Today, the U.S. Supreme Court ruled in favor (5-4) of American Express and its rules prohibiting retailers from steering customers to use other less expensive credit cards. Hannah Walker, FMI senior director of technology & nutrition policy, stated:
“U.S. merchants pay an estimated $97 billion* annually in hidden processing fees. These fees, particularly credit card fees, continue to increase unchecked every year and are hidden from consumers. We’re disappointed in the Court’s decision to prohibit retailers from discussing hidden fees with their shoppers as well as banning customer incentives to use a less expensive card at checkout. This decision stifles competition and throws a curtain on transparency in the credit card market, harming both consumers and retailers.”
*The Nilson Report, May 2018
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