Increased merchant surcharges on purchases made with American Express credit cards would be “bad” for consumers, Amex’s CEO said at an investor conference last week.
American Express CEO Steve Squeri addressed the possibility of Amex cards facing more surcharges when he spoke Wednesday at the Goldman Sachs U.S. Financial Services Conference, after he was asked about it during an interview with a conference host.
The question came in the wake of a proposed lawsuit settlement by rival card networks Visa and Mastercard with merchants in October that could result in more surcharging by merchants when consumers present premium cards. Amex was not a party to the settlement.