Credit card debt has become an issue for many as Americans rely on cards to make purchases. Americans also pay some of the biggest transaction fees for purchases made with credit cards.
CSP News has reported that of every $100 spent by an American consumer, $2 is for transaction fees, a ratio that is amongst the highest in the industrial world.
Retailers also feel an effect with regard to credit card use. As a result 7-Eleven has started a petition relating to the interchange fees retailers pay for purchases made with credit cards. Every transaction, even the most minor, involves a fee paid to credit card companies.
Convenience stores paid $8.4 billion in credit card fees during 2008 according to the National Association of Convenience Stores. The goal of the petition is to show Congress support for legislation for fee negotiation and to stop hidden transaction fees.
“We’re not asking for a bailout, we simply want to negotiate in good faith with credit-card companies in the same manner we negotiate with thousands of our other business partners,” Darren Rebelez, 7-Eleven Inc. executive vice president and chief operating officer, said.
Some customers who sign the petition may have their own problems with credit card debt. The American Bankers Association reported that credit card delinquencies reached 4.75 percent during the first quarter of this year.