Americans may seen lower prices and savings at retail chains when new interchange fees go into effect

As the hot debate surrounding interchange fees begins to wind down in Congress, it looks as though retailers are poised to win a victory. As the House and Senate reached a compromise on a bill that will essentially lower interchange, or “swipe fees,” for credit and debit card transactions, consumers may be wondering how the new legislation will affect their wallets.

Once the bill is signed into law, merchants will feel some financial relief as the interchange fees – costs that the retailers must pay credit card issuers and banks for each credit or debit transaction – will decline. Read full article…