Credit Card Fees Going Down

Score one for retailers and possibly consumers.
After a long battle, the fees charged to retailers when you use your credit card to buy something have been lowered.
Jim Cormier of the Retail Council of Canada says the reductions will result in savings for retailers of $2-billion over five years.
Whether those savings will be passed along to consumers will depend on the individual retailer.
Cormier says because of competition, the retailers who don’t could find themselves at a disadvantage.
Cormier notes the credit card fees paid by retailers in the European Union are about one-fifth of those paid by Canadian retailers.