WASHINGTON, D.C. – Even though interchange is voluntarily capped at approximately $1 per transaction at the pump, supporters of the Durbin-Marshall Credit Card Mandates are again using Americans’ economic woes as an excuse to push new government mandates that would pad corporate mega-stores’ profits while ignoring the facts.
Interchange processing costs are voluntarily capped at roughly $1.02 per fill-up, regardless of the total purchase amount. At today’s national average prices of approximately $4.47 per gallon for gasoline and $6.52 for diesel, interchange is not charged after roughly 12.75 gallons of gas or 8.75 gallons of diesel, regardless of the total fill-up. Yet fuel stations continue to charge customers more for credit card purchases without passing along those savings to consumers.
“Fuel prices may rise and fall, but interchange will never be more than about a dollar for every fill-up,” said Electronic Payments Coalition Executive Chairman Richard Hunt. “Durbin-Marshall supporters are ignoring the facts and using Americans’ pain at the pump in an attempt to help corporate mega-stores pocket even more money.”
See the graphic below for a breakdown of the costs behind a 15-gallon fill-up.
