Nov 28, 2007

Maltese retailer association attacks credit card interchange fees

The Chamber of General Retailers and Traders yesterday described the charges and taxes associated with credit card usage in Malta as “abusive”. Recent figures show a 98 per cent increase in the use of plastic for payments in Malta between 2002 and 2006.

What I find very interesting in this article is how the thinking and even the words are so identical to similar statements by other retail associations around the world. For example, take this paragraph:

"Moreover, the practice was unfair also with respect to consumers who pay for goods and services strictly in cash, since the extra charges incurred by retailers have to be passed on, in one form or another, to consumers across the board. As such, consumers end up paying a hidden fee for every credit card transaction."

The term "hidden fee" stands out. It is used over and over again by other anti-interchange groups.

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