Retailers warn of Visa, Mastercard fee hike
(CNN) - Businesses are blaming credit and debit cards for higher prices at some stores.
Credit card giants Visa and Mastercard raised their interchange rates, also called swipe fees, last month.
Merchants pay the fees to banks and credit card companies for transactions made with credit or debit cards.
The fees are not a flat rate, but vary on several factors including the retailer, type of card and transaction size.
Some retailers say the increased fees will force them to raise prices on consumers or stop accepting certain credit cards.
Visa and Mastercard claim the fees help pay for reward programs and banking services, and to guarantee payment in case of customer overdraft or fraud.
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