interchange Fee is Confusing Interchange fees, or swipe fees, are difficult to understand, and credit card processors like Visa, MasterCard and American Express have provided very little information about these fees, protecting their control and this significant revenue source. (source: www.ctwatchdog.com) Interchange fees began in the 1960s to help banks to cover the cost of processing credit card transactions. The fee is divided between the merchant’s bank, the consumer’s bank and the credit card company. The fee covers processing fees, billing statements, fraud protection, innovations, and other expenses. (source: www.ctwatchdog.com) Interchange fees typically range between 1.0% and 3.5% of every purchase made with a credit ...

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