U.S.: Visa and MasterCard should disclose interchange fees

Poll Finds 9 of 10 Consumers Want Congress to Require More Disclosure

Consumers overwhelmingly believe that Visa and MasterCard should disclose the $30 billion in hidden "interchange" fees they charge each year and consumers want Congress to do something about it, according to a new poll released by the Merchants Payments Coalition (MPC) that was conducted by Harris Interactive(R).

"The way credit card companies hide interchange fees is indefensible," said Mallory Duncan, senior vice president and general counsel at the National Retail Federation and chairman of the MPC. "Interchange fees add up to twice what consumers pay in late fees but they're kept secret and never disclosed to consumers. Consumers want that to end. They want to know how much they're paying."

Nine out of 10 U.S. adults believe credit card companies should disclose how much they charge in interchange fees and how those fees are set. Consumers also want Congress to require credit card companies to be more forthcoming about their policies and practices.

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