Card fees ‘no benefit to customers’

MasterCard has in ‘no way’ demonstrated that its interchange fees on card transactions had wider benefits to consumers, a court heard. The company is at the centre of a High Court case brought by major retailers who claim the company set multilateral interchange fees (MIFs) at unlawful levels for nearly ten years. The fees are charged by banks to merchants on every card transaction as part of a Merchant Service Charge [MSC]. The claimants include House of Fraser, Argos, Morrison,…