Will the Durbin Amendment Lead to $100 Credit Card Annual Fees? � ~ BLOGGER.GUNNY.G.1984 ~ (BLOG & EMAIL)

Will the Durbin Amendment Lead to $100 Credit Card Annual Fees? � ~ BLOGGER.GUNNY.G.1984 ~ (BLOG & EMAIL):

Will the Durbin Amendment Lead to $100 Credit Card Annual Fees?
October 6, 2011 Gunny G

Will the Durbin Amendment Lead to $100 Credit Card Annual Fees?

NerdWallet ^ | May 14, 2010 | Tim Chen

Posted on Thursday, October 06, 2011 8:00:06 PM by hga1234

Dick Durbin‘s Amendment stipulates new rules that will lead to lower fees for merchants when you swipe a debit card in their stores. Merchants currently pay around 1% of every debit card transaction to the credit card cartel. The lower fees to merchants, in theory, could lower prices in stores. We don’t think consumers will benefit.

The Australian government capped credit and debit interchange in 2003, which has resulted in some pretty pathetic credit card offers compared to what we have stateside. The average annual fee in Australia is $132, compared with $19 in the US. Rewards programs are also far inferior, as you might expect, and APRs average a full 4% higher than in the US.

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