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Stop Unfair Credit Card Fees Petition (Alex Thomas/MNS)
WASHINGTON – Convenience store owners are calling attention to what they describe as unfair credit card fees. 7-Eleven franchise owners across the U.S. recently collected nearly 1.7 million signatures from customers during the company’s “Stop Unfair Credit Card Fees” petition drive. The company asked its customers to support its stores in fighting major credit card companies to lower their transaction fees.
Retailers currently pay about 2 percent of each credit card transaction to the credit card company. Store owners say this fee is too high, since they are unable to set a minimum on credit card purchase amounts for their customers.
7-Eleven CEO Joe DePinto gathered a group of the company’s franchise owners Wednesday to deliver the petition to Congress and ask for new legislation to stop non-negotiated transaction fees from credit card companies.