The 411 - Credit Card Fees

Here is some general information about credit card processing fees charged by Visa, Mastercard, and American Express.

Credit card processing fees typically include a variety of charges, such as interchange fees (which are paid to the bank that issued the credit card), network fees (which are paid to the credit card network such as Visa, Mastercard, or American Express), and other charges such as assessments or acquirer fees.

The fees charged by Visa, Mastercard, and American Express can vary based on a number of factors, including the type of card used (e.g., rewards cards often have higher fees), the merchant's industry, and the volume of transactions processed.

According to a report by WalletHub, as of September 2021, Visa's interchange fees ranged from 0.05% to 3.25% + $0.10 per transaction, while Mastercard's interchange fees ranged from 0.05% to 2.6% + $0.10 per transaction. American Express typically charges higher fees, with interchange rates ranging from 0.30% to 3.50% + $0.10 per transaction.

It's worth noting that these are just the interchange fees charged by the credit card networks and do not include any additional fees that may be charged by the merchant's payment processor or acquiring bank. Additionally, the fees charged by Visa, Mastercard, and American Express can vary depending on the specific card and the merchant's industry.

Source: Some or all of the content was generated using an AI language model