NRF lauds bill for credit-card companies to negotiate over hidden fees

Washington, D.C. The National Retail Federation praised the introduction of a bill on Thursday that would give chains room to negotiate with Visa and MasterCard over hidden fees that could reach approximately $400 annually per household.

The bill, called the Credit Card Fair Fee Act of 2009, would require Visa and MasterCard banks to negotiate with retailers regarding interchange fees that can average approximately 2% each time a credit card is used to tender a transaction.

Interchange fees are mandatory for retailers accepting credit cards. These fees totaled $48 billion for retailers in 2008. To offset the cost, retailers pad consumer prices, which can cost consumer approximately $427 a year, according to NRF.