MIAMI—Credit card processing fees have become all too common in recent years, popping up for everything from online and app-based orders to certain in-person purchases.
These fees, which can catch consumers off guard, have led to many people feeling like they are being nickel-and-dimed, a new study reveals.
WalletHub conducted a nationally representative survey to explore how consumers are dealing with credit card processing fees.
Key Stats
- Consumers Aren't Pleased: 87% of people think they are being nickel-and-dimed when they are asked to pay an extra fee for credit card payment processing
- Credit Card Fees Are Everywhere: More than 4 in 5 Americans have been charged a fee for paying with a credit card
- Processing Fee Boycott: 2 in 3 Americans say they would not use their credit card if they were charged a fee for doing so
- Unfair Merchant Tactic: More than 3 in 5 people believe it’s unfair for merchants to pass their payment processing fees on to their customers
“Prices are high enough as is without businesses tacking on fees for what seems like a standard cost associated with running a retail operation, yet more than four in five people have been charged a credit card processing fee by a merchant,” said WalletHub Editor John Kiernan. “The pressure that consumers’ finances have been under due to inflation, high debt levels, and tariffs help explain why 87% of people feel like they are being nickel-and-dimed by processing fees and more than three in five people say it’s unfair for merchants to pass these fees on to their customers.”