|Wal-Mart Wages War on Visa Card over Swipe Fees|
|by Tom McGregor||Thu, Mar 27, 2014, 10:16 PM|
Wal-Mart is suing the credit card company, Visa, over hefty charge fees. The superstore discount retailer contends that its customers have been unfairly over charged when using their Visa credit cards.
According to the Houston Chronicle, " Stores Inc. is suing Inc. over fees that it charges the world's largest retailer when customers use a credit or debit card. Wal-Mart said Visa conspired with banks to illegally fix and inflate fees that retailers pay on card transactions, and that the fees cost U.S. retailers and shoppers more than $350 billion between 2004 and November 2012."
Wal-Mart is fighting Visa to prevent the credit card company from raising its fees for customer usage.
As reported by the Houston Chronicle, "Retailers have long complained about the billions of dollars in "swipe" or "interchange" fees that they have had to pay, which average to about 2 percent of the price of a purchase."
San Francisco-based Visa has refused to comment on the matter.
To read the entire article from the Houston Chronicle, link here:
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