Currently, interchange is a fee negotiated between the bank and a merchant so the merchant receives the benefits of accepting credit cards, which makes an easy and secure payment experience for you. This fee covers a host of important assets that make credit and debit cards practical like access to credit, security, fraud liability, and insurance in the case of non-payments. This new law would cap these fees. And while that may sound like a good idea...lower fees for merchants...YOU will be paying higher banking costs because of it. It's a gift to big business at your expense.
Level Playing Field
This proposed law isn't fair or consistent. The most expensive cards, like American Express, will get an exemption, not everyday cards that you use. This will cause an uneven playing field that forces you to use a card that's more costly. We have a market driven solution in place already. This law would allow one card company to dominate the market. That eliminates existing options that are convenient for you, putting you at a major loss.
Separation of Scheme and Process
Interchange fees ensure your data is secure and private. This proposal would create more entities to transfer your private information, opening up the door to identify theft and fraud. We're moving into a 21st century economy, we need less entities handling our information. More security, not less.
Corporate Card Exemption
The proposed law would grant an exemption to some commercial cards, but not all. This will cause you to pay additional fees for these cards. This would take away the convenience and access to your existing line of credit.
Sign the Petition
Together we can reform this proposed law, but we need your help. Take a stand to protect your financial security and your wallet. The EU will act on this before the end of the year, so take action now!
Sign the petition and we'll send a letter on your behalf telling the EU and your government not to pass harmful regulations -- because your card matters.
Thank you for taking action.