While youve perhaps never heard of it before, chances are, you pay at leastone interchange fee every day certainly every time you use a credit card. Itswhat merchants have to pay for the privilege of accepting credit cards, and onaverage, it amounts to 2% of every charge, including sales tax. You know what happens to a charge like that it gets passed on to us. Accordingto R. K. Hammer Investment Bankers, wepaid $33 billion in interchange fees in 2007. Thats more than we paid inpenalty fees (18.1 billion), cash advance fees ($8.2[...]
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[Source: The Money Blogs]
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