Consumers Want Card Co.'s to Disclose Interchange Fees: Poll
WASHINGTON, D.C. -- More than 90 percent of Americans surveyed by Harris Interactive agree that credit card companies should be required to disclose to consumers the amount of interchange fees they charge, the Food Marketing Institute here said yesterday.
FMI is urging Congress to act on these public concerns.
"The message is clear," said FMI president and c.e.o. Tim Hammonds in a statement. "Consumers want full disclosure of these costly, hidden fees."
Interchange is the fee collected from merchants as a percentage of every credit or debit Visa or MasterCard transaction. In 2005, these fees totaled $30.7 billion dollars, up more than 17 percent from 2004 and up 85 percent from 2001, according to FMI.
The survey found:
-- 94 percent of the consumers surveyed agree that credit card companies should be required to disclose to consumers the amount of interchange fees they charge.
-- 93 percent said that credit card companies should be required to inform consumers how interchange fees are set.
-- 91 percent said Congress should require credit card companies to be more open about their policies and practices regarding interchange fees.
Harris Interactive conducted the survey online on behalf of the Merchants Payment Coalition from Jan. 16-18, 2007, among 2,214 adults aged 18 and older.
FMI is urging Congress to act on these public concerns.
"The message is clear," said FMI president and c.e.o. Tim Hammonds in a statement. "Consumers want full disclosure of these costly, hidden fees."
Interchange is the fee collected from merchants as a percentage of every credit or debit Visa or MasterCard transaction. In 2005, these fees totaled $30.7 billion dollars, up more than 17 percent from 2004 and up 85 percent from 2001, according to FMI.
The survey found:
-- 94 percent of the consumers surveyed agree that credit card companies should be required to disclose to consumers the amount of interchange fees they charge.
-- 93 percent said that credit card companies should be required to inform consumers how interchange fees are set.
-- 91 percent said Congress should require credit card companies to be more open about their policies and practices regarding interchange fees.
Harris Interactive conducted the survey online on behalf of the Merchants Payment Coalition from Jan. 16-18, 2007, among 2,214 adults aged 18 and older.