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Retailers Say U.S. Should Follow European Ruling Ordering MasterCard to Withdraw Hidden Credit Card Fee.

Business Wire

| December 19, 2007 | COPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

WASHINGTON -- The National Retail Federation today welcomed a ruling by the European Commission that hidden fees currently charged by MasterCard to process credit card transactions in Europe - similar to those that cost U.S. shoppers $40 billion annually - drive up costs for consumers in violation of EC rules and must be withdrawn within six months.

"European authorities say MasterCard is double dipping in Europe, and that's exactly what we think both MasterCard and Visa are doing here in the U.S.," NRF Senior Vice President and General Counsel Mallory Duncan said. "Visa and MasterCard are charging billions of dollars directly to consumers for all the fees that show up on their monthly statements, then…

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