Illinois’ decision to intrude into the world of credit-card interchange fees is a bad idea.
A customer swipes a MasterCard debit card through a machine while checking out at a shop in Seattle. If a rushed provision contained within the Illinois General Assembly’s revenue bill actually comes to implementation, Illinoisans might find themselves paying at the pump with their credit card and then heading inside to pay their sales tax in a separate transaction.
In the middle are consumers, many of whom are addicted to frequent flyer miles, loyalty points, cash back, Chase points and all the other incentives that credit card companies offer to keep their customers and that are funded by those very fees, which generally are lower outside the U.S., where rewards are much less generous.
So what does the Interchange Fee Prohibition Act say? In essence, retailers will no longer have to pay interchange fees on sales tax but only on the pre-tax amount of a sale.
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