Judge Rules AmEx Went Too Far In Telling Stores What To Do
A judge has ruled American Express violated antitrust laws by banning member stores from running promotions encouraging customers to use other cards.By Cliff Judy | February 20, 2015
A federal judge says American Express went too far trying to force business owners' hands into accepting their cards.
Thursday's antitrust ruling could have huge implications for the credit card industry. The judge said AmEx couldn't ban its member stores from running promotions to convince customers to use cheaper credit cards. (Video via The Street)
The judge said AmEx harmed competition and effectively drove up prices by making merchants pass costs to consumers. If you've ever suspected fewer stores accept AmEx, it wasn't your imagination. And if you've ever used the cards, you know it firsthand.