Credit Card Glossary: Terms and Definitions
The interchange fee, also called the discount rate or swipe fee, is the sum paid by merchants to the credit card processor as a fee for accepting credit cards. The amount of the rate will vary depending on the type of transaction, but averages about 2 percent of the purchase amount. The interchange fee is typically higher for online purchases than for in-person purchases, because in the latter, the card is physically present and available for inspection.
Terms from A-Z
Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.