American Express to Cut Some Fees: American...
From Times Staff and Wire Reports
American Express to Cut Some Fees: American Express, handing a victory to restaurants irate over the cost of its card, said it would cut its fees to merchants and launch an aggressive campaign to get more people to dine out. Under the new fee structure, a restaurant processing roughly $1 million worth of bills through American Express would pay the company 2.95% of the customer’s bill, down from 3.25% under the old rate structure. For an establishment doing about $10 million in Amex business, the new commission is 2.80%, down from 3.25%.
